Personal Internet Banking Effective 26 October 2014 Combined Financial Services Guide and Product Disclosure Statement Bank of China (Australia) Limited ABN 28 110 077 622 AFSL 287322 Australian Credit Licence no. 287322
Product Disclosure Statement About this Product Disclosure Statement This Product Disclosure Statement ( PDS ) contains information about Personal Internet Banking, which is provided by Bank of China (Australia) Limited. Our contact details are shown on the back cover. This PDS will help you to decide whether Personal Internet Banking is right for you, and allow you to compare different personal internet banking facilities. You will also be given the Personal Internet Banking Terms and Conditions. Invitations to apply for Personal Internet Banking under this PDS are only made to persons in Australia and we are not bound to accept an application from you. You should also consider the separate Product Disclosure Statements and the terms and conditions that apply to each of your accounts that may be accessed by Personal Internet Banking. PDS updates The information in this PDS is up to date at the time of preparation. Some information in this PDS may change from time to time. Where this occurs, we will: issue a new PDS, or a supplementary PDS, to our Personal Internet Banking customers; or where the information is not a material change to a matter, or is not a significant event that effects a matter, we will (where we are permitted to do so) make the updated information available by way of a "PDS update" on our website at www.bocau.com.au. A paper copy of the 'PDS update' will also be available without charge, on request. 2
About Personal Internet Banking You can apply for the Personal Internet Banking, once you have an account with us that is a savings account, a cheque account, a deposit account, a loan account, or any other account type for which we are willing (from time to time) to permit Personal Internet Banking access. Where we have agreed to provide you with the Personal Internet Banking in respect of one or more of your accounts with us, you can do some or all of the following things over the Internet: make account inquiries; access E-Statements; transfer funds between your linked accounts; transfer funds to another person's accounts (including in a foreign currency); pay bills using BPAY; withdraw or transfer funds from your linked term deposit accounts; participate in the global account management service which will allow you to obtain, once registered under the global account management service, information concerning certain crossborder accounts held by you with other members of Bank of China Group which are able to offer the global service function ; place requests to stop cheques you have issued; give certain instructions or report certain matters to us, relating to your account; and print, save and export your financial records. Your use of the Personal Internet Banking will be subject to the Personal Internet Banking Terms and Conditions ("Terms and Conditions") that are separately provided to you. For more details about the Personal Internet Banking, see pages 4 to 8 of this PDS and the Terms and Conditions (a copy of which can be obtained from us on request and at no charge). About Bank of China (Australia) Limited and its parent Bank of China Bank of China (Australia) Limited is owned by Bank of China. Bank of China has operated in Australia for over 20 years and has experienced, first hand, the colossal growth and development in the Australian financial services market. Bank of China understands the Australian market and, in combination with its vast network of branches spanning China, provides a key financial link between Australia and China. Bank of China is your gateway to China, with more than 10,000 branches in most big cities throughout the world. Together with its customer-oriented quality financial services in Australia, Bank of China can help expand your business to China. This PDS, however, is confined to the Personal Internet Banking provided by Bank of China (Australia) Limited. 3
Personal Internet Banking Who can apply? Personal Internet Banking is available to persons who have at least one account with Bank of China (Australia) Limited that is a savings account, a cheque account, a term deposit account, a loan account (including a home loan account) or any other account type for which we are willing (from time to time) to permit Personal Internet Banking access. To access Personal Internet Banking, you must first apply to us, using the Personal Internet Banking Application Form, and be accepted by us as a registered user of the Personal Internet Banking. We are not bound to accept your application for Personal Internet Banking. Key features Personal Internet Banking can be used to do some or all of the following things over the Internet: an account inquiry, which is: o a method of viewing account balances on selected accounts you hold with us; o the ability to search transactions on those accounts conducted over a period (depending on the type of transaction and account type); and o the ability to view the details of any linked term deposit accounts you hold with us; funds transfers (domestically and internationally) from your selected savings or cheque accounts to other accounts held (by you or others) with us or with other financial institutions. (A funds transfer may require a foreign currency exchange in order to make the transfer to the destination account - see below under Funds transfers and Foreign exchange for more details.) paying bills using BPAY; withdrawing funds from your term deposits, where permitted under the terms of the term deposit, by way of a funds transfer to savings or cheque accounts you hold with us; participating in the global account management service which will allow you to obtain, once registered under the global account management service, information concerning certain crossborder accounts held by you with other members of Bank of China Group which are able to offer the global service function ; placing requests to stop cheques that have been issued on your cheque accounts held with us, where the cheque has not yet been presented to us for payment; giving certain instructions or reporting certain matters to us, relating to your account; and printing, saving and exporting your financial records. This includes saving copies of your statements onto your computer or other storage device, and exporting transaction details to other applications. We may suspend any of these features of Personal Internet Banking at any time, without prior notice to you. Where we agree to provide you with some or all of the Personal Internet Banking, we will also tell you the accounts for which we agree to provide you with those services. 4
