Retail Lease Account

Terms and Conditions

View Retail lease account terms and conditions (PDF, 851KB)

Effective 3 October 2016

Contents

  1. Who is eligible for the Account?
  2. How will the Account work?
  3. Interest
  4. When will I receive statements?
  5. What fees and charges are applicable to the Account?
  6. Clearance of cheques
  7. No Right of Set-off by NAB
  8. You agree to indemnify NAB
  9. Compliance with laws and the Retail Lease
  10. Code of Banking Practice
  11. Changes NAB may make
  12. How will I be notified of changes?
  13. How is the operation of the Account governed?
  14. Obligations of Firms and Joint Customers
  15. Goods and Services Tax
  16. What conditions apply to Joint Accounts?
  17. Reference to PDS in ancillary documents
  18. How can I get more information?
  19. What do I do if I have a dispute?
  20. Financial Claims Scheme Disclosure
  21. Meaning of Words
  22. Privacy

Terms and Conditions for NAB Retail Lease Account

About this document

This document forms part of the terms and conditions for NAB’s Retail Lease Account, along with the following documents:

  • Business Banking Fees - A guide to fees and charges; and
  • Indicator Rates - Deposit Products.

It is important that you read and understand these terms and conditions. These are available from NAB at any time. If you have not already received a copy of these documents please contact NAB.

Any advice in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice, NAB recommends that you consider whether it is appropriate for your circumstances.

Tax File Number Options

You must account to the Tenant for the credit interest earned on the account. Interest earned on a NAB Retail Lease Account may form part of the Tenant’s assessable income.

If:

  1. the Tenant elects not to provide NAB with their Tax File Number (TFN) or Australian Business Number (ABN);
  2. the Tenant advises they are eligible for an exemption from providing a TFN or ABN; or
  3. on behalf of the Tenant, you do not provide NAB with the Tenant’s ABN or TFN

NAB may be obliged to deduct Pay As You Go Withholding Tax at a rate equal to 46.5% of the amount of any interest income earned on the Account.

Print and complete NAB Retail Lease Tax File Number / Australian Business Number / Exemption notification form

National Australia Bank Limited ABN 12 004 044 937, Australian Financial Services Licence 230686 is the issuer of the NAB Retail Lease Account.

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Terms and Conditions

1. Who is eligible for the Account?

1.1 The Account is only available if you are a Landlord under a Retail Lease and you are depositing into the Account a Security Deposit paid to you by a Tenant under a Retail Lease.

1.2 NAB is entitled to assume, without further inquiry, that the opening of the Account by you is for the sole purpose set out in clause 1.1.

1.3 If requested by NAB you agree to provide NAB with a declaration (in a form provided by NAB) that the Account is used for the sole purpose set out in clause 1.1

1.4 You must notify NAB where the Tenant is a sole trader. Where you do not notify NAB of this, NAB is entitled to assume, without further inquiry, that the opening of the Account by you is for a Tenant who is not a sole trader.

1.5 The Account can only be opened if:

  1. you meet all NAB’s account opening requirements; and
  2. if the Tenant is a sole trader, the Tenant completes, signs and returns to NAB a NAB Retail Lease Account Form provided to you by NAB. You agree to provide this Form to any Tenant who is a sole trader, and to take all reasonable steps to ensure that the Tenant returns the Form directly to NAB at the address specified by NAB in the Form.

1.6 Where a Retail Lease Account Form is not required to be provided by a Tenant under clause 1.5, you must provide NAB with all information necessary for NAB to open and maintain the Account. NAB is entitled to assume, without further enquiry, that all information provided by you in relation to the Tenant is true and correct.

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2. How will the Account work?

2.1 You may only deposit into the Account the Security Deposit and you may only withdraw the total of the credit balance of the Account. Partial withdrawals are not permitted. Proceeds of any cheque or other item deposited in the Account will not be available until the cheque or other item is cleared.

2.2 Interest paid on the Account will be added to the credit balance and can only be withdrawn when the total of the credit balance of the Account is withdrawn.

2.3 There is no minimum Account balance which must be maintained.

2.4 Deposits to the Account and withdrawals from the Account (only to close the Account) can only be made at a branch of NAB or as otherwise agreed to by NAB.

