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Terms and Conditions for Money Safe


[1] The following terms and conditions (the “Terms and Conditions”) apply to the Money Safe service provided by WeLab Bank Limited (“WeLab Bank”, “we”, “our” or “us”). Before activation of the Money Safe service, you should read carefully and understand the contents and effects of the Terms and Conditions in conjunction with our Account Terms which are also binding on you.


[2] Money Safe service allows you (“Customer”, “you” or “your”) to lock part or all of the funds you deposited with us to protect them from loss due to fraud and scam. The aforesaid funds will be locked by segregating (that is, separating) them from the other funds with us (the “Money Safe Protection”). The aforesaid locked funds will not be used for any fund outflow through any channel whether online or offline, including withdrawal, fund transfer, autopay, direct debit authorization, standing instruction, settlement of investment transaction, placement of investment, placement of time deposit, loan repayment or payment of bank fees or charges (collectively “Transactions”).


[3] Money Safe Protection is available to your Core Account and Time Deposit in Hong Kong Dollar or any other currencies we specify from time to time (the “Supported Currencies”).


[4] Once you have locked any funds for Money Safe Protection, WeLab Bank shall stop processing any transaction involving the locked funds pursuant to any instruction received by WeLab Bank (including any instruction given by you) until the locked funds have been released from Money Safe Protection in accordance with the procedures specified in Clauses 10, 11, 12, 13 and 14 below.


[5] In the event that you decide to activate the Money Safe Protection, you will have to follow and complete the required steps and give instructions through WeLab Bank App to lock, in your Core Account, an amount not less than one of the thresholds denominated in the Supported Currencies as specified by WeLab Bank from time to time for Money Safe Protection (the “Minimum Amount”). The Minimum Amount for each Supported Currency shall be specified in WeLab Bank App and/or WeLab Bank's website, as maybe amended from time to time.


[6] Subject to Clause 5 above, after the Money Safe Protection has been activated, you can increase the locked amount of any Supported Currencies already under Money Safe Protection in your Core Account. For the avoidance of doubt, you must follow the required steps and provide instructions to us through WeLab Bank App and ensure that each new currency you wish to lock reaches the Minimum Amount.


[7] Once we receive your instruction in Clauses 5 or 6 above, we will set aside the specified amount of fund in your Core Account for Money Safe Protection. Only the amount of fund that you specify will be locked under Money Safe Protection. For the avoidance of doubt, funds locked in under Money Safe Protection will still be subject to the same prevailing interest rate applicable to the Core Account of the relevant currency. However, the interest accruing daily on the fund locked at Core Account under Money Safe Protection will be credited to the Core Account without Money Safe Protection.


[8] In the event that you wish to place a Time Deposit under Money Safe Protection (the “Money Safe Time Deposit”), you must, prior to the placement of such Time Deposit, (i) activate the Money Safe Protection service according to Clause 5 above, (ii) follow and complete the required steps and give instruction to us through WeLab Bank App, (iii) maintain a balance not less than the relevant Minimum Amount in your Core Account and (iv) hold sufficient cleared funds in your Core Account for the aforesaid placement. The amount of any Money Safe Time Deposit denominated in a Supported Currency shall not be less than the applicable Minimum Amount for that Supported Currency.


[9] Upon maturity of the Money Safe Time Deposit, the principal and any accrued interest of which will automatically renew, without further instruction from you, into a new Money Safe Time Deposit. The aforesaid new Money Safe Time Deposit will continue to be under the Money Safe Protection at the prevailing annual interest rate applicable to the Core Account for the relevant currency, with a tenor of one (1) month. The Money Safe Time Deposit will continue to renew automatically monthly in the aforesaid manner until you have instructed us to release the same from Money Safe Protection pursuant to Clause 10. No early withdrawal of time deposit or change of maturity instruction will be accepted until you have released the Money Safe Protection for Money Safe Time Deposit.


Release of Money Safe Protection


[10] Customers who wish to release fund from Money Safe Protection, that is, to (i) release Money Safe Protection of funds in Core Account or Money Safe Time Deposit or (ii) reduce the amount of funds subject to Money Safe Protection in Core Account, must:

(i) Give instructions to us to release funds, first via Customer Service Hotline and followed by face-to-face meeting at our office to:

(ii) Take all necessary steps and complete the necessary identity verification to our satisfaction according to Clause 11 below.


