12 May 2012 Account Section 1. Who is eligible? Who can open a RAMS Action account with Offset? You can open a RAMS Action account with Offset if you satisfy all of the following requirements: You are an existing RAMS Home Loan customer with an existing RAMS mortgage, or if you are applying for a RAMS Home Loan you can apply for a RAMS Action account with Offset during the account opening process Your RAMS Home Loan is eligible for an Offset facility You are a personal customer (not a business, company or trust) You are aged 18 or over You have an Australian residential address You are an Australian resident for taxation purposes You have an email address and Australian mobile phone number (if you are an existing RAMS customer and we don t have this information already on file you can provide these details when you apply for the RAMS Action account with Offset) Which home loan products are eligible for RAMS Action account with Offset? Visit RAMS.com.au/home-loans-offset to view which RAMS Home Loans have an Offset facility. Can I open a RAMS Action account with Offset in a business, company or trust name, or in the name of a self managed super fund? Accounts cannot be opened in the name of a business or company, in the name of a trustee of a trust or a superannuation fund, on behalf of a deceased estate, or pursuant to a power of attorney. Can I open a joint account? Yes, you can open an account jointly with one other individual. RAMS deposit accounts are limited to 2 account holders and both account holders must be existing RAMS Home Loan customers and must have access to myrams. Only one offset can be linked to a home loan at any one time. In addition: If the home loan is held in a single name, then the offset account must be opened in the same single name as the home loan. If the home loan is held in joint names, the offset account can be opened in either one or both names on the home loan. If the home loan is held in more than two names, the offset account can be opened up to a maximum of two names on the home loan. If you re applying for a new home loan, you can apply for a RAMS Action account with Offset during the home loan application process. The RAMS Action account with Offset will be opened after your loan settles. Can I open a RAMS Action account with Offset if I m not an existing RAMS Home Loan customer? You can open a RAMS Action account with Offset if you are not an existing RAMS home loan customer when you apply for a new RAMS home loan. Simply request to apply for a RAMS Action account with Offset at the same time as you apply for your home loan. Page 1
Can I give someone else authority to operate on my account? You cannot authorise another person, who is not a joint account holder, (for example your accountant) to operate your RAMS accounts. Can I open a RAMS Action account with Offset if I am not an Australian resident? No, you cannot open a RAMS Action account with Offset if you are a non resident. How many RAMS Action accounts with Offset can I open? You can open up to a maximum of 1 offset account per eligible home loan split (you can open a maximum of 10 RAMS deposit accounts inclusive of joint accounts). Section 2. Opening a RAMS Action account with Offset How do I apply for a RAMS Action account with Offset? Unless you are applying for a RAMS Action account with Offset as part of your RAMS home loan application, you must be an existing RAMS Home Loan customer with myrams access to open a RAMS Action account with Offset. You can open the RAMS Action account with Offset by logging into myrams using your Customer Identification Number (CIN) and password. From there simply click on Apply Online in the left hand menu and follow the prompts. You can open your account in as little as 1 minute. If you are an existing RAMS home loan customer and currently do not have access to myrams, please call us on 13 RAMS, that s 13 7267. What information do you need to open a RAMS Action account with Offset? Unless you are applying for a RAMS Action account with Offset as part of your RAMS home loan application, you must be an existing RAMS Home Loan customer in order to open a RAMS Action account with Offset. We ll already have most of your details on file, however you may need to provide some additional information such as: An Australian mobile phone number (if not already provided) An email address (if not already provided) Your Tax File Number or Exemption Code for tax purposes (this is not mandatory, and you can always provide it later, but if you do not provide your TFN or Exemption Code we are required by law to deduct withholding tax at the highest marginal rate plus the Medicare levy) Can I open an account over the phone? No. You can only open the RAMS Action account with Offset as part of your RAMS home loan application, or by logging into myrams using your Customer Identification Number (CIN) and password. From there simply click on Apply Online in the left hand menu and follow the prompts. You can open your account in as little as 1 minute. If you are an existing customer and currently do not have access to myrams, please call us on 13 RAMS, that s 13 7267. Do I need to provide my Tax File Number (TFN)? Each time you open an account that earns interest, you ll be asked if you wish to provide your TFN if not already provided. Where your TFN has been provided it will be applied to all your accounts. Providing us with your TFN is advisable but not compulsory. However, if you choose not to provide it, we are required to deduct withholding tax at the highest marginal tax rate plus the Medicare Levy. Page 2
