1 Important information. Terms and Conditions for Savings Accounts Effective 11 February 2014
3 Inside. 1. UBank accounts 2. Account transactions 3. Communicating with you 4. UBank Online and Telephone Services 5. Privacy and confidentiality 6. Code of Banking Practice 7. Combining accounts 8. Changes to these terms and conditions 9. Concerns, complaints and feedback 10. Financial Claims Scheme 1.
4 Hello. Our Terms and Conditions explain some of the important things you need to know about UBank Savings Accounts and other associated services. They set out how we operate and how you do business with us. These terms and conditions, the interest rate that applies to your account, and the application form you completed when you set up your account, govern your UBank account. Be sure to keep this somewhere safe for future reference (there s a copy on our website too ubank.com.au). For the latest interest rates and up-to-date information, visit us at ubank.com.au Got any questions? Call us anytime on ( if you re overseas). Visit us at ubank.com.au Login at ubank.com.au and create a secure message Write to us at UBank PO Box 1466 North Sydney NSW 2059 If you have a hearing or speech impairment, please call through the National Relay Service: For TTY users, please phone then ask for For Speak and Listen (speech-to-speech relay), please call then ask for And Internet relay users can connect at and then ask for Governing law This agreement and the investment of monies in an account as covered by this agreement are governed by the law in force in Victoria and each party irrevocably and unconditionally submits the non-exclusive jurisdiction of those courts. UBank is an operating division of National Australia Bank Limited ABN , Australian Financial Services Licence and Australian Credit Licence which is the issuer of UBank products and services. Any advice in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this document UBank recommends that you consider whether it is appropriate for your circumstances. 2.
5 What we mean to say is account your UBank Savings Account (variable rate) automatic savings plan (ASP) is the direct debit of funds from your linked bank account at an Australian financial institution. BPAY Registered to BPAY Pty Ltd ABN business day means a day other than a Saturday, Sunday or a day gazetted as a public holiday throughout Australia. linked bank account a nominated account held by you in Australia with a financial institution that we ve deemed acceptable in accordance with these conditions. You can nominate an eligible UBank account as your linked bank account. effective date means the date printed on the front cover page of this document. epayment Code means the epayments Code issued by the Australian Securities and Investments Commission and subscribed to by NAB on 20 March electronic communication a message we send you electronically, such as , secure and SMS. nab or NAB means National Australia Bank Limited ABN password or Personal Identification Number (PIN) means the password or PIN authorised by UBank to access the service and includes the temporary password (that you will be required to change) we give to you to access your account. savings bonus means a bonus interest rate we may offer you when you establish an Automatic Savings Plan (ASP) depositing a specified amount or more per month as determined by UBank from time to time. secret question and answer the secret question and answer authorised by UBank for you to access services like our Direct Banking Centre. Security Code or identifier means the SMS code provided by UBank to authorise certain payments and transactions. service means the service UBank makes available through UBank Online and Telephone Service to enable the receipt and transmission of information (including electronic receipt and transmission of information in relation to an account). UBank is an operating division of National Australia Bank Limited ABN , Australian Financial Services Licence and Australian Credit Licence which is the issuer of UBank 3.
6 products and services. Any obligation of UBank in these terms and conditions is an obligation of National Australia Bank Limited. UBank login means a UBank login issued by UBank or chosen by you. UBank Online includes but is not limited to MyMoney, Goal Tracker, Online Banking, Mobile Banking and other services provided by UBank on its website(s) and third party websites. These may change from time to time without prior notification. unauthorised transaction means any personal EFT transaction that you did not engage in or have knowledge of or consent to even though your UBank login and/or password/pin were used to generate the disputed transaction. us, our and we is UBank. you is each person who opens an account. If there s more than one person, you means each of you separately and both of you. You includes your successors and assigns. Unless otherwise specified, a reference in the Terms and Conditions to a time is a reference to that time in Sydney. Exercising our discretions Where we have a discretion to do or not do something in these terms and conditions, we ll exercise that discretion reasonably. Product Comparison Table Features and Benefits This table is a summary of key features and benefits of UBank Savings Accounts listed in this booklet. Additional information about the features and benefits is set out in the terms and conditions in each Part of this booklet. 4.
