Account Agreement for Individual and Corporate Accounts

Terms and Conditions.

NOTE: The Terms and Conditions contained in this Agreement apply to TriveBank Asia (hereinafter referred to as “the Bank” or “TriveBank Asia”) regarding the Repayment Account. The products offered are subject to the laws and regulations of Malaysia and regulated by the Labuan Financial Services Authority (“LFSA”).

GENERAL DISPOSITION

In this Account(s) (the “Account” or “Accounts”) Terms and Conditions, the words “you” and “your” refer to each and all of those who agree to be bound by this Agreement (the “Account Holder(s)”) by opening an Account with TriveBank Asia.

The words “we”, “us”, and “our” which are used in this Agreement refer to the Bank. 

The term “Account” refers to any Account, and a deposit refers to incoming funds received by the Bank, designated solely for the Account Holder(s) to fulfill their loan obligations.

PURPOSE OF THE ACCOUNT(S)

Your Account(s) with the Bank are subject to the provisions which are contained in this Agreement. Any use of the Account(s) other than purposes which are expressly permitted by this Agreement is prohibited. TriveBank Asia is a Labuan licensed investment bank which is established to provide banking services and incorporated under the Laws of Malaysia. In case the Bank becomes aware or suspects that the Account(s) are being used for illegal purposes, the Bank may, at its own discretion, cancel the Account(s) without responsibility.

The Account Holder agrees that the account established under this Agreement be used exclusively for the purpose of servicing loan obligations owed to the Bank. No other transactions, including withdrawals, transfers, or deposits unrelated to loan repayment, shall be permitted unless expressly authorized in writing by the Bank.

The Account(s) and the services which are expressly described hereinafter are provided to the Account Holder(s) and any authorized individuals to be used for legitimate purposes which are permitted by the provisions set forth in this Agreement.  By accepting these terms through our online banking, the Account Holder(s) accept that the Account(s) will be subject to this Agreement, as well as any amendment that the Bank may adopt, including but not limited to, amendments related to the management of the Account(s), wire transfers, internal transfers and any transfer of funds by other means, including electronically.

BANK SERVICE DAYS AND HOURS

The Bank’s business days are Monday through Friday, excluding holidays. Business hours and holiday schedules are available on our website. Refer to our website for the most up to date information regarding the business hours and days, which are subject to change.

ACCOUNT(S) OPENING  

Prior to opening any account for you, the Bank will execute a due diligence process to help the government fight the funding of terrorism and money laundering activities, it is required that all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for full name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. The submission of this information does not guarantee that your account will be opened.

According to the requirements of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), the Bank is required to obtain, verify and record information regarding each individual or corporate person who is authorized to use an Account with the Bank. At very minimum, the information includes the full name, residential address, the passport number or other equivalent, the date of birth and other information which identifies each individual in compliance with AMLA.

To open an Account with the Bank, besides your full name, address, date of birth, the Account Holder(s) are required to provide passport document, tax identification number and other available information regarding the identification of the Account Holder(s). Additionally, Bank Staff performs a verification video call for all clients, and takes screenshots of the video session by consent of the client. Submitting all forms and documents which are required by the Bank is obligatory to open the Account(s). You may still be required to provide this information and documentation even if you have been a customer with the Bank for a certain period of time. The Bank is not obliged to open an Account or allow any transaction from the Account until you submit all forms and documents required by accepting these Terms and Conditions, The Account Holder(s) agree to use the Account(s) and other services specified in this Agreement only for lawful and legitimate purposes, which are in accordance with AMLA. The Account Holder(s) also accept that the Bank may be enforced to freeze or withhold funds and to submit them to the appropriate authorities, in accordance with internal policies of the Bank or provisions of AMLA.

Among other information, the Account Holder(s) are obliged to provide evidence of occupation, sources of personal or corporate income and the origin or nature of the funds to be deposited in the Account, at the request of the Bank. The Bank’s right to demand any document relevant to the identity of the Account Holder(s), the identity of the authorized signatories and/or the origin of the funds is reserved. 

DISCLOSURES OF SPECIFIC TERMS AND CONDITIONS APPLICABLE TO YOUR ACCOUNT(S)

The Account(s) are subject to the provisions contained in this Agreement. The Account Holder(s) agree to execute, complete and submit the instruments or documents which may be required by the Bank occasionally in order to constitute, refine, manage and guarantee the Account(s).

