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Terms and Conditions Governing BasedApp Direct Bank Deposit Function (" Direct Bank Deposit")
Terms and Conditions Governing BasedApp Direct Bank Deposit Function (" Direct Bank Deposit")
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Written by Jun Hao Lim
Updated over a week ago

Eligibility:

  1. Direct Bank Deposit is only available for BasedApp cardholders who have completed and are maintaining valid KYC with BasedApp.

Terms:

  1. Loading: With Direct Bank Deposits, eligible users will be granted a Virtual Account Number, with which you will be allowed to load funds directly into your BasedApp card account using bank transfer. Upon successful Direct Bank Deposits, your card account will be credited with the total deposited amount, minus any fees if applicable.

  2. Participating Network: Bank Transfers are limited to FAST network transfers from participating banks from accounts held in the same legal name as your BasedApp account. Under no circumstances will BasedApp be held liable for loss of funds resulting from user’s attempt to send funds from a non-participant bank, or from an account not belonging to them.

  3. Deposit Time: In most cases, Direct Bank Deposit should take less than 5 minutes from bank transfer to XSGD in card account. There may be edge cases which necessitate a longer deposit time, for reasons such as, but not limited to, third party account transfer in, legal name of deposit bank account different from KYC data entered with BasedApp etc. In such cases, a manual review of the deposit is done by the BasedApp team and/or the StraitsX team, which may impact the deposit time. BasedApp will not be held liable for any delays in deposit time.

  4. Third Party Account: Direct Bank Deposit is limited to fund flowing in from a bank account held in your legal name. No third party account deposits will be entertained. Funds that are sent via third party account may be held indefinitely pending investigation from BasedApp.

  5. Mint of XSGD: By utilising the Direct Bank Deposit feature, you agree to the exchange of SGD for the mint of XSGD into your card account. For more information on XSGD, please refer to our partner - StraitsX webpage.

  6. Conversion: SGD is minted at a 1:1 ratio with XSGD.

  7. Refund: Direct Bank Deposit only supports SGD to XSGD direction. Any request for refund/reversal for XSGD to SGD (”OFFRAMP”) will not be entertained, unless there is a strong case for such request, due to fraud or similar cases.

  8. Fees: BasedApp will waive the fees for all bank deposits above $50SGD. BasedApp reserves the right to charge a “Small Deposits Fee” on bank deposits of less than $50 SGD, particularly in cases where ill-intent is ascertained. BasedApp reserves the right to amend the fee schedule without prior notification in the future.

  9. PLEASE NOTE THAT YOU SHOULD USE THE DIRECT BANK DEPOSIT FEATURE FOR ITS INTENDED PURPOSE - FOR THE PAYMENT OF GOODS & SERVICES WITH THE ACCOMPANYING BASEDAPP CARD. BASEDAPP IS NOT RESPONSIBLE OR LIABLE FOR ANY LOSSES THAT MAY RESULT FROM OR IN CONNECTION TO ATTEMPTS TO UTILIZE DIRECT BANK DEPOSIT FEATURE FOR ANYTHING OTHER THAN ITS INTENDED PURPOSE.

Additional Terms

  1. BasedApp reserves the right to amend the terms of this Bank Deposits T&C, without prior notification.

  2. BasedApp reserve the rights to change or discontinue the “Direct Bank Deposit” programme at any time by reasonable means of notice through email.

  3. BasedApp’s decision on all matters pertaining to this Direct Bank Deposit programme is final. No correspondence or claims will be entertained.

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