2.5 The Account will not have cheque book access and there is no overdraft or other credit facility available with the Account.

2.6 You may not arrange access to the Account through any of the following channels:

  1. NAB Telephone Banking or NAB Internet Banking or any similar service; or
  2. NAB ATMs, non-NAB ATMs or by using EFTPOS.

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3. Interest

3.1 NAB will pay interest calculated on the daily credit balance of the Account as at the end of each day up to and including the day before the last banking day of each month (or, if there is a further banking day in another State or Territory because it does not have a holiday, the day before this further banking day) and will credit the interest to the Account the next banking day.

3.2 The interest rate applicable to the Account will be notified to you at the time you open your Account in NAB’s flyer ‘Indicator Rates - Deposit Products’. That flyer forms part of these terms and conditions. The rate applicable to the Account may change. You will be notified of any change to the rate. This rate is also available from NAB.

3.3 You are not permitted to overdraw the Account. If, however, the Account is overdrawn, you must put the Account in credit promptly on demand by NAB. You will pay NAB interest on the amount overdrawn at the default rate charged by NAB for this Account from time to time. The default rate is set out in NAB’s flyer ‘Indicator Rates - Deposit Products’. That flyer is included in these terms and conditions. You will be notified of any change to the default rate. This rate may be obtained from NAB. The interest is calculated on the daily debit balance of the Account as at the end of each day and will be charged on the last banking day of each month.

3.4 You may also incur a Reference Fee for being overdrawn, the amount and nature of which are detailed in NAB’s brochure ‘Business Banking Fees - A guide to fees and charges’ available from NAB at any time.

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4. When will I receive statements?

4.1 NAB will send you statements of the Account at least six-monthly, unless you request otherwise.

4.2 You consent to NAB providing statements of the Account to the Tenant on a regular basis.

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5. What fees and charges are applicable to the Account?

5.1 You agree to maintain a separate account with NAB to which all account fees and other standard service fees and charges, interest and government charges, duties and taxes that relate to or are incurred on the Account may be debited. If you fail to maintain this account and ensure that sufficient clear funds are available to meet the account debits from time to time, NAB may close the Account.

5.2 The amount and nature of those fees (where applicable) are detailed in NAB’s brochure ‘Business Banking Fees - A guide to fees and charges’, available from NAB at any time.

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6. Clearance of Cheques

6.1 When is a cheque ‘cleared’?

  1. Clearing a cheque involves several steps which may take, in normal circumstances, up to three working days.
  2. The steps involved in clearing a cheque are usually:
    • you deposit a cheque you have received into your NAB account;
    • NAB will seek payment of the cheque from the bank on which the cheque is drawn (the two banks could be the same); and
    • that bank will pay the proceeds of the cheque to NAB.

    Only after the completion of these steps will the cheque be cleared.

  3. Normally you will not be able to withdraw the value of a cheque you deposit until the cheque is cleared, even though your account will be immediately credited with the proceeds of the cheque. This rule applies even to cheques made payable to ‘cash’.
  4. If a cheque you have deposited is dishonoured NAB will advise you. NAB will also reduce the balance of your account of the cheque already credited.

6.2 Special Clearance

If you want fast clearance of a cheque you deposit, you can ask NAB for a special clearance. You will be provided with an estimate of the time it will take and any applicable fees. The amount and nature of these fees are also detailed in NAB’s brochure ‘Business Banking Fees - A guide to fees and charges’.

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7. No Right of Set-off by NAB

It is acknowledged that NAB may not set-off any money NAB owes you from the Account against money you owe NAB.

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8. You agree to indemnify NAB

You agree to indemnify NAB fully against any liability, loss, or damage suffered or incurred by NAB arising out of or in connection with any claim demand or action brought against NAB arising directly or indirectly from you opening or using the Account and any breach by you of these terms and conditions.

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9. Compliance with laws and the Retail Lease

9.1 You warrant to NAB that you will at all times comply with all your obligations under the Act, the Retail Lease and all laws in relation to the Security Deposit deposited into the Account. NAB is entitled to assume, without further inquiry, that you are at all times complying with all such obligations.

9.2 This warranty is taken to be also made on the last day of each calendar month after your Account is opened.

9.3 An account must not be used for any personal or domestic banking. If you do not have an Australian Business Number then you agree to provide NAB with a declaration (in a form provided by NAB) that the Account is not used for personal or domestic reasons.