Domestic International Term Deposit BPAY Payment (Domestic) Funds Transfer type Single transaction Daily limit* limit* Transfer between your AUD 500,000 AUD 500,000 Bank of China (Australia) Limited Accounts (same currency) Transfer between your AUD 500,000 AUD 500,000 Bank of China (Australia) Limited Accounts (different currencies) Transfer to a third party AUD 10,000 AUD 10,000 (Bank of China (Australia) Limited Account only) (same and different currencies) Transfer to yourself or AUD 10,000 AUD 10,000 third party (non-bank of China (Australia) Limited Account) (from AUD or any other currency to AUD)** Transfer to yourself Treated as an international Funds Transfer for third party (non-bank of these purposes see * below China (Australia) Limited Account) (from USD or any other currency to USD) Transfer to yourself or AUD 10,000 AUD 10,000 third party* Transfer to yourself or AUD 10,000 AUD 10,000 third party (any Bank of China Group, Industry and Commercial Bank of China Group, China Construction Bank Group and Agricultural Bank of China Account in the People s Republic of China in CNY currency) Transfer funds from AUD 500,000 AUD 500,000 your savings or cheque account to a Term Deposit account (transfer between Bank of China (Australia) Limited Accounts) AUD 20,000 (this is subject to any limits set by BPAY from time to time.) AUD 20,000 (this is subject to any limits set by BPAY from time to time.) 5
*For transfers in currencies other than AUD or CNY, the limits are based on the equivalent in the other currency, of the AUD amount listed. ** Please note that if you make a Funds Transfer in AUD to a non Bank of China (Australia) Limited account within Australia, the minimum amount for each transaction must be no less than AUD1.00. Otherwise, your transaction will not be processed. 6
Fees and charges The fees and charges for the Personal Internet Banking are set out in the following table. Service Fee Domestic funds transfers Nil Stop cheque instruction International funds transfers from your AUD account from your USD account from your HKD account AUD20.00 per instruction AUD19.60 per transaction USD14.00 per transaction HKD105.00 per transaction Foreign exchange (occurring as part of a funds transfer) No separate fee is charged (in addition to any relevant funds transfer fee). (The exchange rate used for the conversion will be at the foreign exchange rate applicable at the time of the funds transfer. Foreign exchange rates change frequently and are dependent on market conditions. See below under Funds transfers and Foreign exchange for more details.) Manual amendment/ cancellation fee for international funds transfers Returned domestic funds transfer BPAY investigation fee AUD20.00 per amendment or cancellation request for an international funds transfer instruction. Payable when we receive an inquiry from the financial institution that has received your funds transfer and cannot deposit it because: the currency of the transferred funds does not match the currency of the account you nominated to be credited with the funds; or the account number or any other information you provided is incorrect. By personally attending a branch, you may amend your original instruction requesting the international funds transfer to correct the error or to cancel your instruction and have your funds returned to you. AUD7.50 plus charges incurred by us with any intermediary bank (currently an additional AUD2.50) for each returned transaction. Payable when a domestic funds transfer instruction is returned to us. AUD20.00 for each investigation request. Payable when you request us to investigate a BPAY payment. Where the investigation indicates an unauthorised BPAY transaction has occurred, this fee will be refunded to you. 7
You should also note that: other fees may be separately payable under the terms and conditions applicable to your separate accounts with us, being accounts which may be accessed by Personal Internet Banking (see the PDSs and terms and conditions applicable to those accounts for information about those separate fees); we may pass on any taxes (and, to the extent permitted by law, any government fines and penalties we are required to pay) arising in connection with the provision of the Personal Internet Banking to you; the fees payable by you for, or in respect of, the Personal Internet Banking may be deducted from your accounts with us at our discretion; and we reserves the right to introduce new fees for the Personal Internet Banking and to change the fees for Personal Internet Banking from time to time. Other information Funds transfers Funds transfers can only be made if the funds are to be transferred from your account held with us to a permitted destination account in a permitted currency. The permitted destination account institutions and currencies are those specified as available on our website at www.bocau.com.au from time to time. Funds transfer instructions will generally need to be given: during the funds transfer operating hours, being 9.30am 5:00pm (Sydney time) at the time of preparation of this PDS, on any Business Day in respect of any transfers that involve a foreign currency exchange transaction; or at any time