General Terms and Conditions

Transcription

1 General Terms and Conditions 1 July 2016 Summerland Credit Union Limited ABN AFSL Australian Credit Licence BSB

2 Contents SUMMARY OF IMPORTANT INFORMATION... 1 Contact us... 1 Missing Cards and Compromised PIN/Passcodes... 1 Unauthorised Transactions... 1 Changing your PIN... 2 Financial Claims Scheme... 2 Financial Difficulty... 2 MEMBERSHIP... 3 Becoming a Member... 3 Member Share... 3 Proof of Identity... 3 Tax File Numbers... 4 Foreign Account Tax Compliance... 5 Changing your details... 5 Power of Attorney... 6 Statements... 6 Closing your Membership... 7 Deceased Customers... 7 ACCOUNT OPERATION... 8 Opening Accounts... 8 Signatories... 8 Deposits... 9 Withdrawals or Transfers Bank@Post Insufficient Funds & Overdrawing Your Deposit Account Contractual Set-Off & Right to Combine Accounts Provision of Credit Fees and Charges Order of Payments Transaction Limits Cut-Off Times Mistaken Internet Payments Disruption to Service Dormant Accounts Interest Calculation Joint Accounts V i

3 Trust Accounts Accuracy of Information Corrections Closing your Account LIABILITY FOR UNAUTHORISED TRANSACTIONS CARDS Card and PIN Security PIN Using the card Visa Zero Liability Using the Visa card outside Australia Additional cardholders Cash Advances Credit Cards Balance transfers Credit Cards Interest free period on purchases Credit Cards Statement of account Credit Cards Repayments Multi-currency cash passport Pre-authorisations Report Loss, Theft or Unauthorised use of the card or PIN Cancellation and return of the card Use after cancellation or expiry of the card Disputed Transaction Chargeback Rights Notification Procedures for disputed transactions Malfunction Transaction slips and receipts Card Switching INTERNET, MOBILE AND PHONE BANKING Access Establishment Passcodes Features Passcode and personal computer security Unauthorised Access Operation Authorised Representative Future-Dated Electronic Payments Transaction Recording Refusing Payment Directions V ii

4 Ancillary Equipment Cancellation of Access BPAY BPAY Mistaken Unauthorised Payments Fraudulent Payments Disruption to Service Privacy BPAY View Use of BPAY View BPAY View Billing Errors SMS Secure SMS SMS Alerts & Requests Your Mobile Phone Fees DIRECT CREDITS AND DEBITS Direct Credits Direct Debits Direct Debit Outwards (QuickDebits) PayPal TRANSFERS Auto Transfers Date of Payments Real Time Gross Settlements (RTGS) Inwards Outwards International Transfers Inward International Transfers Outwards FIXED TERM DEPOSITS Establishment Interest Maturity Depositing or Withdrawing Funds CHEQUES Operation of Chequing Facility V iii

5 Security of Your Cheque Book Responsibility for Completion Crossing a Cheque Deleting Or Bearer Liability Dishonoured Cheques Stop Payments Cheque Clearance Inward Cheque Dishonours Financial Institution Cheques GENERAL Precedence of Terms and Conditions Changing Terms and Conditions Notice of changes Notices and Electronic Communication Industry Codes Anti-Money Laundering and Counter Terrorism Financing Requirements.. 62 Privacy If you Want to Make a Complaint How to contact the Financial Ombudsman Service (FOS) Insurance Policy Complaints IMPORTANT DEFINITIONS PRODUCT FEATURES MATRIX ACCOUNT ELIGIBILITY This document provides information about the full range of deposit products, electronic access facilities such as cards, BPAY, Internet, Mobile and Phone banking and other services that we offer. Please note that by opening a deposit account or associated service you become bound by these terms and conditions. If you are a member of Summerland you also have the rights and obligations imposed by our Constitution, which is available on our website at summerland.com.au Summerland provide products and services to football clubs, players and their supporters through our Banking Solutions for Football Fans initiative. Please read this document entirely and ask us about any issues that concern you. Keep this document in a safe place so that you can refer to it when needed. You may also obtain a copy from our website. V iv

6 Summary of Important Information Contact us Phone (overseas ) Visit Summerland branches Mail PO Box 657 Lismore NSW info@summerland.com.au Fax (02) Website summerland.com.au Internet banking summerland.com.au/ib Phone banking SMS FaceBook fb.com/summerlandcu Instagram instagram.com/summerland_cu Missing Cards and Compromised PIN/Passcodes If your card is lost or stolen and/or your PIN is compromised or divulged you must immediately notify us to provide any information about how the loss/incident occurred. You can do this by calling us or updating your card status in internet banking. In relation to Internet, Mobile or Phone banking, unauthorised use of your passcode should be reported to us immediately. If you suspect that someone else has used your passcode, knows your passcode, or you have written your passcode down and lost it, you should tell us and change it as soon as possible. Unauthorised Transactions If you believe there has been an unauthorised transaction on your account, please notify us immediately. V