9.4 You must at all times, including in relation to the provision of information to NAB for the purposes of opening the Account, comply with the Privacy Act 1988 (Cth) and all other applicable laws (as may be in force from time to time) which relate to privacy and data protection and which regulate the collection, storage, use and disclosure of information. NAB is entitled to assume, without further inquiry, that you are at all times complying with all such obligations.

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10. Code of Banking Practice

10.1 NAB has adopted the Code of Banking Practice and relevant provisions of the Code applies to this Account, if you are an individual or a small business customer (as defined by the Code).

10.2 You can obtain from NAB upon request:

  1. information on NAB’s current interest rates and standard fees and charges (if any) relating to this Account, if any;
  2. general descriptive information concerning NAB’s banking services including:
    • for accounts with cheque access, general descriptive information about cheques;
    • account opening procedures;
    • NAB’s obligations regarding the confidentiality of your information;
    • complaint handling procedures;
    • bank cheques;
    • the advisability of you informing NAB promptly when you are in financial difficulty;
    • the advisability of you reading the terms and conditions applying to each banking service NAB provides to you;
  3. general descriptive information about:
    • the identification requirements of the Financial Transactions Reports Act 1988 or the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Commonwealth), as applicable;
    • the options available to you under the tax file number legislation; and
  4. a copy of the Code of Banking Practice.

10.3 Where these terms and conditions confer a discretion on NAB, NAB will exercise that discretion reasonably and in accordance with its legitimate business interests.

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11. Changes NAB may make

11.1 In addition to the other changes NAB may make to these terms and conditions, NAB may change any other terms and conditions (including by imposing new fees or charges, changing the amount, type or method of calculation of fees and charges payable). NAB will make any changes in accordance with any applicable legislation and industry codes. If you do not accept any change we make, you can ask NAB to close your Account. You will need to pay any outstanding balance in order to do this.

11.2 If the Account is not used for a period (the length of which is dependent upon the amount of money in the Account) the crediting of interest and issue of statements to you if applicable, will end and access will be restricted or the Account will be closed and the balance transferred to the Commonwealth Government. NAB will notify you at your last known address of such variation, no later than 30 days before the variation takes effect.

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12. How will I be notified of changes?

12.1 Unless otherwise specified in these terms and conditions or separately agreed between you and NAB, NAB will give you notice of changes as set out below and you agree to receiving notice in such ways:

  • notice of changes to fees and charges will be given in writing at least 30 days before the change takes effect;
  • notice of changes to interest rates will be given either in writing or by media advertisement no later than the day the change takes effect;
  • notices of changes to government fees and charges will be given by media advertisement, in writing or electronically, as soon as practical after, but no later than three months after the changes take effect; and
  • notice of any other changes to these terms and conditions (including changes relating to interest other than changes to an interest rate) will be given in writing at least 30 days before the change takes effect.

12.2 You agree to notify NAB promptly of a change to your address. You agree to promptly notify NAB of a change to the Tenant's address.

12.3 Unless determined otherwise by NAB, any notice you give NAB under these terms and conditions must be given in writing.

12A. Electronic notification

12A.1 NAB may send statements, notices or other communication (including notification of any variation to these terms and conditions) to your mailing address or electronically, including by electronic mail you nominate.

12A.2 If you agree to receiving information electronically, you may not receive paper documents.

12A.3 NAB may notify you that information is available electronically (including SMS or electronic mail). You must check electronic communications regularly.

12A.4 You may change your nominated electronic address or withdraw your agreement to receive information by electronic mail by giving NAB notice and you may request a paper copy of a communication given
electronically within 6 months of the electronic copy being received or made available.

12A.5 A notice, statement, certificates and other communications in writing is deemed to be given if:
(a) given personally to the addressee (if you are a company, to one of your directors); or
(b) left at the last address advised; or
(c) sent by prepaid post to the address last advised;
(d) sent by facsimile to the facsimile number last advised;
(e) sent electronically when the communication enters the recipient’s designated information system or is capable of being viewed from a recipient’s computer, and is effective when received even if no person is aware of its receipt.
(f) where allowed by the terms and conditions, published in a newspaper or at nab.com.au; or
(g) given in any other way permitted by law.

