T&C s. the. Terms and Conditions for Savings Accounts and Payment Services

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the T&C s Terms and Conditions for Savings Accounts and Payment Services Issued by Qudos Mutual Limited trading as Qudos Bank ABN Australian Credit Licence/AFSL no Issued June
the T&C s Terms and Conditions for Savings Accounts and Payment Services Issued by Qudos Mutual Limited trading as Qudos Bank ABN Australian Credit Licence/AFSL no Issued June 2016. welcome 1. It s nice to feel welcome! 1.1 About the booklet 4 2. Quick references About Us Financial Services Guide Member Care Member Numbers Transaction allowance Member Access Password Privacy Financial Difficulty Feedback and Complaints 6 A little more information please Account features at a glance Account summaries 8 1. Savings account 8 2. QSaver 8 3. Bonus Saver 8 4. Qantas Points Saver 8 5. Cash Management Account 8 6. DIY Super Saver 8 7. Term Deposits 9 8. Loan Offset Account 9 Making sense of it all 4. Words in plain English Interpreting these T&Cs 11 Open for business! 6. Opening your Qudos Bank account Am I eligible? How do I open an account with Qudos Bank? What do I have to provide when I apply? What does verification mean? It s easy to switch 13 Money in my pocket! 7. What you need to know about fees, charges and interest Fees and charges Earning interest Savings Accounts, QSaver, Bonus Saver and Cash Management Account % Loan Offset Term Deposits DIY Super Saver Government benefits and tax implications Your Tax File Number (TFN) 16 Money in, money out Transacting on your account Joint accounts Trust accounts Authorising others to operate on your account Making deposits How you can make deposits to your account Deposits using electronic equipment Depositing cheques Making deposits using and Giropost Making withdrawals How you can make withdrawals from your account Over the counter withdrawals Withdrawals by cheque Withdrawals using our corporate cheques Debiting transactions generally Direct Debit PayPal Withdrawal and transaction limits What if I need to withdraw more than the limit allows? Payment services generally Overdrawn accounts We may transfer money to cover any overdrawing Sweep terms We may combine your accounts Credit reversal Changing your details (name, address, etc.) Dormant accounts Closing accounts and cancelling access More information about cheques Your account statements Notifying you about changes Sending notices and statements Liability Authorisations 25 Qudos Bank T&C s Booklet June Resolving your concerns 9. Feedback and resolving complaints What to do if you have a complaint Details of your complaint What we ll do with your complaint If you want someone else to look at your complaint 26 e-conditions Content 1. What do these facilities do? Account transfers ATMS Autotransfer (Periodic payments) CueCard Direct Debit EFTPOS Visa card Online Banking Telephone Banking Mobile Banking (QActive) BPAY SMS Banking Tips to help protect you Important Words Transactions these e-conditions apply to Who s responsible for unauthorised transactions? When you re not responsible for loss When you are responsible for loss Limits on your liability for loss Unauthorised transactions using a pass code How we will assess loss Pass code security requirements Requirements when choosing your pass code When you aren t in breach of these pass code security requirements What happens if electronic equipment does not work properly? Network arrangements Mistaken internet payments What happens after we request a return of funds from a receiving financial institution? Using Electronic Banking (Telephone, Mobile and Online Banking) Reporting loss, theft or unauthorised use of cards, electronic banking or pass codes Reporting inside Australia How to report if you re outside Australia Using your card Using your Visa card Visa Debit cards Visa Credit cards Visa paywave Requesting a chargeback How to request a chargeback What happens when we claim a chargeback Using your cards outside Australia Letting others have a card When your card is expired or cancelled Transaction limits and restrictions Things outside of our control Cancelling your card or access services When we ll terminate your card or access services Using BPAY What you need to give us when you make a BPAY transaction What happens if I enter incorrect information? Can I cancel a BPAY transaction? If you find any irregularities Processing BPAY payments Future-dated BPAY payments Regular payment arrangements QSafe SMS verification 44 Qudos Bank T&C s Booklet June it s nice to feel welcome! 