Terms & Conditions - iQ

The General Terms & Conditions shall apply to both the Accounts and the Services unless specified otherwise.
Please click the link to view the  iQ Fixed Deposit Promotion T&COCBC Auto Funds Transfer and PayMaster Services Terms & Conditions ,iQ SmartSavers Plan Terms & Conditions and iQ Summary Terms & Conditions

iQ TERMS AND CONDITIONS

OCBC Bank (Malaysia) Berhad (“the Bank”) may at any time and from time to time provide or extend enhanced banking services and/or privileges (“iQ Services”) to an eligible customer (as defined below).

The iQ Services enjoyed is made available provided that the Member meets the terms and conditions herein and such other terms and conditions as the Bank may from time to time include or vary at its absolute discretion.

 

1. Definitions

1.1 The following terms and expression shall have the meaning assigned to them unless the context requires otherwise:

a) “iQ Auto Payment” means the written authorisation by the Member on payment of bills (such as for utility, insurance premium, loans etc) to be debited to the iQ Account at scheduled intervals authorised by the Member and approved by the Bank.

b) “Electronic Services” means the electronic services as defined in the Bank’s Terms for Electronic Services and includes any other electronic, telematic, digital, visual, video or other additional or new services made available by the Bank from time to time.

c) “iQ Account” means the current account opened under this iQ Membership.

d) “iQ ATM Card” means an electronic card issued by the Bank to the Member for operation of the iQ Account at the automated teller machines (“ATM”) of the Bank and/or such other ATMs as may be designated by the Bank from time to time . For joint Members, the designated Principal Member, as defined herein, will hold a principal iQ ATM Card (“Principal iQ ATM Card”) and the other joint Members will each hold a supplementary iQ ATM Card (“Supplementary iQ ATM Card”). The Bank may at the written request of the Principal Member, allows the Principal Member’s iQ ATM Card to access his other existing accounts with the Bank. The Supplementary iQ ATM Card holder shall not be entitled to have access to any such existing accounts of the Principal Member. The Principal iQ ATM Card and Supplementary iQ ATM Card shall collectively be referred to as “iQ ATM Card”.

e) iQ @work is a worksite banking solutions that offers banking services with the convenience of account opening at customer’s work place.

f) “iQ @work Corporate Salary Scheme” means a corporate proposal that has been endorsed by companies to allow OCBC to be their panel bank in salary crediting to staff account.

g) “iQ Services” means such banking services and/or privileges available to Member, including but not limited to the IQ Auto Payment and such other services as the Bank may from time to time make available to Member subject to such terms and conditions determined by the Bank.

h) “Member” means the Bank’s Customers who satisfied the iQ Member’s eligibility criteria and qualification and whose iQ application has been accepted by the Bank. For joint account, one of the Members will be the principal Member (“Principal Member”).

i) “Monthly statement” means any one or more monthly statement issued by the Bank to the Member in relation to the iQ Account opened pursuant to the terms and conditions herein.

j) “OCBC Group” means the Bank together with any of its Related Companies, as defined below, or its parent company.

k) “Related Companies” means companies related to the Bank by virtue of section 6 of the Companies Act 1965.

 

2. Interpretation

a) Words importing the singular shall include the plural and vice versa. The words importing the masculine gender shall include the feminine and neuter gender and vice versa.

b) Headings in these Terms and Conditions are inserted for convenience only and shall not affect the construction of these Terms and Conditions.

c) Any reference to the provisions of any legislation or statue includes any statutory modification or re-enactment thereof.

d) Any provision, liberty, power or discretion which may be exercised or determined by the Bank hereunder may be exercised or made in the Bank’s absolute and unfettered discretion at any time and from time to time and the Bank shall not be under any obligation to give any reason

for the same.

e) Where there are two (2) or more persons comprised in the expression "the Member” or the “account-holder”:

(i) all terms and conditions expressed to be binding on or made by any of the Members or the account-holders shall be deemed to be made by and binding upon such persons jointly and severally; and

(ii) any notice or other communication by the Bank to the Principal Member or principal account-holder shall be sufficient notice or communication to all the Members; and

(iii) in respect of the iQ Account, any one of the joint iQ Account-holders may issue instructions or notices in connection with the operation of the iQ Account, including closing the iQ Account and the Bank shall be entitled to act upon and rely on such notices or instructions without any enquiry; and

(iv) save as expressly provided herein, the Bank is under no obligation to issue notices or communicate with or to act on the instructions of other Members.

f) The terms and expressions used herein shall have the same meaning as those used in the Bank’s Accounts and Services – Main Terms and Conditions (“A/c & Services Main T&C”).