7 USaver USaver Reach USaver SMSF Accessing your Account online banking over the phone Scheme debit card Making Deposits linked bank account ATM BPAY direct credit direct debit (as an ASP) cheque Making Withdrawals linked bank account ATM (incl overseas ATMs) EFTPOS BPAY direct debit periodical payments The Interest Rate calculated Daily Daily Daily paid Monthly Monthly Monthly bonus interest tiered interest balance tiers Account Features pay anyone statements overdraft cheque facility savings buckets automatic savings plan (ASP) goal tracker 5.
8 Part 1. Accounts UBank USaver Account a. Eligibility You re eligible for a UBank USaver, if you: Are a personal customer (not a business or trust); and Are 18 years old or over; and Have an Australian residential and postal address; and Are an Australian resident for taxation purposes; and Have an address and Australian mobile phone number (for joint accounts each applicant must have a different address). UBank USaver cannot be opened in a company or business name (including sole traders) or in a trust capacity (including DIY Superannuation). You can open up to a maximum of 10 active UBank USaver accounts including joint accounts. UBank may vary this limit from time to time. b. Minimum and Maximum Balances There s no minimum balance. The maximum balance is $1 million per UBank customer, this includes joint accounts. That means if you have 10 UBank USaver accounts they all need to have a combined balance of $1 million or less. c. Automatic Savings Plan (ASP) Bonus We will offer you a bonus interest rate (Savings Bonus) if you establish an Automatic Savings Plan and deposit $200 or more per month via ASP (across all accounts including joint accounts) and maintain a total account balance of less than $200,000 per customer (including joint accounts) throughout the month. The Savings Bonus accrues the month after the first contribution under an ASP. Joint account holders will be eligible for the Savings Bonus, as long as one individual in the joint account has an individual balance (including joint account) of less than $200,000. If the other joint account holder has an individual balance above $200,000 (including joint account), then they will still receive the ASP on the joint account, as the other individual has 6.
9 qualified, but not on their other personal accounts, as they have exceeded the $200,000 individual limit. The Savings Bonus is a variable rate and applies on top of the UBank USaver base variable rate for eligible accounts. We ll give you notice of changes to the interest rate or the Savings Bonus no later than the day the change takes effect, we ll notify you by either: Writing to you (by post or ); Advertising in a major newspaper. UBank USaver Reach Account a. Eligibility You re eligible for a UBank USaver Reach, if you: Are a personal customer (not a business or trust); and Are over 18 years old and under 30 years old; and Have an Australian residential and postal address; and Are an Australian resident for taxation purposes; and Have an address and Australian mobile phone number (for joint accounts each applicant must have a different ). UBank USaver Reach cannot be opened in a company or business name (including sole traders) or in a trust capacity (including DIY Superannuation). You can only open one UBank USaver Reach account including joint accounts. UBank may vary this limit from time to time. b. Minimum and Maximum Balances There s no minimum balance. The maximum balance is $1 million per customer, this includes joint accounts. c. Interest Rate Different rates apply to different levels (tiers) of the UBank USaver Reach account balance as shown at ubank.com.au. UBank may change the tiers and applicable interest rates from time to time. 7.