When don t I need to provide a Tax File Number? Depending on your circumstances you may be able to claim an exemption from quoting your TFN, and withholding tax will not be deducted. You will need to tell us the type of exemption you are claiming. How do I provide my TFN? You can provide your TFN at any time by logging into myrams and going to the Settings tab on the left hand menu, then clicking on My Details. You can then provide your TFN. What information will I get when I open my account? We will send a letter to your residential address (as a security measure) to confirm your new account details. You will also receive an email confirming your account has been opened. Section 3. Interest What is the interest rate for RAMS Action account with Offset? No interest is earned while your RAMS Action account is linked to your RAMS home loan for offset purposes. Instead, your RAMS Action account with Offset is linked to your eligible home loan account and the balance in the account is offset against what you owe on your home loan, thereby helping to reduce the amount of interest payable on your home loan. If the balance of your RAMS Action account with Offset is greater than the debit balance of your RAMS home loan, no interest is paid on the excess funds in your RAMS Action account with Offset. More information on how the interest is calculated in an offset situation is set out in the General Terms provided to you with your loan documents. Section 4. Terms and Conditions Where can I view the RAMS Action account with Offset Terms and Conditions? You can view the terms and conditions, fees and charges flyer and interest rate flyer via RAMS.com.au Section 5. Statements When are statements issued for my RAMS Action account with Offset? Statements are issued every six months, unless you have requested statements more frequently and they will be made available electronically via myrams. For example, if you open your account on 13 February, your first statement will be available to view on myrams at the end of August, and then six monthly. You will receive an email to your nominated email address when your statement is made available for viewing via myrams. You should keep your email address in myrams up to date to ensure you receive this and other important notifications promptly. Can I view my statements online? Yes. You will automatically receive electronic statements (e-statements). RAMS will advise you via email when your e-statement is available for viewing via myrams. You should keep your email address in myrams up to date to ensure you receive this and other important notifications promptly. Page 3
If you opened your deposit account prior to 12 May 2012 or you hold a mortgage account and are eligible for myrams, you can opt-in for e-statements online via myrams. Simply login to myrams, then click on Statements then Statement Options and follow the prompts. Please be aware that all account holders must provide an email address and be registered for myrams. For further details you can view the e-statement Fact Sheet on RAMS.com.au. Section 6. Deposits and Withdrawals What is the minimum and maximum amount I can deposit into a RAMS Action account with Offset? There is no minimum or maximum deposit amount. How can I deposit money into my RAMS Action account with Offset? You can deposit funds into your RAMS Action account with Offset by: Electronic Funds Transfer you can transfer funds from any Australian bank account. You will need to provide the BSB number for RAMS (which is 032885) and your RAMS Action account with Offset account number. Direct credit e.g. salary credit you can have your salary credited directly into your RAMS Action account with Offset. You will need to provide your employer with the BSB number for RAMS (which is 032885) and your RAMS Action account with Offset account number. Cheque you can write a cheque payable to the account holder(s) drawn on an Australian financial institution. Please ensure you write your full name(s) and the account number to which you want the cheque deposited on the back of the cheque. Please note we can't accept a third party cheque i.e. a cheque made payable to another person other than the account holder(s). Mail the cheque to: RAMS Deposits Locked Bag 5001, Concord West NSW 2138 Bank@Post you can deposit funds (cash and/or cheque) into your RAMS Action account with Offset