 

3. iQ Membership Eligibility

a) Customer must satisfy the following criteria to be eligible to enrol for the iQ Membership:

(i) Customer must be 18 to 65 years of age; and

(ii) Customer must be a professional or employed in an executive or managerial position or a self-employed businessman or an employee of the corporate under iQ @work; and

(iii) such other criteria as the Bank may from time to time impose. The Bank reserves the right to change the eligibility criteria at its sole and absolute discretion.

b) For joint Members, either one of the customers must satisfy the above criteria. Joint Membership is limited to three (3) eligible customers.

 

4. iQ Membership Application

a) Eligible customer must complete the iQ Account Opening Application Form and such other forms as the Bank may from time to time prescribe.

b) The Bank may refuse an application for Membership if the customer is not eligible and the Bank reserves the right not to disclose the reasons for such refusal.

c) Where two (2) or more eligible customers apply for joint Membership, they must apply for a joint iQ Account where one of them shall be the principal account-holder and the other the supplementary account-holder(s) of the joint iQ Account. The maximum joint accountholders

shall not exceed three (3).

d) Where the eligible customer’s Membership application has been accepted by the Bank, the Member will be notified by the Bank confirming on the Membership and the opening of the iQ Account. The iQ ATM Card and a cheque book will be delivered separately to the Member. For joint Membership, a joint iQ Account will be opened and the principal account-holder will be issued a Principal iQ ATM Card and Supplementary iQ ATM Card will be issued to other joint Members.

e) The Bank shall issue passwords or TPINs or other Security Codes to Members to have access to the Electronic Services available to them for banking transactions and services made available as iQ Members. For joint Members, each Member will receive individual password or

TPIN or other Security Code.

f) The Bank reserves the right to impose fees and Member will be notified prior to any imposition of such fee.

 

5. iQ Benefits

a) The benefits of iQ Membership include:

(i) a current account with cheque book (if applicable) (iQ Account); and

(ii) a card for ATM transactions (iQ ATM Card); and

(iii) iQ Auto Payment which include bills payment services; and

(iv) remote banking experience – access to Electronic Services for banking transactions and access to iQ mobile service team (applicable for customer under iQ@work only); and

(v) financial and non-financial privileges packaged by the Bank and its Related Companies for Members; and

(vi) privileges offered by external business partners or merchants and such other benefits and services that the Bank may offer from time to time to Members.

b) The Bank reserves the rights to vary, suspend, withdraw or terminate any or all the iQ Services without a need to assign any reason thereto.

c) The Member is bound by the respective banking product, services, investments and privileges’ prevailing terms and conditions in addition to the terms and conditions herein.

 

6. iQ Account

a) All Members are required to open an iQ Account with the Bank. For joint Members, they are required to open a joint iQ Account with the Bank.

b) For joint account-holders, one of the account-holders will be the principal account-holder and the other the supplementary account-holder. Joint account-holders agree that the mandate for the operation of the account is either one of the account holders may operate the account.

Maximum joint account-holders shall not exceed three (3).

c) Where the iQ Account is held by more than one (1) person, such account shall be deemed to be beneficially owned by all such account holders jointly with right of survivorship.

d) The iQ Account and the iQ ATM Card shall be terminated upon the Bank’s receipt of notice of the death or incapacity of the Principal Member and the right of survivorship shall apply. The Bank shall be entitled to pay any credit balances in the iQ Account to the survivor and if more than one survivor, in their joint names provided that prior to such payment the Bank shall be entitled to set off the indebtedness of any of the joint Members under any account with the Bank and/or with any company within the OCBC Group from the payment. Upon the death or

incapacity of any other Member, the Bank reserves the right to terminate the iQ Account or the iQ ATM Card held by other joint Members.

e) The iQ Account is a current account with cheque book (if applicable).

f) The Member agrees to pay any fees, commission or service charges for the iQ Account or any of the services subscribed under iQ. Such Fees shall be determined and may be varied by the Bank from time to time and shall be debited to the iQ Account when due and is not refundable.

g) The services of iQ which may be offered or introduced by the Bank from time to time, are available to the Member depending on the category or class that the Member subscribes, with the payment of the fees, which may be prescribed and varied by the Bank from time to time

h) The Bank’s prevailing A/c & Services Main T&C shall apply to the iQ Account.

