Change of the Criteria for Implementing the Illegal Account Use Prevention Measure (Suspension of Withdrawals)

February, 2020

In accordance with Paragraph 4, Article 10 of the Common Customer Agreement on PowerFlex Transactions, Shinsei Bank has been suspending withdrawals from the accounts that meet the three criteria below on the date and time designated by the Bank for preventing illegal account use. The Bank will abolish the balance criterion in May 2020 in order to strengthen the illegal account use prevention measure.
Please note that withdrawals of yen ordinary deposits from the accounts that meet the two criteria below will be suspended on and after May 2020. Payments and automatic deductions will not be suspended.

Criteria for implementing the illegal account use prevention measure
(suspension of withdrawals)

Before change After change (on and after May 2020)
① The account has had no transaction such as deposits or withdrawals for 24 months (excluding crediting of interest)
② The account has yen or foreign currency ordinary deposits or Power Deposits only
③ The aggregated balance of the account is smaller than 1,000 yen (foreign currencies shall be converted into yen using the foreign exchange rates designated by the Bank)
① The account has had no transaction such as deposits or withdrawals for 24 months (excluding crediting of interest)
② The account has yen or foreign currency ordinary deposits or Power Deposits only

Please call Shinsei PowerCall (0120-456-007)if you wish to resume withdrawals.

Furthermore, in accordance with Article 10: Cancellation of the Common Customer Agreement on PowerFlex Transaction (to be revised effective April 30, 2020), the Bank may cancel the accounts that are the target for the illegal account use prevention measure (suspension of withdrawals) on and after May 2020 and meet the following criterion (the balance criterion) by notifying their customers.
・The aggregate balance is 1,000 yen or smaller (Foreign currencies will be converted into yen using the foreign exchange rates designated by the Bank)

Due to the aforementioned change of the criteria, the Bank’s Agreement will be revised as below effective April 30, 2020.

Agreement to be revised

・Common Customer Agreement on PowerFlex Transaction

Revisions (colored in red)

Common Customer Agreement on PowerFlex Transaction

Before change After change (on and after May 2020)
10. Cancellation
(4) If the PowerFlex account is not used for a designated period and the aggregate balance of debentures, deposits and investment trust does not exceed the amount designated by the Bank, the Bank may suspend the Transaction or cancel the PowerFlex account upon giving the relevant customers notice thereof. The same shall apply when the Bank does so pursuant to applicable laws or ordinances.

(5) If there remains an outstanding balance of debentures and/or deposits after the PowerFlex account is cancelled pursuant to the immediately preceding three Paragraphs, or if you request the Bank to cancel this Transaction upon the suspension of this Transaction, you will be requested to make such request to the Bank upon presentation of the Card. In such an event, the Bank may request the relevant customer to submit personal identification documents of the type designated by the Bank or to arrange for a guarantor etc. after the passage of a reasonable period of time.
The Bank may not accept the release request for the suspension of the Transaction if there is a reasonable ground for such refusal.
10. Cancellation
(4) If the PowerFlex account is not used for a designated period and the aggregate debentures, term deposits, structured deposits and investment trusts does not exceed the amount designated by the Bank have no balance, the Bank may suspend the Transaction. Furthermore, if the balance of the products designated by the Bank such as ordinary deposits does not exceed the amount designated by the Bank, the Bank may cancel the PowerFlex account upon giving the relevant customers notice thereof. The same shall apply when the Bank does so pursuant to applicable laws or ordinances.

(5) If there remains an outstanding balance of debentures and/or deposits after the PowerFlex account is cancelled pursuant to the immediately preceding three Paragraphs, or if you request the Bank to cancel this Transaction upon the suspension of this Transaction, you will be requested to make such request to one of the Bank’s branches or the Bank’s Contact Center upon presentation of the Card. In such an event, the Bank may request the relevant customer to submit personal identification documents of the type designated by the Bank or to arrange for a guarantor etc. after the passage of a reasonable period of time.
The Bank may not accept the release request for the suspension of the Transaction if there is a reasonable ground for such refusal.
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