Update to ‘Accounts and Access Facilities Terms of Use’

Document Name
This document (now referred to as a booklet) has been renamed to 'Australian Unity Bank Transaction, Savings and Investment Products Terms and Conditions'.

Content Sequence
This sequence of content in this booklet has been updated to improve referencing. This includes, renaming the ‘1. Meaning of Words’ section to ‘Definitions’, which is now located in Section 6 of this booklet. Some new definitions have been added, including ‘Mistaken Internet Payment’ and ‘New Payments Platform’.

About these Terms and Conditions
An ‘About these Terms and Conditions’ section has been added at the front of this booklet, including a list of the documents that apply to the products contained in these terms and conditions.

Lending Products(excluding Credit Cards – Refer to Credit Card Conditions of Use for details)  This content has been removed, as it is not applicable to these terms and conditions.

Identification (Section 1.4)
Additional information on acceptable proof of identity documents has been added. A new section called ‘What is a Beneficial Owner?’ has been added to explain what a beneficial owner is and means.

Tax Information (Section 1.5)
Additional information has been added to provide further clarification on tax file number (TFN) disclosure and automatic exchange of information (AEOI) requirements and obligations.

Additional Information (Section 1.6)
Additional information provided for joint accounts and trust accounts, including the ways in which trust accounts can be opened and trustee(s) responsibilities and obligations.   

Authority to use an Account (Section 2.1)
Content on the responsibilities of authorising another person to use/operate an account have been added.

Deposits (Section 2.2)
Content has been expanded to include electronic transfers, including arranging a once off or periodical payment from another account with us and from another person’s account with another financial institution. Additional clarification provided for ‘Depositing cheques drawn on Australian banks’.

Processing of deposits generally (Section 2.3)
Content has been added to provide information on how deposits are applied to your account.

Withdrawals or transfers (Section 2.4)
This content has been updated to clarify the ways in which you can withdraw or transfer money from your account. ‘Responsibility for withdrawals or transfers’ content has been added to explain your responsibility regarding providing the correct withdrawal or transfer information and ‘Withdrawal and transfer options available’ content has been added to clarify what withdrawal and transfer options apply to each product. ‘Withdrawals using our corporate cheques’ has been updated to explain your liability more clearly if you don’t promptly tell us about a lost or stolen corporate cheque.

Processing of withdrawals generally (Section 2.5)
Content has been added to provide information on how withdrawals are applied to your account.

Direct Debits (Section 2.6)
Additional information added to clarify what a Direct debit is and certain cases in which we may be able to block a direct debit payment.

Recurring and periodical payments (Section 2.8)
‘Recurring payment’ and ‘Periodical payment’ content has been added to provide clarification on how these types of payments can be arranged and how they will be processed.

Security of cards, PINs, secret codes and passwords (Section 2.10)
‘Card security’ and ‘Internet banking and mobile app security’ content has been updated to clarify what you must do when considering  security.

Account interest (Section 2.14)
Content has been added to clarify the way we pay credit interest (including bonus interest) and charge credit interest.. ‘Freedom Saver Account’ content has been added to these terms and conditions.

Closing Accounts, cancelling Access Facilities, suspending Accounts and deciding not to process a transaction (Section 2.15)
The title of this section has been updated, with content added to clarify the process for ‘Closing your Account’, ‘Cancelling Access Facilities’ and the circumstances in which we may close your account with or without giving you notice.

Dormant and inactive accounts (Section 2.16)
This content has been updated to explain that dormancy applies to a customer and not an account, we may transfer a closing account balance to a non-interest bearing account with us and you may contact us to reactivate your account up to 6 years after your account has been made dormant.

Unclaimed Monies (Section 2.17)
An explanation on what happens to and how to claim unclaimed monies has been added.
 
Anti-Money Laundering and Sanctions (Section 2.18)
This new section has been added to explain that we may delay, block or refuse to process a transaction without incurring any liability if we suspect that a transaction may break any law, involves any sanctioned person or is directly or indirectly applied for unlawful conduct.  

Cheques (Section 2.19)
This section has been updated to provide further clarification on how to write and stop cheques and reduce risk of cheque forgery. The reasons we may dishonour or refuse cheque payment has also been updated.

Cards (Section 3.1)
This section has been updated to provide more information on what a Visa Card allows you to do.  We’ve also added additional content to clarify ‘Authorisations for transactions using a Visa Debit Card’.

Other Important Information (Section 4)
Content for ‘Changing name, address or contact details’, ‘Account combination’, ‘Notifying changes’, ‘Changes to Terms and Conditions’, ‘How we send account statements and notices’, ‘Privacy’, ‘Payment Disputes and Investigations’ and ‘Financial Difficulty’ have been updated to provide additional clarification.

Electronic Banking Conditions of Use (Section 5)
SMS banking content has been removed, as SMS banking is not available. Section 5.1 has been updated to include Internet Banking and Mobile App Banking.