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    HSBC Updates Safe Deposit Locker Lease Conditions

    HSBC plans to update its safe deposit locker lease conditions with changes that would give the bank more control to manage the use of the facility.

    Bankbazaar Singapore – February 1, 2018

    Singapore: Effective from 19 February 2018, HSBC will be updating conditions of lease of Safe Deposit Locker facilities. Clause 5(ii) will be modified to include on-demand access permissions from customers who use this facility. A new clause 11 that deals with the termination of lease will be also be introduced.

    Changes to the Clause 5(ii) states that customers who make use of this facility shall, on demand, permit the bank or authorities concerned to access the locker and provide information that the bank or authorities may require to meet their compliance obligations.

    The new clause, Clause 11, states that HSBC can, in certain instances, terminate the lease for the Safe Deposit Locker facility through a written notice. The bank will not be obligated to provide any reason for its action.

    Other amendments to the lease conditions have been made not only for administrative reasons but to provide clarity as well. Details regarding the updated conditions can be accessed on HSBC’s Safe deposit box page.

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