About the Investment Fund Unitholdings Transfer-in Service:
- Customers who intend to transfer their investment fund unitholdings from other financial institutions or fund houses to Hang Seng Bank Limited (the “Bank”) should note that such transfers are subject to the consent of the fund managers and/or trustees of the investment funds and/or any other applicable restrictions. In addition, customers should bear the fees (if any) charged by the relevant financial institutions or fund houses in respect of the transfer-out of their investment fund unitholdings. For the relevant details, customers should check with the relevant financial institutions or fund houses and/or refer to the terms and conditions for the investment fund accounts held with the relevant financial institutions or fund houses (if applicable). The processing of the transfer-in of investment fund unitholdings will take around 4 weeks. Customers cannot redeem or switch the relevant fund unitholdings during the processing period. Retail banking customers should also note that the Bank will not accept any investment fund transfer-in applications with other financial institutions or fund houses which involve a change of beneficial ownership.
- The investment fund unitholdings have to be transferred-in from other financial institutions or fund houses and then have to be registered and held in the name of Hang Seng (Nominee) Limited. Customers should note that registering their fund units in a nominee’s name instead of their own names can avoid the onerous administrative work involved, and can also save time and administrative formalities. Nevertheless, customers should be aware that in this case, even if they, as the investors, hold the beneficial interest in the fund units, they are not regarded in law as the “holders” of the fund units. Hence, the fund manager has no direct legal responsibilities towards them as the investors. In case any dispute arises, they can only resort to the distributor/nominee company but not the fund manager directly.
- Please contact the Bank’s staff for details of the Investment Fund Unitholding Transfer-in Service.
Terms and Conditions for the Offer:
- The promotion period is from 3 January 2023 to 30 December 2023, both dates inclusive (the "Promotion Period").
- The offer, which covers four stages, is applicable to the Bank’s Signature and Prestige Banking customers who have successfully transfer-in Eligible Investment Fund Unitholdings to the Bank. Customers can receive the below-mentioned cash reward (“Cash Reward”) for a specified accumulated transferred-in amount (the “Offer”):
Accumulated Amount of Eligible Transferred-in Investment Fund Unitholdings
(or its equivalent in any foreign currency)
(Every HKD100,000 accumulated transferred-in investment fund amount or its equivalent in any foreign currency)
HKD200,000 - HKD499,999 HKD300 HKD500,000 or above HKD400 (No upper limit)
- Customers who have successfully transferred-in the accumulated amount of eligible transferred-in investment fund unitholdings from HKD200,000 to HKD499,999 can enjoy a cash reward of HKD300 for every accumulated transferred-in amount of HKD100,000. When the accumulated amount of eligible transferred-in investment fund unitholdings reaches HKD500,000 or above, customers can enjoy a cash reward of HKD400 for every accumulated transfer-in amount of HKD100,000. There is no upper limit on the cash reward amount.
- The Offer is calculated on a “per-account basis” (irrespective of whether it is single or joint-named). The Cash Reward will be awarded in 4 stages:
Application for transfer-in investment fund unitholdings Successful completion of transfer-in the relevant investment fund unitholdings Cash Reward Entitlement Stage 1 3 January 2023 – 31 March 2023 3 January 2023 – 31 May 2023 On or before 31 July 2023 Stage 2 1 April 2023 – 30 June 2023 1 April 2023 – 31 August 2023 On or before 31 October 2023 Stage 3 1 July 2023 – 30 September 2023 1 July 2023 – 30 November 2023 On or before 31 January 2024 Stage 4 1 October 2023 – 30 December 2023 1 October 2023 – 28 February 2024 On or before 30 April 2024
- Any accumulated transferred-in investment fund amount which falls short of HKD200,000 or its equivalent in any foreign currency will not be eligible for this Offer; and any part of the accumulated transferred-in amount in excess of HKD200,000 or its equivalent in any foreign currency which falls short of the following accumulated amount (HKD100,000 or its equivalent in any foreign currency) will not be counted for the determination of the Cash Reward amount.
