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: 17 January 2012

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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 were prepared on 20 December However, they 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 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 Account means an Account designed and established for personal and domestic use from or to which you can transfer funds through Electronic Equipment by use of an Access Method; 8

11 EFT Code means the Electronic Funds Transfer Code of Conduct, as amended from time to time; EFT System means the network of electronic system used for the transmission of EFT Transactions; 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; 9

12 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 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 comply with the EFT Code. 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 (where the Code of Banking Practice and the EFT Code permit and 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 Where the Code of Banking Practice and the EFT Code permit, and 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. 12

15 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. 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 13

16 booklet for information about how you may tell us not to disclose information. 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 14

17 the Related Entity. 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

21 Interest is credited to your Business Access Saver on the last Business Day in each month and on the day we close your Business Access Saver. Any interest credited to your Business Access Saver is available for your use on the next Banking Business Day after it has been credited to the account If tiered interest rates apply to your Account, the interest rate applying to the balance of your Account will depend on the amount of that balance at the time interest is calculated. The tiers and the rates that apply to them for each day are set out in the Interest Rate Brochure current on that day If balance tiers apply to your Account, different interest rates may apply to different portions of the balance of your Account. Balance tiers and the rates that apply to them for each day are set out in the Interest Rate Brochure current on that day We may change the interest rate for a Business Access Saver account at any time. We will notify you in the media of any changes to the interest rate in accordance with clause Fees and charges 12.1 The Fees and Charges, Section D, shows any fees and charges that apply to your account and payment services. We may debit any fees and charges payable under the terms and conditions to your account. Transfers to or from the Business Access Saver may give rise to fees on another account, like your Working Account. Information on fees and charges for all our business banking services is available on request by contacting us at the contact details on page We may introduce fees to the Business Access Saver and change them from time to time, but we will give you notice of this in accordance with clause No government charges apply to the Business Access Saver itself. However, transfers to or from the Business Access Saver may give rise to government charges on another account, like your Working Account. Information on these charges is available on request by contacting us at the contact details on page The government may introduce charges that apply to the Business Access Saver and change them from time to time, but we will give you notice of this in accordance with clause 3. 19

22 13. Adjustment of debits and credits to your Business Access Saver 13.1 We credit payments to your Business Access Saver as soon as practicable after we receive them. This is not necessarily the same day that we receive the payment. We do not debit your Business Access Saver earlier than the date on which the relevant transaction occurs We may subsequently adjust debits and credits to the Business Access Saver and the balance on your Business Access Saver, so as to accurately reflect the legal obligations of you and us (for example, because of an error or because a direct entry payment is dishonored). If we do this, we may make consequential changes (including to interest paid on the account). 14. Statement of account 14.1 We will send you a statement of account for your Business Access Saver every six months to your nominated business address. You may also obtain information about your Business Access Saver balance, transaction history and interest payments via Internet and Phone Banking or Business Banking Online We will send the statement of account to you in one of the following ways: (a) in writing; (b) electronically (where the Code of Banking Practice and the EFT Code permit and if you agree); (c) in any other way agreed to by you; or (d) by notifying your agent in any way agreed to by the agent You should check the entries on your statement carefully and promptly report any error or unauthorised transaction to us. 15. Accessing your Business Access Saver 15.1 Your Business Access Saver may be used to effect: (a) transfers to your Bank of Melbourne Business Access Saver from any Bank of Melbourne/St.George/BankSA accounts you have the authority to operate; (b) transfers from your Business Access Saver to your Working Account only; or (c) direct electronic credits (e.g. dividend payments) to your Business Access Saver Transfers to and from the Business Access Saver may be made only by Internet and Phone Banking, Branch, Business Banking Online, or direct electronic credit. Transactions cannot be undertaken on your Business Access Saver using ATMs, EFTPOS, direct debit, cheque or any other method You may arrange to have electronic payments (such as dividends) credited directly to your Business Access Saver. Please see clause 32 in relation to direct credits. 20