[11] For your instruction under Clause 10 to be effective, you are required to schedule an appointment and attend at WeLab Bank’s office in person, or at WeLab Bank's sole discretion, attend via video conferencing, to complete all necessary steps and identity verification procedures to our satisfaction. The aforesaid arrangement shall apply each time you give us an instruction under Clause 10.


[12] You are advised to provide instructions under Clause 10 reasonably in advance to allow sufficient time for processing. WeLab Bank will make every effort to process your instructions as soon as practicable and, under normal circumstances, expects to implement your instructions within three (3) Business Days following the successful completion of the steps in Clause 11 above.


[13] Any early withdrawal of a Money Safe Time Deposit, including a Money Safe Time Deposit automatically renewed pursuant to Clause 9 above, shall be subject to an early withdrawal handling fee, if applicable. To avoid such fee and the automatic roll-over described in Clause 9, we recommend submitting maturity instructions to us as early as possible to ensure the timely release of your Money Safe Time Deposit upon maturity.


[14] You are hereby notified that, upon the release of any funds locked under the Money Safe Protection, such funds shall no longer be protected from fund outflows and shall be deemed available for Transactions.


Points to note before activation of Money Safe Protection


[15] You are solely responsible for managing your accounts on an ongoing basis to ensure that there are sufficient immediately available funds in your Core Account to meet your daily and other ad hoc needs, paying attention to the Transactions you expect to conduct. We will not be liable for any loss, consequence or inconvenience caused to you by insufficient funds in your accounts due to locking funds for Money Safe Protection.


[16] We will not be responsible for any other loss suffered by you as a result of using Money Safe Protection except for any direct and reasonably foreseeable loss caused to you directly and solely by our wilful default or gross negligence in the operation of Money Safe Protection.


[17] Using Money Safe Protection shall not limit or affect any of our rights in relation to your funds or Account. The aforesaid rights include, but are not limited to:-

(i) applying funds in your Account, including locked funds under Money Safe Protection, to settle any debts or amounts you owe to us, whether in full or in part, in accordance with our contractual, equitable, or statutory set-off rights;

(ii) enforcing any security interest we hold over your funds, including locked funds under Money Safe Protection;

(iii) suspending, freezing, or closing accounts in line with the applicable terms and conditions governing your Account;

(iv) managing your funds (including funds locked under Money Safe Protection) to comply with any court orders or mandatory legal obligations imposed on us; and

(v) handling your funds (including funds locked under Money Safe Protection) in a manner we reasonably and appropriately determine, in good faith, and in consideration of applicable regulatory or law enforcement requirements or expectations.


[18] Money Safe Protection is also subject to other applicable terms and conditions of WeLab Bank, as may be amended by WeLab Bank from time to time, including but not limited to Account Terms, GoSave 2.0 Time Deposit Terms and Conditions (the “Existing Terms”). The Existing Terms continue to apply to Money Safe Protection to the extent that they are relevant and not inconsistent with these Terms and Conditions. Unless otherwise specified, these Terms and Conditions shall prevail if there is any conflict and/or inconsistency between them and the Existing Terms with respect to the Money Safe Protection. For the avoidance of doubt, the Money Safe Protection shall not prevent or restrict WeLab Bank from exercising its rights under the Existing Terms.


[19] We will not be liable if there is any delay in the processing or execution of the instructions or requests in relation to Money Safe Protection, or if we reject such instructions or requests.


[20] We may set and change the steps, details or arrangements relating to the use of Money Safe Protection from time to time having regard to the applicable requirements or expectations of regulatory authorities or law enforcement agencies.


[21] We reserve the right to amend these Terms and Conditions from time to time by notice through our designated communication channels, or in any other manner we consider appropriate. For changes which shall result in an increase in our fees or charges and/or affect your liabilities and obligations, we will give you at least 30 days’ notice unless such changes are not within our control. In other cases, we will give you reasonable notice. If you do not close the relevant Accounts or terminate the relevant services prior to the effective date of a variation, you will be bound by the variation.


[22] For the purposes of these Terms and Conditions, all capitalized terms used and not defined herein shall have the respective meanings ascribed to the same in the Account Terms.


[23] These Terms and Conditions shall be governed by and construed in accordance with the laws of Hong Kong Special Administrative Region of the People’s Republic of China. In the event of any discrepancy between the English and Chinese versions of these Terms and Conditions, the English version shall prevail.