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:
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 |
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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 |
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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:
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. |