7 Changing your PIN You may change your PIN as frequently as you wish at any Summerland ATMs located at selected branches or at a select list of Cashcard ATMs (refer to our website), as long as you know your current PIN. If you do not remember your PIN we have PIN change terminals at our Lismore and Kingscliff branches or alternatively call us and we can issue a new PIN to you. Financial Claims Scheme The Financial Claims Scheme may apply to deposit products described in this booklet. If this is the case, an account holder may be entitled to payment under the Financial Claims Scheme, subject to a limit of $250,000 per customer. Further information can be obtained from the APRA website at and the APRA hotline on Financial Difficulty If you ever experience financial difficulty you should inform us promptly. With your agreement and commitment, we will try to assist you to overcome these difficulties. V

8 Membership Becoming a Member You may be a shareholding or non-shareholding member. As shareholding member of Summerland you are entitled to vote at members meetings, including the election of member representatives to serve on the Board of Directors. Minors are unable to vote. Providing our membership opening requirements are satisfied, you can open an account as an individual, company, body corporate, club, association, business or a trust. Member Share A member share in Summerland will be provided to you when your membership application is accepted. If you purchased your share for $10 (prior to 1 January 2015), it will still retain that value. Previous Queensland Community Credit Union member shares retain their $1 value. Proof of Identity The law requires us to verify your identity when you establish a customer relationship, as well as the identity of any person you appoint as signatory to your account. In addition to this, if your membership is for a company, partnership association or trust, we will need to identify any Beneficial Owners of the membership. In most cases, you can prove your identity by showing us one of the following photo identification (ID) documents: a State or Territory drivers licence; a photo ID card issued by a State or Territory; a current Australian current passport or one that has expired within the last 2 years. If you do not have any photo ID, please contact us to discuss what other forms of identification may be acceptable. We may need to collect additional information from you in order for us to comply with the Anti-Money Laundering and Counter Terrorism Financing Laws. V

9 The law does not allow you to establish a customer relationship or operate an account using a false name. However, if you are commonly known by more than one name you must give us all the other names you use. This also applies if you are a signatory to the account. If any signatories to an account are not identified, funds may not be withdrawn from the account until identification is provided or the signatory is removed. Accounts may be closed if adequate identification is not provided within 14 days. Tax File Numbers When you open a membership you will be asked to provide your Tax File Number (TFN). By supplying us with your TFN details, you authorise the use of the quoted TFN or TFN exemption for all your accounts with us. You may provide your business TFN or your Australian Business Number (ABN) as an alternative for a business account. Providing your TFN is advisable but not compulsory. If you choose not to provide it, we are required to deduct withholding tax at the highest marginal income tax rate plus the Medicare levy whenever you earn interest income above the Australian Tax Office (ATO) prescribed TFN withholding thresholds. These thresholds are: Adult: $ per annum Child*: $ per annum *For TFN withholding tax purposes, the ATO defines a child as being under 16 years until the end of the calendar year in which they turn 16. Where interest income is paid for a period of less than a year, Summerland is required to use the following formula to calculate the daily threshold from the annual threshold: Number of days in the period threshold 365 days For example the monthly threshold for the account holder if under 16 years would be: (30 x $420)/365 = $35. Summerland is required to report details of interest income earned, withholding tax deducted and TFNs quoted on accounts to the ATO. V

10 Unless required by law, we will not refund to you any withholding tax after we have deducted it, or reported to the ATO that we have deducted it, from your interest credits. Pensioners and others who are not required to lodge tax returns are able to claim an exemption from having to supply a TFN. If you live outside Australia and do not have an exemption, you must pay non-resident withholding tax on any interest your account earns. You can ask the ATO for an exemption if you are living overseas temporarily or if you are a member of the armed forces serving overseas. If you have an approved exemption you should tell us. For more information about TFN regulations, contact the ATO on , or visit their website at Foreign Account Tax Compliance To comply with our legal obligations under the United States Foreign Account Tax Compliance Act and associated local laws, we may ask you to provide us with certain information if you are, or on the balance of probabilities might be, a US resident for tax purposes. We may report details about your accounts and about you to the ATO, who may in turn pass the data on to the US Internal Revenue Service. Changing your details Summerland is committed to ensuring the personal information we hold about you is accurate and up to date. You must tell us promptly if you or any person authorised to make transactions on your account changes name, signature, residential, postal or address or phone number. We may require you to tell us in writing. For any name changes, we may request to see the following documentation: a marriage certificate; or the relevant original signed deed poll; or drivers licence. If an organisation, business or corporation changes its name or account signatories, depending on the structure of the entity, we require a certified copy of the: change of name certificate and current business or company search; resolution of the meeting of the organisation which decided on a change of name; or minutes of meetings, resolutions or some other satisfactory evidence. V

