Business Access Saver and Internet and Phone Banking. Terms and Conditions and Fees and Charges

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1 Business Access Saver and Internet and Phone Banking Terms and Conditions and Fees and Charges Effective Date: 20 March 2013

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3 Terms and Conditions For Business Access Saver and Internet and Phone Banking These terms and conditions and fees and charges for the Business Access Saver and Internet and Phone Banking ( terms and conditions and fees and charges ) are part of a Product Disclosure Statement ( PDS ) for the Business Access Saver account and Internet and Phone Banking in so far as that service is used in conjunction with the Business Access Saver account. These terms and conditions and fees and charges are intended to be used only for services provided after the effective date shown on the cover. There are two parts to the PDS for the Business Access Saver and Internet and Phone Banking. These terms and conditions set out the features, benefits, terms and conditions, fees and charges that will apply to your Business Access Saver and Internet and Phone Banking. The other document that makes up the PDS for the Business Access Saver and Internet and Phone Banking is the current version of our Business Access Saver Interest Rate Brochure. Please let us know if you did not receive all parts of the PDS at the same time when: you opened your Business Access Saver account; or you requested a copy of the PDS. The PDS is an important document. Please read the PDS carefully as it will help you to: decide whether the Business Access Saver and Internet and Phone Banking will meet your needs; and compare the Business Access Saver and Internet and Phone Banking with other accounts and services you may be considering. The product to which this PDS applies is a financial product issued by Westpac Banking Corporation ABN AFSL ACL You may contact us: by calling Call 8am to 8pm (EST), Monday to Saturday; by bankofmelbourne@bankofmelbourne.com.au; by visiting our website: bankofmelbourne.com.au; by visiting any of our branches; by writing to us at Locked bag 20037, Melbourne VIC 3001; or 1

4 To assist you to understand this booklet, it is divided into the following sections: Section A Features, benefits and risks of your Business Access Saver and Internet and Phone Banking Section B Terms and Conditions that apply to your Business Access Saver and Internet and Phone Banking Section C Terms and Conditions that apply to your Business Access Saver Section D Fees and Charges Part A Account Fees and Charges Part B Charges for Special Services Section E Terms and Conditions that apply to Internet and Phone Banking Section F Terms and Conditions that apply to Direct Credits Section G Product Disclosure Statement that applies to Business Banking Online Section H General Description Information Section I Cheque Clearance Times 2

5 Contents Section A Summary of features, benefits, fees and risks of your Business Access Saver and Internet and Phone Banking 5 Section B Terms and Conditions that apply to your Business Access Saver and Internet and Phone Banking 8 1. Important Words 8 2. About the PDS Changes to the PDS Your privacy Security Problems, disputes and complaints Trade practices 17 7A. Appropriate use of our services GST Significant taxation implications 17 Section C Terms and Conditions that apply to your Business Access Saver Opening a Business Access Saver Interest Fees and charges Adjustment of debits and credits to your Business Access Saver Statement of account Accessing your Business Access Saver Withdrawals Overdrafts Account Combination Partnerships Authority to Operate Closing a Business Access Saver 23 3

6 Section D Fees and Charges Part A Account Fees and Charges Part B Charges for Special Services 25 Section E Terms and Conditions that apply to Internet and Phone Banking Summary of the features and benefits of Internet and Phone Banking Fees and Charges Stopping a transaction Internet and Phone Banking system malfunction How to start using Internet and Phone Banking Availa bility Transaction processing and limits Security of your Internet and Phone Banking Security Number and Internet Banking Password 37 Section F Terms and Conditions that apply to Direct Credits Direct Credits 41 Section G Product Disclosure Statement that applies to Business Banking Online Business Banking Online 41 Section H General Descriptive Information General descriptive information 41 Read the PDS 42 Tax File Numbers 42 Privacy 43 Combination and Set-off 43 Section I Cheque Clearance Times Cheque clearance times 43 4