1. About this booklet Thanks for considering us to help you bank! We hope that you ll enjoy the benefits of your membership, including our deposit accounts and payment services that are tailored with you in mind. We would like you to read this booklet carefully before you start using any of our accounts, to make sure that the account you have chosen meets your everyday needs. Once read through carefully, you should keep this booklet someplace easily accessible for future reference. Some words in this booklet have special meanings. So to make it easier to read, please take a moment to go through the Words in plain English section. This booklet will explain the features and benefits of our deposit products and their Terms and Conditions: Savings account QSaver Bonus Saver Qantas Points Saver Cash Management Account DIY Super Saver Term deposits Loan offset account More information on account features can be found in Account features at a glance. The Terms and Conditions that apply to our savings accounts, payment facilities and deposit accounts are contained in this booklet, our electronic conditions of use ( the e-conditions ), at the back of this booklet, our Interest Rates brochure and our Fees and Charges brochure. 2. Quick references Here are some of the important things you should know upfront. 2.1 About Us These accounts are provided by Qudos Mutual Limited trading as Qudos Bank, ABN , Australian Credit Licence/AFSL No We are a mutual organisation, which means we are owned by our customers (our Members). Membership eligibility and conditions are governed by our Constitution, which is available from our website qudosbank.com.au or by contacting us. If you need help, you can contact us by: phoning faxing writing to Qudos Bank, Locked Bag 5020, Mascot NSW ing us by accessing your Online Banking, choosing Other functions and selecting Send a Secure Message 2.2 Financial Services Guide For information on our full range of products and services, please see our Financial Services Guide (FSG). Our FSG, our Constitution and information about how to join are available on our website qudosbank.com.au. For more information visit qudosbank.com.au or feel free to give us a call on We re happy to help! The information contained in this Terms and Conditions booklet is up to date as at June Qudos Bank T&C s Booklet June 2.3 Member Care We are proud to subscribe to the Customer Owned Banking Code of Practice and the epayments Code. The relevant parts of these codes will apply to your account. We d like to highlight our 10 key promises to you under the Customer Owned Banking Code of Practice. We promise you that: 1. We will be fair and ethical in our dealings with you 2. We will focus on our customers 3. We will give you clear information about our products and services 4. We will be responsible lenders 5. We will deliver high customer service and standards 6. We will deal fairly with any complaints 7. We will recognise customers rights as owners 8. We will comply with our legal and industry obligations 9. We will recognise our impact on the wider community 10. We will support and promote this Code of Practice. For more information about our 10 key promises to you, please visit our website. If you would like to make a complaint about our compliance with our promises and the Customer Owned Banking Code of Practice, please see the Feedback and resolving your complaints section. 2.5 Transaction allowance Each month you receive a transaction allowance to reduce your debit transaction fees. All of your savings and loan balances linked to your Member Number count towards your monthly transaction allowance. Joint loan and savings balances are linked to the Member Number of the primary account owner (usually the first person you provide details about in your application). You can use your savings account without paying debit transaction fees if you keep within the free debit transaction allowance. For more information about your monthly transaction allowance and tips to help you enjoy fee free banking, please refer to our Fees and Charges brochure. 2.6 Member Access Password We understand that sometimes you can t come into a Member Service Centre but you would still like to talk to a real person. To make it easier to give us instructions over the phone you can arrange a Member Access Password. The first time you call our Call Centre on we will ask you some questions to help us confirm your identity, then we will ask you to choose a password to use when you call us from then on. It s as simple as that. 2.4 Member Numbers We have relationships with our members, not with accounts. That s why when you join us we give you a unique Member Number (or RIM). In most cases if you work for Qantas Airways we can even use your staff number as your Member Number if you d like. All of your accounts and payment services with us are linked to your Member Number. This means you will receive a regular statement for your membership which shows all of your savings and loan accounts (however if you have a credit card you will receive a separate statement for that card). Qudos Bank T&C s Booklet June 2.7 Privacy We are committed to protecting your privacy. Our Privacy Policy contains information about how you: can request us to provide you access to any personal information about you, can seek correction of personal information we hold about you, may complain about a breach of an Australian Privacy Principle and how we will deal with such a complaint. The Privacy Policy is available on our website or on