Terms and Conditions

     

    In these Terms and Conditions, "you" refers to the UOB Privilege Reserve customer and "Bank" refers to United Overseas Bank. The additional services which we provide to you as a UOB Privilege Reserve customer ("Services") are governed by these terms and conditions.

    1. USE OF UOB PRIVILEGE RESERVE BANKING
      The Bank continuously updates our financial products and services in order to better meet your needs. Hence, the Bank may vary the frequency and manner of use of such services, the type of accounts which are eligible and the centers where such services are dedicated to UOB Privilege Reserve customers. The Bank may add or remove any third party providing financial products and services to the UOB Privilege Reserve Customer. The Bank may vary any fee or charges imposed on any or all services provided. The Bank will use all reasonable endeavors to give you thirty (30) days' notice of any such variation.

    2. MEMBERSHIP
      To qualify as a UOB Privilege Reserve customer, you must maintain at all times a minimum required monthly cash deposit and/or investment balance of S$2,000,000 (or its equivalent in a foreign currency) as the Bank may decide from time to time in any of your accounts.

    3. PRIVILEGE RESERVE PHONEBANKING SERVICE
      As a Privilege Reserve customer, you may use the Privilege Reserve PhoneBanking Service which is governed by the Rules governing the UOB Call Center Service (for personal or corporate accounts). You may obtain a copy at uobprivilegereserve.com.

    4. ORAL / WRITTEN INSTRUCTIONS
      1. From time to time, you may give the Bank instructions via telephone or registered mail or mail, email, or facsimile transmission, regarding your accounts.
      2. The Bank is expressly authorised to act on any instructions communicated or purportedly communicated to the Bank over the telephone by you, in writing signed or purportedly signed by you and sent or purportedly sent by post, facsimile, or email. The Bank shall not be liable to you for acting upon any such instructions notwithstanding that it is subsequently proven that the same was not given by you. You understand and agree that any risks of miscommunication and/or misunderstanding, any error or loss resulting from instructions given by unauthorised persons or any error loss or delay resulting from the use of the post, or email are entirely your risk for which the Bank shall not be held liable.
      3. In the event that instructions to the Bank given by you are received outside banking hours, the Bank will only execute such instructions on the next working day. Banking hours are the hours that the Bank specifies from time to time for processing instructions.
      4. You expressly authorises the Bank to treat any instructions given or purportedly given by you as new instructions when it is unspecified that the instructions are a confirmation or a change of the previous instructions given.
      5. The Bank may at any time refrain from acting promptly upon any instructions given or purportedly given by you in order to verify the authenticity thereof without incurring any responsibility for loss, liability or expense arising out of so refraining to act.
      6. You agree that the Bank shall not be obliged to inquire as to the purpose of any transfer of funds or assets so authorised by any such instruction or the identity of any transferee. It is understood that instructions given or purportedly given by you may authorise any transfer, sale or other disposition of the funds or assets in your account(s).


    5. PRIVILEGE RESERVE SERVICE CHARGE AND FEE
      1. The Bank may impose a service charge and/or fee for any of the Services provided by the Bank. In addition, the Bank reserves the right to impose a service charge and/or fee when the investment balance in your account falls below the minimum investment balance or minimum credit card spending limit prescribed by the Bank from time to time.
      2. The Bank may debit any of your account(s) for all charges, fees, or other sums payable to the Bank without prior notice to you.


    6. SUSPENSION OF UOB PRIVILEGE RESERVE SERVICE
      The Bank may suspend the use of any or all of the Services if as a result of force majeure, any calamity or condition, industrial actions, computer breakdown or sabotage, any act of terrorism or any other reason whatsoever access or delivery of the Services is not possible or is hindered.


    7. TERMINATION OF YOUR UOB PRIVILEGE RESERVE MEMBERSHIP
      1. The Bank reserves the right to terminate your UOB Privilege Reserve Membership as the Bank deems fit without prior notice to you and without assigning any reason whatsoever.
      2. You may choose to terminate your UOB Privilege Reserve Membership with a written notice. Any standing instructions given by you for any transactions will continue to be binding on you until the Bank receives the aforesaid written notice of termination. Upon termination your UOB Privilege Reserve Membership, you must surrender all items provided to you to fully utilize the services provided under UOB Privilege Reserve.


    8. VARIATION OF THIS AGREEMENT
      1. The Bank may vary the terms and conditions herein at any time at its discretion without assigning any reasons whatsoever.
      2. Any such variation(s) may be notified to you by ordinary mail to the your last known address or by notification in the Bank's branches or by advertisement in the Press, or by any other means which the Bank may select and a variation so notified shall be binding on you.
      3. If you do not accept the variation(s), you shall inform the Bank in writing immediately and the Bank may withdraw any or all of the Services.
      4. If you continue to use the Services after notification, you shall be deemed to have accepted and agreed to such variation(s) without reservation.
      5. For the avoidance of doubt, the Terms and Conditions set out herein are supplemental and are additional to Terms and Conditions Governing Accounts and Services that apply to individual customers ("Account Terms"). In the event of any conflict or inconsistency between the Terms and Conditions and the Account Terms, the Terms and Conditions herein shall prevail.


    9. SERVICES PROVIDED BY THIRD PARTIES.
      From time to time, we may introduce you to other Privilege Reserve privileges and services provided by third parties. Any services provided by third parties are subject to their terms and conditions and we will not be liable for any loss you may incur in connection with such services.