7 Section A Summary of features, benefits, fees and risks of your Business Access Saver and Internet and Phone Banking Features and benefits Information Business Access Saver No minimum opening balance No fixed term Can open by phone Can open through the Internet or Branch Clause 10 Funds at-call Statements Clause 14 Six monthly Interest calculated daily Clause 11 Interest paid on last Business Day of each month No minimum monthly balance requirements Clause 11 Internet banking Section E Phone banking Section E Business Banking Online Section G Direct credits Section F Branch access Direct debits Periodical payments ATM card access Cheque facility Summary of Business Access Saver features and benefits The Business Access Saver has no minimum deposit amount and no fixed term requirements, with interest calculated daily and paid monthly. There are currently no monthly service fees for the Business Access Saver account. Your Business Access Saver is accessed by Internet and Phone Banking, the branch or Business Banking Online only. 5

8 The Business Access Saver account must be opened as a Non-Individual only. You may open more than one Business Access Saver account. No personal customer is permitted to open a Business Access Saver account. A non-individual customer may be: Australian Company Private Australian Company Public Partnership Trading As or Registered Business Name Trusts - Private Trusts - Regulated Incorporated Associations Unincorporated Associations Government Entity Cooperative Foreign Registered Company Private Foreign Registered Company Public Interest Interest is calculated daily on the full balance in your Business Access Saver and paid monthly. Interest rates are revised regularly and published in the Interest Rate Brochure and on our website bankofmelbourne.com.au. No minimum balance, no minimum deposit There is no minimum deposit for your Business Access Saver. You do not have to maintain a minimum balance in your Business Access Saver. Convenient banking All Business Access Saver transactions must be made using Internet and Phone Banking, or a branch or Business Banking Online. Your Business Access Saver operates by having a working account. This account must be in the same account name(s) as your Business Access Saver account. You cannot use another Business Access Saver account as a working account. You can use an existing Bank of Melbourne at call account as a working account or open a new working account. You may have one or more working accounts. The Terms and Conditions, Fees and Charges applicable to the working account(s) remain unchanged. 6

9 Statements of Account We send you a statement of your transactions and interest earned on your Business Access Saver once every six months. Also, you can check the latest transactions and interest rates by using Internet and Phone Banking or Business Banking Online. Answers to questions you may have How do I deposit my money? You can make a deposit at any Bank of Melbourne/BankSA/St.George branch, however a fee may be payable. You can have money (like your dividend payments) credited directly to your account, as well as using third party transfer or pay anyone facilities (if they are available) to make deposits from other Financial Institutions. Do I have to keep a minimum balance? No. How do I check the current interest rate? You can check the current interest rate using Internet and Phone Banking or Business Banking Online and on our website bankofmelbourne.com.au Am I able to transact on my Business Access Saver at a Bank of Melbourne branch? Yes. Applicable fees and charges apply. Please refer to Section D Part A. Is it safe to bank by Internet or phone? Bank of Melbourne Internet and Phone Banking and Business Banking Online have high levels of security in place to ensure your banking details remain private. All the information transmitted is encrypted. What about ATM or cheque access? ATM and cheque access are not available for the Business Access Saver. If I open my Business Access Saver via the internet, how will I know the account is active? When we open your Account we will notify you by , to your nominated address. 7

10 Section B Terms and Conditions that apply to your Business Access Saver and Internet and Phone Banking 1. Important Words Access Method means a method we authorise you to use to instruct us through Electronic Equipment to debit or credit your Business Access Saver. It comprises the use of one or more components including Internet and Phone Banking Security Number, Password, Internet and Phone Banking Access Number or Internet Banking Password or combinations of these. It does not include a method requiring your manual signature as the main way in which we ensure you gave us an instruction; Account means an account held by you listed in Section A of these terms and conditions; At Risk Transaction means an Internet Banking transaction or request identified by us as requiring further authentication by Secure Code Service to complete that transaction. Authorised User means a person you nominate to us to operate your Business Access Saver; Banking Business Day means any day on which banks in Melbourne or Sydney are able to effect settlement through the Reserve Bank of Australia; Banking Service means the Business Access Saver and Internet and Phone Banking; Business means a sole trader, company, partnership, association, Government entity or trust, but does not include bare/informal trusts or trusts with more than four trustees; Business Access Saver means the Business Access Saver account you hold with us; Business Account means an account designed for and solely used for business or trust purposes; Business Banking Online means a service we offer through the Internet to enable you to receive information from us and to transmit an instruction file containing instructions for us to carry out funds transfers on your behalf to and/or from your Business Access Saver or any other services offered; Business Day means a day we are open for business, but does not include a Saturday, Sunday, any public holiday, or any bank holiday; Digital Certificate means the security device used to access your Business Access Saver using Business Banking Online; EFT System means the network of electronic system used for the transmission of EFT Transactions; 8