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13. How is the operation of the Account governed?

13.1 Provided that we have received notice of such authority in a manner recognised by us, each person you authorise to transact banking business on your behalf is able to undertake the following activities in respect of an Account if it is the subject of such an authority and to the extent applicable to the Account:

  1. to sign, draw, make, accept, endorse, discount or make arrangements with NAB regarding cheques, withdrawals, bills of exchange, bank cheques, orders and other instruments;
  2. sign or execute guarantees, indemnities or declarations protecting NAB in relation to:
    1. guarantees or undertakings by NAB in our favour or on our behalf;
    2. letters of credit; and
    3. repurchase by NAB of bank/international cheques and other instruments.
  3. apply for encashment/negotiation facilities and letters of credit upon terms acceptable to NAB including the giving and enforcing of security and relieving NAB from liability and enter into contracts with NAB for the sale or purchase of foreign currencies by NAB or NAB’s correspondents.

13.2 Should the authority referred to in clause 13.1 be terminated NAB must be immediately notified.

13.3 You authorise NAB to undertake the following activities in relation to the Account:

  1. accept deposits, make credits and attend to collection of proceeds;
  2. provide opinions for commercial enquiries where required.

13.4 NAB may elect to not follow instructions in relation to the operation of your Account or performance of any transaction if:

  1. NAB is not satisfied that the person giving the instruction has authority (for example, if NAB is not satisfied that the signature on the instruction matches the specimen signature held);
  2. in NAB’s opinion, the instructions are not clear;
  3. NAB cannot authenticate or validate any information or documents relating to the Account or service, a person who is authorised to transact on it, or the transaction; or
  4. NAB is notified of a dispute between joint account holders, partners or directors (in which case NAB may require all joint account holders, partners or directors to sign any authority to operate the account).

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14. Obligations of Firms and Joint Customers

14.1 NAB will accept for credit of the Account, all cheques, bills of exchange or other instruments deposited in and all transfers made to any one or more of the persons authorised to transact banking business on your behalf in accordance with clause 13.

14.2 In the event that the Account becomes overdrawn, your liability to NAB in respect thereof shall be joint and several.

14.3 You must give NAB immediate notice of any change to the membership of your firm (if applicable).

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15. Goods and Services Tax

If NAB is liable to pay goods and services or any similar tax (GST) on a supply made in connection with the Account, you agree to pay to NAB (on demand) an additional amount equal to the consideration payable for the supply multiplied by the prevailing GST rate.

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16. What conditions apply to Joint Accounts?

16.1 If there are two or more of you, you will be treated as holding the Account jointly and NAB may accept for credit to the Account any cheque, payment order or bill of exchange or instrument that is payable to you or to one or more of the authorising parties or the persons authorised to transact banking business on your behalf in accordance with clause 13.1.

16.2 If any of you die, the Account will be treated as the account of the survivor or survivors jointly which means, without limitation, that the balance in the Account may be paid to such survivor.

16.3 Unless any of you request otherwise, statements and notices (including notification of any variation to these terms and conditions) will be forwarded to the address of the first of you named in the Account. In the absence of evidence to the contrary, you will all be deemed to have received any statements and notices forwarded by NAB in accordance with these terms and conditions.

16.4 A joint account holder may only make a withdrawal on the terms of any authority to operate on the Account. If NAB is notified of a dispute between joint account holders, NAB may require all joint account holders to sign any authority to operate the Account.

16.5 The liability of account holders under an account held in joint names is joint and several. This means each and all of the account holders are liable for the whole of any debit balance on the Account.

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17. Reference to Product Disclosure Statement (PDS) in ancillary documents

Where the context so requires, a reference to a Product Disclosure Statement or a PDS for NAB’s Retail Lease Account in any brochure, letter, application form or other document issued by NAB shall be construed as a reference to these terms and conditions.

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18. How can I get more information?

You can obtain more information about NAB’s:

  • Retail Lease Account;
  • current interest rates;
  • standard fees and charges; or
  • banking with NAB,

by visiting nab.com.au or any branch, or calling 13 10 12.

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19. What do I do if I have a problem or dispute relating to my Account?

For information about resolving problems or disputes, contact NAB on 1800 152 015, or visit any NAB outlet. NAB has available on request information about the procedures for lodging a complaint.