at any Australia Post branch if you have a debit card attached to your RAMS Action account with Offset. You will need to provide your debit card when depositing funds into the account at Australia Post. How do I withdraw money from my RAMS Action account with Offset? You can withdraw funds from your account simply by logging into myrams. You then select Transfers on the menu, from there you can: Electronic Funds Transfer (pay anyone) you will need to provide the account name, BSB and account number of the account you wish to transfer money to Transfer recurring payments by Electronic Funds Transfer (pay anyone) Transfer funds between RAMS accounts You can also pay bills electronically via BPAY using a biller code and a unique customer reference number (that can be found on your bill near the BPAY logo). Please note if you are transferring funds to a payee/biller for the first time, you will be sent an SMS Code with a one time password to your Australian mobile phone. You will be required to enter the SMS Code into myrams and, if accepted you can transfer funds. The account to which you wish to transfer money must be conducted in Australia. Page 4
If you have a debit card attached to your RAMS Action account with Offset, you can also withdraw funds from your account using your debit card via: ATM and EFTPOS - use your debit card at any ATM or EFTPOS across Australia, at any ATM terminal outside Australia displaying the Cirrus logo and any EFTPOS terminal outside Australia displaying the Maestro logo. Bank@Post withdraw cash at any Australia Post branch using your debit card. Free ATM Transactions are available at any Westpac, St.George (excludes St. George ATM s in BP Service Stations) Bank of Melbourne & BankSA branded ATMs around Australia. Other Institutions may charge a fee for use of their ATMs. A direct charging fee may be payable to the owner of the ATM when you use a non Westpac, St.George, Bank of Melbourne or BankSA branded ATM. Can I request RAMS to direct debit funds from my account with another financial institution? Direct debit facilities are not available on RAMS Action account with Offset. Can I send money from an overseas bank account into my RAMS Action account with Offset? You cannot send funds from an overseas bank account into your RAMS Action account with Offset. Can I deposit cheques? Yes. You can post a bank or personal cheque drawn on an Australian financial institution and payable to the account holders (for joint accounts the cheque must be payable to one or both of the account holders). Please ensure you write your full name(s) and the account number to which you wish the cheque to be deposited on the back of the cheque. Please note we can't accept a third party cheque i.e. a cheque made payable to another person other than the account holder(s). Mail the cheque to: RAMS Deposits Locked Bag 5001 Concord West NSW 2138 If you have a debit card on your RAMS Action account with Offset, you can deposit a cheque drawn on an Australian financial institution and payable to the account holders at any Australia Post branch. Please ensure you write your full name(s) and the account number to which you wish the cheque to be deposited on the back of the cheque. Please note we can't accept a third party cheque i.e. a cheque made payable to another person other than the account holder(s). Please ensure you have your debit card with you. Can I use BPAY? Yes, you can pay bills electronically via BPAY using a biller code and a unique customer reference number (that can be found on your bill near the BPAY logo). Can I deposit cash? Yes, if you have a debit card on your RAMS Action account with Offset, you can deposit cash into your RAMS Action account with Offset at any Australia Post branch. Please ensure you have your debit card with you. Can I set up an Automatic Savings Plan (ASP?) Automatic Savings Plans are not available. Can I credit my salary to my RAMS Action account with Offset? Yes. You can have your salary paid into your RAMS Action account with Offset. You will need to provide your employer with the BSB number for RAMS (which is 032885) and your RAMS Action account with Offset account number. Page 5
Can I deposit money at a branch? RAMS does not have any branches. However you can deposit funds into your RAMS Action account with Offset by: Electronic Funds Transfer you can transfer funds from any Australian bank account. You will need to provide the BSB number for RAMS (which is 032885) and your RAMS Action account with Offset account number. Direct credit e.g. salary credit you can have your salary credited directly into your RAMS Action account with Offset. You will need to provide your employer with the BSB number for RAMS (which is 032885) and your RAMS Action account with Offset account number. Cheque you can write a cheque payable to the account holder(s) drawn on an Australian financial institution. Please ensure you write your full name(s) and the account number to which you wish the