Terms and Conditions Governing The Hiring of Safe Deposit Boxes

TERMS AND CONDITIONS GOVERNING THE HIRING OF SAFE DEPOSIT BOXES

In consideration of OCBC Bank (Malaysia) Berhad (295400-W) (the "Bank" which expression shall include the Bank's successors-in-title and assigns) agreeing to hire the safe deposit box (the "Box") identified in the Agreement to the Hirer at a pre-determined rental, the Hirer (which expression shall include the legal representatives and successors-in-title of the Hirer) agrees to be bound by the Agreement and these terms and conditions as may be amended supplemented or modified by the Bank from time to time. Where 2 or more persons are included in the term "Hirer", all convenants agreements terms and conditions provisions restrictions or obligations contained in the Agreement and these terms and conditions shall be deemed to be made by binding on and applicable to them jointly and each of them severally.


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1. CONDITION PRECEDENT


It is a condition precedent for the hiring of the Box that the Hirer shall maintain a banking account with the Bank and such account shall be maintained for so long as the Box is hired to the Hirer. Closure or termination of the account shall, unless otherwise decided by the Bank at its sole discretion, be deemed to be the Hirer's instruction to terminate the hiring of the Box whereupon Clause 11.1 shall apply.


2. HIRING OF BOX .


2.1 The hiring of the Box shall not confer on the Hirer any greater or other interest than a license to use the Box during the term of hire for the deposit of articles of a suitable nature in accordance with these terms and conditions.


2.2 The rental of the Box shall commence on the date of the Agreement and shall be automatically renewed on a yearly or such other periodic basis as may be determined by the Bank, unless otherwise terminated by the Bank or Hirer in accordance with these terms and conditions.


2.3 The annual rental is chargeable on a yearly or such other periodic basis as determined by the Bank from time to time and is payable by the Hirer for a period of one year in advance.


3. KEY DEPOSIT AND OTHER CHARGES


3.1 If the hiring is terminated before the expiration of the period for which the advance rental has been paid, the Bank will refund to the Hirer, a prorated portion of the advance rental based on the number of complete months from the termination of the hiring up to the date that the advance rental had been paid. E.g. if the advance annual rental paid on 1 Jan is RM300, and the hiring is terminated on 16 June, the refund is RM300/12 x 6 = RM150.


3.2 A deposit of such amount as determined by the Bank (the "Deposit") shall be paid by Hirer in advance, for the supply of two keys to the Box (collectively, the "keys" and individually a "key"). The Deposit shall be refunded to Hirer on handling over the empty Box and the Keys to the Bank subject to the Bank's right to apply the whole part of the Deposit towards payment of any money due to the Bank under the Agreement and these terms and conditions and to forfeit the whole or part thereof if the Keys are not returned or if a new or replacement Key is required.


3.3 The annual rental, fees and charges imposed on the Box are available on request or from the Bank's branches, website or any other delivery channel of the Bank. The Bank may at any time at its absolute discretion and upon prior notice to the Hirer, change or vary the prevailing annual rental rate and the fees and charges of the Box.


4. KEY AND LOCK


4.1 Each Box can only be opened by using a Key together with a differently configured master key in the possession of the Bank.


4.2 Hirer undertakes to keep the Keys secure. Hirer shall notify the Bank if any of the Keys is lost, stolen or mislaid. Unless and until the Bank is notified of the loss, theft or mislay of any of the Keys, the Bank shall not be responsible for any loss or damage resulting from such loss, theft or mislay including but not limited to the Box being opened and the contents removed by any person producing the Keys and impersonating the Hirer.


4.3 Any repair or replacement of the safe lock or Key shall only be carried out exclusively by authorized workmen nominated by the Bank, and where the repair does not arise from reasonable wear and tear or is caused by Hirer in any manner whatsoever, the expenses incurred for such repair or replacement of lock or Key shall be borne by the Hirer.


4.4 The Keys shall be surrendered to the Bank in a working and good condition upon termination of the rental. The Hirer shall not in any circumstances make copies of the Keys.