 

7. iQ ATM Card

a) Each Member will be issued with an iQ ATM Card which is a card with ATM feature.

b) For joint Members, the Principal Member will be issued with a Principal iQ ATM Card and Supplementary iQ ATM Card will be issued to the other joint Members. Both the Principal iQ ATM Card and the Supplementary iQ ATM Card are cards with ATM features.

c) The Bank may charge for any replacement card to be issued at such rate as may be determined by the Bank from time to time. The Cards holder must notify the Bank immediately of any change of address or of lost or stolen cards.

d) (i) For single Membership:

A Member may at any time terminate or cancel his iQ ATM Card by giving written notice to the Bank’s branches by executing the termination form.

(ii) For joint Membership:

Termination of:

(1) the Principal iQ ATM Card by the Principal Member immediately terminates the Supplementary iQ ATM Card; and

(2) the Supplementary iQ ATM Card by any one of the joint Members does not terminate the Principal iQ ATM Card and the other Supplementary iQ ATM Card.

e) The Bank may, as it deems fit, suspend or terminate the use of the Cards by any of the Cards holder without assigning any reason thereto.

f) Use of the Cards is governed by the Bank’s prevailing A/c & Services Main T&C and such other rules and regulations from time to time issued by the Bank.

g) If Member objects to or does not accept any of the terms or conditions or any subsequent modifications thereto, Members must immediately discontinue use of the Cards, and terminate the iQ Account.

h) The Cards remain the property of the Bank at all times and shall be returned to the Bank upon the Bank’s request.

 

8. iQ Auto Payment

a) IQ Auto Payment is a service offered by the Bank to the Member (who pay the applicable fee) where the Member may elect to deposit or remit or transfer a specific sum of money into the iQ Account on a monthly basis and authorise the Bank to pay for any of his personal bills or

utilities payments, loan instalment payments or such other periodic or recurring payments (hereinafter collectively referred to as “Bills/Other Payments”) from the iQ Account when due for payment effected through the Interbank GIRO system (hereinafter referred to as “GIRO”) which is managed by Malaysian Electronic Clearing Corporation Sdn. Bhd. (MyClear)

b) Member must complete the Bills/Other Payments Instruction on Application Form to register the Bills/Other Payments with the Bank in order for the Bank to effect the payment. In addition to the terms herein, use of the IQ Auto Payment is governed by the Bank’s prevailing A/c

& Services Main T&C and terms and conditions for GIRO Bills/Other Payments and such other rules and regulations from time to time issued by the Bank. If the Member pay the applicable fee (which does not include the provision of the IQ Auto Payment or other services available), the Member may access the Electronic Services on his own accord to effect any banking transactions (including without limitation the transmission of instructions to the Bank, funds transfer, bill payment)

c) The Bank shall require at least eight (8) weeks to process the Bills/Other Payments application. The Member shall continue to pay for the Bills/Other Payments due to the respective billing organisation(s) or beneficiary(ies) pending the Bank’s approval of the Bills/Other Payments

application to the respective billing organisation(s) or beneficiary(ies). Where the Bills/Other Payments involves payment to a relevant billing organisation(s) or beneficiary(ies) which are of a non-fixed or irregular amount, the Bank shall only approve the Bills/Other Payment application to such billing organisation(s) or beneficiary(ies) subject to the Bank obtaining confirmation from the respective billing organisation(s) and beneficiary(ies) of the details and payment amount for GIRO transaction.

d) Member who subscribed for the IQ Auto Payment shall have access to view his ECashflow Statement through the internet, where the E-Cashflow Statement will provide an overview of the cash inflow and cash outflow in the iQ Account, on a monthly basis or at such other intervals as may be determined by the Bank.

e) A monthly service charge as may be determined by the Bank from time to time is payable for the subscription of the IQ Auto Payment. Such amount shall be debited from the Member’s iQ Account.

