Common use of Set Off and Consolidation Clause in Contracts

Set Off and Consolidation. The Bank may with 7 days prior notice, combine and consolidate all or any of the account(s) of the Cardmember maintained with the Bank and set-off or transfer credit balance in any such account(s) including joint account is in or towards discharge of all sums due to the Bank from the Cardmember. Where the sums are in different currencies, the Bank may make the necessary conversion at the Bank's prevailing exchange rates. The Bank may with 7 days prior notice transfer the credit balance in any account towards discharge of all or any sums due under any account of the Cardmember with any member of OCBC Group.

Set Off and Consolidation. The Bank may with 7 days prior notice, combine and consolidate all or any of the account(s) accounts of the Cardmember maintained with the Bank and set-off or transfer credit balance in any such account(s) accounts including joint account is accounts in or towards discharge of all sums due to the Bank from the Cardmember. Where the sums are in different currencies, the Bank may make the necessary conversion at the Bank's prevailing exchange rates. The Bank may with 7 days prior notice transfer the credit balance in any account towards discharge of all or any sums due under any account of the Cardmember with any member of OCBC Group.