Terms and Conditions for China Construction Bank (Asia) Commercial Packaged Banking Service ("Terms and Conditions")
These Terms and Conditions are applicable to commercial customer (collectively known as the “Customer(s)”) who joins PREMIER BUSINESS / WISE BUSINESS service (collectively known as the “ Commercial Packaged Banking Service”) provided by China Construction Bank (Asia) Corporation Limited (the “Bank"). Customers are bound by these Terms and Conditions upon the application and using of Commercial Packaged Banking Service.
1. Conditions of Services
- The Customer has to maintain a valid HKD statement savings account or checking account with the Bank as the settlement account in order to apply for and continue to use the Commercial Packaged Banking Service.
- The Bank may offer Commercial Packaged Banking Service to its Customer if the Customer satisfies the criteria determined by the Bank from time to time. Such criteria include the maintenance of certain minimum balance as the Bank may determine. If the Customer’s daily average combined balance (calculated in accordance with Clause 2 below) falls below the required minimum amount prescribed by the Bank and/or there are insufficient funds credited to the Customer’s account to satisfy fees and charges payable as stipulated in Clause 3 below in connection with such services, the Bank will be entitled to terminate or suspend such services provided to the Customer.
- For the purposes of these Terms and Conditions, the required minimum amount of the Daily Average Combined Balance with the Bank is (i) HK$1,000,000 equivalent for PREMIER BUSINESS ; (ii) HK$200,000 equivalent for WISE BUSINESS, or such other amount as the Bank may determine from time to time (“Required Minimum Amount”). If the respective balance is in foreign currency, it will be calculated into HKD according to the prevailing foreign exchange rate used by the Bank.
- Unless specified, in the event of any inconsistency between these Terms and Conditions and any terms and conditions for accounts / services, these Terms and Conditions shall prevail. And the “Terms and Conditions for Accounts and Related Services (For Commercial Customers)” from time to time issued by the Bank shall also apply to Commercial Packaged Banking Service.
2. Daily Average Combined Balance (“Daily Average Combined Balance”)
- The Customer's Daily Average Combined Balance shall be calculated by the Bank with reference to:
- the Customer's daily average deposit balances in all accounts at the Bank held in the Customer's name; and
- the Customer's daily average investment balance which shall be calculated with reference to the balance in any investment account at the Bank in the Customer's name; and
- the value of total premium paid or cash value/policy value as provided by the relevant insurance company(ies) on a regular basis, whichever is higher, of the selected insurance plan(s) underwritten by the designated insurance company(ies) that the Customer has purchased through the Bank (excluding those insurance plan(s) underwritten by the insurance company(ies) with which the Bank has terminated the Bancassurance relationships), and regarding the value of total premium paid or cash value/policy value amount, the relevant insurance company(ies)’s record shall prevail, the Bank takes no responsibility to its accuracy or completeness, and disclaims any liability for any loss arising from or in reliance of such value; less
- any unpaid amounts that exceed the approved credit limit and any unpaid amounts under unauthorized temporary overdraft.
- For the purpose of assessing the value of total premium paid or cash value/policy value of the Customer's insurance plan as referred to in Clause 2 (a)(iii) above, the Customer hereby consents to and authorizes the Bank to obtain information/documents in relation thereto from the relevant insurance company(ies) if the Bank determines it as necessary (without prior notice to the Customer).
- There may be time lag before the balance of certain investment transactions and the value of total premium paid or cash value/policy value of insurance policies will be included in the Daily Average Combined Balance due to the processing time required and therefore may affect the Daily Average Combined Balance. In such circumstances, the Bank has the absolute sole discretion to determine the investment balance and the value of total premium paid or cash value/policy value of insurance policies.
- The Customer shall pay the Bank such fees and other charges in respect of the Commercial Packaged Banking Service as the Bank may determine.
- If the Customer's Daily Average Combined Balance with the Bank falls below the Required Minimum Amount for 3 consecutive calendar months, the Customer shall pay the Bank a monthly maintenance fee of HK$200 (applicable to PREMIER BUSINESS) / HK$100 (applicable to WISE BUSINESS) or such other fee as the Bank may determine.
- The Customer hereby authorizes the Bank to debit any fees, charges, costs and sums due or payable by the Customer to the Bank, including the cost of any welcome gift (if applicable), in respect of the Business Packaged Banking Service from any account of the Customer maintained with the Bank.