10 UBank USaver SMSF Account a. Eligibility You re eligible for a UBank USaver SMSF, if you: Are aged 18 years old or over (maximum two applicants); and. Are a trustee of a self managed super fund that complies with the SIS legislation - Where trustees are individuals, applications will only be accepted where there are two persons as trustees; Where the trustee is a company, applications will only be accepted where there are two or less directors only; and Have an Australian residential and postal address; and Are an Australian resident for taxation purposes; and Have an address and Australian mobile phone number (for joint accounts each applicant must have a different address). Other than a trustee of a self managed super fund that complies with the SIS legislation, you can t open a UBank USaver SMSF in a company or business name (including sole traders) or in a trust capacity. We only accept applications where the account can be operated by either party independently. This is to enable full use of our online services. If you need to operate the account as both to sign, this account is not for you. You can open up to a maximum of 10 active UBank USaver SMSF accounts. UBank may vary this limit from time to time. b. Minimum and Maximum Balances There s no minimum balance. The maximum balance is $2 million per customer. That means if you have 10 UBank USaver SMSF accounts they all need to have a combined balance of $2 million or less. 8.
11 c. Bonus Interest We will offer you a Bonus Interest rate in months where you don t make any withdrawals from your UBank USaver SMSF. Withdrawals between your other UBank USaver SMSF and/or UBank SMSF Term Deposit accounts are excluded, so you ll still qualify to earn the bonus interest. The Bonus Interest is a variable rate and applies on top of the UBank USaver SMSF base variable rate for eligible accounts. We ll give you notice of changes to the interest rate or the Bonus Interest rate no later than the day the change takes effect, we ll notify you by either: Writing to you (by post or ); Advertising in a major newspaper. Joint accounts If you open an account with another person, that s called a joint account. An account can t be opened in more than two personal names. If you have a joint account, you and your joint account-holder may operate the account independently of each other. But you re individually and jointly liable concerning the account for: Your share of any amount owing to us. The share of any amount owing to us by your joint account-holder. We aren t liable for any loss or damage you or anyone else suffers due to us acting on an instruction in good faith, unless of course it s proved that we were negligent. If one joint account-holder dies, we treat the balance of the account as belonging to the living account-holder. This is what s known as the right of survivorship. If we re notified of a dispute between joint account-holders, we may place a block on your account. This means that you will be unable to transact on your account including (but not restricted to): Depositing funds to your account; Withdrawing funds from your account; and Requesting any other changes to the account e.g. changing your address. We may require both of you to sign any authority to operate the account and/or remove the block. 9.
12 UBank may, at its discretion, make exceptions to these rules from time to time. Third party access UBank currently does not provide third party access to your account, for example via your accountant or solicitor. Identification requirements Before we can give you a UBank account, we need you to satisfy our minimum identification requirements as soon as you can. These requirements are important because they ensure your account complies with the prescribed laws and regulations. We give you several ways to satisfy these requirements making it as convenient as possible. It s at our discretion to accept or reject the identification of any customer based on our own criteria. We may not be able to fully disclose these criteria for confidentiality or commercial reasons, but we ll tell you if your identification has been rejected or is outstanding. The identification options we give you may change over time, and may differ from product to product. For the current options please visit ubank.com.au What happens if you don t meet identification requirements? If you haven t met the identification requirements, certain limitations apply. The most important one being that you won t be able to withdraw funds including interest from your account until you meet the identification requirements. To provide extra protection of your money we may put in effect certain limitations on the operation of your account. We will, of course, tell you if your account is affected by any such limitations. 10.