5. PROHIBITED USE AND RESTRICTIONS


5.1 The Hirer shall not transfer, assign or sublet the whole or part of the Box or permit any other person to use the Box or any part thereof.


5.2 The Hirer represents and warrants to the Bank that the items deposited in the Box are from lawful sources and does not breach the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 or similar legislation applying in the jurisdiction where the items are derived or any tax laws which the Hirer is subject to.


5.3 The Hirer shall not use or permit the Box to be used for the deposit of any liquid or anything of an explosive, dangerous or offensive nature, or anything which may become a nuisance to the Bank or any of its other clients or any other purposes than for the deposit of valuables or other properties of similar nature. The Hirer shall on the Bank's demand permit the Bank to have access to the Box to examine its state and condition, to make any repairs or adjustments it may deem necessary and to ascertain whether the conditions hereof are being fulfilled. If the Bank suffers any damage or loss or incurs any liability as a result of the Hirer breach of this condition, the Hirer shall fully indemnify the Bank against such damage, loss or liability.



6. OPERATIONS AND ACCESS


6.1 The Hirer may access to the box at all reasonable times (except Saturday, Sundays and Holidays) during the usual business hours of the Bank subject to such conditions stated herein together with any other revisions which may from time to time be made by the Bank. Access shall be permitted only on a written application signed by the Hirer but the Bank will not be bound to allow such access if the signature of the Hirer is not verified to the satisfaction of the Bank and the Bank shall not be responsible for any loss or damage arising from the Bank refusing to give the Hirer access to the Box by reason of the Bank not being satisfied as to the genuineness of the signature.


6.2 The Bank shall also refuse access to the Box if the rental or other fees and charges are in arrears or are otherwise remaining unpaid or if any sum of money is due or owing to the Bank by the Hirer under this Agreement.


6.3 If the Hirer is an individual, the Hirer shall not appoint any third party to have access to the Box. The Bank may refuse any third party to operate and access the Box.



7. EXEMPTION AND EXCLUSION OF LIABILITIES


7.1 The Bank shall not be deemed to become a bailee of the contents of the Box or any part thereof.


7.2 The Bank shall not be affected by any notice of any trust or equity to the contents of the Box or any part thereof. Subject to Clause 5.2 and 5.3, the nature and value of the contents of the Box shall be of no concern to the Bank.


7.3 The Bank shall not be responsible for any loss or damage in respect of the contents of the Box howsoever caused whether by negligence of the Bank, or from any causes beyond the control of the Bank including not limited to causes such as flood, explosion, earthquake, riots, acts of terrorism, landslide etc.



8. INSURANCE


8.1 In the event of loss suffered by the Hirer as a result of destruction/loss/damage to the contents of the Box arising from a robbery and/or burglary the Bank shall, subject to satisfactory completion of proper claims documentation, be liable up to a maximum cover in the sum of RM20,000.00 only for such loss.


8.2 The Hirer acknowledges agrees and is fully aware that the Bank is not in any way obliged to and will not take out any insurance in respect of the contents of the Box save for the insurance cover in the sum of RM20,000.00 per Box for loss and damages to the contents of the Box arising from a robbery and/or burglary. The Hirer agrees that the Hirer is responsible for taking out the Hirer's own insurance in respect of the contents for such additional amounts and against such risks as the Hirer may consider appropriate. The liability of the Bank in respect of any claims whatsoever with regard to or relating to the Box shall be limited to RM20,000.00 per Box for loss and damages to the contents of the Box arising from a robbery and/or burglary.


9. LIEN


9.1 The Bank shall have a lien or charge on the contents of the Box for the rent and all sums due owing to the Bank under these terms and conditions and the Agreement.


9.2 The Bank may after giving prior notice of its intention to the Hirer sell all or any of the contents of the Box and apply the net proceeds in or towards satisfaction of the moneys due to the Bank for such rent or expenses as aforesaid and the surplus proceeds of sale (if any) shall be retained by the Bank without interest accruing and the Bank shall not be liable for any loss which may arise from or be occasioned by such sale.


9.3 The Bank is authorised to debit the Hirer's account with the rental, fees and charges and all other sums payable by the Hirer under the Agreement and these terms and conditions as and when due.


