3. products and services

This is an old version of the Code of Banking Practice. View the current Code

3.1 Accounts, Products and Services
3.2 Payment Services

 3.1 Accounts, Products and Services

Opening Accounts

1. Before or at the time you open an account, we will advise you of the rights and obligations relating to that account. This information will include:
   1. the type of account;
   2. how and by whom the account is to be operated (i.e. individually or jointly);
   3. how funds may be put into or withdrawn from the account;
   4. who will be liable for repaying any existing and future debts on the account (e.g. if the account is a joint account); and
   5. any additional terms and conditions that may apply when authorising others to access your account.
2. We reserve the right not to open an account for you.
3. We are required by law to satisfy ourselves as to your identity. This is to protect you, as well as to avoid possible misuse of the banking system. You will be advised what identification is required. If you do not have the more common forms of identification, you should let us know, as an alternative means of identification may be acceptable.
   

   New Accounts, Products or Services

4. When we introduce new accounts, products or services, we will ensure information on the price, nature and/or terms and conditions of the account, product or service is available. We may communicate with you about new accounts, products or services. Alternatively, we may advertise in the media, Branches or on our website or any combination of these. If you would like to know more about these new accounts, products or services, you may wish to contact us to obtain more detail.
5. We reserve the right not to offer you products and services.
   

   Moving or Suspending Accounts

6. If you wish to move your account to another bank or another party requests us to do so on your behalf, we will co-operate in a timely manner with the request, subject to any legal constraints.
7. We may suspend the operation of your account for various reasons. These may include:
   1. complying with a court order;
   2. you have been adjudicated bankrupt;
   3. there are insufficient funds in your account;
   4. if we are notified by any party of a dispute over either the ownership of funds or the operation of the account;
   5. for charitable trust, incorporated society and business accounts (and other similar types of accounts) we may stop the operation of the account wholly or partially until the authority of the person representing the charitable trust, incorporated society or business or other entity as the case may be in its dealings with the bank is clarified; or
   6. to protect one or all of the parties to the account, us or a third party who has reasonably claimed an interest in the account.
8. When operation of an account is suspended, we will advise all account holders as soon as possible.
   

   Closing of Accounts and the Withdrawing of Products and Services

9. Either you or we may end any banking relationship at any time, and we may withdraw any product or service, as long as any relevant terms and conditions are adhered to. We will not normally close your accounts or withdraw a product or service until we have given you at least 14 days’ notice setting out the relevant details. However, there may be circumstances where we close your account or withdraw a product or service without prior notice. Examples are:
   1. complying with a court order;
   2. if you have acted unlawfully;
   3. if you have breached our terms and conditions; or
   4. if you have acted abusively to our staff.
10. When an account is closed, we will request that you return or destroy all unused cheques and any Card relating to that account.
11. Any funds remaining in your account at time of closure will be returned to you, subject to any terms and conditions, fees or interest applying to those funds. Further, if there is any dispute over these funds we may not be able to return them to you.
12. If a party to a joint account advises us that he/she wishes to withdraw from that joint account, we will either stop the account or remove that party from the account. In both cases, all parties to the account will be advised as soon as possible. However, the joint liability for all debt (including payments made but not processed) at the date of stopping the account or that party’s withdrawal, will continue until full repayment is made.

 3.2 Payment Services

1. We may provide you with payment services such as Direct Credits, Automatic Payments, Direct Debits, Bill Payments, fund transfers, electronic card transactions, same-day cleared payments and international money transfers.
2. Access to your accounts may be provided by means of telephone, mobile applications, internet, facsimile, ATMs, EFTPOS, at Branches or other means.
3. Where such services are used, we will inform you of:
   1. the terms and conditions that apply to the outward payment services offered and the consequences of any breach of these terms and conditions;
   2. any fees or charges for the service and we will advise you that there may be a charge imposed by the receiving bank;
   3. the deadline by which you may alter or stop a payment;
   4. our right to alter, adjust, cancel, reverse or suspend any payment instructions; and
   5. your right to alter, adjust, cancel, reverse or suspend any payment instructions, including, but not limited to, your right to advise us directly to cancel, or stop direct debit authorisations.
4. Payments may be declined or reversed if there are insufficient funds in your account or for other reasons and you may be charged fees in respect of such payments. Funds paid into your account may not be available for you to withdraw until the payment is cleared.
5. On request, we will provide you with information on when funds paid into your account may become available. When funds become available may depend on a number of factors including the type of payment used, jurisdiction, the rules covering the payment type and/or whether the payment was made on a non-business day or after banking hours.
6. If we permit you to draw against uncleared funds, we are providing Credit and will require to be repaid (including interest and charges) if the payments into your account are reversed out.
7. It may not be possible to stop or reverse electronic payments once they have been made. Payments you have made in error can only be recovered from the account they have been paid to with the consent of the account holder. We will co-operate with you or another bank involved in the transaction to try to recover payments made in error.
8. There may be circumstances where we can reverse payments paid into your account, such as when we or the other bank involved have made an error.
9. We will take and promptly process your:
   1. instruction to cancel a Direct Debit authority and we will instruct you to contact the Direct Debit Initiator to advise them that you have cancelled your Direct Debit authority (otherwise the Direct Debit Initiator might lodge a further Direct Debit authority with us); and
   2. complaint that a Direct Debit was unauthorised or otherwise irregular, but we may suggest that you also contact the Direct Debit Initiator.