On the 9th November 2023, changes to the unfair contract term provisions in the Australian Securities and Investments Commission Act 2001 take effect. As a result of these changes, updates have been made to the Account and Access Facility Conditions of Use document to add information as required.
For your convenience, we have listed the most notable changes to the Account and Access Facility Conditions of Use. Updated wording is noted in italics.
Trust Accounts:
Removal of the words “You agree to indemnify us against any claim made upon us in relation to, or arising out of that trust.”
Dormant Accounts:
If you do not reply within 10 business days of the date of our notice to you, we will treat your account as dormant.
Closing Accounts, Cancelling Access Facilities & Delaying, Blocking, Freezing or Refusing Transactions:
New section heading replacing - Closing Accounts, Cancelling Access Facilities & Blocking Access or Transactions
Additional information added to this section:
We will act fairly and reasonably towards you when taking such action without prior notice.
If we close your account, we will pay you the net credit balance in the account unless we reasonably believe that our legal or regulatory obligations prevent us from doing so and subject to our right to combine accounts.
Notifying Changes:
Additional information added to this section:
We may change fees, charges, interest rates and other conditions applicable to the Account & Access Facility at any time. We will act reasonably in making these changes and only do so for legitimate business purposes. If you do not like the change, you can ask us to close your Account and Access Facility, or close any account or cancel any access facility in it, in accordance with these Conditions of Use: see Closing Accounts, Cancelling Access Facilities & Delaying, Blocking, Freezing or Refusing Transactions.
For all other changes, we will provide reasonable notice (which, depending on the nature of the change, may be before or after the change is made). If we reasonably consider that such a change is unfavourable to you, we will provide at least 20 days’ notice. However, we may give shorter, or no, advance notice of a change unfavourable to you if it is reasonable for us to manage a material and immediate risk.
We will always provide notice in accordance with any applicable law or industry code (such as the Customer Owned Banking Code of Practice).
While we've highlighted the changes that we think are the most relevant to our members, we recommend you review the full document here.
If any member would like more information on these changes, please contact us on 13 61 91.