f) The Bank shall not be liable for any loss or damage due to any failure to accept or act on, or to make payment at any time or in a timely manner, or to any error or delay or default of any kind in accepting or acting on any instruction by the Member to debit or credit any amount in

connection with or pursuant to GIRO arrangement or any of the Bills/Other Payments or any failure to terminate any existing GIRO arrangement with any other bank or in respect of any claim made against the Bank by any party thereto.

g) At all times during the subscription to the IQ Auto Payment, the Member must ensure that there is sufficient sum in his iQ Account and available sufficient credit card limit to effect the Bills/Other Payments and that his iQ Account and/or the available sufficient credit card limit is not terminated or suspended.

h) Without prejudice to section 8(c), the Bank shall not be responsible for making all or any payment of the Bills/Other Payments from the iQ Account if the iQ Account does not have sufficient funds or the iQ Account has been terminated or suspended for any reason whatsoever,

in which event, the Member shall be responsible for making payment for the Bills/Other Payment. The Bank shall not be obliged to inform the Member that there is insufficient sum in his iQ Account and regarding the non-payment of all or any of the payments.

i) If the iQ Account does not have sufficient fund or there are insufficient available credit card limit for the Bank to effect the payment of all or any of the Bills/Other Payments, the Bank may in its absolute discretion elect not to make payment to all or any of the Bills/Other Payments

or the Bank may in its absolute discretion determine the order of priority of payment of the Bills/Other Payments. Under such circumstances, the Member shall be responsible for making payment for any of the unpaid Bills/Other Payments.

j) The payment instruction for the Bills/Other Payments shall remain effective notwithstanding the Member’s death or bankruptcy or termination of the arrangement between the Member and the merchant or beneficiary of the Bills/Other Payments (“Payment Termination”) until actual written notice is received by the Bank of the Member’s death or bankruptcy or Payment Termination.

k) The Member shall indemnify the Bank against all losses, costs, damages, expenses, claims and demands which the Bank may incur or sustain as a result of the provision of IQ Auto Payment. This indemnity shall survive notwithstanding termination of the IQ Auto Payment by the

Bank or the Member.

l) The Bank shall not be responsible for any act or omission of the billing organisation(s) or beneficiary(ies) of the Bills/Other Payments or any defect or deficiency in the services by the billing organisation(s) or beneficiary(ies) of the Bills/Other Payments. Any dispute or complaint by

the Member on the billing organisation(s) or beneficiary(ies) of the Bills/Other Payments must be resolved directly with the billing organisation(s) or beneficiary(ies) of the Bills/Other Payments at the Member’s own costs and expenses and no claim against the billing organisation(s) or

beneficiary(ies) of the Bills/Other Payments may be set-off or counter-claimed against the Bank.

m) The IQ Auto Payment may be terminated by the Bank at its absolute discretion and without liability whatsoever to the Member without assigning any reason whatsoever. Member may terminate his subscription to the IQ Auto Payment by giving the Bank one month prior notice

in writing. For avoidance of doubt, termination of the IQ Auto Payment shall not terminate the iQ Account.

 

9. Electronic Services and iQ Services

a) Member will have access to Electronic Services to effect banking transactions (including without limitation the transmission of instructions to the Bank, funds transfer, bill payment). For other services available under the Membership (including without limitation the IQ Auto Payment), the Bank may at its absolute discretion extend such services to the Member who pays the fees or service charges determined by the Bank from time to time.

b) Member of iQ@work will also have access to iQ mobile service team for personalized banking and financial services.

c) Use of the iQ ATM Card for Electronic Services is governed by the Bank’s prevailing terms in the A/c & Services Main T&C and such other rules and regulations from time to time issued by the Bank.

 

10. Privileges

a) The Bank may from time to time selectively grant privileges to, or hold programmes for its Members, whether exclusively or otherwise, at its absolute discretion.

b) Such privileges or programmes shall be subject to such terms and conditions as may be imposed by the Bank.