cheque to be deposited on the back of the cheque. Please note we can't accept a third party cheque i.e. a cheque made payable to another person other than the account holder(s). Mail the cheque to: RAMS Deposits Locked Bag 5001 Concord West NSW 2138 If you have a debit card on your RAMS Action account with Offset, you can deposit cheques (requirements set out above) and cash at any Australia Post branch. Please ensure you have your debit card with you. Do I have access to a cheque book? Cheque books are not available with a RAMS Action account with Offset. Section 7. Payments and transfers What are the minimum and maximum amounts I can transfer from my RAMS Action account with Offset? A daily transfer limit per customer per business day applies to selected transactions performed in myrams. Details about applicable daily transfer limits are set out here: Daily Limit Channel Information No Limit Online Transfers to other RAMS accounts that are held in your name $5,000* Online Transfers to other RAMS accounts not in your name $5,000* Online Fund Transfers to other Australian financial institutions whether the account is in your name or not Page 6
No Limit 13 RAMS Fund Transfers to other Australian financial institutions whether the account is in your name or not, however to pay anyone the payee must already be in your pay anyone list. * Note: If you have a home loan only and you have not opted in for SMS Security then your daily transfer limit will be $1,000. How many days does it take for a payment or transfer to reach another bank? Provided you are transferring cleared funds: Transferring funds between your own RAMS accounts generally occurs immediately. Transferring funds to other RAMS accounts not within your own profile (i.e. 3rd party accounts) are generally processed overnight. The transfer must generally be completed before the cut-off time of 4:00 pm Australian Eastern Standard Time. Transfers to accounts with other Australian financial institutions are generally processed overnight. The transfer must generally be completed before the cut-off time of 4:00 pm Australian Eastern Standard Time. Funds should generally be available at the other institution the next business day (depending on the institution). Should funds be sent after 4:00 pm Australian Eastern Standard Time then funds will be available generally within the next 2 business days (depending on the institution). Can I apply for a higher daily transfer limit? The default 'Pay Anyone' daily limit is $5,000 per customer per business day and cannot be changed. Should you need to transfer more than $5,000 you can call RAMS on 13 RAMS, that s 13 7267 provided the payee is already in your pay anyone list. Can I set up a regular payment? Yes. You can create a regular transfer at any time via myrams. To do this, login to myrams and select Transfers on the menu to transfer funds. Can I cancel a payment or transfer? Yes. You can cancel a future dated transfer, no later than 4pm one business day before the transfer is due (i.e. transfers not due for payment today). To cancel a payment or transfer simply login to myrams, and select Transfers, then go to Future transfer menu to cancel the payment or transfer. Once a payment or transfer is made we are unable to stop that transaction. Can I modify a payment or transfer? Yes. You can modify a future dated transfer or payment, no later than 4pm one business day before the transfer is due (i.e. transfers not due for payment today). To modify a future transfer or payment simply login to myrams, and select Transfers, then go to Future transfer menu to modify the payment or transfer. Can I transfer money overseas? You can only transfer money to an Australian bank account. Page 7
When is the myrams website available? We try to make myrams available at all times but this may not always be possible, for example during times where we carry out system maintenance. What details do I need to make a payment or transfer to another person s (or business) account? In order to make a transfer to another RAMS account or to another Australian financial institution, you ll need to provide the following information: BSB number (exactly six digits in length) that identifies the financial institution, The account number of the person you wish to pay (this must be numeric), and The account name of the person you wish to pay. Can I use myrams to make payments or transfers to accounts at other banks? Yes. RAMS Action account with Offset allows 'Pay Anyone' access which enables you to transfer funds to any other RAMS account(s) and any other Australian financial institution. For more information about myrams visit www.rams.com.au/myrams Do I need to set up a linked account? No, there is no need to set up a linked account. However, when you transfer funds for the first time to someone new you ll need to confirm the one time password that we ll send to your Australian mobile phone via SMS. Section 8. Fees and charges Are there any fees on a RAMS