For more details about our internal dispute resolution procedures please ask for our complaints resolution brochure.

If you subsequently feel that an issue has not been resolved to your satisfaction, you may contact our external dispute resolution scheme. External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints. Our external dispute resolution provider is Financial Services Ombudsman and can be contacted at:

Telephone: 1300 780 808
Website: www.fos.org.au
Postal address: GPO Box 3
Melbourne
VIC 3001
Australia

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20. Financial Claims Scheme Disclosure

The Financial Claims Scheme provides a guarantee of funds deposited with an authorised deposit-taking institution (ADI) such as NAB. In the event that an ADI becomes insolvent, customers may be eligible to claim the amount of their deposits with that ADI from the Scheme. Payments under the Scheme are subject to a limit for each depositor.

For more information regarding the Scheme, visit the Financial Claims Scheme website at http://www.fcs.gov.au.

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21. Meaning of Words

Account means NAB Retail Lease Account with NAB.

Act means the Retail Leases Act 2003 (Victoria).

Banking Day means a day other than a Saturday or Sunday, or a public, special or bank holiday in the State or Territory where the Account is opened.

GST is a goods and services tax or any similar tax imposed in Australia.

Landlord has the same meaning as set out under the Act.

Lease has the same meaning as set out under the Act.

NAB means National Australia Bank Limited and its successors and assigns.

NAB Retail Lease Account Form means a Form by the same title required to be completed the Tenant, who is a sole trader, and returned to NAB under clause 1.5.

Retail Lease means a Lease of Retail Premises.

Retail Premises has the same meaning as set out under the Act.

Security Deposit has the same meaning as it has in section 24 of the Act.

Tenant has the same meaning as set out under the Act.

You means the customer or customers who open the Account, and if there is more than one, 'You' means each of them separately and every two or more of them jointly. 'You' includes your successors and assigns and, in relation to your rights to operate the Account, any other authorised signatory to the Account acting within his or her authority.

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22. Privacy

This notification covers National Australia Bank Ltd ABN 12 004 044 937 and its related companies (the ‘Group’). It includes all the banking, financing, funds management, financial planning, superannuation, insurance, broking and e-commerce organisations in the Group. We are grateful for the trust and confidence you have in us to safeguard your privacy. The notification tells you how we collect your information, what we use it for and who we share it with. It also points out some key features of our Privacy Policy available at www.nab.com.au/privacy. By providing personal information to us, you consent to the collection, use and disclosure of your information in accordance with this Notification and any other arrangements that apply between us.

How we collect information from you
We’ll collect your personal information from you directly whenever we can, for example when you fill out a form with us, when you’ve given us a call, used our websites (including via cookies) or mobile applications or dropped into one of our branches. (See our Cookies Policy www.nab.com.au/cookies for more information). Sometimes we collect your personal information from third parties. You may not be aware that we have done so. If we collect information that can be used to identify you, we will take reasonable steps to notify you of that collection.

How we collect your information from other sources
Sometimes we collect information about you from other sources. We may collect information about you that is publicly available (for example from public registers or social media), or made available by third parties. We do this where:

  • we distribute or arrange products on behalf of others, including our business partners;
  • we can’t get hold of you and need to update your contact details;
  • we need information from third parties about an application you make through us;
  • we need information for fraud prevention purposes;
  • we are checking the security you are offering;
  • we can learn insight about your financial needs, such as through property information;
  • you have consented to third parties sharing it with us, such as organisations we have loyalty programs with or we sponsor;
  • at your request, we exchange information with your legal or financial advisers or other representatives.

We may use or disclose information about you in order to combine the information that we hold with information collected from or held by external sources.

When the law authorises or requires us to collect information
We may collect information about you because we are required or authorised by law to collect it. There are laws that affect financial institutions, including company and tax law, which require us to collect personal information. For example, we require personal information to verify your identity under Commonwealth Anti-Money Laundering law.

NAB believes that by applying for this account, you're not a US citizen or tax resident. If you are a US citizen or tax resident, you'll need to advise NAB by calling 1300 550 316 between 9am and 5pm (AEST/ADST) Monday to Friday.