 

11. Statements or Records of Accounts

a) A statement for the iQ Account shall be rendered once a month or at such other intervals as may be determined by the Bank.

b) The statement for the iQ Account shall be made available for the Members to view exclusively through the internet on the second day or such later day of each month, as determined by the Bank.

c) The Bank’s records of the transactions for Member’s accounts with the Bank shall be final and conclusive and binding on the Member for all purposes in the absence of manifest error.

d) The Member shall be required to verify all entries in any statement or records issued or made available by the Bank through internet and notify the Bank in writing (or by any other means permitted by the Bank) of any error or discrepancy in the statement or record within 14 days (or such other period as may be determined by the Bank) from date of the statement or record. If the Bank does not receive any notification within the stipulated time, the entries in the statement or record shall be deemed to be correct, binding, final and conclusive.

e) Upon receipt of such notice from the Member within the stipulated period, the Bank shall look into the relevant account to make the necessary adjustments and rectifications if any. Any money due to or from the Member will be credited or debited from the relevant account or accounts. Notwithstanding acceptance of the statement or record by the Member, the Bank shall be entitled to reverse any entry contained therein at any time if the entry was made by mistake.

 

12. Terminations and Renewal

a) The Bank may, at its absolute discretion suspend or terminate the iQ Account and iQ ATM Card for any reason without assigning any reason thereto by giving notice to the Member.

b) The Bank may, at its absolute discretion, suspend or terminate the iQ Membership and all the accounts and cards issued there under if:

(i) the Member, or in case of Joint Members, any Member closes all accounts with the Bank, including iQ Account, and cancels all facilities with the Bank; or

(ii) the Member terminates his iQ ATM Card in the manner specified under section 7(e) above; or

(iii) any or all the credit facilities of the Member, or in case of Joint Members, any joint Member with the Bank become non-performing loans, or

(iv) the Principal Member dies, becomes insolvent or bankrupt; or

(v) the Member, or in case of Joint Members, any Member breaches any of the terms and conditions herein or A/c & Services Main T&C or any of the respective banking product, services, investments and privileges’ prevailing terms and conditions; or

(vi) the Member, or in case of Joint Members, any joint Members commits a breach of any other agreement whether or not relating to credit facilities with the Bank or any other financial institution; or

(vii) at the request of the Member, or in case of Joint Members, of any Member.

c) Effect of termination

(i) the Bank will as soon as reasonably practical cancel the iQ ATM Card.; and

(ii) the iQ Account will be closed and the IQ Auto Payment will cease.

d) The Bank reserves the right, in its sole discretion, to terminate all or a part of the Members Benefits at any time and for any reason.

 

13. Indemnity

a) The Member shall be liable for and undertakes to indemnify the Bank against any claim, proceeding, loss, damage and cost (including legal costs as between solicitor and own client) incurred and/or suffered by the Bank arising from the acceptance of any instruction given by the Member to the Bank or as a result of the breach of any of these Term and Conditions by the Member.

b) The liabilities of the Member shall be continuing liability and will remain in full force and effect until they are fully discharged.

 

13A. Member’s representation and warranty

The Member represents and warrants to the Bank that the iQ Accounts and iQ Services shall not be used as channels for money laundering and terrorism financing and the Member shall immediately notify the Bank if the Member suspects that the funds credited into the iQ Account are from unlawful activities. The Member shall at all times comply with all laws and regulations (including the foreign exchange administration laws and regulations, the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 and tax laws) of the jurisdiction, binding upon or applicable to the Member.

 

13B. Disclosure

a) Subject to the Member’s express instruction (if any) restricting disclosure, the Member irrevocably consents to and authorises the Bank and its officers to disclose the Customer’s personal data, account details and relationship with the Bank, the terms of agreement to the following classes of persons:-

(i) the Bank’s data processors or service providers, both within and outside Malaysia, engaged to carry out the Bank’s functions and activities;

(ii) the Bank’s related companies both in or outside Malaysia, related to the Bank by virtue of Section 6 of the Companies Act 1965 or any associated company of the Bank, (the Bank together with the aforesaid related/associated companies are collectively referred as “OCBC Group”) and their assignees and successors-in-title;

(iii) regulatory bodies, government agencies, tax authorities, the police, law enforcement bodies and courts, both within and outside Malaysia including pursuant to the Foreign Account Tax Compliance Act of the United States;

(iv) other banks or financial institutions including Cagamas Berhad, Credit Guarantee Corporation (Malaysia) Berhad, mortgage insurers and any reinsurer (in or outside Malaysia);

(v) Dishonoured Cheques Information System, credit bureaus, credit reporting agencies and corporations set up for the purposes of collecting and providing credit information;

(vi) any person who has given or is giving security or intend to settle the Member’s liabilities under any Account or Services;