- The accumulated transferred-in investment fund amount will be calculated in Hong Kong dollars. Only successful applications for transfer-in of the Eligible Fund Units will be counted, while any cancelled or unsuccessful applications for transfer-in of investment fund unitholding shall be excluded from determining the accumulated transferred-in investment fund amount. If the price of the fund for the investment fund unitholding transferred-in application during the Promotion Period is denominated in any currency other than Hong Kong dollar, the respective accumulated transferred-in amount of the Eligible Fund Units of the customer within the Promotion Period will be calculated after converting the respective investment fund amount into Hong Kong dollars based on the exchange rate as determined by the Bank on 31 May 2023 (Stage 1)/ 31 August 2023 (Stage 2)/ 30 November 2023 (Stage 3)/ 28 February 2024 (Stage 4). In regarding to the calculation of the investment fund transfer-in amount, the investment fund amount is determined based on the respective investment fund’s unit price as of the last trading day in May 2023 (Stage 1)/ August 2023 (Stage 2)/ November 2023 (Stage 3)/ February 2024 (Stage 4) times the Eligible Fund Units.
- The Bank will credit the Cash Rewards in Hong Kong dollar into the Hong Kong Dollar settlement account of the relevant Integrated Account of the customer on or before 31 July 2023 (Stage 1)/ 31 October 2023 (Stage 2)/ 31 January 2024 (Stage 3)/ 30 April 2024 (Stage 4). The relevant Integrated Account must remain valid when the relevant Cash Rewards is credited.
- The Offer is not applicable to Money Market Funds and other funds as specified by the Bank from time to time.
- The Offer is only applicable to customer who has both an Integrated Account and an Investment Fund sub-account with the Bank (with an account number suffix of 382). If a customer does not have both accounts mentioned above, the customer should open the relevant account(s) on or before 31 March 2023 (Stage 1)/ 30 June 2023 (Stage 2)/ 30 September 2023 (Stage 3)/ 30 December 2023 (Stage 4). The Offer is not applicable to SimplyFund Account (with an account number suffix of 384).
- The Bank does not guarantee that the application for the transfer-in of investment fund unitholdings will be successful. The investment fund unitholdings transferred-in to the Bank have to be registered and held in the name of Hang Seng (Nominee) Limited. For those applications which the investment fund unitholdings are not transferred-in successfully on or before 31 May 2023 (Stage 1)/ 31 August 2023 (Stage 2)/ 30 November 2023 (Stage 3)/ 28 February 2024 (Stage 4), Cash Rewards will not be entitled. Customer must still hold the relevant Investment Fund Account and the settlement account when the Cash Rewards is credited.
- The Offer is not applicable to Commercial Banking and Private Banking customers. The Offer cannot be enjoyed in conjunction with any other offer of the Bank.
- No person other than the Customers and the Bank (which includes its successors and assigns) will have any right under the Contracts (Rights of Third Parties) Ordinance to enforce or enjoy the benefit of any of the provisions of these terms and conditions.
- These terms and conditions are governed by and will be construed in accordance with the laws of the Hong Kong Special Administrative Region.
- These terms and conditions are subject to prevailing regulatory requirements.
- For details of the Offer, please contact the Bank’s staff. The Bank reserves the right to suspend, vary or terminate any of the offers at any time and to amend the relevant terms and conditions from time to time without prior notice. The decision of the Bank on all matters relating to this promotion and the relevant offer shall be final and binding on all the parties concerned.
- In case of any discrepancy between the English and the Chinese versions of these terms and conditions, the English version shall prevail.
Risk Disclosure of Investment Funds
- Investors should note that all investments involve risks (including the possibility of loss of the capital invested), prices or value of investment fund units may go up as well as down and past performance information presented is not indicative of future performance. Investors should read carefully and understand the relevant offering documents of the investment funds (including the fund details and full text of the risk factors stated therein) and the Notice to Customers for Fund Investing before making any investment decision. Investment funds are investment products and some may involve derivatives. Investors should carefully consider their own circumstances whether an investment is suitable for them in view of their own investment objectives, investment experience, preferred investment tenor, financial situation, risk tolerance abilities, tax implications and other needs, etc., and should understand the nature, terms and risks of the investment products. Investors should obtain independent professional advice if they have concerns about their investment.