CURRENT ACCOUNT GIRO FACILITY
—(1) When a depositor applies to open a current account, his current account shall be linked to his designated savings account by the Current Account Giro Facility and rules 16 to 18 shall apply to him.
(2) For the purposes of this rule and rules 16, 17 and 18, “designated savings account” means the depositor’s savings account which is designated to be linked to his current account by the Current Account Giro Facility.
(3) The depositor may apply in an approved form to change his designated savings account and the change shall be effected after such period as the Bank may stipulate.
—(1) The Bank or its agent may transfer funds from the designated savings account to the depositor’s current account whenever the balance in the current account is in the negative.
(2) The amount to be transferred from the designated savings account shall not exceed the negative balance in the current account and, where the designated savings account is a passbook account, shall be at least $1 less than the available balance therein and, where the designated savings account is a Passcard account, be at least $10 less than the available balance therein.
(3) The Bank shall not be bound to transfer any funds from the designated savings account on any day when the total amount to be transferred at the close of business exceeds the amount of funds which may be transferred under the Current Account Giro Facility as determined by the Bank from time to time or as otherwise agreed in writing between the depositor and the Bank.
17. The Bank shall not be bound to honour any cheque presented for payment from the depositor’s current account on any day if the sum of —
the funds in the current account; and
the funds in the designated savings account available for transfer to the current account under the Current Account Giro Facility,
is insufficient for payment of the cheques.