ACCOUNT OWNERSHIP DISPUTES

The Account Holder(s) agree that in case of (i) any uncertainty or conflicting demand related with the ownership of the Account(s) or their funds, or (ii) the Bank cannot determine any person’s authority to give instructions, or (iii) the Bank is obliged to freeze the account or reject a transaction by law enforcement, or (iv) the Bank is convinced that a transaction may cause a breach of any law; the Bank may, at its option: (i) freeze the Account and refuse transactions until the Bank receives written valid proof of each person’s authority over the Account and its funds; (ii) refuse transactions (iii) require the closing of an Account, or any change in the account regardless of the number of authorized signers on the Account; (iv) request instructions from a court of competent jurisdiction at your expense regarding the account or transaction; or (v) continue to follow instructions given to the Bank by the authorized signer(s).

POWER OF ATTORNEY

To conduct transaction on their behalf, the Account Holder(s) may wish to consult an attorney by presenting to the Bank a general or a specific Power of Attorney (“POA”) in form and substance satisfactory. The Bank, at its option, may request additional information to identify the attorney. Under the applicable law, a POA terminates (i) if the Account Holder(s) revoke a POA, (ii) if the agent withdraws (iii) if the Account Holder(s) or designated attorney dies, becomes insolvent or files for bankruptcy, or (iv) if the Account Holder(s) become incompetent. It should be noted that until the Bank receives written notice or knowledge of the termination of authority and have the convenient opportunity to take appropriate action for such notice or knowledge, the Bank may continue to execute the transactions of the agent. The Account Holder(s) and the attorney agree that the Bank cannot be held liable for any loss or damages which may be incurred due to the instructions from the agent acting under a valid POA. The Bank is not responsible for insuring that the attorney is acting for the benefit of the Account Holder(s).

WITHDRAWALS

Withdrawals from the account shall be strictly limited to fund transfers to the Account Holder’s own account maintained with another licensed financial institution. No other form of withdrawal, including cash withdrawal, third-party transfer, or payment to external entities, shall be permitted.

As the request has been received by the Bank, the transaction will be processed within one (1) business day or less, with the condition that all of the required information regarding the request has been provided. Wire transfers by the Bank are conducted through Correspondent Banks. Accordingly, before reaching the beneficiary bank, the wire transfer may be sent through various intermediary banks. A transfer may take from one (1) to seven (7) business days to be received anywhere. The Bank does not guarantee the time a transfer takes to reach the beneficiary bank.

1) The Bank is released from all liabilities regarding any losses, damages and claims of any kind, including attorney’s fees and any errors or delays affecting the Account, in cases where the delay or error is occurred due to reasons which are not related to the Bank.

2) The Bank shall will not be held liable for transactions which cannot be completed because the funds are subject to judicial claims or similar restrictions and for delays that are due to errors which are attributable to the Account Holder(s), e.g., errors relating to the identification of the Account Holder(s) or of the Account(s) or errors in the wire request.

Transactions Posting Priority

Your Account will be credited by the Bank on the assumption that the transaction received has been verified by all means including, but not limited to, compliance verifications for possible sanctioned persons, businesses or countries and operational verifications related to account numbers and purpose of transaction. The order of posting of the transactions which are made in the Account is as follows:

1) Credits

2) Debits

Debits will be posted according to the following priorities:

1) Other miscellaneous fees, such as transaction fees, etc.

CLOSING AN ACCOUNT

By signing this Agreement, the Account Holder(s) agree that the Bank holds the right to close the Account at any time and without any reason, by sending a notice to your last known address. The Account Holder(s) acknowledge that the Bank may require the Account Holder(s) to withdraw the balance credited to the Account within the time frame specified in said notice. The Bank has the right to close the Account and send the funds to abandoned property without incurring in any liability to the Account Holder(s) in case of failure of withdrawal of the balance credited to the Account within the time frame set forth in the notice. The Bank will not be liable for dishonoring any transactions which are presented for payment without paying it after the Account has been closed. The Bank may refuse to accept deposits to be credited to the Account without giving any prior notice, and is released from any liability which may incur from said refusal.

Additionally, in case the Account Holder(s) withdraw all of the balance credited to the Account, and the Account Holder(s) state intention to stop receiving Account services, the Account will be cancelled. The Bank has the right to close an Account with a zero balance at any time.

