Business customers' terms and conditions

Products currently for sale

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

Transaction, Savings and Investment Accounts

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.
16. General Matters	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 Banking Online and Payment Services

Business Debit Cards

Business Visa Debit Card

Business Debit Cards Terms and Conditions

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.
15. Withdrawal Limits	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.
16. Fees and Charges	Amended wording for clarity in relation to fees and charges, and accuracy for processes and procedures.
19. Trade Practices	Deleted section.

Term Deposits Terms and Conditions

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 Terms & Conditions

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

BPAY Biller, Direct Debit and Credit Information Service

Import Payee, Biller, Direct Debit & Credit Information Service Terms and Conditions and General Information

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.

Bank Accounts

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

Terms and Conditions (incorporating fees and charges)

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.
7. Statements of account	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.
Daily card withdrawal limits*	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.
26. Terms and Conditions of our cards.	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.