(vii) debt collection agents, lawyers, custodians and nominee companies;

(viii) the Member’s authorised agents, executor, administrator or legal representative;

(ix) the Bank’s assignees or acquirers, potential assignees or acquirers and successors-in-title; and

(x) such persons or bodies to whom the Bank is legally required or permitted by law to disclose.

b) The Member irrevocably consents and authorises the Bank to conduct credit checks and verify information given by the Member to the Bank, with any party (including without limitation with any credit bureau, organisation or corporation set up for the purposes of collecting and providing credit or other information). The Member irrevocably grants consent to the relevant credit reporting agency(ies) (as defined under the Credit Reporting Agencies Act, 2010) (“CRAs”) with whom the Bank conducts credit checks to disclose the Member’s credit report/information to the Bank for the purpose of applying for any iQ Account and iQ Services including the Bank’s other products and services and for the Bank’s risk management and review. The Bank is hereby authorised but is under no obligation to convey the Member’s consent and the purpose of such disclosure to the relevant CRAs.

c) (i) The Member acknowledges having read the Bank’s Privacy Policy posted at the Bank’s website which notified him that (i) the Bank may collect his personal data directly from him or from third party sources; (ii) purpose for which his personal data is collected; (iii) his right to access his personal data and correct it; (iv) the class of third parties to whom the Bank may disclose his personal data; (v) the choices and means for limiting the processing of his personal data; (vi) whether the personal data requested is obligatory or voluntary, and if obligatory, the consequences for not providing such data; (vii) that he may update his personal data as soon as there are changes; and (viii) the Bank’s contact details if he wishes to make inquiries or give feedback; and

(ii) subject to the Member’s express instruction (if any) restricting disclosure, consents to the Bank’s disclosure of his personal data (limited to name and contact details) to organisations (in and outside Malaysia) which are in an arrangement or alliance with the Bank, for the purpose of direct marketing of these organisations’ products and services. The Member may at any time withdraw his consent for direct marketing of such products or services by written request to the Bank.

 

14. Force Majeure

Without prejudice to the provisions of these Terms and Conditions limiting or disclaiming liability, the Bank is not liable for any delay or failure in performance resulting directly or indirectly from causes beyond its reasonable control, including, without limitation, failure of the internet, power failure, failure of computer, telecommunication or other equipment, strikes, labour disputes, riots, insurrections, civil disturbances, shortage of labour or materials, fires, floods, storms, explosions, act of God, war, governmental actions, orders of domestic or foreign courts, non-performance of third parties.

 

15. No Waiver

Failure or neglect by the Bank to enforce at any time of any of the provisions hereof shall not be construed nor shall be deemed to be a waiver of the Bank's rights hereunder nor in any way affect the validity as to the whole or any part of this iQ Terms & Conditions nor prejudice the Bank’s rights to take subsequent action.

 

16. Assignment

iQ Members benefits shall not be assigned without the prior written consent of the Bank.

 

17. Severability

In the event that any of this iQ Terms and Conditions shall be determined by any competent authority to be invalid, unlawful or unenforceable to any extent, such term, condition or provision shall to that extent be severed from the remaining body of this iQ Terms and Conditions which shall continue to be valid and enforceable to the fullest extent permitted by law.

 

18. Applicable Laws and Jurisdiction

This Terms and Conditions shall be governed by and construed in accordance with the laws of Malaysia. Any disputes arising under or in connection with these terms and conditions shall be subjected to the jurisdiction of the Malaysian Courts.

 

19. Instructions and Notices

a) Instructions and Notices from Member

(i) All notices given by Member to the Bank must be sent to the Bank at the following address either by post, courier, facsimile transmissions or other means as may be permitted by the Bank and such notices are deemed delivered when the Bank has acknowledged receipt of such notices:

Workplace Banking Department

2nd Floor, Menara OCBC

18 Jalan Tun Perak

50050 Kuala Lumpur

Fax: (03) 03 2694 9606

E-Mail: iQ@ocbc.com

(ii) The Bank shall be entitled to rely upon and act on the Member’s instructions, whether oral or written and whether given by telephone, post, facsimile transmissions or other electronic means. Without prejudice to the generality of any provision in the terms and conditions herein, save and except for instructions and notices related to the credit card, the Bank shall be entitled to act on any instruction or notice from the Member as per the mandate of the iQ Account, whether or not based on signature which appears to the Bank, by reference to the name and signature filed with the Bank, to be the signatures of:-

(1) the Member; or

(2) any of the persons authorised by the Member to issue any notice or instruction whatsoever on behalf of the Member.