How we use your information
We use your information to provide you with the product or service you asked for, and for other purposes including:

  • giving you information about a product or service including financial help, guidance and advice;
  • considering whether you are eligible for a product or service, including identifying or verifying you or your authority to act on behalf of a customer;
  • processing your application and providing you with a product or service;
  • administering the product or service we provide you, which includes answering your requests and complaints, varying products and services, conducting market research, and managing our relevant product portfolios;
  • telling you about other products or services that may be of interest to you, or running competitions and other promotions (this can be via email, telephone, SMS, iM, mail, or any other electronic means including via social networking forums), unless you tell us not to;
  • identifying opportunities to improve our service to you and improving our service to you;
  • determining whether a beneficiary will be paid a benefit;
  • assisting in arrangements with other organisations (such as loyalty program partners) in relation to a product or service we make available to you;
  • allowing us to run our business and perform administrative and operational tasks (such as training staff, risk management; developing and marketing products and services, undertaking planning, research and statistical analysis; and systems development and testing)
  • preventing or investigating any fraud or crime, or any suspected fraud or crime;
  • as required by law, regulation or codes binding us; and
  • for any purpose for which you have given your consent.

You can let us know at any time if you no longer wish to receive direct marketing offers from the Group. We will process your request as soon as practicable. Where you have subscribed to something specific (like to hear from one of our sponsored organisations) then these subscriptions will be managed separately. If you no longer wish to receive these emails click the unsubscribe link included in the footer of our emails.

How we use your credit information
In addition to the ways for using personal information mentioned above, we may also use your credit information to:

  • enable a mortgage insurer or title insurer to assess the risk of providing insurance to us or to address our contractual arrangements with the insurer;
  • assess whether to accept a guarantor or the risk of a guarantor being unable to meet their obligations;
  • consider hardship requests; and
  • assess whether to securitise loans and to arrange the securitising of loans.

What happens if you don’t provide your information to us?
If you don’t provide your information to us, we may not be able to:

  • provide you with the product or service you want;
  • manage or administer your product or service;
  • personalise your experience with us;
  • verify your identity or protect against fraud; or
  • let you know about other products or services from our Group that might better meet your financial, e-commerce and lifestyle needs.

Sharing your information
We may share your information with other organisations for any purposes for which we use your information.

Sharing with the Group
We may share your personal information with other Group members. This could depend on the product or service you have applied for and the Group member you are dealing with. Where appropriate we integrate the information we hold across the Group to provide us with a complete understanding of you and your needs, including giving you access to the Group or related products you hold via Internet Banking.

Sharing with MLC Limited
NAB acts for MLC Limited ABN 90 000 000 402 (described as MLC Life Insurance) in distributing their life insurance products. MLC Limited is no longer part of the NAB Group of companies. We may exchange personal information with MLC Limited or their service providers in order to administer and manage your life insurance products that are issued by them. We may also need to share information so as to ensure:

  • your insurance premium is calculated correctly (balance information may be required to be shared so your insurance can be calculated) and where authorised, make payments on your behalf to MLC Limited;
  • insurance claims and benefits are paid;
  • insurance products are viewable to service customer contact (this includes showing your insurance products in NAB Internet Banking if you have a NAB Internet Banking ID);
  • NAB and MLC Limited can both tell you about our respective marketing and products offers (including ensuring customers who hold MLC Limited products are excluded from NAB Group campaigns marketing MLC Limited products);
  • a smooth customer experience when you contact us, including:
  • we can transfer you to the right service centre;
  • where appropriate, NAB and MLC Limited can cooperate in order to handle your complaint;
  • being able to provide assistance should you wish to speak about your MLC Limited products held (for example, where possible, we may assist by updating contact details on request).

Some of the information exchanged will be stored and visible within NAB Group customer databases; with some of these databases being accessible to MLC Limited for a transition period. All information stored in these databases is subject to this privacy policy as well as NAB Group’s security procedures and controls.

Sharing at your request
We may need to share your personal information with your representative or any person acting on your behalf (for example, financial advisers, lawyers, settlement agents, accountants, executors, administrators, trustees, guardians, brokers or auditors) and your referee such as your employer (to confirm details about you).

Sharing with Credit Reporting bodies
When we’re checking your credit worthiness and at other times, we might share information about you with credit reporting bodies. When we give your information to a credit reporting body, it may be included in reports that the credit reporting body gives other organisations (such as other lenders) to help them assess your credit worthiness.