23 15.4 We credit any transfer to your Business Access Saver on the day we process the transfer. If the account from which funds are transferred is held with another Financial Institution, we treat those transferred funds as cleared funds, against which you can withdraw, up to three Banking Business Days after we process the transfer. This is in case the other Financial Institution wishes to draw the amount transferred back to your Nominated Account You authorise us to debit your Business Access Saver with the amount of any transfer we credit to your Business Access Saver which is later reversed We debit any transfer from your Business Access Saver on the day you ask us to make the transfer. You will not earn interest on the amount you wish to transfer from the date you ask us to make the transfer. We may not process the transfer to your Working Account until the next batch processing day (see clause 30.1). We do not process transfers on weekends, public holidays or bank holidays. So, we recommend that you make transfers from your Business Access Saver on Banking Business Days only. 16. Withdrawals 16.1 As your Business Access Saver is a savings account, the minimum balance on your Business Access Saver is nil. That is, you must not overdraw your Business Access Saver If you overdraw your Business Access Saver at any time, you authorise us to debit your Working Account immediately to repay the overdrawn amount If your account is overdrawn we may charge debit interest on the overdrawn balance. This debit interest will be charged on the last working day of the month. 17. Overdrafts You cannot apply for a formal overdraft facility on your Business Access Saver. 18. Account Combination 18.1 In addition to our rights under clause 16.2, you acknowledge our right at law any time without notice to you to set off or combine any of the balance of your Business Access Saver with the balance of another of your accounts with us, unless: (a) the accounts are not held by the same business, trading name, association or trust; or (b) we know that the accounts are held in different capacities (e.g. one is held as a trustee) We will give you notice promptly after we combine your accounts If you overdraw your Business Access Saver, we do not have to set off the amount overdrawn against any credit balance in another of your accounts. 21

24 19. Partnerships If your business is a partnership, you and each other partner in the partnership acknowledges and agrees that: (a) each partner is individually liable and jointly liable to us concerning the Business Access Saver; (b) any notice or act of any one or more partners binds all of them whether or not that notice or act is given or done in carrying out the partnership s business or in the usual way for that business; and (c) these terms and conditions continue to bind the partners of the partnership notwithstanding the dissolution, or any change at any time in the constitution, of the partnership. 20. Authority to Operate 20.1 You may nominate a person to operate your Business Access Saver by completing the relevant sections of the Business Access Saver Application and Authority to Operate form, available by visiting our website at bankofmelbourne.com.au or by contacting us at the contact details on page 1. By nominating Authorised Users and signing the Business Access Saver Application and Authority to Operate Form you instruct us to allow a person to be authorised to operate on your Business Access Saver and to conduct any transactions on that Business Access Saver that you could, including: (a) authorising transfers to and from your Business Access Saver; and (b) using your business Internet and Phone Banking logon to access your Business Access Saver An Authority to Operate will remain in force until we receive written notice of cancellation or written notice of the death of the person granting the authority and that written notice has been processed by us (this may take up to two Banking Business Days). The notice of cancellation must be signed by all surviving Business Access Saver holders. We may require a new Authority to Operate before we allow further operation of the Business Access Saver If there is a dispute notified to us about an Authority to Operate or the account holder(s), we may refuse to allow operation on your Business Access Saver until all account holders have signed the necessary authority We will not allow a person to operate your Business Access Saver until his or her identity has been verified in accordance with any identification procedures we require We are not liable for any loss or damage caused to you by persons authorised to operate on your Business Access Saver, except where it arises from fraudulent conduct by our agent or employee or if we are liable under a statute, the EFT Code or the Code of Banking Practice. 22

25 20.6 You are liable to pay for (or to repay) any credit provided to any person authorised to operate on your Business Access Saver. Your Business Access Saver will be debited with all transactions made on your Business Access Saver by a person authorised to operate on your Business Access Saver. Accordingly, you are responsible for all these transactions as if you had made them yourself You consent to us giving any person authorised to operate on your Business Access Saver information about your Business Access Saver If you would like any of your Authorised Users to access your Business Access Saver through their personal Internet and Phone Banking access logon, you must complete the relevant sections of the Business Access Saver Application and Authority to Operate form You can add Authorised Users to your existing Business Access Saver by completing the relevant sections of the Business Access Saver Application and Authority to Operate form. 21. Closing a Business Access Saver 21.1 We will close your Business Access Saver on your request We may close your Business Access Saver without giving you prior notice if: the Working Account is closed; or there is a debit balance in the Business Access Saver and that balance is not restored to a nil balance when we seek to debit the Working Account for this purpose Also, we may close your Business Access Saver at any time by giving you reasonable notice If we close your Business Access Saver: (a) we pay the credit balance (less any amounts for anticipated government charges), as we choose, to you; and (b) you remain liable for any government charges on your Business Access Saver, either before or after it is closed If you request us to close your Business Access Saver, you must bring the balance of your Business Access Saver to nil by transferring the balance to your Working Account before we will close your Business Access Saver. 23