11 If we become aware of any changes to your details we can take reasonable steps to amend our records without notice to you. If the account owner is a company, partnership or incorporated association we may accept requests from the company, partnership or incorporated association in the way the rules of the company, partnership or incorporated association or the law allows. If you wish to alter account authorisation instructions then you must notify Summerland in writing. Power of Attorney You can appoint a person to be your attorney under a Power of Attorney to transact on your account. We must be presented with the original or a certified copy of the original Power of Attorney before an attorney can open an account or access an account. We may also require further evidence to satisfy us that the Power of Attorney is valid and in force. We will also require the attorney to satisfy our identification procedures. You must tell us as soon as possible if you cancel or revoke the Power of Attorney, or if it otherwise ends. If you do not tell us about this, we will treat the Power of Attorney as current. Summerland will not establish a new customer relationship under a Power of Attorney. Statements We will provide you with a statement for your membership at least every six (6) months, or monthly for accounts that have a Visa card or a prearranged credit facility attached, such as a line of credit or overdraft. We will provide statements more frequently if required by law, or at your request. If you register for internet banking, we will make your statement available to you within internet banking and cease to send you statements via post. This can be changed at any time by clicking the estatements button within internet banking and following the prompts. V

12 We will send you an informing you that the statement is ready to be viewed. An notification will be sent to your address that is stored in internet banking. You are responsible for updating this or notifying us of any changes. You should check your statements carefully and tell us immediately if there are any errors. You should retain your statements for your records and for taxation purposes, as a fee will apply if you request additional or replacement statements. Previous statements are also available within internet banking. Closing your Membership If you close a membership held solely in your name, only your signature is required. A Power of Attorney, Executor or Guardian may sign if supporting documents are provided. There may be additional requirements if you wish to close your joint membership, or a non-individual membership. Summerland reserves the right to close any individual account or membership. If this occurs, Summerland will advise you by giving you no less than fourteen (14) days notice in writing. Deceased Customers When Summerland is advised of the death of a customer, we will take the following steps. If the account is held in one name or if it requires more than one signature, one of which is the deceased person, the account will be frozen to all transactions until such time as the required documentation is provided by the next of kin, executor, or the estate s legal representative. If the account is held in more than one name and the signature of the deceased person is not required for withdrawals, the account may either be transferred into the surviving party s name or closed upon production of a certified copy of a document proving the death. If the account has an authorised signatory or Power of Attorney, this authority will be cancelled. If a member has a business account the procedures above may apply depending on the structure of the account. V

13 Summerland will only release funds to the person legally entitled to them, as proven by the production of a Grant of Probate or in some circumstances a Statutory Declaration. Other requirements may also apply. Account Operation Opening Accounts When opening an account with us we permit you to: operate the account; deposit money into the account; invest money in the account; negotiate any cheques made payable to you; draw and sign cheques (and stop payment on cheques); and give instructions as to the disposal of interest. We reserve the right not to accept an application to open an account for any reason. Statutory Trust Accounts will be opened in accordance with the law applicable to that type of account. Customers opening Statutory Trust Accounts must ensure they comply with all applicable legislation in the management of that account. Signatories At the time of opening, or during the operation of your accounts, you may nominate the person(s) who are authorised to operate your accounts. These will be known as signatories. Signatories to accounts may be shareholding or non-shareholding members. Summerland will act on the basis that the authorised signatories can act fully and effectively in all dealings, matters and transactions in respect of the account, with the exception of obtaining credit. You are responsible to Summerland for all liability that is incurred as a result of operations on the accounts by yourself or the authorised signatories. V

14 Deposits There are a number of ways to deposit funds to your account. Option Detail In branch To deposit cheques, money orders or cash to your account over the counter, or to transfer funds between accounts. Auto Transfers To make regular payments or regular deposits to another account. Bank@Post To deposit money into your account at a participating Australia Post Office. You will require an eftpos or Visa card and a PIN. Internet Banking To transfer funds between your accounts or to an internal or external account using a device with internet access. Mobile Banking To transfer funds between your accounts or to an internal or external account using a smartphone with internet access. Phone Banking To transfer funds between your accounts via phone. Direct Credit To arrange for a deposit to be paid into your account automatically (e.g. wages). To obtain funds from your account held at another financial QuickDebit institution. The account must be in exactly the same name as the account held at Summerland. RTGS To arrange for a deposit to be made to your account from an account held at another institution on the same day subject to cut-off times. Agency Deposit To deposit funds to your account through another financial institution using your BSB and account number. If a deposit is made at another financial institution, there may be a delay of several days before your account is credited with the deposit and that financial institution may charge a fee for this service. V