for all fund transfers that involve the same currency. A request for a funds transfer (which involves a foreign currency exchange transaction) made outside the designated operating hours will not be accepted nor processed. Funds transfer instructions given during the funds transfer operating hours may be given to take effect: as soon as possible following receipt; or at a future time (ie a scheduled payment date). For more information about funds transfer processing times, see the Terms and Conditions. Foreign exchange Funds transfers will necessarily involve foreign exchange transactions where the currency of the account from which the funds are to be drawn differs to the currency of the account into which they are to be paid. In such situations you will be required to give an instruction to request the required foreign currency exchange transaction. This can be done by means of your funds transfer instruction (as provided for in clause 3.2 of the Terms and Conditions). The foreign currency exchange rates change frequently. We use the rate applicable when we process your instruction for the currency exchange. An indicative exchange rate is available by contacting any of our branch staff. For all funds transfers requiring a foreign currency exchange to be made before the transfer (except transfers to third parties who hold accounts with us), an indicative exchange rate can be viewed on our website after you have logged in. However, due to the time lapse between you giving instructions for the required funds transfer and the instructions being processed by us, the indicative exchange rate shown when you give the instruction may not be the rate that we actually use to effect the required currency exchange transaction. When making a funds transfer, we are not able to detect the currency of the account into which your funds are to be transferred, where this account is not held with us. Accordingly, when instructing us to make a funds transfer, you are required to instruct us as to the currency in which the funds are to be transferred. You will do this by selecting the currency in which the funds are to be transferred. If you do not do this, the funds will not be deposited into the destination account you nominate. Instead the financial institution at which that destination account is kept will hold your funds transferred until further instructions are provided by you to that financial institution. In these circumstances we will attempt to assist you to facilitate the funds transfer or to recover the funds transferred - at your choice. However, 8
this process is a manual one and will attract an additional fee (see the fees and charges information in this PDS). If, following a funds transfer to a destination account with another financial institution, the transferred funds need to be converted to a foreign currency in order to allow the transferred funds to be credited to the destination account, the required currency exchange will be done at the exchange rate used and applied by that financial institution at the time of the exchange. This exchange rate may differ from the exchange rate that would have been applied by us. Should you choose not to proceed with the funds transfer in such circumstances, your funds (net of costs of the attempted transfer) will be returned to the account from which they were drawn. BPAY BPAY payment instructions can be given at any time. BPAY payment instructions given before 5:00pm (Sydney time) on a Business Day will be treated as being received on the same day. However, any BPAY payment instructions given after 5:00pm on a Business Day, or at any time on a day other than a Business Day, will be treated as being received on the next Business Day. For more information about BPAY, see the Terms and Conditions. Security Your access to your accounts through the Personal Internet Banking is secured by: the use of 'Captcha' security to detect and deter computer programs used by hackers (the Captcha security system displays a series of distorted letters and symbols which must be correctly viewed and typed into the required field before the access is provided); the combined use of a secure username and secure password; and the use of a secure E-token. This is a device that generates and displays a time-sensitive, singleuse 6 digit security code for you to use when logging onto the Personal Internet Banking. You have obligations in relation to maintaining account security. See the Terms and Conditions for details. Risks Some risks of Personal Internet Banking are: Unauthorised transactions We have designed the Personal Internet Banking to provide a secure means of access to a customer's accounts. The security of that access depends on the degree to which customers safeguard their secure username, password and E-token. There is a risk that the username, password and/or E-token may be misused by unauthorised persons if the customer fails to protect them. Customers will be liable for: o unauthorised transactions where it can be proved that the loss was due to the customer's fault; and o any errors or inaccuracies in transfer requests or instructions. Successive errors with any password may result in the access to the Personal Internet Banking and to your account being blocked. Successive errors with any E-token code may result in the use of your E-token being blocked. The total amount at risk for unauthorised transactions is the total of all your account balances (in credit) PLUS any available credit on all of your loan accounts, including all your home loan accounts (subject to daily transaction limits and the liability sharing arrangements set out in the Terms and Conditions). Instructions outside Operating Hours WARNING: A request for a funds transfer that involves a foreign currency exchange transaction and is made outside the designated operating hours, being 9.30am 5:00pm (Sydney time) at the time of preparation of this PDS, will not be accepted nor processed by us. A request for an international funds transfer that involves the same currency or where it is a request for a domestic funds transfer that involves the same currency to a non- Bank of China (Australia) Limited account within Australia that is made outside the designated operating hours, being 9.30am 5:00pm (Sydney time) at the time of preparation of this PDS, will be processed by us on the next available Business Day.. Future scheduled payments on non-business Days Where a funds transfer instruction is directed to take effect on a day that is not a Business Day, it will take place on the next Business Day. You are therefore advised to take care when scheduling future payments, and to periodically check your accounts to ensure that requested transactions have been processed. 9
