Fees and Charges for Collections and Account Restructuring Services
With effect from 1 July 2016, the following fees and charges will be applicable.
| Fee Type |
Charges |
| Debt Collection Agency Fee |
15% - 30% fee payable on amount recovered by our appointed external Debt Collection Agencies. |
| Account Restructuring Fee |
S$250.00 per approved restructure application. This is applicable to restructuring under Credit Counselling Service and In-House Restructuring Plan. |
Revision to the BOC Cardmembers Agreement
With effect from 1 July 2016, the following clauses in the BOC Cardmembers Agreement will be revised to reflect the below.
9.1 Liability and Payment Obligations
(i)The Cardmember shall be liable to pay the Bank any and all (a) Card Transactions whether with or without the Cardmember’s knowledge or authority and whether the Bank is notified of any unauthorised use, subject to Clause 13; (b) costs (including but not limited to legal fees and debt collection agency fees on a full indemnity basis), charges and fees stated in this Agreement; and (c) such further charges as the Bank may determine from time to time, both before and after the date of any demand or judgment obtained by the Bank or the death, bankruptcy and winding up of the Cardmember.
9.2 Charges, Fees, etc.
In addition to the above, the Cardmember shall also be liable to the Bank, where applicable, the following charges at such rate as the Bank may determine from time to time including without limitation:-
(i)a non-refundable annual fee or joining fee;
(ii)an administration fee for any dishonoured cheque issued to the Bank as payment or for any GIRO deduction dishonoured for whatever reason; and
(iii) a service charge for:
(a)each cash advances transaction, subject to a minimum charge of a sum as may be determined by the Bank;
(b)the purchase of money orders, travellers’ cheques or currency other than Singapore Dollar;
(c)the opening of deposit accounts for whatever duration;
(d)the placement of wagers and/or the acquisition of tickets or other instruments for use in gaming activities, insofar as the same is not prohibited by the laws of the country wherein the transaction is effected, which, for the purposes of any dispute relating to this paragraph, shall be the governing law (notwithstanding the provision of Clause 23);
(e)failure of the Cardmember to pay the Bank on or before the Payment Due Date the whole of any balance outstanding as stated in the Statement of Accounts; and
(f)such services provided by the Bank, including but not limited to account restructuring and, composite settlement, in accordance with the Bank’s policy.
9.3 Payment to Singapore Dollar (SGD) Card Account
All payments shall be made in Singapore dollar, but the Bank shall have the discretion to accept payment in currency other than Singapore dollar in which event the payment in such currency shall first be converted into Singapore dollar at a rate of exchange determined by the Bank before the Card account is credited. Any costs incurred in connection with the conversion shall be borne by the Cardmember and debited to the Card Account accordingly.
9.4 Payment to Renminbi (RMB) Card Account
All payments shall be made in RMB, but the Bank shall have the discretion to accept payment in currency other than RMB in which event the payment in such currency shall first be converted into RMB at a rate of exchange determined by the Bank before the Card account is credited. Any costs incurred in connection with the conversion shall be borne by the Cardmember and debited to the Card Account accordingly.
9.5 Goods and Services Tax
Without prejudice to the generality of the provision of this Agreement, in the event that any goods and services tax (or such other tax of a similar nature) is required by law whether in Singapore or elsewhere to be paid by the Bank in relation to any matter arising
out of this Agreement or any transaction effected using the Card, the same shall be borne and fully paid for by the Cardmember, and the Bank may, at its option, either debit to the Card Account of the Cardmember a sum equivalent to such tax, or make separate demand to the Cardmember for payment of the same. The obligations of the Cardmember under this Clause shall survive the settlement by the Cardmember of all or any other sums due under the Card Account, as well as the termination of this Agreement for whatever reason.
Revision to the BOC MoneyPlus Terms and Conditions
With effect from 1 July 2016, the following clauses in the BOC MoneyPlus Terms and Conditions will be revised to reflect the below.
1. Definitions
”Payment Due Date” means the date specified on the MoneyPlus statement by which date the entire outstanding amount should be paid by you and received by the Bank without incurring a late payment charge;
7. MoneyPlus Statement and Payment
7.1 A statement of account will be sent to you on a monthly basis provided that the bank shall be entitled not to send any statement of account for any period during which the account is inactive. Each month, you shall pay at least the minimum payment due on or before the Payment Due Date.
8. Interest
8.2 Normal interest on the Facilities shall be charged and payable at the Prescribed Rate up to the date of full payment of the amounts due before any judgment obtained in respect thereof. For the avoidance of doubt, interest on any judgment sum awarded to the
Bank shall continue to be charged and payable from the date of the judgment at the Prescribed Rate or at such other rate(s) as may be determined by the Court or tribunal.
9. Fees and Charges
9.3 Service Charge – a service charge or administrative fee of such amount and/or charged at such rate as we may prescribe from time to time, for any service provided by us (including, without limitation, sending you copies of past MoneyPlus statements on request, maintenance of account for failure of the Cardmember to pay the Bank on or before the Payment Due Date the whole of any balance outstanding as stated in the MoneyPlus statement and such other services as account restructuring and, composite settlement, in accordance with the Bank’s policy) or any action taken by us in carrying out any of your instructions or requests relating to the operation of your MoneyPlus account, whether such services or actions are referred to or contemplated in these Terms and Conditions or otherwise. This service charge or administrative fee shall include all disbursements and expenses incurred in providing such service or taking such action. A schedule of fees and charges for our common services is available on request.
9.4 Other Fees and Charges – all GST, legal fees, administrative fees and out-of-pocket expenses suffered, sustained or incurred by us on a full indemnity basis in connection with the Facilities and the preparation, execution, registration of all other documents required by us (if any) in relation to the Facilities at such time deemed appropriate by us.
9.5 Legal and Debt Collection Agency Fees – all legal fees and debt collection agency fees on a full indemnity basis and all other costs and disbursements in connection with demanding and enforcing payment of monies due and owing to us under or in connection with the Facilities or any other matters relating to the Facilities or the MoneyPlus account.
Should you have any queries, please contact our 24 hour Customer Service Hotline at 1800 338 5335 (local) or +65 6338 5335 (overseas).
Bank of China Limited Singapore Branch
17 May 2016
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