11 EFT Transaction means a transfer of funds initiated by an instruction you give through Electronic Equipment using an Access Method to debit or credit your Business Access Saver. Electronic Equipment includes a terminal, computer, television, fax and telephone; Financial Institution means any Bank, Building Society or Credit Union; GST means any tax imposed on the supply of any goods, services, real or personal property or other similar things or similar tax; Including or such as or for example when introducing an example does not limit the meaning of the words to which the example relates to that example or examples of a similar kind; Interest Rate Brochure means the Business Access Saver Interest Rate brochure which sets out the interest rate applicable at the time you open your Business Access Saver and any subsequent notice we give you about current interest rates; Internet and Phone Banking means any service we offer from time to time through a communication network (including telephone and the Internet) to enable you to receive information from us and to transmit instructions to us electronically, in relation to your Business Access Saver or other matters we specify; Internet and Phone Banking Access Number means the number used in conjunction with the Internet and Phone Banking Security Number and Internet Banking Password to access Internet and Phone Banking; Internet and Phone Banking Security Number means the personal identification security number used in conjunction with the Internet and Phone Banking Access Number and Internet Banking Password to access Internet and Phone Banking; Internet Banking Password means the password you select for use in conjunction with your Internet and Phone Banking Access Number and Internet and Phone Banking Security Number to access Internet Banking; Payment Service includes any of the following services offered by us: Internet banking; or phone banking; PDS means the Product Disclosure Statement for a Business Access Saver and Internet and Phone Banking made up of these terms and conditions and the Interest Rate Brochure. The PDS for Internet and Phone Banking is made up of these terms and conditions; Related Entity means a company owned by us; Secure Code means a randomly generated code that we send to you to authenticate each At Risk Transaction. The Secure Code is sent to your Australian mobile phone by SMS or landline telephone number by interactive voice response message. This form of 9

12 authentication is in addition to your Internet Banking Password and Internet and Phone Banking Security Number. Secure Code Service means our method of Two Factor Authentication where we send you a Secure Code to authenticate At Risk Transactions performed by you using Internet Banking. Small Business means a business having: (a) less than 100 full-time (or equivalent) people, if the business is or includes the manufacture of goods; or (b) in any other case, less than 20 full-time (or equivalent) people, but does not include a business that obtains a Business Access Saver or Internet and Phone Banking in connection with another business that does not meet the elements in (a) or (b) above; Two Factor Authentication means a security authentication process in which a customer provides a financial institution with two types of identification information to authenticate their identity. The first type of identification information is a piece of information known to the customer. The second type of identification information is sent by the financial institution to the customer s physical device, e.g. a mobile phone or a landline phone. we or us or Bank of Melbourne means Bank of Melbourne A Division of Westpac Banking Corporation ABN AFSL and Australian credit licence and its successors and assigns, and you, your and yours mean the Business Access Saver account holder. 2. About the PDS 2.1 The PDS sets out all the terms and conditions that govern: (a) your Business Access Saver; and (b) Internet and Phone Banking in so far as that service is used in conjunction with your Business Access Saver. 2.2 You should read the PDS carefully and any other terms we give you which we inform you apply to your Business Access Saver or Internet and Phone Banking. 2.3 The relevant provisions of the Code of Banking Practice will apply to your Business Access Saver if you are an individual or a Small Business. 2.4 We warrant we will comply with the epayments Code, where it applies. 10