13 How to set up an account You can apply for a UBank account online at ubank.com.au using the secure online form. The ways you re able to submit an application may change from time to time. Please refer to ubank.com.au Please note that UBank reserves the right to accept or reject any application. Information required at application When you apply, we need you to tell us a bit about you. This includes, but isn t restricted to, the following: Your full name or names. An Australian residential address (not a PO Box address). Your date of birth. Your Driver s Licence number (if you have one). An Australian mobile phone number. A unique address for joint applications both applicants must provide a different address. Passport number (if you have one). Your Tax File Number or TFN exemption code for tax purposes we are authorised under the income Tax Assessment Act 1936 to ask for your TFN when you open a savings or investment account. See more information about TFNs on page 13. A secret question and answer (so we can identify you). Minimum and maximum balances There may be minimum and maximum balance limits imposed on your UBank account. We may, at our discretion, make exceptions to these minimum and maximum limits. And from time to time we may also change the minimum and maximum balances. For minimum and maximum balances on your UBank account, refer to Part 1 Accounts on page
14 The interest rate The interest rate applying to your UBank account is the rate that applies at the time we receive your application. It s a variable rate and may change from time to time. UBank may also apply different rates to different levels of your account balance and these may change from time to time as well. For example, one interest rate may apply to the first $10,000 of your account balance, while different interest rates may apply to the remainder of your account balance. Your rate forms part of these terms and conditions. UBank will give you notice of changes in the interest rate no later than the day the change takes effect, we ll notify you by either: Writing to you (by post or ); Advertising in a major newspaper. How your interest rate is calculated We ll calculate interest on the daily closing credit balance of your UBank account (as at the end of each day), up to and including the last day of the month. Interest is credited to your account on the last day of each month or at account closure. Interest is calculated as follows: Daily Closing Balance x Interest Rate (%) p.a. 365 Account closure If you ask us to close your account, we ll pay you interest up to but excluding the day of closure. And if the day you request it is a non-business day, we ll process the closure on the next business day. c. Fees and charges There are no fees or charges payable on UBank USaver accounts. You may incur fees on your linked bank account when transferring money between it and your UBank account. To find out whether any such fees apply, talk to the financial institution where your linked bank account is held. 12.
15 Government fees and charges As at the effective date, there are no government charges associated with UBank accounts. But should the government introduce charges in the future, these charges will be debited from your UBank account. Your Tax File Number (TFN) UBank is authorised under the Income Tax Assessment Act 1936 to ask for your TFN when you open a savings or investment account. You don t have to provide your TFN and it s not an offence if you decide not to, but if you don t, UBank may be required to deduct Pay As You Go Withholding Tax at the maximum marginal tax rate (plus Medicare Levy) from interest you earn on your account. If you provide your TFN, UBank will use it to report details of interest earned on your accounts to the Australian Taxation Office. If you have a joint account, both account-holders are required to supply a valid TFN or TFN exemption code to avoid withholding tax. 13.
16 Part 2. Account transactions Linked bank account You may be required to provide us with your linked bank account details, which will be used to debit and/or credit funds from/to your Australian financial institution. For instance, if you ask us to set up an Automatic Savings Plan, you will be required to provide us with your linked bank account so we can debit funds from this account. Your linked bank account must be a valid Australian bank account. Your linked bank account must be held by you in an Australian financial institution which can accept direct debits & credits. Verifying your linked bank account When you introduce a new linked bank account, or change an existing one, we need to verify that it belongs to you. We ll advise you at the time about what you need to do to verify your linked bank account. 14.
17 Transfer limits A daily transfer limit applies per customer to selected transactions performed in UBank Online or UBank Telephone Services. We may also change the minimum and maximum daily transfer limits from time to time. Information Channel Daily Limit Transfers between your Online No Limit own UBank accounts Electronic Funds Transfers to; Other Australian financial institutions (including NAB) whether the account is in your name or not Other UBank accounts not held in your name Online $20,000 Online We will inform you of the limit when you open your account and tell you if it changes. Electronic Funds Transfers to your nominated linked Australian financial institution (including NAB) ASP Direct Debit from your linked bank account into your UBank account Telephone banking No Limit via Direct Banking Centre Online $10,000 Deposits and withdrawals There may be minimum and maximum balance limits imposed on your UBank account. We may, at our discretion, make exceptions to these minimum and maximum limits. And from time to time we may also change the minimum and maximum balances. Your deposit must be made in Australian dollars only. 15.