9.4 In addition to the Bank's lien, right of set-off or other rights and remedies which the Bank may have, the Bank shall be entitled at any time and with notice to the Hirer combine or consolidate all or any of the accounts of the Hirer including accounts of the Hirer held alone or jointly with any other person (whether current deposit savings or of any other nature whatsoever and whether in Malaysia or elsewhere) and set-off or transfer any sums standing to the credit of any one or more such accounts in or towards satisfaction of any moneys obligations and liabilities of the Hirer to the Bank under the Agreement and these terms and conditions and where such combination set-off or transfer requires the conversion of one currency into another, the Bank is authorised to effect such conversion at the Bank's own rate of exchange than prevailing (as conclusively determined by the Bank).



10.RELOCATION OF BOX


10.1 The Bank shall be entitled to at any time by giving 30 days (or such other period as may be determined by the Bank) prior notice to the Hirer to relocate the Box. The relocation of the Box may be conducted on the expiration of the said notice and the Bank shall be at liberty to exercise all or any of the powers conferred by these terms and conditions.



11.TERMINATION


11.1 The Hirer may terminate the hiring at any time. The Bank may terminate the hiring by giving at least 30 days' notice to the Hirer without assigning any reason.


11.2 The Bank may terminate the hiring of the Box by giving at least 30 days notice to the Hirer:-


a) If the rent be in arrears and unpaid for one month after the due date or if there shall be any breach or non- observance or non-performance of any of these clauses, and fails to remedy the default within one month from the date of the notice from the Bank,


b) if the Bank believes or suspects that the Box is used for money laundering or other fraudulent or illegal activities or in breach of any guidelines or rules issued by Bank Negara Malaysia or any other authority;


c) if the Bank in good faith doubts the authority or authenticity of any instructions;


d) if the Hirer is bankrupt; or


e) if there is a dispute between joint Hirers or others over the Box.


11.3 Upon termination of the hiring, the Hirer shall forthwith remove all contents of the Box and return the Keys to the Bank. The receipt of the Keys shall be acknowledged by the Bank refunding the Deposit to the Hirer after the deduction of any monies in accordance with these terms and conditions.


11.4 In the case of a joint hiring (where the manner of operation of the Box stipulates that any one of the joint hirers may gain access to the Box) each of the Hirers hereby agrees that the Bank shall be entitled to act upon the instructions of any one of the joint Hirer to terminate this Agreement and to close the Box and such instruction shall be a complete discharge of the obligations of the Bank to the Hirer(s).


11.5 In the event of the Keys not being returned to the Bank within six months from the termination of the hiring, the Bank shall have the right at any time thereafter to break open the Box and if the Bank thinks fit to break the seal of any packet or receptacle in the Box and unlock or break open any locked receptacle without being responsible for the damage occasioned. The Bank shall be at liberty to forward the contents of the Box by registered post or other reasonable means at Hirer's risk to the Hirer at the last known address pursuant to Clause 15 or at the Bank's option it may retain and keep the said contents in the same Box or such other safe or place as it may think fit at the sole risk of the Hirer and the Bank shall be entitled to charge a sum equal to double the rent payable hereunder for the period commencing from the date of termination of the Agreement until the Bank forwards the contents of the Box to the Hirer or until the Hirer shall remove the contents of the Box.



12. DOUBLE RENT


12.1 If the contents of the Box is not removed or keys is not returned to the Bank on or before the termination of the Agreement by either party and the Hirer shall be liable to pay to the Bank double rent from the date of the termination until the contents of the Box is removed and the Keys are returned to the Bank.


13. DEATH / BANKRUPTCY / WINDING UP / DISSOLUTION


13.1 Where 2 or more persons are included in the term "Hirer", all obligations and covenants in these terms and conditions shall be deemed to be made by and binding on each of the Hirer jointly and severally and the Box shall be deemed to be opened or maintained in joint names with right of survivorship. The Agreement shall not be terminated by the death or incapacity of any of the Hirers but shall remain in full force for the remaining survivor. If the Bank receives contradictory instructions from the joint Hirers, the Bank may choose to act on the mandate of all the Hirers or terminate the hiring of the Box.