INDIVIDUAL, JOINT AND SEVERAL ACCOUNTS:

All accounts have a single Account Holder(s) whether in a personal account or a corporate account. Joint accounts are currently unavailable.

ACCOUNT STATEMENTS

The statement of account is available for the Account Holder(s) to access on the Bank’s website. In case of change of your email address, you are responsible of notifying the Bank. The statement of account shows all the transactions in the Account during the period covered by the statement.

You are provided the option to print the statement of account or save it to your personal computer. The electronic account statement will be available at the Bank’s website for at least one hundred eighty (180) days from the date that the statement was provided. The Account Holder(s) must be registered and active to access the Bank’s website to view, print or save the electronic account statement. The Account Holder(s) take total responsibility for retaining a copy of the electronic statement of account.

Each statement, receipt, and any other item which is sent or available to the Account Holder(s) by the Bank shall promptly be reviewed with reasonable care by the Account Holder in purpose of identifying: (i) any missing deposits, withdrawals or transfers, and (ii) errors, discrepancies or unauthorized transactions which do not involve an electronic funds transfer. In case you have questions related with the information contained in said documents, write to us at our email support@asia.trivebank.com by (i) providing your name and number for the Account in question; (ii) clearly explaining the error or direct deposit and the reason you think a mistake has been made or you need further information; (iii) stating the amount for the supposed error or problem. Unless the Bank is promptly notified after the detection of any error, discrepancy or unauthorized transaction not involving an electronic funds transfer, the statement of account will be considered correct. The Bank will not be responsible for any unauthorized charge to the Account in case: (a) the Account Holder(s) fail to notify the Bank by providing a sworn statement of any unauthorized charge, (b) the payment orders were forged or altered so expertly that a reasonable person could not detect said fraud. Refer to the error resolution section of this Agreement for additional information regarding problems with electronic fund transfer transactions.

CHARGES

1) The Account Holder(s) is obliged to pay the Bank a wire transfer fee for payments made to the Account Holder’s own account maintained with another licensed financial institution.

2) The Account Holder(s) agree that the additional services that may be requested by the Account Holder(s) (e.g. charges for reproducing and delivering documents and information) are not included by the charges designated in each of the Account’s Disclosures and are not established in this Agreement.

3) The Bank reserves the right to change the service charges every once in a while by sending written notice to the Account Holder(s) at least thirty (30) days before the effective date of the change.

4) Any additional change or requirement requested by the Account Holder(s) in relation to this Agreement may entail a revision of the service charges stipulated in each of your Account’s Disclosures.

5) The Bank will not held be liable for refusing transactions or withdrawals because of the insufficient funds in the Account which is caused by a charge that has been processed in relation to the terms of this Agreement.

DORMANT AND INACTIVE/ABANDONED ACCOUNTS UNCLAIMED FUNDS

Dormant Account: Accounts are deemed dormant after no transactions have been registered for a period of time, computed from the date the last deposit, withdrawal, pre-authorized transaction, or check was made, exclusive of interest, fees or other adjustments made by us.

Inactive/Abandoned Accounts/Unclaimed Funds: If the Account is unclaimed by you or by a person with rights to it for seven (7) years since the date of last contact from you, the Account will be considered to have been abandoned and inactive and the funds in it are considered to be unclaimed. This will apply unless the funds in the Account have been reduced by withdrawal or increased by deposits (exclusive of interest, fees or other adjustments made by the Bank) during that seven (7) year term.

As provided by applicable Malaysian law, the balance of your Account will be forwarded to Jabatan Akauntan Negara Malaysia in case your account is considered “abandoned”. Account holder may recover their money by making a claim directly to Jabatan Akauntan Negara Malaysia (ANM) within a certain period required by law. ANM can be reached at https://ewtd.anm.gov.my.

ELECTRONIC COMMUNICATIONS

Pursuant to the Personal Data Protection Act 2010, Account Holder(s) acknowledge, accept and agree to that as the Bank will send the statements, disclosures and other communications electronically:

1) Upon request by the Account Holder(s), they will receive the account statements in the email address provided to the Bank and/or access the account statements on the website of the Bank.

2) All disclosures and any information that the Holder(s) receive may be sent electronically by the Bank. It is not required to deliver or physically (on paper) submit and information which is already provided in electronic format.

