The Client’s consent to these terms and conditions is necessary to apply Simplified Direct Debit Authorization (“Simplified DDA”), a process by which Chief Securities Limited and/or Chief Commodities Limited (hereafter collectively referred to as “CHIEF”) may, on behalf of the Client, make direct debit arrangements with a designated bank.

With the Client’s consent to these terms and conditions, CHIEF can proceed with direct debit based on the authorization provided by the Client under these terms and conditions. The Client will no longer need to print out and complete a separate direct debit authorization form and send that back to CHIEF for further processing.

1. I hereby authorize my bank to effect transfers from my bank account(s) to CHIEF’s designated bank account(s) in accordance with such instructions as my bank may receive from CHIEF and/or its banker and/or its banker’s correspondent from time to time provided always that the amount of any one such transfer shall not exceed the specified limit.
2. I agree that the establishment of Simplified DDA is arranged through BANK OF CHINA (HONG KONG) LIMITED.
3. I accept full responsibility for any overdraft (or increase in existing overdraft) on my bank account(s) which may arise as a result of any such transfer(s).
4. I agree to notify CHIEF in writing of any change of bank account(s) or cancellation of payment method and further agree that should there be insufficient funds in my bank account(s) to meet any transfer hereby authorized, my bank shall be entitled, in its discretion, not to effect such transfer in which event the bank may make the usual service charge to be paid by me and may cancel this authorization at any time without notification to me. For the avoidance of doubt, my bank may cancel this authorization at its sole discretion at any time without prior notice.
5. This authorization shall have effect until further notice. I agree that if no transaction is performed on my bank account(s) under such authorization for a significant period of time, my bank reserves the right to cancel the direct debit arrangement without prior notice to me.
6. I agree that any notice of cancellation or variation of this authorization which I may give to my bank shall be given at least two working days prior to the date on which such cancellation or variation is to take effect and at the same time such notice shall be given to CHIEF.
7. I have read and fully understood the Personal Information Collection Statement contained in the Client Agreement, and agree that any of my personal data may be used for the purposes set out in paragraph 2.2 of that Statement and the Company may provide the personal data to the parties set out in paragraph 2.1 of that Statement for the aforementioned purposes.