Terms and Conditions

Terms and Conditions Governing the OCBC SmartChange Scheme for Debit Cards

OCBC SmartChange is a scheme offered by the Overseas-Chinese Banking Corporation Limited (“OCBC”) which allows you to save money as you spend by rounding up the amount of each eligible Card Transaction made to the nearest dollar and charging the rounded up amount to your Card. The difference between the rounded up amount and the actual amount of your Card Transaction is the spare change (the “Spare Change”). The amount of Spare Change will be debited from your Card Account. The amount equivalent to the Spare Change will then be credited to the OCBC Account designated on the application form (“Designated OCBC Account”). These terms and conditions and any other rules, procedures or instructions which OCBC may issue from time to time (collectively the “Terms and Conditions”) shall apply to SmartChange.

By applying for SmartChange, you understand that you are applying to participate in OCBC SmartChange and you acknowledge that you have read, understood and agree to be bound by the Terms and Conditions.

All terms and references used in the Terms and Conditions and which are defined or construed in the OCBC Debit Cardmembers Agreement but are not defined or construed in the Terms and Conditions shall have the same meaning and construction in the Terms and Conditions.

Eligibility for SmartChange

1.   The eligibility of any person to participate in OCBC SmartChange is determined by OCBC at its sole and absolute discretion. OCBC is entitled to reject any application to participate in OCBC SmartChange at its discretion without assigning any reason.

Benefits of SmartChange

2.  Upon approval of your application for SmartChange, OCBC will credit a percentage of the Spare Change into your Designated OCBC Account (the “SmartChange Reward”)*. OCBC may vary or withdraw the SmartChange Reward at its sole and absolute discretion without any notice and without giving any reason.

Other terms and conditions

3.       To participate in OCBC SmartChange, you understand that the Designated OCBC Account has to be in good standing (as determined by OCBC). Subject to OCBC’s approval, the Designated OCBC Account may be held by a third party in good standing (as determined by OCBC).

4.       The types of OCBC deposit accounts that can be nominated as a Designated OCBC Account are listed on the website http://www.ocbc.com/smartchange. You understand that the Card Account cannot be nominated as a Designated OCBC Account.

5. .You hereby authorize OCBC to:

(i)         debit the Spare Change from your Card Account on the posting date of the Card Transaction;

(ii)         credit an amount equivalent to the Spare Change into your Designated OCBC Account on the business day following the posting date of the Card Transaction; and

(iii)                credit the SmartChange Reward and Spending Rebate to your Designated OCBC Account on the business day following the date of your Billing Statement

6.   Upon closure of the Designated OCBC Account for any reason whatsoever:

(i)                   your participation in OCBC SmartChange will be automatically terminated;

(ii)                 the Spare Change charged to your Card Account on the date of closure of the Designated OCBC Account will be reversed.

7.   You shall give three (3) working days notice for termination of SmartChange.

8.   For refunds of purchases, the Spare Change will remain as having been debited from the Card Account and credited into the Designated OCBC Account.

9.   You understand that any termination of your Card will automatically terminate your participation in OCBC SmartChange.

10.  You understand that the use of your Card is governed by the OCBC Debit Cardmembers Agreement (available on www.ocbc.com) and the OCBC Terms and Conditions Governing Deposit Accounts govern the Card Account and the Designated OCBC Account.

11.  OCBC reserves the right to debit any SmartChange Reward /or to terminate your participation in OCBC SmartChange if it discovers any impropriety in any customer’s conduct in relation to its participation OCBC SmartChange. OCBC’s decision shall be finding and binding in such an event.

12.  OCBC reserves the right to impose a minimum amount in respect of each Card Transaction as a criterion in order for Cardmembers to qualify for the SmartChange Reward.

13.  OCBC may at any time at its absolute discretion not credit your Designated Account with any SmartChange Reward, in respect of any Card Transactions that are not over the counter transactions or not for the purchase of physical goods and/or services. OCBC’s decision shall be final and binding in such an event.

14. OCBC may at any time at its absolute discretion and upon written notice to you, change any

one or more of these terms and conditions. Such change(s) shall take effect from the date stated in the notice, which in most instances, shall be no less than 30 days from the date of the notice. Where you continue to participate in OCBC SmartChange after such notification, you shall be deemed to have agreed with and accepted the amendments. If you do not accept any such amendments, you shall forthwith notify OCBC of your withdrawal from OCBC SmartChange.

15. These terms and conditions shall be governed by the laws ofSingapore and you agree to

      submit to the jurisdiction of the Courts of the Republic of Singapore.

16. A person who is not a party to any agreement governed by these terms and conditions has no right under the Contracts (Rights of Third Parties) Act (Chapter 53B) to enforce any of these terms and conditions.

*Note: Formerly and until 1 October 2008 termed as “Bonus Reward”.