The WeLab Bank Welcome Offer For UST Students Terms & Conditions

[1] The WeLab Bank Welcome Offer For UST Students (“Offer”) period shall be from 3 August 2022 to 30 September 2022 (both dates inclusive) (“Offer Period”).

[2] The Offer is only applicable to new customers (“you” or “your”) who have successfully opened a bank account at Welab Bank Limited (“WeLab Bank”, “we”, “us” or “our”) using referral code “USTUST” within the Offer Period. To be a new WeLab Bank customer means you have not terminated and/or closed your WeLab Bank account in the twelve (12) months prior to the commencement of the Offer Period.

[3] You may only use one (1) referral code when opening a WeLab Bank account, and you will only be entitled to the Account Opening Rebate which corresponds with the referral code used. This Offer cannot be used in conjunction with other referral programmes which means if you have input any other referral codes when you apply for your WeLab Bank account, then you are not entitled to the Account Opening Rebate under this Offer.

50% Cash Rebate Offer (“Cash Rebate Offer”)

[4] This Cash Rebate Offer is only applicable to Eligible Transactions (please refer to clauses 6-7 for the definitions) conducted from the date of successful account opening until the last calendar day of the next calendar month ("Transaction Period"). An account opening is deemed to be successful only upon receiving a confirmation email from WeLab Bank indicating that the account opening request is approved and the account is set up.

For example, if you receive the account opening confirmation email on 10 August 2022, the Transaction Period starts from 10 August 2022 until 30 September 2022 (both dates inclusive). Transaction time will be based on Hong Kong Time (HKT).

[5] During the Transaction Period, your Eligible Transactions will be entitled to a 50% cash rebate. In all circumstances, the total amount of cash rebate you can earn from this Cash Rebate Offer is capped at HKD 300 (“Account Opening Rebate”).

[6] Eligible Transactions are defined as transactions:

  • conducted using your WeLab Debit Card (including (i) your virtual and physical WeLab Debit Card and (ii) your WeLab Debit Card which have been added in your mobile wallet) within the Transaction Period in any currency. If the Eligible Transaction is made in a currency other than Hong Kong Dollars, the Account Opening Rebate will be calculated based on Hong Kong Dollars after conversion at the applicable exchange rate; and
  • which fall into the Food & Beverage and Groceries categories as defined by the merchant category code/transaction type agreed between the merchants and MasterCard Asia/Pacific (Hong Kong) Limited.

Examples of merchant which may fall into the said categories (including but not limited to):

Food & Beverage: Restaurants, bars, restaurants’ online food ordering, online food delivery platforms, nutrition stores

Groceries : Supermarkets, convenience stores

[7] Our decision as to what constitutes an ineligible or Eligible Transaction (as the case may be) shall be final and conclusive. Ineligible transactions, shall include but are not limited to the below: (a) payment of banking fees and charges (including but not limited to annual fee, overdrawn fee, card replacement fee, ATM cash withdrawal fee, if applicable); (b) quasi-cash transactions including: (i) betting and gambling transactions; (ii) instalment payments; (iii) balance transfers; (iv) cash, token, vouchers payment and/or foreign exchange transactions at non-financial institutions (including cash coupon purchases, purchase of foreign currency, money orders and travelers’ cheques); and/or (v) any transactions at other financial institutions (including purchase of merchandise and services from banks); (c) bank transfers (by way of Faster Payment System, SWIFT, eDDA, etc.); (d) bill payments (including but not limited to water bills, electricity bills, insurance premiums, payments to other banks and credit cards, etc.); (e) tax payments to the Inland Revenue Department; (f) purchase and/or reload of stored value cards or e-wallets; and/or (g) unposted, cancelled and/or refunded transactions, in whole or in part. We may add to, or remove from, the list of ineligible transactions from time to time at our sole discretion.

[8] After the end of Transaction Period, the Account Opening Rebate amount will be credited into your Core Account within 10 working days from the 1st day of the following calendar month.

[9] Transactions which have been cancelled or reversed in full will not be counted as Eligible Transactions.

[10] If you have subsequently cancelled or reversed any transactions (in full or partial amount) in respect of which Account Opening Rebate amount has been credited to your Core Account, we reserve the right to debit (i) the respective Account Opening Rebate amount and (ii) any cash rebate difference directly from your Core Account without prior notice.

0.8% Special Interest Rate to the Core Account Offer (“Core Account Promotion”)

[11] If you have met the requirements in Clause [2] above, you will be entitled to receive a monthly cash rebate for your Core Account deposit balance held with us (“Deposit Cash Rebate”) starting from the month in which you have successfully opened a WeLab Bank account and the subsequent 11 calendar months.

For the first monthly Deposit Cash Rebate, only the Core Account deposit balance from the successful account opening date to month end will be counted.

[12] The Deposit Cash Rebate will be calculated daily in simple interest instead of compound interest and based on:

(a) the daily Core Account deposit balance (up to HKD300,000) and the relevant special interest rate as provided in the table below; and

(b) on a 365-day basis (a 366-day basis in the case of a leap year).

UST_tnc_en_1.PNG

For the avoidance of doubt, the total interest rate of 0.8% will include your Core Account deposit interest rate.

*The latest prevailing interest rate for your Core Account can be obtained from our website or WeLab Bank App.

[13] The Deposit Cash Rebate from your Special Interest Rate will be credited into your Core Account within 14 working days from the final day of each month. The latest prevailing interest amount will be credited to your Core Account on the first day of each month.

[14] The eligible daily deposit balance in the Core Account will be counted as at 23:59:59 Hong Kong time on each day.

For example:

UST_tnc_en_2.PNG

[15] The deposit in your Core Account is a deposit qualified for protection under the Deposit Protection Scheme in Hong Kong.

General Terms and Conditions

[16] There are limited quotas for this Offer and it is rewarded on a first come first served basis. Our records on the available Offer quotas are final and conclusive.

[17] The cash rebate amount will be rounded to the nearest cent.

[18] All cash rebate amount cannot be transferred, returned, exchanged, or converted into other forms, unless otherwise specified by us.

[19] You agree and acknowledge that you are not entitled to receive any cash rebate amount if you close your Core Account at any time before the cash rebate amount is credited to your Core Account in the applicable calendar month.

[20] Any breach of applicable laws or regulations, fraud, abuse and/or non-compliance by you (as determined at our sole discretion) will result in forfeiture of your eligibility to participate in the Offer and/or suspension or termination of all or any of your Account with us. We shall not credit the cash rebate amount or where the cash rebate amount has been credited, we reserve the right to debit the cash rebate amount from your Account (including but not limited to your Core Account) without notice and/or take such necessary legal action to recover any outstanding amounts.

[21] Your eligibility to participate in this Offer is subject to our final approval at our absolute discretion. Our decision shall be conclusive and binding.

[22] We reserve the right to suspend, modify or terminate this Offer and/or amend these terms and conditions at any time without prior notice. In the event of dispute, our decision shall be final, conclusive and binding.

[23] These Offer terms and conditions shall be read in connection with our Account Terms (the “Account Terms”). In the event of inconsistency between these Offer terms and conditions, the Account Terms, the prevailing order shall be as follows:

(i) these Offer terms and conditions; and

(ii) the Account Terms.

[24] Terms defined in our Account Terms shall have the same meanings when used herein, unless otherwise defined.

[25] In the event of any discrepancy between the English and Chinese versions of these terms and conditions, the English version shall prevail.

Effective date: 3 August 2022