request by calling or at any of our Member Service Centres. We may make changes to our Privacy Policy from time to time for any reason. For this reason, we recommend that you review it on a regular basis. You may request that we provide you with access to your personal information held by us in relation to your account by contacting our Privacy officer by: phoning during normal business hours writing to the Privacy Officer Qudos Bank Locked Bag 5020, Mascot NSW 1460 Officer ing 2.8 Financial Difficulty If you are ever experiencing financial difficulty please let us know and we will do our best to help. Knowing early increases our ability to help you find a solution. In some circumstances we may be able to help by rearranging your payments before you fall behind on your loan. If you are in a tough situation financially, please call us immediately on Feedback and complaints We strive to provide the best possible service to you and your family. And we love to hear from you. So, if you ve had a great experience please let us know, as we like to pass on your compliments to our staff. If you haven t had such a great experience, please let us know that too, so we can ensure that we re always improving and learning how we can do things better. You can contact us from anywhere by: phoning faxing writing to Qudos Bank Locked Bag 5020, Mascot NSW ing us by accessing your Online Banking, choosing Other functions and selecting Send a Secure Message We will aim to resolve the matter when you first contact us. If you are dissatisfied with our response and you d like an independent review, you can refer your complaint to the Credit and Investments Ombudsman by: phoning faxing writing to Credit and Investments Ombudsman P.O. Box A252 Sydney South NSW ing cio.org.au For more information on how we will try to resolve your complaint, please see our section on Feedback and Resolving your Complaints. Qudos Bank T&C s Booklet June a little more information, please! 3. Account features at a glance Let s take a look at our savings accounts and payment services. Features Savings Account (S0) Additional Savings Account (S1,2,3...) QSaver Bonus Saver 100% Loan Offset Term Deposits Cash Management Qantas Points Saver DIY Super Saver (Available only for Super funds) Apply over phone, by post or in branch 1 Apply online At call withdrawals Fixed Term Tiered variable interest rate Bonus variable interest rate Fixed interest rate Loan offset 2 Transaction allowance (RIM) 3 4 No account keeping fees Online Banking 5 Telephone Banking 6 Mobile Banking 7 CueCard 8 Visa Debit Card 9 Chequebook Direct credit Direct debit to another bank Direct debit from another bank 10 BPAY Account transfer Autotransfer ATM/EFTPOS Westpac deposit book SMS Banking Member Service Centre access Earn Qantas Points Minimum Balance 11 1 Term deposits can only be applied for over the phone for rollovers and new term deposits where funds are transferred from an account within the same RIM 2 Linked to Qudos Bank home loan only 3 Term Deposit balances count towards your total relationship balance. 4 Per super fund RIM 5 View only 6 View only 7 View only 8 For people 12 years or older, not available on non-personal (business) accounts 9 For people 18 years or older, not available on non-personal (business) accounts 10 Initial deposit and at rollover only 11 See our Interest Rate brochure for information on minimum balance and rates Qudos Bank T&C s Booklet June 3.1 Account Summaries 1. GENERAL SAVINGS ACCOUNTS We call our main at call savings account a General Savings Account or a Savings 0 (S0) account. This account is usually opened when you become a Member of Qudos Bank. You can also choose to open additional savings accounts (S1, S2, S3 etc). These accounts are primarily designed as transaction accounts. If you would like to earn higher interest on your savings you should consider some of our other deposit accounts. 2. QSAVER This is our online at call savings account. It offers a higher rate of interest than our savings accounts, with a focus on electronic access. 3. BONUS SAVER This is a savings account that pays a bonus interest rate each month if you have made no withdrawals that month (withdrawals include fees and charges). While you still enjoy easy electronic access, Bonus Saver is designed to encourage saving. If you need to make withdrawals on a regular basis, you should consider one of our other deposit products. You can only have one at call savings account that offers a bonus interest rate, such as a Bonus Saver or DIY Super Saver per membership/person. 