18 a. Making deposits UBank gives you lots of ways to deposit money into your account, including Electronic Funds Transfer (EFT), BPAY, salary credit, periodical payment from an Australian financial institution and direct debit. Deposits we can t accept We can t accept payments in cash, traveller s cheques or international drafts. For a complete list please visit ubank.com.au BPAY UBank is a member of the BPAY Scheme. You can deposit funds into your UBank Savings account by transferring money by BPAY from any Australian bank account offering this facility. UBank doesn t charge any transfer fees or impose any transfer limitation such as maximum payment amounts. However, the institution you are sending money from may charge a fee and may impose transfer limitations. Please check with your institution to ensure you choose the most convenient and economical way of transferring money to UBank. Rules for funds transfer are governed by the various payment schemes and are out of the control of UBank and the institution you re sending money from. Interest will not accrue until we receive the funds and it is deposited into your account. Please note that we don t currently provide the ability to: Make an electronic payment using BPAY from UBank USaver accounts Access bills or statements electronically ( BPAY View ) from participating billers. UBank may choose not to participate in the BPAY Scheme in the future. Electronic Funds Transfer (EFT) conditions You can deposit funds into your UBank account by transferring money by EFT from any Australian bank account that offers this facility. 16.
19 UBank doesn t charge any transfer fees, but we may impose transfer limits such as maximum payment amounts. That said, the institution you are sending money from may charge a fee and may impose transfer limitations. Please check with them to ensure you choose the most convenient and economical way of transferring money to UBank. Rules for funds transfer are governed by various payment schemes, and are usually out of the control of UBank and the institution you re sending money from. Interest will not accrue until we receive the funds and it is credited into your account. Direct deposit You can request your banking institution or employer to directly credit funds into your UBank account e.g. salary credit or periodical payment. To do this you must provide UBank s BSB number and your account number and any other deposit information required to perform the transfer. Interest will not accrue until we receive the funds and it is credited into your account. Direct debit You can request UBank to withdraw money as a one off transfer or on a regular basis as part of an Automatic Savings Plan. In order to do this you must: Have an existing UBank account; Provide the BSB and account number of the linked Australian bank account from which you want UBank to debit funds from; Give us a direct debit authority; Adhere to any other requirements that UBank may need in order to establish an Automatic Savings Plan. Instructions on how to set up an Automatic Savings Plan are available on our website at ubank.com.au Funds deposited into your account by way of direct debit can t be withdrawn until they re cleared, even though UBank will immediately credit your account with the proceeds. Clearance usually takes between 3-5 business days. 17.
20 In the event the direct debit is dishonoured, UBank may advise you. Your account balance will be reduced by the amount of the direct debit, and any interest paid and/or accrued will also be reduced. If we receive your Automatic Savings Plan request after the start date you ve requested, we ll make the first withdrawal from your linked bank account on the next date applicable. Cancelling a direct debit authority You can change or cancel a direct debit authority anytime by giving us at least 48 hours notice. If you ask us to change or cancel a direct debit authority on a weekend or designated public holiday, the change or cancellation will take effect on the next day. You can change or cancel a direct debit authority via UBank Online Service. When will funds be deposited into your account? Regardless of the method of deposit, generally if funds are received by 4pm on a business day they will be credited to your account that day. If they re received after 4pm on a business day or, received on a weekend or a designated public holiday, they ll generally be credited to your account on the next business day. b. Making withdrawals UBank offers a variety of methods for you to withdraw money from your UBank account, including Electronic Funds Transfer (EFT) through Pay Anyone or Periodic Payment. Electronic Funds Transfer (EFT) conditions You can withdraw funds (subject to daily transfer limits ) from your UBank account by transferring money by EFT to any Australian bank account. You can find out more information about daily transfer limits by visiting ubank.com.au. Periodic payments (future dated payments) You can arrange for regular deposits (subject to daily transfer limits ) to be made to any Australian bank account by setting up a periodical payment instruction, via UBank Online. 18.