15 Withdrawals or Transfers There are a number of ways in which you may withdraw or transfer funds from your account. Option Detail A convenient way to withdraw cash. You will require an eftpos or Visa debit card and a PIN. Use of Summerland or Westpac ATMs, which include St George, BankSA and Bank of Melbourne ATMs, is encouraged so no direct charge is incurred. ATM If using your Visa credit card to withdraw cash from an ATM this is a cash advance and fees will apply as per your credit contract. Auto Transfers Bank@Post BPAY In Branch Direct Debit Cheque Internal Funds Transfer Internet Banking Mobile Banking RTGS Customer-only ATMs are provided in both the Lismore and Casino branches for use with Summerland cards. To make regular payments from, or regular deposits to another account. To withdraw money from your account at a participating Australia Post Office. You will require an eftpos card or Visa card and a PIN. Bills featuring the BPAY logo can be paid directly from your account using Internet, Mobile or Phone Banking. Withdraw cash or transfer funds. Identification will be required to verify your signature. Withdrawal and transfer forms may need to be signed by the authorised signatory or signatories to the account. If signatures do not match our records or the number of signatories is not in accordance with our records, we may refuse to process the withdrawal or transfer. We can ask for identification including passcodes set up for this purpose. An overseas payment facility is also available. Established by you with a third party to allow you to make an electronic payment to that third party. To draw cash from a Summerland branch or to withdraw funds from your account to pay a third party. To transfer funds between your own accounts. To transfer funds between accounts or to accounts at other financial institutions using a device with internet access. To transfer funds between accounts or to accounts at other financial institutions using a smartphone with internet access. To transfer funds to accounts held at other institutions with funds reaching the destination account on the same day subject to cutoff times. V

16 Different fees apply to different types of withdrawals. Please refer to the Schedule of Fees and Charges for details. Summerland may allow you to make withdrawals or debits to your accounts in other ways. If we do, Summerland can impose further terms and conditions for those withdrawals or debit arrangements. Please note: If you use an ATM other than Summerland or Westpac Network ATMs, a fee will be charged by the owner of that ATM directly. The Westpac network includes St George, BankSA and Bank of Melbourne ATMs. Bank@Post Bank@Post is an agency banking service offered at over 3,500 participating Post Offices across Australia. It allows you to use your eftpos or Visa card to make deposits or withdrawals. Please note that cheques deposited as part of a Bank@Post deposit take seven (7) business days to appear in the available balance in your account. Limits apply to the amount of cash and cheque deposits and withdrawals. Refer to the Transaction Limits section in this booklet. Insufficient Funds & Overdrawing Your Deposit Account Your funds are available whenever you need them, except where there are uncleared cheque deposits; funds lodged in Fixed Term Deposits; outstanding Visa card authorisations; blocked accounts; or credit funds not yet available. If you do not have the available cleared funds in your account to cover a transaction, we can dishonour the transaction (a dishonour fee will be charged); process the transaction even if this means that your account becomes overdrawn (an honour fee will be charged); or draw money from your other accounts to enable the transaction to be paid, even if this means your account remains overdrawn. V

17 We are not liable to you or any other person if we decide to process a transaction that overdraws your account, or if we dishonour a transaction. We may decide whether we pay or dishonour each transaction individually. If your account is overdrawn as a result of us honouring a transaction, you must rectify the account immediately by paying us the overdrawn amount. If you do not, we will charge interest calculated on the daily balance of your account at our overdrawn account interest rate disclosed on our Savings Interest Rate Schedule. We will debit interest to your account at the end of each month, or if closing the account, on the day the account is closed. You agree to pay reasonable enforcement expenses (including legal costs) we incur or sustain in recovering or attempting to recover overdrawn amounts. An honour fee will be charged in the process of honouring a debit transaction that causes the account to become overdrawn; causes the debit balance to exceed the credit limit; or is drawn against uncleared funds, regardless of whether the account balance becomes overdrawn. You should inform us as soon as possible if you are in financial difficulty and having trouble rectifying an overdrawn account. Contractual Set-Off & Right to Combine Accounts We may apply any deposit in any of your accounts to any other deposit account which is overdrawn. Provision of Credit Summerland does not agree to provide any credit in respect of your account, such as an overdraft or credit card facility, without prior written agreement. Fees and Charges Summerland offers a range of fee structures so you can choose the structure that best suits your needs. All memberships and accounts are subject to related fees and charges depending on the fee structure you choose. Other general fees and charges may also apply to your account for other services or account activity. V

