Common use of Transaction Statement Clause in Contracts

Transaction Statement. 7.1 A statement will normally be sent to the Cardholder monthly on the Statement Date (“Statement Date”) with details of (i) the total amount outstanding on the Card Account (“Statement Balance”), (ii) the minimum sum to be paid by the Cardholder (“Minimum Payment Due”), and (iii) the date by which the Cardholder must make Minimum Payment Due at the minimum to the Bank (“Payment Due Date”). If no transactions take place within the statement cycle date, the Statement Balance will not be generated for that month and any transaction occurring after the statement generation date will be shown on the following month’s Statement Balance. Payment of any part of the Statement Balance affected by cash or other means will be accepted on and subject to the Bank’s normal terms and conditions. 7.2 The Cardholder should notify the Bank in writing with form provided by the Bank of any transaction in any statement that was invalid or unauthorized by the Cardholder within sixty (60) days from the transaction date. If the Cardholder fails to report within the said period, the transaction(s) shown on the statement will be considered correct and the Cardholder shall be responsible for payment of such transactions in accordance with the Bank’s policy. The Bank shall not be responsible for any complaint or dispute made after this time limit. Where the Cardholder reports an invalid or unauthorized transaction, the Bank will carry out the verification requirements within five (05) working days since the date of receiving proper notification from the Cardholder. The Bank may consider to temporarily refund the disputed amount to the Cardholder’s Card Account (except dispute transactions related to cash withdrawal from ATM) and may consider not to impose any interest or finance charges on such disputed amount while it is under investigation by the Bank. If, following a good faith investigation by the Bank, the investigation results (which shall be binding on the Cardholder) show that the report made by the Cardholder was unfounded, the Bank reserves the right to collect the temporarily refunded amount and re-impose the interest of finance charges on the disputed amount over the whole period, including the investigation period. 7.3 The Bank may send the Statement Balance in any form it deems appropriate including, without limitation to, (i) an electronic Statement Balance which is applied for Cardholders who are using Personal Internet Banking service or a PDF Statement Balance sent to Cardholders’ emails registered with the Bank or (ii) a summary of payable amount for a period via SMS message. In any event, the Bank, at its sole discretion, may send printed or paper-based Statement Balance whenever it deems necessary.