3) The present consent covers all transactions which are conducted in the Account(s).

4) The Account Holder(s) shall reserve the right to withdraw consent at any time to receive account statements in electronic format, acknowledging that withdrawal of consent will result in cancelling of products and services which are accessed by the Holder(s) electronically.

5) The Account Holder(s) will be obliged to provide his/her e-mail address and required to notify any changes to that address, through the online banking secure messaging system

DEATH OF THE HOLDER(S)

In case of death of the Account Holder(s), his/her heirs or surviving spouse shall promptly notify the Bank with government authorized proof (e.g. death certificate). In compliance with legal obligations of the Bank, we will freeze and codify the Account, regardless of the source of information. Remaining loan disbursement amount may not be available for withdrawal unless the heirs or persons with interest in the funds follow the applicable legal steps required by the Malaysia’s Law.

COMPLIANCE

The Account Holder(s) should acknowledge that the Bank will be increasing the levels of control and monitoring in purpose of meeting regulatory and legal compliance obligations.

The Account Holder(s) should be advised that:

If the Bank has reasonable grounds to believe that a transaction contravenes Malaysia’s AMLA or sanctions (or the law or sanctions of any other country), the Bank may delay, block, freeze or refuse said transaction. TriveBank Asia and its correspondents will not be held liable for any direct or consequential loss the Account Holder(s) suffer in case transactions are delayed, blocked, frozen or refused;

The Bank may require additional information from you from time to time for assistance in the above compliance process; and

The Bank may and will disclose the information gathered to regulatory and/or law enforcement agencies, other banks, other members, subsidiaries and service providers of TriveBank Asia, or to other third parties, if the Bank is legally obliged to do so.

You hold the Bank against any potential losses caused by any violation of law by you of such undertakings and provide the Bank the following undertakings:

1) Account Holder(s) will not initiate, conduct or effect a transaction that may contravene Malaysian law or sanctions (or the law or sanctions of any other country); and

2) the underlying activity of providing fund for the purpose of loan servicing does not breach any Malaysian law or sanctions (or the law or sanctions of any other country).

The confidentiality of your Account(s) is maintained by the Personal Data Protection Act 2010. Yet, in case it is permitted by applicable laws, the Bank may disclose information regarding your Account without your consent. Additionally, in compliance with any applicable law, regulation and/or order to governmental entities, the Bank is authorized to disclose information related to your Account to third parties in case the Bank becomes aware of the violation of any law or regulation.

The personal information the Bank collects about you, including your full name, address, telephone number and other information we receive from you, information about your Account and transactions and information that we receive from various sources are described by our Privacy Policy. By agreeing Terms and Conditions, you give us consent to disclose this information as expressed by the privacy preferences that you may have expressed and the applicable law.

LIMITATIONS OF LIABILITY

1) The Bank is not liable to the Account Holder(s) for the good faith payment, in case the Account Holder(s), for his own negligence, substantially contributes to a material alteration of the instructions or to the making of any unauthorized signature.

2) The Bank shall not cover the damages other than the material damages suffered by the Account Holder(s), in case of non-compliance or gross negligence on the part of the Bank or for not exercising due care with any of the provisions of this Agreement. The measure of damages for failure to exercise ordinary care in handling an effect is the amount of the effect reduced by an amount that could not have been realized by the exercise of ordinary care. The Account Holder(s) agree that the Bank has no obligation to compensate for non-material damages and mental anguish, reputational damage, and damage to the business and activities of the Account Holder(s).

3) The Account Holder(s) acknowledge that the Bank is not liable for contravention of any provision of this Agreement, providing that it is caused by circumstances beyond the responsibility and reasonable control of the Bank, including, but not limited to: fire, accidents, suspension of electric power service, mechanical failures in equipment which are used to provide services, terrorism, communications failures and communication systems, explosions, floods, hurricanes or any act of God or force majeure.

4) Each right of the Bank provided herein this Agreement shall be understood to be cumulative rather than mutually, and shall not preclude the Bank from exercising any other right or remedy within the reach of the Bank.

5) Any cause of action of this Agreement, which is not exercised or claimed within one (1) year, shall lapse. The Account Holder(s), the commercial entity, as well as its directors, officers, employees and agents, successors and assignors are obliged by this statement.