18 Summerland may waive fees under certain conditions. If Summerland fails to collect a fee to which we are entitled, we have not waived our right to collect the fee for future transactions of the same nature. We can vary, add or remove fees and charges that apply to your account at any time, and change your fee choice structure. For information about specific account fees and charges, please refer to the Schedule of Fees and Charges. Order of Payments If more than one debit is due from your account on the same day, Summerland may determine in which order the debits will be made. Summerland may determine the order of priority of any funds received pursuant to this or any other request, deposit or transfer. Transaction Limits The following maximum daily limits apply in a normal operating environment: Transaction type Daily limit Applies Branch cash withdrawal with less than $2, hours notice Internet, Mobile & Phone Banking $5,000 External transfer Internet, Mobile & Phone Banking $50,000 Per Internal transfer Customer Internet, Mobile & Phone Banking $5,000 BPAY Internet Banking International $1,000 transfer Withdrawals or purchases at ATMs and eftpos terminals within Australia $1,000 Purchases at eftpos terminals within Balance of Australia using Visa card / credit account option Per Card Bank@Post cash deposit $3,000 Bank@Post number of cheques 5 per deposit Bank@Post Cash Withdrawal $1,000 V

19 If you need your limit to be permanently decreased or temporarily increased, please contact us. We can only decrease your card limit to $0.00. Third party organisations, including Merchants or other financial institutions, may impose additional restrictions on the amount of funds that may be withdrawn, paid or transferred. For large cash requirements, a delivery fee may apply. Cut-Off Times Generally, any transaction made on your account will be processed on the same day, provided it is made before 5.00pm on a business day and subject to the cut-off times specified below. Any transaction made after this cut-off time may be processed on the following business day. Times are Australian Eastern Standard Time. Daylight savings times apply when in force. The daily electronic transaction cut-off times are as follows. Transaction type BPAY External Funds Transfer International Transfers via internet banking RTGS Cut-off time 4.30pm 7.30pm 1.00pm 4.15pm Mistaken Internet Payments A mistaken internet payment is a payment by a user through a Pay Anyone internet or mobile banking transaction, processed by a financial institution through direct entry where funds are paid into the account of an unintended recipient because the user enters or selects a BSB and/or identifier that does not belong to the named and/or intended recipient as a result of: the user s error, or the user being advised of the wrong BSB number and/or identifier. This excludes payments made using BPAY, incorrect transactions such as duplications or incorrect amounts or disputed or unauthorised transactions. You must take care to enter or select the correct information about the intended recipient of the funds, required when using Pay Anyone to make a payment. It is not always possible for us to recover funds from the unintended recipient. If the receiving financial institution is unable to recover the funds from the unintended recipient you V

20 will be liable for losses arising from the mistaken internet payment. You should report a mistaken internet payment to us as soon as possible. When you report a mistaken internet payment, we must investigate whether a mistaken internet payment has occurred. If we are satisfied that a mistaken internet payment has occurred, we must send the receiving financial institution a request for the return of the funds. Under the epayments Code, the receiving financial institution must within 5 business days: acknowledge the request by the sending financial institution for the return of funds, and advise the sending financial institution whether there are sufficient funds in the account of the unintended recipient to cover the mistaken internet payment. We must inform you of the outcome of the reported mistaken internet payment in writing and within 30 business days of the day on which the report is made. If we are not satisfied that a mistaken internet payment has occurred, we will not take any further action. You may complain to us about how the report is dealt with, including that we and/or the receiving financial institution: are not satisfied that a mistaken internet payment has occurred; or have not complied with the required processes and timeframes. When we receive a complaint we must deal with the complaint under our internal dispute resolution procedures and not require you to complain to the receiving financial institution. If you are not satisfied with the outcome of a complaint, you are able to complain to our external dispute resolution scheme provider. If we are unable to return funds to you because the unintended recipient of a mistaken internet payment does not cooperate, you can complain to our external dispute resolution scheme provider. If you receive a mistaken internet payment into your account we as the receiving financial institution may be required to act in accordance with the epayments Code. The table below is to explain the process for retrieving mistaken payments under the epayments Code, setting out what the processes are and what you are entitled to do. V

