At Aberdeen Asset Management Company Limited, we believe it is important for investors to understand what they are investing in. As such, we have links listed below to answers for frequently asked questions, which may address your immediate queries.
1. What is B-Pay?
B-Pay is a new mode of making payment for unit trusts through the Bill Payment system provided by banks. B-Pay is available through 4 channels: 1. Bank’s counter 2. ATM 3. Phone banking and 4. Internet banking. For the unit-holder who does not use the FastTrack service (please read Question 2), upon making payment for unit trusts using the B-Pay form, the unit-holder must send in the Subscription Order form to the Company within 15:30hrs of the payment date.
2. What is FastTrack
The FastTrack service is a service to execute a Subscription Order form on behalf of the unit-holder to make the subscription process more convenient. The unit-holder could authorise the Company to execute a Subscription Order form on the unit-holder’s behalf without having the need to send a Subscription Order form to the Company ever again provided that the unit-holder must pay for the unit trusts via the B-Pay system before 15:30hrs.
3. What is the difference between B-Pay and FastTrack?
B-Pay is a mode of payment for subscribing unit trusts. In case of payment at the bank’s counter, the unit-holder must only use Aberdeen’s B-Pay form. B-Pay is not a Subscription Order, therefore the unit-holder must send in a Subscription Order form to Aberdeen within 15:30hrs. for the subscription of the unit trusts to be executed on the same day.
The FastTrack service is a service to execute a Subscription Order form on behalf of the unit-holder to make the subscription process more convenient, in which does not require the unit-holder to send in a Subscription Order form to the Company. To be able to use the FastTrack service, the unit-holder must first authorize the Company to execute a Subscription Order form. If the unit-holder intends to subscribe unit trusts, the payment for the unit trusts must be made through the B-Pay channels before 15:30hrs.
4. What documents must the unit-holder provide to the Company in order to apply for the FastTrack service? How long would it take to activate the service? How would the unit-holder be informed on the service activation?
The unit-holder must send in a duly signed Power of Attorney (FastTrack) and E-Avenue Application form together with a certified true copy of an ID card or passport (in case of a foreigner). The unit-holder would be informed of the service activation by SMS and a letter by post to the mailing address given within 4 working days after the Company has received and verified correct and complete documents.
5. For the B-Pay system, would the unit-holder be required to pay for any other expenses in addition to the subscription amount?
At present, there are no other expenses charged.
6. How would the unit-holder be informed if the payment via the B-Pay service and/or the execution of a Subscription Order form by the FastTrack service has been completed?
If the unit-holder paid via the B-Pay system provides a mobile phone number in Reference 2 in the B-Pay form, the unit-holder would receive notice of transaction via SMS.
If the unit-holder does not provide a mobile phone number, Client Services would phone the unit-holder to confirm the payment or the execution of a Subscription Order form.
7. What are the procedures of payment through the B-Pay system via ATM, Telephone Banking, or Internet Banking (details of each bank’s payment procedure)?
Please read the details of the Bill Payment Manual at B-Pay manual
8. If the unit-holder did not provide a mobile phone number in Reference 2 in the B-Pay form, how would the unit-holder receive a confirmation of the payment for unit trusts?
Client Services would contact the unit-holder at the telephone number stated in the Contact Details in the Master Account Opening form or in the corrected Contact Details given after the unit-holder’s account has been opened.