26 Section D Fees and Charges 22. Part A Account Fees and Charges Transaction Charges Further details Business Access Saver Staff assisted withdrawals Clause 22.1 $3.00 Staff assisted deposits 4 free per month, $3.00 additional Phone Banking Clause 25.3 Free Internet Banking Clause 25.3 Free Collection Items Clause 22.2 $1.00 Staff Assisted 22.1 Where the Staff assisted transaction fee is payable, it is charged for: A withdrawal, transfer or deposit conducted through Bank of Melbourne/ St.George/BankSA staff, or staff of a branch agency; Cashing a cheque at a Bank of Melbourne/St.George/BankSA branch agency. The Staff assisted transaction fee is charged on the last day of the month in which the transaction occurred. Collection item 22.2 Where the Collection item fee is payable, it is charged for a cheque or merchant envelope deposit. The fee is charged on the last day of the month in which the transaction occured. Each cheque and merchant envelope deposit made at the one time is counted as a separate collection item. For example, five cheques deposited at one time are counted as five collection items. A Collection item fee is charged in addition to a fee for a deposit. For example, if you deposit five cheques at a branch at one time, you may incur a Collection item fee for each cheque as well as a fee for a Staff assisted transaction. 24

27 23. Part B Charges for Special Services All fees and charges for the following special services are debited to your Account at the time the transaction occurs. Payment Services Payment honour fee/unauthorised excess fee Outward Cheque dishonour fee Re-presentation of dishonoured cheque (on a collection basis) and clean bills each re-presentation Certificate of balance of Account Certificate of interest paid or received Audit certificate Interest recalculation fee (Customer request) Special clearance of cheques at customer s request Telegraphic, telephone or mail advice of fate requested Amendment to payment details on telegraphic transfer (Internet Banking only) Collection of cheques not lodged for credit to an account Transfer (Deposits) to Accounts at another Financial Institution Real Time Gross Settlement ( RTGS ) Trace on RTGS Settlement Inward RTGS $9.00 per day $9.00 per item $20.00 $16.00 per certificate $16.00 per certificate $65.00 per hour or part thereof $20.00 per recalculation $16.00 per cheque Each item $12.00 plus cost of message $15.00 $20.00 each $5.40 per transfer $35.00 per settlement $27.00 per trace Nil Stop payment of cheque Stopping payment on a cheque at your request Staff assisted (Single or multiple items) $15.00 Stopping a payment on a cheque through Internet and Phone Banking/Business Banking Online (Single item) $8.00 (Multiple items) $

28 Statements Multiple statement fee (for statements printed and issued simultaneously with the original) $3.00 per statement Duplicate account statement (charge per statement cycle period) Mailed (requested through Internet and Phone Banking) $4.00 per statement Faxed (requested through Phone Banking) $4.00 per statement Staff assisted $7.50 per statement Faxed statement $3.00/page (minimum $5.00) Over-the-counter statement Frequent statement $7.00 per statement $2.00 per statement Coin handling Bulk coins Sorted and Bagged Nil Unsorted and Unbagged Not accepted Change supplied $0.50 per bag/roll (minimum $2.00) Voucher enquiry fee (includes photocopying) Copy of a personal or bank cheque after it has been presented (staff assisted) Copy of deposit or withdrawal slip Copy of a personal cheque via Internet and Phone Banking Trace of an item after it has been presented (cheque copy must be obtained first) $15.00 per item $15.00 per copy $15.00 per copy $35.00 per item Bank cheques Bank Cheque (Staff assisted) purchase Bank Cheque via Bank of Melbourne Internet Banking Bank Cheque repurchase fee Bank Cheque replacement fee $10.00 per cheque $6.00 per cheque $15.00 per cheque $25.00 per cheque 26

29 Photocopies General photocopying $5.00 per sheet Periodical payments Payment to Bank of Melbourne Accounts Payment to another Australian bank Periodical payment/direct Debit dishonour fee Periodical payment deferment fee Bills for collection Bill payment/transfer (instructions by phone/fax) Direct entry processing Free $4.00 per payment $9.00 per item $9.00 per item $5.40 per item $5.40 per instruction $15.00 per file Opening an account Search fee $50.00 per item A search fee applies to all businesses, trading names or companies opening an Account or to confirm any changes in name, directorship or structure. Where multiple searches are required, then the fee is charged per search. Card Foreign Currency Transactions Fees apply to foreign currency transactions by use of a Card on your Account: Foreign Currency Conversion Fee For foreign currency transactions made by use of a FreedomCard or a Maestro/Cirrus ATM Card and processed by Visa International or MasterCard International, we charge a foreign currency conversion fee of 3.0% of the transaction amount. Overseas Cash Withdrawal Fee $5.00 Replacement Card Card replacement (outside Australia) all replacements (includes courier cost) Card replacement (within Australia) all replacements $52.50 per replacement $15.00 per replacement 27