Posted by Kim Sabularse on 19 Dec 2023

Updates to our Terms of Service

On 1 January 2024, our Terms of Service will be updated to clarify our terms and ensure that they remain transparent for you, as well as to cover new Silver Bullion services and features.

These changes will not affect your rights towards your property, the monies you have with us, or any mandatory and/or statutory rights you have as a consumer under Singapore law.

At a glance, this update includes:

  • Clarification on Joint Accounts: We provided additional clarification on joint accounts, emphasizing how the right of survivorship in the joint account impacts a person’s Last Will and Testament. We have also provided additional information on how this account setup automatically transfers ownership and control to the surviving joint account holder in the event of one account holder's death, superseding any directives outlined in the deceased account holder's will regarding the disposition of assets. Additionally, we have outlined specific instances and actions where the consent of both joint account holders is required.
  • Small Cash Balances and Unidentified Deposits: We have updated the Terms of Service to allow customers to close their accounts with small cash balances by donating them to a recognized children's charity in Singapore. This applies when a customer's balance is too small to cover bank transfer fees for returning the funds to their bank account. Given that closing an account requires settling all cash balances, this option aids in the closure process while supporting a charitable cause. Similarly, if we receive deposits that remain unidentified for 5 years or more without rightful claimants, this change also allows us the flexibility to donate these amounts to the same children’s charity.
  • Use Third-Party Agent Platforms for P2P Loans: We included additional terms and clarifications for borrowers who are using Third-Party Agent Platforms when entering into a loan under the Secured Peer-to-Peer Loans Program. These are only applicable for borrowings using luxury watches as collateral and do not apply to borrowers with bullion as collateral.
  • Requests for Exceptional Works: We are also introducing the ability to provide specialized services, which gives us the flexibility to assist customers with requests beyond the typical scope of our business and the existing storage services provided to customers. These exceptional works include services such as providing couriered hardcopy statements, reports, and documents, along with official assistance for account-related matters like divorces, court proceedings, bankruptcy, and corporate account liquidation.
  • Deceased Account Administration: We are also introducing the ability to assist in the administration of deceased customers' accounts in accordance with the instructions of the authorized executor or administrator. This service includes engaging our own lawyers and/or an international network of legal experts to ensure the proper and lawful procedures in administering the account are followed diligently. This new service aims to provide comprehensive support and adherence to legal protocols in handling deceased accounts, offering clarity on the associated fee structure for these specialized services.
  • General updates for improved readability: We have reorganized our Terms of Service for better readability with the aim of helping our clients understand our policies and services easily.

In addition to this summary of changes, please read the complete Terms of Service as they apply to your continued use of our website and services. Please contact us via Secure Notification or at [email protected] if you require any clarification.

The previous version of the Terms of Service is available here.