21 This information does not give you any contractual entitlement to recover the mistaken payment from us or to recover the mistaken payment from the receiving financial institution. You can report a mistaken payment to us at any time, but the process that will apply to seek the return of funds will depend upon when the report of the mistaken internet transaction was made. Process where funds are available & report is made within 10 business days - If satisfied that a mistaken internet payment has occurred, the receiving financial institution must return the funds to the sending financial institution, within 5 business days of receiving the request from the sending financial institution if practicable or such longer period as is reasonably necessary, up to a maximum of 10 business days. - If not satisfied that a mistaken internet payment has occurred, the receiving financial institution may seek the consent of the unintended recipient to return the funds to the holder. - The sending financial institution must return the funds to the holder as soon as practicable. Process where funds are available & report is made between 10 business days & 7 months - The receiving financial institution must complete its investigation into the reported mistaken payment within 10 business days of receiving the request. - If satisfied that a mistaken internet payment has occurred, the receiving financial institution must: 1. prevent the unintended recipient from withdrawing the funds for 10 further business days, and 2. notify the unintended recipient that it will withdraw the funds from their account, if the unintended recipient does not establish that they are entitled to the funds within 10 business days commencing on the day the unintended recipient was prevented from withdrawing the funds. - If the unintended recipient does not, within 10 business days, establish that they are entitled to the funds, the receiving financial institution must return the funds to the sending financial institution within 2 business days after the expiry of the 10 business day period, during which the unintended recipient is prevented from withdrawing the funds from their account. - If the receiving financial institution is not satisfied that a mistaken internet payment has occurred, it may seek the consent of the unintended recipient to return the funds to the holder. The sending financial institution must return the funds to the holder as soon as practicable. Process where funds are available and report is made after 7 months - If the receiving financial institution is satisfied that a mistaken internet payment has occurred, it must seek the consent of the unintended recipient to return the funds to the user. - If not satisfied that a mistaken internet payment has occurred, the receiving financial institution may seek the consent of the unintended recipient to return the funds to the holder. - If the unintended recipient consents to the return of the funds: 1. the receiving financial institution must return the funds to the sending financial institution, and 2. the sending financial institution must return the funds to the holder as soon as practicable. Process where funds are not available Where the sending financial institution and the receiving financial institution are satisfied that a mistaken internet payment has occurred, but there are not sufficient credit funds available in the account of the unintended recipient to the full value of the mistaken internet payment, the V

22 receiving financial institution must use reasonable endeavours to retrieve the funds from the unintended recipient for return to the holder (for example, by facilitating repayment of the funds by the unintended recipient by instalments). Disruption to Service When planning transactions, you should bear in mind that occasionally a service may be disrupted. It is your responsibility to use other means of effecting transactions and obtaining information if for any reason you are unable to use Internet, Mobile or Phone Banking. We will make all reasonable efforts to ensure that Internet, Mobile and Phone Banking are available to you, but we are not liable to you for, or in connection with a failure of Internet, Mobile or Phone Banking to perform in whole or in part any function that we have specified it will perform; the unavailability of Internet, Mobile or Phone Banking to you in whole or in part because of the failure of the communication network, ancillary equipment or any circumstance beyond our reasonable control; or delays or errors in the execution of any transaction or instruction because of the communication network, ancillary equipment or any circumstance beyond our reasonable control. Summerland will correct any incorrect entry that is made to your account as a result of a disruption and will adjust any fees or charges which have been applied as a result of that incorrect entry. To the extent permitted by law, Summerland will not be liable for any loss or damage, including consequential loss or damage, suffered because of a disruption. Dormant Accounts An account will be classified as dormant if there are no customer-generated transactions for at least two years. We will send a notice in writing to your last known address of our intention to classify your account as dormant. We will transfer the balance of a dormant account to another active account within your membership if one is available. We have a legal obligation to remit balances exceeding $500 to the Australian Securities and Investments Commission as unclaimed monies when an account is inactive for seven (7) years. V

23 This does not include Fixed Term Deposit accounts and Loan Offset Accounts. Funds under $500 will be retained by Summerland. Once your account becomes dormant you will be charged a monthly dormancy fee and we will stop paying interest on the account. Refer to our Schedule of Fees and Charges for further details. Interest Calculation Interest rates on accounts may be varied at our discretion, except for Fixed Term Deposits within their term. Daily interest is calculated on the daily closing balance of your account using the following formula: Daily Closing Balance Interest Rate Interest is calculated daily and credited or debited to the account monthly in arrears on the last day of the month. Interest is also paid or charged when the account is closed. Interest is not paid on an offset account, as the balance of that account is used to partially offset an associated loan balance prior to interest calculations on the loan. Refer to the Product Features Matrix for details on how interest is calculated and when it is paid. Joint Accounts A joint account is an account in the name of more than one person. Where your account is held jointly with one or more persons, statements are sent to the customer whose name appears first unless specifically requested otherwise (the statement will be in the names of all account holders). If we do this, you will be deemed to have received the statement the day after it is sent. If we give this Terms and Conditions Booklet to any one of the joint account holders, it will be considered to have been received by all account holders. Each joint account holder is jointly and severally liable to Summerland. This means that every joint account holder is responsible for ensuring Summerland is paid in full, even where other holders of the joint account do not contribute to remedying the debt. V

24 Operating Joint Accounts When you open your joint account, you must choose the operational status for that account, such as, only one person is required to sign transaction documents; if there are more than two joint account holders, a minimum number of persons required to sign transaction documents; or all joint account holders are required to sign transaction documents. We do not have to enquire into the circumstances surrounding any instructions any of you give in respect of the joint account or any transaction on the account. We are not liable for any loss or damage you or anyone else suffers as a result of our acting on those instructions, but this does not apply if we have been negligent or have not acted in good faith. Trust Accounts You can open an account as a trust account. However, note that we are not taken to be aware of the terms of the trust; we do not have to verify that any transactions you carry out on the account are authorised by the trust; and you agree to indemnify us against any claim made upon us in relation to, or arising out of, that trust. This does not apply to statutory trust accounts such as those held for solicitors or real estate agents. Accuracy of Information We will take all reasonable steps to ensure that the information that we hold about you, or make available to you, is correct and updated regularly. We are not required to effect a transaction if you do not give us all the information required or if any of the information you give us is inaccurate. You are responsible for the accuracy of all payments. You must tell us the correct amount you wish to pay. We will direct the payment using only the BSB and account number you provide. The account name you provide will not be used to validate the transaction. Care must be taken to ensure that the BSB and account number given are correct. V