6) The Bank holds the right to retain payment, withdrawal or transfer of funds from the Account without incurring liability to the Account Holder(s), in case of receiving any process, summons, notification, order, request, execution, limitation, interdiction, attachment, encumbrance or other legal process (“Process”), or any form of claims; until the claim or process is cancelled or terminated to the satisfaction of the Bank. The Account Holder(s) agree that, in such case, the Bank is not obliged to notify the Account Holders(s) regarding a process related with any account with the Bank. The Bank reserves the right to charge any expense and/or cost that may be incurred from responding or complying with any process which is related with the Account Holder(s) or any account with the Bank, without prior notice or consent of the Account Holder(s). Aforementioned expense and/or cost may include reasonable attorney’s fees (and legal appeal fees).

7) The Bank, its directors, officers, employees and agents are indemnified from all claims, damages, judgment, penalty, cost and expense (including attorney’s fees) that may have incurred due to following the provisions of this Agreement and having exercised the rights and prerogatives that this Contract grants the Account Holder(s).

DEPOSIT INSURANCE

The Account Holder(s) shall acknowledge that funds which are deposited in the Account(s) are not insured by the Government of Malaysia. As the Bank is a full reserve institution, the Account Holder(s) are able to withdraw the deposit at any given time.

EMBARGOES

1) The Account Holder(s) agrees and acknowledges that in case of issuance of an order or attachment order by a court or competent authority, the Bank holds the right to freeze and/or deliver the funds which are available in the Account(s), provided that said funds shall not be encumbered by the debts of the Account Holder(s) with the Bank at the time of such processing. The freezing and/or delivery process of said funds will be carried out according to the terms of the order and without the need to issue prior notice to the Account Holder(s).

2) The Bank is not obliged to challenge or contradict the terms of an order or claim any defense that the Account Holder(s) may have against the person or entity which promotes the order or attachment request. Until said request resolved by the legal authority that issued the order or request, the Bank shall abide by the terms of any order or attachment requirement. To terminate the embargo or freezing of funds, the Bank may request additional documents besides presentation of evidence of payment of the debt or discharge of the obligation, which caused the order or attachment requirement.

3) In case the order or attachment order is issued against the funds of any of the Account Holders, The Bank shall proceed with the freezing and/or delivery of funds in accordance with the terms of the order, without determining the ownership of the funds or the origin of the order.

NOTIFICATIONS AND NOTICES

Any change of address of the Account Holder(s) shall be reported to the Bank in writing by providing the notarized utility bill or accepted equivalent. In case of any falsification which has been committed by the authorized firms, or fraud in the Account(s), or any incompatibility with any of the rules of this Agreement, the Bank holds the right to close the account(s). The Bank also reserves the right to close the Account(s) of the Account Holder(s), at its option, at any given time. Additionally, the Bank may refuse to receive an electronic wire transfer for the Account(s) headlines, without giving any prior notice. To close the Account(s), the Bank must send notice to the Account Holder(s) by email or internal messaging system which requires the money to be withdrawn, if there is balance in the Account(s), within the term that the Bank expresses in the said notice.

AMENDMENTS

The Bank holds the right to amend, modify or revoke this Agreement, which shall have the validity that is indicated in the notification, from time to time.

SEVERABILITY

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

INTERPRETATION

In this Agreement, words importing the singular number include the plural and vice versa; and words importing gender include the masculine, feminine and neuter genders.

APPLICABLE LAWS AND REGULATIONS

The Account(s) are governed by the applicable laws and regulations, as well as the Bank’s regulations which are already in force and/or will be adopted in the future. This Agreement and all inherent documents and/or derivatives thereof are subject to and construed in compliance with the laws of Malaysia. The Account Holder(s) agree to submit to the jurisdiction of the forum which is chosen by the Bank and expressly waive the right to object to the selection of the forum based on lack of convenience or competence.

ACCEPTANCE

All terms and conditions contemplated in this Agreement shall be deemed valid and accepted by the Account Holder(s) authorized by signing the request for the account pre-approval, or by performing acts affirmative statements indicating the acceptance of the same, such as: the use of the Account through deposit of funds or withdrawal thereof. Both the Account Holder are jointly and severally obliged to comply with all the terms and conditions (including the terms and conditions specified for each of our products that are available in our website) and obligations contained in this Agreement.

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