VIII. Definitions

The following terms and expressions shall have the meanings assigned to them unless the context otherwise requires:

  1. Timo Services” are the products and services provided to you through Timo, including but not limiting to account service, payment, financial management… using an internet-enabled device, and other non-digital services which are offered from time to time.
  2. Account” means any banking account which you have or may have linked to Timo at any time and from time to time.
  3. Member” or “you” means the person who is registered with Timo.
  4. Registration” means the enrolment to Timo Services which enables you to access your bank accounts through Internet or mobile with the Security Codes defined and verified by you during the registration process.
  5. Contract” means your Member Application Form (Contract of Opening and Using Account/Debit Card/Digital Banking), the Timo Membership Agreement, the Timo Terms and Conditions for Current Account/Debit Card/Digital Banking, the Terms and Conditions for additional product/service that you may apply for from time to time and the Timo Member Fee Schedule.
  6. Security Codes” means the security credentials used to identify you when you access and utilise Timo comprising of the Username, Password, One Time Password, Quick Code and includes any other security codes Timo may issue from time to time.
  7. “Timo Spend Account” means Timo current account, opened on VPBank’s system via the initialization request through Timo App, and issued together and linked with a Timo debit card.
  8. “Timo Goal Save” means Timo non-term savings account, opened on VPBank’s system via the initialization request through Timo App, and based on the basis that Member has successfully created a Timo Spend Account.
  9. “Timo Term Deposit” means Timo savings account with term, opened on VPBank’s system via the initialization request through Timo App.
  10. Username” means a name selected or created by you comprising of alphanumeric characters during the registration of Timo. It is required by Timo to validate your Security Codes before granting you access to Timo Services.
  11. Password” means a list of alphanumeric characters created by you during registration for Timo Services. It is required by Timo to validate your Security Codes before granting you access to Timo Services.
  12. OTP” means One Time Password, which is a security feature implemented to provide a second layer of protection for online and mobile banking transactions in addition to the Username and Password. It is a unique 6-digit code that needs to be entered for specific online transactions including but not limited to connection creation between accounts, payment registration to a third party, change of the transaction limit in a day, change of the account information related to personal data of you.
  13. Quick Code” is 4-digit code set by you that needs to be entered for quick access to the Timo mobile application or for specific online transactions.
  14. “Website” is the official website of Timo Services that can be found at timo.vn.
  15. App” is the web or mobile application which provides access to Timo Services for Timo Members.
  16. “Redeem” means the closure of Member’s term deposit and transfer of available balance on this account to Member’s Spend account.
  17. “Redeem date” means the last day of term deposit tenor. If it falls on a non-existent day, the redeem date is determined as the last day of the month the deposit matures.
  18. Force Majeure” means an event which occurs objectively and unpredictably and cannot be overcome though all necessary measures have been applied and all the permitted capabilities have been used, including but not limited to fire, earthquake, landslide, flood, epidemic, natural catastrophe accident, riots, civil disturbance, industrial disputes, act of public enemy, embargo, war, act of God or any failure or disruption to telecommunications, electricity, water, fuel supply.
  19. “FATCA” is the United States Foreign Account Tax Compliance Act.
  20. National Laws and Regulations” are the laws and regulations of Vietnam.

A reference to a singular includes a plural and a plural includes a singular. Where a word or expression is given a particular meaning other parts of speech and grammatical forms of that word or expression have corresponding meanings.