- Without prejudice to any other rights of the Bank, the Bank may at any time terminate or suspend the Commercial Packaged Banking Service to, or any account of, the Customer if:
- the Customer has insufficient funds in the account(s) maintained with the Bank to cover any fees, charges, costs or sums due or payable by the Customer in respect of the Business Packaged Banking Service; or
- the Customer fails to maintain the Required Minimum Amount of the Daily Average Combined Balance with the Bank during any calendar month.
4. Exclusive Benefits, Special Privileges and Discounts on Services
- The Customer shall be offered exclusive benefits, special privileges and certain discounts on other services, facilities or products by the Bank as determined by the Bank from time to time (“Privileges”). The Bank reserves the right to suspend, modify or terminate any of the Privileges from time to time without prior notice.
5. High Yield Checking Account
- Customer who successfully opens the High Yield HKD Checking Account can enjoy the Checking Account Preferential Interest Rate (“Checking Account Preferential Interest Rate”). The Checking Account Preferential Interest Rate is subject to change from time to time without prior notice. Please visit the Bank’s website www.asia.ccb.com for the latest interest rate.
- The Checking Account Preferential Interest Rate applies to the deposit balance of HK$1,000,000 or below (“Eligible Amount”) in the High Yield HKD Checking Account. For deposit balance below HK$5,000, no interest will be offered. For any deposit balance that exceeds the Eligible Amount, no interest will be offered or the prevailing savings interest rate applicable to a regular HKD Statement Savings account of the Bank will be applied.
- If customer terminates PREMIER BUSINESS or WISE BUSINESS service, the High Yield HKD Checking Account will be adjusted to a regular HKD Checking account automatically on the first day of the calendar month immediately after termination of the PREMIER BUSINESS or WISE BUSINESS and the Checking Account Preferential Interest Rate will then be ceased to apply.
- The Bank reserves the right to suspend, modify or terminate the Checking Account Preferential Interest Rates from time to time without prior notice.
6. Modification and Termination
The Bank may modify or terminate the Packaged Banking Service or feature of the Commercial Packaged Banking Service, or modify these Terms and Conditions, with or without prior notice and with or without cause, without prejudice to the rights and obligations of the Customer in retaining any account or service (unless specified) which shall continue to be governed by the applicable account or service terms and conditions.
7. Liability and Indemnity
The Customer shall indemnify the Bank against, and reimburse the Bank on demand, all costs and expenses which incurred by the Bank, directly or indirectly, any amount due to the Bank under these Terms and Conditions, or otherwise in exercising its right under or enforcing these Terms and Conditions.
These Terms and Conditions are governed by and shall be construed in accordance with the laws of Hong Kong SAR. The Customer submits to the non-exclusive jurisdiction of the Hong Kong courts but these Terms and Conditions may be enforced in the courts of any competent jurisdiction.
9. Governing Version
The English version of these Terms and Conditions is the governing version and shall prevail if there is any discrepancy between the English version and the Chinese version.
Investment involves risks. The prices of investment products fluctuate, sometimes dramatically, and may become valueless. Before making any investment decision, customers should consult their own independent financial advisors and read the relevant offering documents in order to ensure that they fully understand the risks associated with the investment products.
Customers should read and understand the details of the insurance plan(s) (including but not limited to exact terms, conditions, coverage and exclusions) before any enrollment to assure the insurance products meet their personal needs. Specific details, terms and conditions applicable to insurance products are set out in respective insurance policies to be issued by the relevant insurance companies. Policyholders are subject to the credit risk of insurance companies. For life insurance products, an insurance plan may comprise a savings element. Part of the premium pays for the insurance and related costs. If a customer is not happy with the customer’s policy, the customer has a right to cancel it within the cooling off period and obtain a refund of any premiums paid. A written notice signed by the customer should be received by the insurer's Hong Kong Main Office within the cooling off period (that is, 21 days after the delivery of the policy or issue of a notice (informing the customer or the customer’s representative about the availability of the policy and expiry date of the cooling off period), whichever is the earlier). After the expiration of the cooling off period, if the customer cancels the policy before the end of the term, the projected total cash value may be less than the total premium the customer has paid.
This webpage does not constitute advice to buy or sell, or an offer with respect to any investment or insurance products. This webpage is issued by China Construction Bank (Asia) Corporation Limited which is a licensed bank regulated by the Hong Kong Monetary Authority, an approved insurance agent under the Insurance Companies Ordinance, and a Registered Institution (CE No. AAC155) under the Securities and Futures Ordinance to carry on Type 1 (Dealing in Securities) and Type 4 (Advising on Securities) Regulated Activities. This webpage has not been reviewed by any regulatory authorities in Hong Kong.