25 Corrections It is your responsibility to contact us as soon as possible if you think there has been an incorrect transaction made on your account; or information on your statement is incorrect, including transactions from ATMs, Internet, Mobile and Phone Banking. If we find an error on your account, we will correct the error. If it is our error, we may adjust interest and charges to your account accordingly. If we conclude from our investigations that no error has occurred and you are dissatisfied with this finding, we will commence our dispute resolution process. Closing your Account You or any other authorised signatory can close an account at any time upon request, depending on the signing requirements you set on that account. For example, if an account requires two persons to sign in order to transact on the account, two signatures will be required to close the account. The credit balance of your account and deposit interest, if any, less any accrued account fees and charges, will be paid to you. Monthly or annual fees will apply even if the account has been open for only part of the month or year. If the account is holding uncleared funds at the time of your request to close the account, the funds will not be released until they are cleared. If your account is in debit, the balance plus any accrued debit interest, fees and charges will be payable by you to Summerland. If transactions are received after the account is closed, they will be returned, debited or credited to the account. If we debit or credit them to your account we will notify you of the amount owing and you must pay us that amount. You must pay us any fees or interest that results from transactions being debited or credited to your account after the account has been closed. You must also return any debit card or cheque book linked to that closed account. Liability for Unauthorised Transactions You are liable for all losses caused by unauthorised transactions unless any of the circumstances specified below apply. V

26 You are not liable for losses 1) where it is clear that you and your Nominee have not contributed to the loss; 2) that are caused by the fraudulent or negligent conduct of employees or agents of: i) Summerland; ii) any organisation involved in the provision of the EFT System; or iii) any Merchant ; 3) that are caused by the same transaction being incorrectly debited more than once to the same account by us; 4) resulting from unauthorised use of card or PIN; 5) in relation to an EFT Transaction which does not require a PIN authorisation, before receipt of the card; 6) in relation to an EFT Transaction which requires PIN authorisation, before receipt of the PIN; 7) after notification to Summerland that the card is being used without authority, that it has been lost or stolen, or that PIN security has been breached; 8) relating to a forged, faulty, expired or cancelled access method; or 9) resulting from unauthorised use of your passcode; i) before you receive that passcode; or ii) after you notify us that your passcode has been misused, lost or stolen or used without your authorisation. You will be liable for any loss of funds arising from any unauthorised EFT Transaction using the card or PIN, or via Internet, Mobile or Phone Banking using the passcode, if the loss occurs before notification to Summerland that the card has been misused, lost or stolen or the PIN/passcode has become known to someone else and if Summerland proves, on the balance of probabilities, that you or your Nominee contributed to the loss through 1) fraud; 2) failure to look after and keep the PIN/passcode secure in accordance with clauses or extreme carelessness in failing to protect the security of the PIN/passcode; or 3) unreasonable delay in notifying us of the misuse, loss or theft or unauthorised use of the card, or PIN/passcode becoming known to someone else and the loss occurs between the time you or your Nominee did, or reasonably should have, become aware of these matters and the time of notification to us. However, you will not be liable for the portion of the loss that exceeds any applicable daily or periodic transaction limits on your linked account/s; V

27 the portion of the loss on any linked account which exceeds the balance of that linked account (including any prearranged credit); or all losses incurred on any account which you had not agreed with Summerland could be accessed using the card and PIN or other access method. Where a PIN/passcode was required to perform the unauthorised transaction and the Card & PIN Security and Passcode and Personal Computer Security sections of these Terms and Conditions was not abided by, your liability for any loss of funds arising from an unauthorised transaction, if the loss occurs before notification to Summerland that the card has been misused, lost or stolen or the PIN/passcode has become known to someone else, is the lesser of: 1) $150; 2) the actual loss at the time of notification to Summerland of the misuse, loss or theft of the card, or of the PIN/passcode becoming known to someone else (except that portion of the loss that exceeds any daily or periodic transaction limits applicable to the use of your card or your linked account); or 3) the balance of your linked account, including any prearranged credit. If, in cases not involving EFT Transactions, the card and PIN are used without authority, you are liable for the use that occurred before you notified us, up to your current daily withdrawal limit. Notwithstanding any of the above provisions, your liability will not exceed your liability under the provisions of epayments Code, where that code applies. You indemnify us against any loss or damage we may suffer due to any claim, demand or action of any kind brought against us arising directly or indirectly because you did not observe any of your obligations under the Terms and Conditions or acted negligently or fraudulently. Where you are the unintended recipient of funds, we may reverse the transaction and return the funds to the institution that sent them. Cards Summerland offers four card types being: 1) An eftpos card, which allows you to access up to two linked accounts at an ATM or eftpos terminal in Australia by selecting savings or cheque and keying in your PIN. V