Other financial institutions' systems Funds may be transferred to accounts at other financial institutions. We cannot guarantee the level of service of other financial institutions, and they may experience systems malfunctions from time to time. As such there may be instances where funds cannot be transferred to selected accounts due to the fault of financial institutions other than us. Suspension We may suspend our provision of the Personal Internet Banking at any time, without prior notice to you. Account names for international funds transfers For international funds transfer instructions, the name of the destination account in your instruction must match the account name as held by the overseas destination bank. Accordingly, if the account name as held by the overseas destination bank is: o in English or in Chinese Pinyin your instruction must only specify the destination account name in English or in Chinese Pinyin, as the case requires. WARNING: If your instruction specifies the account name in Chinese characters (or in both Chinese characters and English or Chinese Pinyin) your funds transfer will not be processed. o in Chinese characters your instruction must only specify the destination account name in Chinese characters. If your instruction specifies (or also specifies) the destination account name in English or in Chinese Pinyin, your funds transfer instruction may not be processed, subject to the discretion of the destination bank. Account numbers Transfers to domestic accounts are based on account numbers only. These are not crosschecked against account names. Therefore, if you have made an error in the account number, you may pay money to an unintended recipient and it may be difficult for you to recover this or to obtain information about the recipient, due to privacy laws. Website access We do not guarantee continuous access to our website. BPAY We do not guarantee the systems or the obligations of other participants in the BPAY scheme. Delays in BPAY payments may occur due to system malfunctions of other participants. Please allow sufficient time to ensure payments are effected when required. Your agreement with us This PDS, the Terms and Conditions, the application form (including the instructions for its completion) and any amendment to any of them, together constitute your agreement with us. We may amend the Terms and Conditions. Do you wish to make a complaint to us? If you wish to make a complaint to us, you can contact us on 1800 095 566 (Australia) or +61 3 9670 6200 (overseas). We will endeavour to address your complaint to your satisfaction. This is part of our effort to provide you with a high quality of service and to help ensure our performance always meets your expectations. If your complaint is not resolved in this way, you can contact the Financial Ombudsman Service Limited telephone 1300 780 808 or visit their website at www.fos.org.au. This is an independent and impartial body which provides a free external dispute resolution procedure Definitions In this document: Bank of China means Bank of China Limited ABN 29 002 979 955 AFSL 230547; Bank of China Group means Bank of China and any of its branches and subsidiaries which provide banking services; Business Day means a day, not being a Saturday, Sunday, or a Public Holiday on which banks and we are open for business in Sydney. PDS means a Product Disclosure Statement (including any Supplementary Product Disclosure Statement); Terms and Conditions means the Personal Internet Banking Terms and Conditions; and we, us and our mean Bank of China (Australia) Limited ABN 28 110 077 622 AFSL 287322. (In this document, we, us and our do not mean Bank of China Limited.) 10
Financial Services Guide About this Financial Services Guide (FSG) This FSG is designed to help you to decide whether to use any of the financial services which are offered in it. It contains information about: how our employees are remunerated in relation to those services; and how complaints are dealt with. About us and the financial services we provide Our contact details are shown on the back cover. We are authorised to do the following: set up, vary and close the Personal Internet Banking; and provide financial product advice in relation to the Personal Internet Banking. Remuneration Employees of Bank of China Group companies, including Bank of China (Australia) Limited receive a base salary and may be eligible for annual or other performance bonuses or rewards which may take into account the sales and referrals they make. Compensation arrangements We are an authorised deposit-taking institution regulated by the Australian Prudential Regulation Authority. We are not required by the Corporations Act 2001 (Cth) or the Corporations Regulations 2001 (Cth) to hold professional indemnity insurance cover. Do you wish to make a complaint to us? See page 9 in the PDS part of this document. 11
Our contact details are as follows: 39-41 York Street Sydney NSW 2000 Tel: 1800 095 566 (Australia) or +61 3 9670 6200 (Overseas) Email: ebanking.au@bankofchina.com Website: www.bocau.com.au Details for each of our retail branches in Australia are available on our website at http://www.bocau.com.au. 中 国 银 行 全 球 服 务 A L W A Y S W I T H Y O U 12