4. QANTAS POINTS SAVER Qantas Points Saver is an at-call cash management account that offers membership of Qudos Bank s Points Banking Reward Program, where the primary account owner is credited with Qantas Points based on the average balance of the account. To earn Qantas Points with a Qantas Points Saver you must also be a Member of the Qantas Frequent Flyer program and provide your Qantas Frequent Flyer number to us. Qantas Points Saver is only available to individuals who have a residential address in Australia. It is not available to non-individuals, which includes companies, partnerships, trusts, sole traders, superannuation funds or self-managed superannuation funds. You can only have one Qantas Points Saver per Member. We will allocate 400 Qantas Points per annum for each $1,000 of the average balance of your account in credit up to $1,000, This limit applies per Member. Points are allocated monthly using the following formula: (average balance/ 1,000) x (400/12) = monthly points The average balance is the total of the daily balances during the month divided by the number of days in the month. Examples: Balance Points Monthly Points $20, per $1,000pa 667 $1,250, per $1,000pa 33,333 Note: These examples are indicative only and use figures selected by us to demonstrate how the product works. The example is based on a 30 day month, with the closing daily balance remaining the same for the entire month. The points calculation includes rounding down to the nearest whole point. You will earn both interest and Qantas Points for the first $1,000, of your savings (per Member). For any amount over $1,000,000.00, you will not earn any Qantas Points, but you will still earn interest. This limit applies per Member. Points calculation changes can be made at our discretion. Calculating and crediting Qantas Points is subject to the Qantas Points Banking Rewards Terms and Conditions (as amended or substituted from time to time). You can find out more information on our website or by contacting us on Some access methods, such as cards, cannot be linked to a Qantas Points Saver. If you need these features then one of our other products may be more suitable for you. 5. CASH MANAGEMENT ACCOUNT The Cash Management Account is an at-call cash management savings account with optional chequebook access. Some access methods, such as cards, cannot be linked to a Cash Management Account. If you need these features then one of our other products may be more suitable for you. 6. DIY SUPER SAVER The DIY Super Saver Account is an at call savings account for self-managed superannuation funds. To be eligible to open a DIY Super Saver Account, you must be the Trustee of an ATO Regulated Superannuation Fund or Self Managed Superannuation Fund. Qudos Bank T&C s Booklet June It offers a bonus interest rate for balances of $10,000 or more, where no withdrawals are made in a month. However, some access methods, such as cards and Member chequebooks cannot be linked to a DIY Super Saver Account. If you need these features then one of our other products may be more suitable for you. You can only have one at call savings account that offers a bonus interest rate, such as a Bonus Saver or DIY Super Saver per membership/person. 7. TERM DEPOSITS Term deposits offer a fixed interest rate (this means the rate will not change during the term of your deposit, unless agreed between you and us). You can choose a term of 3, 6, 9, 12, 24 or 36 months. You can choose that interest be paid monthly (for all standard terms), at maturity (for terms of 12 months or less) or annually and at maturity (for terms greater than 12 months). The minimum term deposit is $2, for 3 months and $5, for other terms. Term deposits over $1 million are subject to approval. If we quote you an interest rate for a term deposit, the rate may differ if your deposit is not made on the same day. The interest rate for new term deposits may be varied without notice. We ll issue you with a Term Deposit Certificate on establishment and when individual deposits are rolled over. Every now and again we may set maximum and minimum amounts for term deposits and terms. No regular fees or charges are payable over the term of the term deposit. We may also offer other terms from time to time ( term deposit specials ). We will tell you any conditions that apply to term deposit specials before you apply. At maturity (we will send you a maturity notice at least two weeks before), the balance can be automatically renewed for the same or closest term (subject to availability) at the interest rate applicable at the time or can be credited to your Qudos Bank savings account. If you don t nominate how you want us to deal with the balance at maturity, we will renew the principal and interest for a further term. If the term deposit is renewed by us, the interest rate and other conditions will be those applicable to any other term deposit made on that day for the same amount and term. If the applicable term or amount is not available on that day, the rate and other conditions will be those applicable to the nearest (shortest) terms available on that day. Due to the fixed interest rate and term, restrictions apply to withdrawals of term deposits. If you believe you may need to access your funds prior to maturity, you should consider a shorter term or another deposit product. You may withdraw the balance of your term deposit early by giving us 31 days notice. However if you do, we will reduce the interest on the term deposit from th
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