Action account with Offset? While there is no monthly account keeping fee, other fees may apply. Please refer to the Fees and Charges flyer and the deposit account terms and conditions for further information on RAMS.com.au. Section 9. Service and support Where can I find my new account number? We will send you a letter to confirm your new account number. Alternatively, you can login to myrams and view your account number online. If you apply for a RAMS Action account with Offset as part of your RAMS home loan application, the RAMS Action account with Offset will not be opened, and therefore available on myrams, until after your loan settles. How do I view my account balances? You can login to myrams and view your account balances online. Can I access my personal or account information if I'm a joint account holder? Yes. You can access information about your joint account by logging into myrams. How do I change the name on my account? Please call 13 RAMS, that s 13 7267. We ll advise you of the requirements to change your name. How can I contact you from overseas? If you're calling from outside of Australia, please call us on +612 9647 6967 between 7.00am and 11pm (AEST) 7 days a week. Page 8
Can I make transfers to and from my account when I'm overseas? Yes. You'll need an Australian mobile phone which is registered to your RAMS accounts. You ll also need to enable global roaming on your Australian mobile phone. Contact your service provider to arrange this. How long will it take my cheque to clear? Cheques deposited into your account will be subject to clearance. This usually takes 3 business days from the date the cheque is deposited into your account. However, in certain circumstances this may be extended up to a further 2 business days. How do I provide a nickname for my accounts? You can provide a nickname for your accounts by logging into myrams and going to the Settings tab on the left hand menu, and then click on Name my Accounts. Select the account you wish to name by clicking on Edit. How do I change my postal and/or residential address? You can change your postal address by logging into myrams and going to the Settings tab on the left hand menu, and then click on My Details. You will be sent an SMS Code with a one time password to your Australian mobile phone. You will be required to enter the SMS Code into myrams and, if accepted you can update your address details. Please note only Australian postal addresses are accepted by the system. If you wish to change your postal address to an overseas address or an overseas address to an Australian postal address, please call 13 RAMS, that s 13 7267. To change your residential address you will need to call 13 RAMS, that s 13 7267. How do I close my RAMS Action account with Offset? You can close your RAMS Action account with Offset by calling us on 13 RAMS, that s 13 7267. What are the RAMS Customer Service Centre s hours of operation? The hours of operation for the RAMS Customer Service Centre are Monday to Sunday, 7.00am to 11.00pm. How can I report my debit card lost, stolen or damaged? You can call 13 RAMS, that s 13 7267. How can I report that my debit card PIN has been lost or compromised? You can call 13 RAMS, that s 13 7267. Can I access my accounts using my mobile phone? Yes, you can access myrams using certain mobile phones (once you have completed the new user process using a computer). Mobile banking allows you to view your account details, pay bills using BPAY and transfer money. For more information about myrams visit RAMS.com.au/myRAMS Is it safe to use myrams? RAMS employs a range of security measures to help ensure a secure online experience with myrams and help protect your personal account information. Page 9
You can read more about some of security measures by visiting RAMS.com.au/myRAMS Section 10. Financial Claims Scheme What is the Financial Claims Scheme? The Financial Claims Scheme (FCS) provides a guarantee for deposits of eligible authorised deposit taking institutions (ADIs) including Australian banks, building societies and credit unions. The Australian Prudential Regulation Authority (APRA) is responsible for the administration of the FCS and for making payments to account holders in the event that APRA decides to place an ADI in liquidation. If that occurs, you may be entitled to payment under the FCS. Payments under the FCS are subject to a limit for each depositor. Information about the FCS can be obtained from the APRA website at http://www.apra.gov.au or through the APRA hotline 1300 55 88 49. Are RAMS accounts covered under the guarantee? Yes, RAMS accounts are covered under the Government guarantee, as RAMS accounts are issued by Westpac Banking Corporation. I have multiple deposit accounts across RAMS and Westpac. How does the limit work? The limit applies per customer per institution. That is, the limit applies to the combined total amount of funds you have with Westpac, St.George, Bank SA, Bank of Melbourne and RAMS. Page 10