13 2.5 If any other information about the Business Access Saver or Internet and Phone Banking is made available, it may be accessed by calling , 8am to 8pm (EST), Monday to Saturday, by ing us at or by visiting our website at bankofmelbourne.com.au. Labour standards, environmental, social and ethical considerations 2.6 We have not taken into account labour standards or environmental, social or ethical considerations for the purpose of selecting, retaining or realising the investment for your Business Access Saver. 2.7 A separate Product Disclosure Statement governs Business Banking Online and the Access Methods for Business Banking Online. 3. Changes to the PDS 3.1 The PDS can be changed by us at any time if we change it in accordance with any applicable law. 3.2 We will notify you of: (a) any change to any of the matters specified in the PDS; or (b) any event that affects any of the matters specified in the PDS, in the way set out below. 3.3 The following table sets out when and how we will notify you about certain changes or events: Type of change or event Notification we will give you A B If we: (a) introduce a new fee or charge; or (b) increase any fee or charge; or (c) change the method of calculating interest; or (d) change the frequency that interest is debited or credited; or (e) change the balance ranges within which interest rates apply to an Account; or (f) in relation to an EFT Transaction: (i) impose or increase charges relating solely to the use of an Access Method or for the issue of an additional or replacement Access Method; or (ii) increase your liability for losses relating to EFT Transactions; or (iii) vary the daily or periodic transaction limits on the use of an Access Method, Business Access Saver or Electronic Equipment. If we make any other change that affects the PDS. We will give written or electronic notice to you at least 30 days before the change or event takes effect. We will notify you in the media, or in writing or electronic notice on or before the day that the change takes effect. 11

14 3.4 We will notify you in one of the following ways: (a) in writing. We may write to you directly or notify you in the media, depending on the change to the PDS; or (b) electronically (if you agree); or (c) in any other way agreed to by you; or (d) by notifying your agent in any way agreed to by the agent. 3.5 If we need to give you written notice, we will regard that notice as given to you 3 Business Days after we post it by ordinary mail to the mailing address we have last recorded. So that our record of your contact details remains accurate and up to date, you must notify us of any change to your contact details. We will need instructions from you before changing your name or contact details. If you change your name, you must provide us with the documents we require and send us a certified copy of evidence satisfactory to us of your change of name. You may change your name or address by contacting us on am to 8pm (EST), Monday to Saturday or visit a Bank of Melbourne branch. If you change your address and don t tell us, you will be considered to be notified if we write to the old address. If we receive returned mail for your Business Access Saver because you have not told us of a change of address, we may place a stop on your account so that you cannot withdraw money until you contact us. 3.6 If the government introduces or changes a government charge payable directly or indirectly by you, you agree to receiving notice in the media or in writing. 3.7 We need not give you any notice where a change has to be made to maintain or restore the security of our systems or your Business Access Saver. 3.8 If you agree, we may use electronic means to communicate with you, for example, sending you electronic statements, written notices or other communications about our products and services. 4. Your privacy 4.1 When you apply for a product or service from us, our Privacy policy details how we use and when we disclose your personal information in relation to the particular product or service. Your rights You need not give us any of the personal information requested in the Business Access Saver Application and Authority to Operate form or any other document or communication relating to this account. However, without this information, we may not be able to process the Application, administer this product or provide you with an appropriate level of service. You may request access at any time to personal information held by us about you and ask us to correct it if you believe it is incorrect or out of date. 12

15 How we may use your personal information We use your personal information to: process your Application; administer and manage all your accounts; and facilitate our internal business operations. Our right to disclose your personal information We may disclose your personal information if it is necessary to do so in the following circumstances: to our external service providers that provide services for the purposes only of our business, on a confidential basis, for example to a mailing house, if you request us to do so or if you consent (for example, for a direct debit) or where the law requires or permits us to do so. Use by the Westpac group We may also use your personal information to give access to personal information about you to any member of the Westpac group including to: assess your total liability within the Westpac group, analyse products and customer needs and develop new products; or inform you of products and services provided by us, any member of the Westpac group or by preferred providers which we think may be of value or interest to you, unless you tell us not to. You can tell us not to by phoning , 8am to 8pm (EST), Monday to Saturday. 4.2 We handle personal information in accordance with our privacy brochure, entitled Protecting Your Privacy. You can obtain a copy of the brochure by calling , 8am to 8pm (EST), Monday to Saturday. Our Privacy policy is also available by visiting our website at bankofmelbourne.com.au. 4.3 We acknowledge that, as well as our duties under legislation, we owe a general duty of confidentiality to you. However, in some cases we may disclose your personal information if: (a) disclosure is compelled or permitted by law; or (b) there is a duty to the public to disclose; or (c) our interests require disclosure; or (d) disclosure is made with your express or implied consent. 4.4 You agree that we may disclose to a Related Entity: (a) information about you that is necessary to enable an assessment to be made of your total liabilities (present and future) to us and that Related Entity; and (b) any other information concerning you, if the Related Entity provides financial services related or ancillary to those provided by us, unless you tell us not to in writing. Please refer to the general descriptive information in Section H of this booklet for information about how you may tell us not to disclose information. 13

