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