21 If you set up a periodical payment instruction, UBank has the right to: Arrange the order of priority of periodical payments or any other payments or drawings from your account; Defer or not make a payment if UBank has reasonable justification e.g. your account has insufficient funds or if there is any interruption or delay in the banking system. You must ensure you have sufficient cleared funds in the account to be debited on the banking day prior to the payment being due and on the due date. If the periodical payment is due on a non business day, UBank will debit your account on that day. Cancelling a periodic payment (future dated payments) You can change or cancel a periodical payment any time by cancelling instructions within Online Banking at least one day prior to the next payment. Restrictions You may not be able to request to withdraw money by cheque, cash, direct debit authority or any method not specified above. Some deposits we receive will be subject to clearance (such as BPAY and other electronic payment methods). We can t make any transfers or payments of these funds back to you until they ve cleared. We re not permitted by law to transfer money to you until you have met the minimum identification requirements. This includes interest payments, as well as any deposits you ve made. Overdrawing your account You must not overdraw your account. If, for any reason, your account becomes overdrawn we may: Transfer money from any other account you may have with us or the NAB Group (including any other sole or joint account) to cover the overdrawing; Debit money from your linked bank account if we have authority to do so. Any losses you may incur as a result will not be covered by us. We will notify you if we transfer money from another account or debit money from your linked bank account. 19.
22 When will funds be withdrawn from your account? Withdrawals initiated by 4pm on a business day through pay now or withdrawals above the daily transfer limit will be processed on that day. If funds are withdrawn after 4pm on a business day, it will be processed the next business day. Future dated transfers, regardless of what day it falls on (i.e. business or non-business day), will occur on that day and the available balance will be reduced. Closing your account UBank may close your account any time, for any reason. For instance, UBank may close your account if you do not adhere to the terms & conditions of the account. In addition, if you have not operated your account for 3 years (for example, by making deposits or withdrawals), your account may be closed and the balance transferred to the Commonwealth Government as unclaimed money. If UBank decides to close your account, we will notify you prior to the closure. 20.
23 Part 3. Communicating with you We may get in touch in any of the following ways: a. Mail We ll send mail about UBank to the mailing address nominated when you applied. For joint accounts, we ll send mail to the person(s) listed on the UBank account. And when we send you mail, we ll assume you ve received it. For accounts held by self-managed super funds, we ll send mail to the nominated mailing address of the fund. b. Telephone We may give you a call to confirm information about you and/or information we require about your UBank account. For example, we might ring to confirm your instructions in relation to an address change. c. Electronically We may contact you or send you information electronically via SMS, , secure or via third party websites/service providers. It s up to you to ensure your Australian mobile phone number and address are kept up to date and that you check those accounts regularly. If we do send you information by SMS and/or /secure , we ll assume you ve received it. d. Statements Statements for your UBank account will be produced 6 monthly in January and July. Please check everything We recommend you check all mail (including statements) and electronic mail from us carefully. If you feel there s a mistake or that a transaction occurred that wasn t authorised by you, please let us know as soon as possible. Replacements If you need a replacement for something we ve sent, you can make a request via Online Banking. 21.
24 Part 4. UBank Online and Telephone Services general terms UBank Online and UBank Telephone Services are secure, convenient and easy to use. They re in place to help manage your accounts, and are available to you based on these terms and conditions. We ll take it that you ve accepted these terms and conditions when: You access, or seek to access, an account through the service; or You confirm your acceptance electronically during the online registration process; or You access, or seek to access, the service after previously being notified of a change in the terms and conditions. A quick note These terms and conditions are in addition to any other terms and conditions for your UBank account(s). If there s any inconsistency between these ones and the terms and conditions applying to an account or to a service provided by UBank, these shall apply to the extent of that inconsistency. When we need to make changes UBank may at any time, where our business interests require, add to, remove, change or impose restrictions on, the functionalities of the service. When you want to transfer your funds You ll be able to transfer funds from your UBank account(s) to any other accounts accessible by this service, whether they re held with other financial institutions, other third parties or UBank. The amount you can transfer is subject to a daily limit set by UBank. You should refer to ubank.com.au for details of any restrictions. If you use a UBank login issued to you, your ability to make such a transfer can be removed if you notify UBank that you want that to happen. 22.