28 2) A Visa debit card, which allows you to access your account at any ATM or retailer displaying the Visa logo anywhere in the world by selecting credit and entering a PIN or providing a signature (outside Australia). 3) A Low Rate Visa credit card, with all the functionality of the Visa debit card but with a credit limit attached. 4) A Rewards Visa credit card, with all the functionality of the Visa debit card but with a credit limit attached and a Rewards Program. Refer to the Rewards Program Terms and Conditions for more detail. eftpos contactless and Visa paywave enabled cards can be used to make purchases of up to $100 without a PIN by holding the card against the contactless reader at participating merchants. Transactions over $100 must be PIN authenticated. Only cards displaying the Visa paywave or contactless symbol can be used for contactless transactions. Visa cards are issued at our discretion. We may choose not to provide you with a Visa card. Card and PIN Security To prevent fraud or the unauthorised use of your card, remember to sign your card as soon as you receive it; keep it in a safe place; if you change the PIN, not select a PIN that represents your birth date or a recognisable part of your name; never write the PIN on the card; never write the PIN on anything that is kept with or near the card; never lend the card to anybody; never tell or show the PIN to another person, including your family and friends; use care to prevent anyone seeing the card number and PIN being entered; immediately report the loss, theft or unauthorised use of the card to Summerland; examine your periodical statement immediately upon receiving it to identify and report, as soon as possible, any instances where the card has been used without your authority; and immediately notify Summerland of any change of address. V

29 PIN Within Australia you are required to authorise all in-store transactions at EFT Terminals with a PIN, excluding paywave and contactless transactions. Summerland will provide a PIN to use with your card. You agree to protect the PIN as a means of preventing fraudulent or unauthorised use of the card by following the security guidelines above. Using the card Summerland will advise you from time to time what EFT Transactions may be performed using the card; and what EFT Terminals of other financial institutions may be used. Summerland does not warrant that Merchants or EFT Terminals displaying card signs or promotional material will accept the card. Summerland does not accept any responsibility should a Merchant or EFT Terminal displaying card signs or promotional material refuse to accept or honour a card, or should a Merchant or other financial institution impose additional restrictions on the use of the card. The card may only be used to perform transactions on your linked account(s). Summerland will advise you of: the accounts which you may link to the card; and any credit facility which you may link to your linked account. Summerland will debit your linked account with the value of all withdrawal EFT transactions and credit your account with the value of all deposit EFT transactions. If a linked account is in the name of more than one person, then each party to that account will be jointly and severally liable for all EFT Transactions on that account. Transactions will not necessarily be processed to your linked account on the same day. You will continue to be liable to Summerland for the value of any EFT Transaction occurring after you have closed your linked account(s) or after you cease to be a member of Summerland. Visa Zero Liability Visa s Zero Liability Policy ensures that when you use your Summerland Visa card and select the credit option, you won t be responsible for fraudulent charges or unauthorised purchases made with your card or account information, provided you V

30 comply with Visa s policy. Visa s Zero Liability policy does not apply to ATM transactions. Using the Visa card outside Australia All transactions made overseas will be converted into Australian currency by Visa, and calculated at a wholesale market rate selected by Visa from within a range of wholesale rates or the government-mandated rate, that is in effect one day prior to the date on which Visa processes the transaction. All transactions made overseas are subject to a fee, including ATM transactions made using your Visa card. The amount of this conversion fee may change from time to time and we will advise you in advance of any such change. Please refer to our Schedule of Fees and Charges. You may be charged a surcharge for making a transaction using an ATM overseas. Once you have confirmed the transaction you will not be able to dispute the surcharge. The surcharge may appear on your statement as part of the purchase price. A cardholder must comply with all applicable exchange control and tax laws governing the use of the card and you indemnify us against liability, loss, fees, charges or costs arising as a consequence of a failure to comply with them. eftpos cards cannot be used outside Australia. Additional cardholders You can add additional cardholders to your account. However if the account is a credit card and the facility is a joint account all owners to the account will need to approve any additional cardholders. We may issue additional Visa cards, at our discretion, to persons whose identity has been verified in accordance with requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and any other relevant laws. All transactions effected or authorized by an additional cardholder are treated as having been authorised by you and you will be responsible for them. You need to make sure additional cardholders read these terms and conditions and comply with them in the same way that you do. You will be liable for any breach of these terms and conditions by additional cardholders. V