InterBank GIRO / Funds Transfer to Other Banks Terms andConditions


These Terms and Conditions govern the use of the GIRO(as hereinafter defined) made available by OCBC Bank (Malaysia ) Berhad or OCBC Al-Amin Bank Berhad (“OCBC” which term shall include itssuccessors-in-title and assigns).

 

In these Terms and Conditions, the following terms andexpressions shall have the following meanings unless the context requiresotherwise:-

 

(a)       “Account(s)” means any one or more Ringgitsavings and/or current account(s) maintained by the Customer with OCBC andinclude any other accounts which GIRO services are made available by OCBC.

 

(b)        “Business Day” means a day (other than Saturdays, Sundaysand public holidays) on which OCBC is opened for business in Kuala Lumpur, Malaysia

 

(c)       “Channel” means any channel through which the Customerissues Instructions to OCBC including but not limited to over-the-counter, OCBCInternet Banking Service, Automated Teller Machines (“ATM”) or suchother electronic facilities or channels as may be made available  by OCBC from time to time and“Channels” mean more than one Channel as the context shall require.

 

(d)       “Customer “means a person who is a customer of OCBC and whomaintains one or more of the Account(s) with OCBC and includes its personalrepresentatives, executors, administrators and successors-in-title.

 

(e)       “Instructions” means any instructions or directions given bythe Customer to OCBC through the Channel where the GIRO service is madeavailable to  makepayments   from the   Account(s) maintained with OCBCand to   a specified account oraccounts maintained with a Participating Bank via   the Inter-Bank GIRO System.

 

(f)        “GIRO” means the OCBC Inter-bank GIRO service effected through the Inter-bank GIRO System.

 

(g)       “Inter-bank GIRO System” means a fund transfer paymentsystem operated by Malaysian Electronic Payment Systems (1997) Sdn. Bhd. (includingits successors-in-title and assigns) to allow customers maintaining accountswith the Participating Banks  tomake inter-bank payments or collection of payments to either the  customers’ own account or to anythird party account(s) maintained with a Participating Bank.

 

(h)       “Participating Bank” means any bank or financial institution(other than the applicable OCBC entity) which is a participant to theInter-bank GIRO System.

 

(i)        “Statement of Account” means the consolidated statement ofaccount for the Account(s) issued or made available by OCBC periodically as maybe determined by OCBC to the Customer setting out transactions in theAccount(s).

 

1.        The Customer will be able to access the GIRO service through the Channelwhere GIRO services are made available in accordance with these Terms andConditions and the prevailing terms and conditions for the Account(s) and therelevant Channel as may be prescribed by OCBC from time to time) and to therules, regulations, manuals and/or guidelines of the Inter-bank Giro System andany funds transfer system to which OCBC belongs to. In the event of anyconflict between these Terms and Conditions for GIRO and the other terms andconditions for the Account(s) and/or the relevant Channel, these Terms andConditions shall prevail.

 

2.        The Customer intending to use GIRO shall submit to OCBC the Instructionsin such form as may be prescribed by OCBC from time to time and shall includeall such information as required by OCBC.

 

3.        The Customer shall ensure that the particulars of the Instructions arecomplete and correct  so as toenable a successful transfer of funds from the Account(s) into thebeneficiary’s  account andthat the beneficiary’s account is capable of  receiving payment and/or collection offunds via GIRO.

 

4.        Any Instructions submitted shall be irrevocable and deemed correct andbinding on the Customer and payments shall be made to the beneficiary’saccount with a Participating Bank based on the account number given by theCustomer. 

 

5.        All Instructions submitted must be received by OCBC on a Business Daybefore the designated times stipulated by OCBC to be processed within the timesstated by OCBC. Where the Instructions are received after the designated timeson a Business Day or received on a non-Business Day, they will be processed onthe next Business Day or such other day as OCBC may determine at its absolutediscretion. The processing of the Instructions by OCBC shall also be subject tothe terms and conditions and/or approval of the Participating Bank with whichthe beneficiary’s account is maintained with.

 

6.        The minimum and maximum amount of funds which may be transferred throughGIRO shall be as prescribed by OCBC from time to time and may vary from oneChannel to another

 

7.        The Customer shall pay for all service charges, transaction fees and/orany other charges imposed by OCBC in respect of the GIRO service and OCBC shallbe entitled to deduct such fees and charges from the Account(s) or such otheraccount as OCBC shall deem fit. OCBC reserves all rights to vary such servicecharges, transaction fees and/or impose additional fees or charges from time totime without prior notice to the Customer.

 

8.        The Account(s) must have the funds available for transfer at the time ofprocessing of the Instructions. OCBC shall not be obliged to carry out anyInstructions unless the Account(s) have sufficient funds and is/aresatisfactorily conducted or maintained.

 

9.        OCBC is not obliged to inform the Customer of :-

 

(a)        the rejection (if any) of any Instructions or the results of remittance of funds from theAccount(s) to a beneficiary’s account; and

 

(b)        the receipt of funds through GIRO to the Account(s) uponreceipt of thesame.

 

           The Customer may obtain such information from the Statement of Account.

 

10.        OCBCshall not be responsible or liable for any loss, costs or damages incurred or sufferedby the Customer and any third party as a consequence of the use of the GIROservice. Without limiting the generality of this provision, OCBC shall not beresponsible for and shall be indemnified by the Customer against any loss ordamage caused or sustained (including without limitation to loss of income,profits or goodwill, direct or indirect, incidental, consequential, exemplary,punitive or special damages of any party, including third parties) of whatevernature and howsoever arising, including but not limited to the followingsituations:

 

(a)       where the transmission of the Instructions to OCBC or to abeneficiary’s  account with aParticipating Bank  has beendelayed, rejected, refused or the Participating Bank is otherwise unable to receiveor accept such Instructions;

 

(b)       where the Customer has failed or omitted to provide OCBC with thetimely, complete and correct information for the Instructions including but notlimited to the particulars of the beneficiary’s account;

 

(c)        where the Customer has failed to maintain sufficient fundsin the Account(s) to give effect to the Instructions or is the Account(s) isnot satisfactorily conducted or maintained;

 

(d)        where an order of court, governmental directive or regulationor law directs or prohibits withdrawals, transfers or any other dealings fromthe relevant Account(s);

 

(e)        any other circumstances beyond the control of OCBC, aParticipating Bank  or any otherparty preventing the processing or receipt of the Instructions;

 

(f)        any delay, destruction or alteration of theInstructions during its transmission through no fault of OCBC; and/or

 

(g)        any delay or failure to credit the Account(s)with funds arising from instructions received from a Participating Bank throughthe Inter-bank GIRO System for any reason whatsoever.

 

11.       OCBCreserves all rights to vary, alter these terms and conditions, and to cancel,terminate or suspend the GIRO service from time to time without prior notice tothe Customer.

 

12.       OCBC’s decision on all matters relating to the GIROservice will be final and binding on the Customer.

 

13.       If thereis any inconsistency, ambiguity or discrepancy between the English version, Bahasa Malaysiaversion and Chinese versions in respect of these Terms and Conditions, theEnglish version of these Terms and Conditions shall prevail.

 

code :OCBC(M) & Al-Amin/GIROT&C/1-2008