16 4.5 We, or any Related Entity to whom we disclose information pursuant to clause 4.3, may disclose information about or provided by you to employees or outside contractors for the purpose of our or the Related Entity s businesses. Any outside contractor to whom we or a Related Entity disclose information will have access to that information only for the purpose of our or the Related Entity s business and will be strictly prohibited from using that information for any other purpose whatsoever. 4.6 You agree that we may disclose information about you in those cases where the Privacy Act 1988 (Cwlth) permits disclosure of such information. 4.7 On a written request by you, we will provide you with our record of your address, occupation, marital status, age, sex, bank accounts with us and statements relating to those bank accounts (including your Business Access Saver). We may charge you our reasonable costs of supplying this information as follows: Fees Applicable to Privacy Access Requests Category Access Request Form Name/Address of Personal Details Card Personal Details Account Information Personal Correspondence Details Applicable Fee Free (no charge) Free (no charge) Any one category = $15.00 Any two categories = $30.00 Other Any combination of three or more categories = $45.00 (The maximum for access request.) You can get details on the latest fees and charges payable in relation to your Business Access Saver by contacting us. If we change these fees or introduce any new fee, we will notify you in accordance with clause 3. You may request the correction of any of this information concerning you that we hold. We will deal with your request for access to information or correction of information within a reasonable time. 4.8 You must promptly tell us of any change to your name or address. 4.9 Unless you give us a written instruction not to do so, we may from time to time send you information concerning financial and other services offered by us or Related Entities Further, you may from time to time be contacted by representatives of us or Related Entities. Those representatives may be either employees of or contractors to us or the Related Entity. 14

17 Any person who contacts you will have access to information about or provided by you only for the purpose of our or the Related Entity s business and will be strictly prohibited from using that information for any other purpose whatsoever You agree that each Authorised User may use the Business Access Saver and have access to the Business Access Saver without your consent. 5. Security 5.1 For your own security against loss, you should ensure that any Access Methods that relate to your Business Access Saver such as your Internet and Phone Banking Security Number and Internet Banking Password are safeguarded. Further information about keeping Access Methods secure is set out in clauses 31.1 to If you want a third party to collect information about your Business Access Saver from us so that it can be aggregated with information about accounts you have, you may be asked to give details of your Internet and Phone Banking Access Number, Internet and Phone Banking Security Number and Internet Banking Password to that third party. Before doing so, you must check that the third party is approved by us. We will not treat the disclosure of your Internet and Phone Banking Access Number, Internet and Phone Banking Security Number or Internet Banking Password to a third party we have approved as a breach by you of clauses 31.1 to Problems, disputes and complaints 6.1 If you believe an error has been made, please notify us by calling , 8am to 8pm (EST), Monday to Saturday. We will correct any error that is found to be ours as soon as possible. 6.2 To assist us in resolving your problem or complaint, you should: (a) report it promptly; (b) state clearly the nature of the problem or your particular grievance; and (c) have available all documents and background information. Disputes 6.3 If the matter is not resolved to your immediate satisfaction, you can follow the dispute procedures set out in this clause 6. Please refer to our Let us know what you think brochure for further information. It is available at any of our branches. Complaints 6.4 You can lodge a complaint at any of our branches or telephone or write to the Senior Manager, Customer Relations, at our head office in Melbourne. The relevant details are set out on the back page of this booklet. 15

