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Business customers' terms and conditions

 

Products currently for sale

Select below to find the current T&Cs and recent changes.

Business products: Freedom Business Account, Business Cheque Account – Plus Business Access Saver. Land Agent’s, Broker’s and Valuer’s Trust Account, Solicitor’s Trust Account, Society Cheque Account


Summary of changes, effective 27 October 2023

Section reference Change description

1. Summary of features

Amended wording for clarity on features and how we pay interest.

3. Using your accounts

Removed references to Smart ATM, specific brands and types of deposits.

Existing ATM information has been consolidated into one centralised table under a section titled ‘ATMs’, which covers: 

  • What you can do at an ATM 
  • Limits or restrictions that apply 
  • Fees that may be charged. 

Removed references to ‘ATM mini transaction history’.

Customers can refer to the relevant brand’s website for additional information. 

Amended wording for clarity in relation to account closure and refusal of transactions.
Updated to include information on when a deposit, transfer or withdrawal transaction is processed to your Account due to a system error, that these transactions may be reversed by us.
Amended wording for clarity in relation to our limitation of liability.

4. Understanding debit cards

Included wording for clarity in relation to liability of fees, charges or interest.
Updated section to clarify when daily cash withdrawal limits may not apply.
Clarification of gambling block functionality.
Amended the wording for clarity and accuracy for processes and procedures.

5. Your statements

Included wording for clarity in relation to liability of fees, charges or interest.

6. How we pay interest

Amended wording for clarity on features and how we pay interest.

9. Fees and Charges tables

  • Insertion of edits and cross-references to the 'ATMs' section for information on fees that may apply for transactions carried out at ATMs.
  • Removed references to the ATM mini transaction history.

10. Explaining fees and charges

Added information about how to request application of interest, fees, and charges to and from other eligible accounts.

15. Changes to Terms and Conditions

Updated information on when and how the bank will notify customers of changes to terms and conditions.

16. General Matters

Amended wording for clarity in relation to our limitation of liability.
Inserted new paragraph regarding payments made in error.

17. Meaning of words

  • Updated section to reflect simplification of references to ATM-related terms.
  • References to Cash Exchange Machines have been moved to the relevant brand’s public website.

Business Visa Debit Card


Summary of changes, effective 27 October 2023

Section reference Change description

1. Important Words

Updated section to reflect simplification of references to ATM-related terms.

3. Changes to the Terms and Conditions

Amended wording for clarity in relation to fees and charges, and accuracy for processes and procedures.

5. Issue of a Card

8. Additional Cardholders

9. Cancelling, returning or stopping a Card

16. Fees and Charges

New section 20. Payments made in error

Amended the wording for clarity and accuracy for processes and procedures.

13. Liability for unauthorised transactions

Added wording to clarify the liability for authorised transactions as opposed to unauthorised transactions.

15. Withdrawal Limits

Explained how cash may be withdrawn at an ATM and circumstances relating to minimum withdrawal restrictions.
Updated section to clarify when daily cash withdrawal limits may not apply.

16. Fees and Charges

Removed $2 fee that applied for ‘All other ATM and POS transactions’. This fee will no longer be charged.

Clarified that non-Westpac Group branded and non-Westpac Group partner ATMs may apply an ATM operator fee, and when and how it may be disclosed. Overseas withdrawal fees are not charged for balance enquiries or cash withdrawals made at Global ATM Alliance ATMs.

Amended wording for clarity in relation to fees and charges, and accuracy for processes and procedures.

19. Trade Practices

Deleted section.

Term Deposits


Summary of changes, effective 27 October 2023

Section reference Change description

Part A 1.2 Opening an account

Included wording for clarity around initial funding period

Part A 1.14 Authority to Operate

Amended the wording for clarity on the limitation of liability

Part B Anti-Money Laundering and Counter-Terrorism Financing Obligations Amended section heading from ‘Anti-Money Laundering and Counter-Terrorism financing obligations’ to ‘When we may delay or refuse transactions’ and amended wording for clarity around when may delay or refuse transactions  

Part B When we may delay or refuse transactions

Amended wording for clarity in relation to our limitation of liability

Part B Payments in error

Inserted new section regarding payments made in error

Farm Management Deposits


Summary of changes, effective 27 October 2023

Section reference Change description

Appropriate use of our services

Amended section heading from ‘Appropriate use of our services’ to ‘When we may delay or refuse transactions’ and amended wording for clarity around when may delay or refuse transactions 

Payments in error

Inserted new section regarding payments made in error


Summary of changes, effective 8 November 2023

Section reference Change description

Our provision of the Service

Amended the wording for clarity on how we service you as an independent service provider.

Our liability is limited

Amended the wording for clarity on our liability in relation to using these services.

 

Products no longer for sale

Select below to find the current T&Cs and recent changes.

Commercial Line of Credit, Business Maximiser, Business Umbrella Investment Loan Account


Summary of changes, effective 27 October 2023

Section reference Change description

On Page 2

Amended the wording for clarity on how we may notify you on changes to the terms and conditions.

Part A: Table 1 – Summary of account features

Removed references to the ATM mini transaction history.

2. When you open an account with us 

Added information about identification requirements.

6. Adjustment of debits and credits to you account.

Amended wording for clarity in relation to our limitation of liability.

7. Statements of account Removed reference to ATMs.
Included wording for clarity in relation to liability of fees, charges or interest. 

9. Deposits

Part A: Table 2 – Summary of account fees and charges

Removed references to Smart ATM, specific brands and types of deposits.

Existing ATM information has been consolidated into one centralised table under a section titled ‘ATMs’, which covers: 

  • What you can do at an ATM 
  • Limits or restrictions that apply 
  • Fees that may be charged.

Removed references to ‘ATM mini transaction history’.

Customers can refer to the relevant brand’s website for additional information. 

12. Withdrawals 

Updated section to clarify when daily cash withdrawal limits may not apply.

Daily card withdrawal limits*

Explained how cash may be withdrawn at an ATM and circumstances relating to minimum withdrawal restrictions.
Amended the wording for clarity and accuracy for processes and procedures.

21. Closing an account

Amended wording for clarity in relation to account closure and refusal of transactions.

26. Terms and Conditions of our cards. 

Clarification of gambling block functionality.
Amended the wording for clarity and accuracy for processes and procedures.

32. What happens if your details change?

Amended wording for clarity in relation to our limitation of liability.

35. Further details about our account fees and charges.

Added information about how to request application of interest, fees, and charges to and from other eligible accounts.

40. Changes to the Terms and Conditions

Updated information on when and how the bank will notify customers of changes to terms and conditions.

47. Appropriate use of our services

Deleted section.

47. Payments in error

Inserted new section regarding payments made in error.

Meaning of words

Updated section to reflect simplification of references to ATM-related terms.