13.2 Upon the death of any one or more of the Hirers, the Bank shall be entitled to allow the survivor to access to the Box and remove all of the contents provided prior to such access the survivor(s) shall produce the Keys and such other verification and/or sign such documents that may be required by the Bank.


13.3 Upon the death of the last survivor, all the deceased Hirer(s) right and interests shall be vested in his/her legal representative(s) upon production of the Grant of Probate or Letters of Administration and such representative(s) shall on producing the Keys and by complying with such procedures prescribed by the Bank, have access to the Box and remove all its contents, whereupon the hiring of the Box shall deemed to be immediately terminated.


13.4 The Bank may at its sole discretion and without being responsible for any loss or damage howsoever caused or arising prior to the Grant of Probate or Letters of Administration being produced permit upon such terms and conditions as the Bank deems fit, any person(s) claiming to be entitled to administer the deceased client's estate(in the case of joint Hirers, upon the death of the last survivor, the last survivor's estate) to open the Box and examine the contents in the presence of an officer of the Bank, but such person shall not remove any of the contents except for the Hirer(s) Will or Testamentary document whereby such person(s) is/are appointed as executor(s) of the Hirer(s) estate, in which event the Bank shall be allowed to retain a photocopy of such document.


14. NOTICE


14.1 The Hirer shall notify the Bank in writing (or in such other mode(s) and/or methods agreed by the Bank from time to time) of any change in the Hirer's particulars. The Bank shall be deemed to have notice of the Hirer's change in particulars only if the Bank has actually received notice of such change. Where 2 or more persons are included in the term "Hirer", all notices and other correspondences sent to any one of the Hirers shall be deemed to have been duly served on all of them and shall be binding on each and every Hirer.



15. VARIATION OF TERMS


15.1 The Hirer agrees that the Bank may at any time at its absolute discretion and upon written notice to the Hirer, change any one or more of these terms and conditions. Such change(s) shall take effect from the date stated in the notice.


15.2 If the Hirer does not accept such change(s), the Hirer shall forthwith discontinue the hire of the Box and instruct the Bank to terminate the hiring of Box. Where the Hirer continues to hire the Box after such notification, the Hirer shall be deemed to have agreed with and accepted such change(s).


15.3 In the event that the Bank decides in its absolute discretion to discontinue the hiring of Box governed by these terms and conditions permanently, the Bank shall give written notice of such discontinuation to the Hirer.


15.4 The Bank may notify the Hirer of any changes of these terms and conditions by:-


  • publishing such changes in the statements of account to be sent to the Hirer;

  • displaying a notice thereof at the Bank's branches or automated teller machines;

  • posting such changes on the Bank's website;

  • electronic mail or letter;

  • publishing such changes in any newspaper;

  • such other means of communication as the Bank may determine in its absolute discretion.

Provided always that the effective date of the changes shall be the date specified in the advertisement or the Bank's notice or the bank statement and if no date is specified, shall be the date of the notice.


16. DISCLOSURE


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


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


b) 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;


c) 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;


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


e) credit bureaus, credit reporting agencies and corporations set up for the purposes of collecting and providing credit information;


f) debt collection agents, lawyers, custodians and nominee companies;


g) the Hirer's authorised agents, executor, administrator or legal representative;


h) the Bank's assignees or acquirers, potential assignees or acquirers and successors-in-title; and


i) such persons or bodies to whom the Bank is legally required to disclose.


16.2 The Hirer irrevocably consents and authorises the Bank to conduct credit checks and verify information given by the Hirer 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).


16.3 The Hirer, if an individual:


a) consents to the Bank's disclosure of his personal data (limited to his 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 Hirer may at any time withdraw his consent for direct marketing of such products or services by written request to the Bank; and


b) 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.


17. GOVERNING LAW


17.1 This Agreement shall be governed by the laws of Malaysia.

18. GOODS & SERVICES TAX


18.1 Our charges exclude tax that would be imposed in the future such as Goods and Services Tax (“GST”). Upon implementation of the GST, the Bank will be entitled to recover from you any GST that is required by law to collect.