 

without enquiry on the part of the Bank as to the identity of the person giving or purporting to give such notices or instructions or as to the authenticity of such notices or instructions notwithstanding that it is subsequently shown that the same was not given by or on behalf of the Member. The Bank’s rights under the terms and conditions herein shall not be affected by any misuse or unauthorised use of such communication. The risk

of the notices or instructions being given by unauthorised persons, any misunderstanding or any error, loss or delay resulting from the use of telephone, postal services, facsimile transmission or other electronic means are entirely the risk of the Member and the Member shall indemnify the Bank against all losses, damages, claims, demands, costs and all other liabilities which it may incur or suffer in consequence of its accepting and

acting on such instructions.

(iii) Subject to Section 19(a)(i) above, the Member shall immediately inform the Bank of any change that may directly or indirectly affect the operation of the iQ Account and cards issued thereunder including but not limited to change of name, address, resident status, authorised  signatories/Authorised User or other particulars of the Member or the account by giving written notice to the Bank, failing which the Bank shall be entitled to rely on the last known particulars registered with the Bank. Where the Member instructs the Bank to change any of its particulars or vary any of its instructions immediately (including the closure of its account(s) or the termination of the iQ Services or any part thereof), the Bank will effect the instructions at least three (3) Business Days (or any other time period as may be stipulated by the Bank) or as soon as practicable after the receipt of such notice provide such written notice is delivered to the address stated in Section 19(a)(i) above.

(iv) In any of the following events :-

(1) if there is any instruction/ change of instructions or countermanding instructions received by the Bank, the authority of which the Bank in good faith doubts; or

(2) where there are changes in the name of the Member whether due to retirement, resignation, incapacity, bankruptcy or otherwise; or

(3) where in the sole opinion of the Bank there is a dispute in relation to any of the accounts under the iQ Membership. 

the Bank may place a hold on the account(s) under the iQ Membership until the Bank receives written instructions from all the account-holders who the Bank is of the sole opinion has the lawful authority to give instructions on such account(s) or close the account(s).

b) Notices from the Bank

(i) At the absolute discretion of the Bank, the Bank may give any communication or notice to the Member through any mode or method as the Bank deems suitable including without limitation by post, by notification in the mass media, by posting the notice in the Bank’s branches, by inserting the notice into the periodic statement of account, by electronic transmission (including via facsimile, mobile phones or other devices or the internet) or

by posting at the Bank’s website or at the ATM or other terminals under the control of the Bank.

(ii) Such notices or communication from the Bank:

(1) if sent by post or despatch or courier shall be deemed to have been served on the Member if addressed to the Member at his address registered with the Bank and service shall be deemed to have been made:-

1.1 within three (3) days after posting if sent from Malaysia and within five (5) days from posting if sent out of Malaysia; or

1.2 on the same day that it is left at the address of the Member registered with the Bank in the case of despatch or courier; or

(2) if sent by electronic communication (including via facsimile, mobile phones or other devices or through the internet), shall be deemed to have been served on the Member by sending or transmitting to such facsimile number, mobile phone/device number, internet or other address of the Member registered with the Bank and service is deemed to have been made immediately upon transmission; or

(3) if posted in the branch, at the Bank’s website or in the mass media, such notice shall be deemed to have been made on the date stipulated in the notice and if no date is stated on the date of posting or publication.

 

20. General

a) The Bank may change or supplement, at any time any of the terms and conditions herein by giving prior notice to the Member. Such notice may be given in the manner as stated in Section 19(b) above. Member’s continued access or use of the iQ Services provided herein subsequent to any such change will be deemed as Member’s acceptance of those changes.

b) The Bank’s prevailing Accounts and Services Main Terms and Conditions and the respective banking product, services, investments and privileges’ prevailing terms and conditions apply in addition to the terms and conditions herein.

c) In the event of any inconsistency between this terms and conditions and the other terms and conditions mentioned herein (such as the Accounts and Services Main Terms and Conditions), the terms and conditions herein shall prevail.