18 6.5 If we do not immediately resolve your complaint to your satisfaction, we will inform you in writing of our procedures for investigating and handling complaints. We will notify you of the name and contact number of the person who is investigating your complaint. 6.6 If it is unclear whether you have contributed to any loss that is the subject of any complaint you make to us, we will consider all reasonable evidence, including all reasonable explanations for a transaction occurring. The fact that your Business Access Saver has been accessed with the correct Access Methods, whilst significant, will not be conclusive evidence that you have contributed to any loss. We will make any corrections to your Business Access Saver we consider appropriate in the circumstances. Any correction will be included in your next statement. We will also notify you as soon as practicable, after reversing an incorrect credit. 6.7 If you request, we will provide you with further details about any correction shown on your Business Access Saver statement. 6.8 Normally, we will complete the investigation of your complaint and inform you of the results of our investigation within 21 days of receiving a complaint. If we need more time or details to complete our investigation, we will inform you in writing. Unless there are exceptional circumstances, we will complete our investigation within 45 days. 6.9 Where an investigation continues beyond 45 days, we will inform you of the reasons for the delay, give you monthly updates on the progress of the investigation and give you a date when a decision can reasonably be expected. We will not do this if we have requested a response from you and we are waiting for that response We will inform you in writing of our decision relating to any other dispute, unless we agree with you that the notice can be given verbally The next available step is the Financial Ombudsman Service (FOS). This is a free, external and independent process for resolving disputes between banks and customers, provided the FOS has the power to deal with your dispute. If your complaint relates to the way we handle your personal information, then you also have the right to complain to the FOS. The address and phone number of the FOS are listed on the back of this booklet There are other external avenues for dealing with disputes. Your State or Territory Government has a consumer rights protection agency such as the Department of Consumer Affairs. 16

19 7. Trade practices Nothing in these terms and conditions has the effect of excluding, restricting or modifying any rights which by law cannot be excluded, restricted or modified. 7A. Appropriate use of our services You warrant that your use of the services we provide will not breach any law of Australia or any other country. Where we consider it necessary for us to meet our regulatory and compliance obligations: (a) you must provide us with any information we reasonably request; (b) we will disclose information we hold to regulatory and law enforcement agencies, other financial institutions, third parties and members of the Westpac Group; and (c) we may delay, block or refuse to provide any of our services. We will not be liable to you or any other person for any loss or damage of any kind that may be suffered as a result of us exercising our rights under this clause. 8. GST 8.1 We will tell you if any fees we charge you are GST inclusive. 8.2 If there is a situation in which we are required to pay GST on a payment you make to us, you agree to increase the amount of the payment to include the GST amount. 8.3 We will tell you of any additional GST amount you must make on a payment. 9. Significant taxation implications Interest earned on Business Access Saver account is taxable. As the circumstances of each customer are different, we encourage you to seek independent tax advice. 17

20 Section C Terms and Conditions that apply to your Business Access Saver 10. Opening a Business Access Saver 10.1 You may open an Business Access Saver by accessing the application on our website at bankofmelbourne.com.au, or alternatively by calling , 8am to 8pm (EST), Monday to Saturday or at a branch. You must complete an application form to open a Business Access Saver. When you open a Business Access Saver with us, you will need to provide information requested about you When you open your Business Access Saver with us, you may quote your Tax File Number (TFN) or an exemption if it applies. Collection of TFNs by us is authorised by the tax law. Quotation is not compulsory, but tax may be taken out of your interest if you do not quote your TFN or an exemption General descriptive information about TFNs is given in Section H of this booklet We have the right to refuse to open a Business Access Saver or undertake an Internet and Phone Banking transaction for any person, if we comply with all applicable laws. Working Account 10.5 Your Business Access Saver operates by having an eligible working account. This account must be in the same account name(s) as your Business Access Saver. You can have multiple Business Access Saver accounts. You cannot use another Business Access Saver account as a working account. You can use an existing Bank of Melbourne at call account as a working account or open a new working account. You may have one or more working accounts. The Terms and Conditions, Fees and Charges applicable to the working account(s) remains unchanged. 11. Interest 11.1 The current interest rate for your Business Access Saver is set out in the Interest Rate Brochure. You can obtain a copy of the latest Interest Rate Brochure on request from any of our Branches, by phoning , 8am to 8pm (EST), Monday to Saturday, or by visiting our website: bankofmelbourne.com.au Interest is calculated daily on the balance of your Business Access Saver at the end of each day, including the day of deposit but excluding the day of withdrawal. 18