Some of the information that we give to credit reporting bodies may reflect adversely on your credit worthiness, for example, if you fail to make payments or if you commit a serious credit infringement (like obtaining credit by fraud). That sort of information may affect your ability to get credit from other lenders.

With your consent, personal information may also be shared with credit reporting bodies or other approved third parties who are authorised to assess the validity of identification information. These checks help us verify whether your identity is real and are not a credit check.

Sharing with third parties
We may disclose your personal information to third parties outside of the Group, including:

  • those involved in providing, managing or administering your product or service;
  • authorised representatives of the NAB Group who sell products or services on our behalf;
  • credit reporting bodies or other approved third parties who are authorised to assess the validity of identification information;
  • insurance, investment, superannuation and managed funds organisations, and their advisers and service provider;
  • medical professionals, medical facilities or health authorities who verify any health information you may provide;
  • real estate agents, valuers and insurers (including lenders’ mortgage insurers and title insurers) , re-insurers, claim assessors and investigators;
  • brokers or referrers who refer your application or business to us;
  • other financial institutions, such as banks, as well as guarantors and prospective guarantors of your facility;
  • organisations involved in debt collecting, including purchasers of debt;
  • fraud reporting agencies (including organisations that assist with fraud investigations and organisations established to identify, investigate and/or prevent any fraud, suspected fraud, crime, suspected crime, or misconduct of a serious nature);
  • organisations involved in surveying or registering a security property or which otherwise have an interest in such property;
  • organisations we sponsor and loyalty program partners, including organisations the NAB Group has an arrangement with to jointly offer products or has an alliance with to share information for marketing purposes;
  • companies we arrange or distribute products for, such as insurance products;
  • rating agencies to the extent necessary to allow the rating agency to rate particular investments;
  • any party involved in securitising your facility, including the Reserve Bank of Australia (sometimes this information is de-identified), re-insurers and underwriters, loan servicers, trust managers, trustees and security trustees;
  • service providers that maintain, review and develop our business systems, procedures and technology infrastructure, including testing or upgrading our computer systems;
  • payments systems organisations including merchants, payment organisations and organisations that produce cards, cheque books or statements for us;
  • our joint venture partners that conduct business with us;
  • organisations involved in a corporate re-organisation or transfer of NAB Group assets or business;
  • organisations that assist with our product planning, analytics, research and development;
  • mailing houses and telemarketing agencies and media organisations who assist us to communicate with you, including media or social networking sites;
  • other organisations involved in our normal business practices, including our agents and contractors, as well as our accountants, auditors or lawyers and other external advisers (e.g. consultants and any independent customer advocates);
  • government or regulatory bodies (including the Australian Securities and Investment Commission and the Australian Tax Office) as required or authorised by law (in some instances these bodies may share it with relevant foreign authorities); and
  • where you’ve given your consent or at your request, including to your representatives, or advisors.

Sharing outside of Australia
We run our business in Australia and overseas. We may need to share some of your information (including credit information) with organisations outside Australia. Sometimes, we may need to ask you before this happens. You can view a list of the countries in which those overseas organisations are located at www.nab.com.au/privacy/overseas-countries-list/

We may store your information in cloud or other types of networked or electronic storage. As electronic or networked storage can be accessed from various countries via an internet connection, it’s not always practicable to know in which country your information may be held. If your information is stored in this way, disclosures may occur in countries other than those listed.

Overseas organisations may be required to disclose information we share with them under a foreign law. In those instances, we will not be responsible for that disclosure.

We will not share any of your credit information with a credit reporting body, unless it has a business operation in Australia. We are not likely to share credit eligibility information (that is, credit information we obtain about you from a credit reporting body or that we derive from that information) with organisations unless they have business operations in Australia. However in the event NAB seeks assistance from a related company to manage defaulting loans, we may need, as a consequence, to disclose credit eligibility information to the Bank of New Zealand, located in New Zealand. We are likely to share other credit information about you with organisations outside Australia. A list of countries in which those overseas organisations are located is set out above.

Accessing your information
You can ask us to access information that we hold about you. You have special rights to access credit information we obtain about you from a credit reporting body or that we derive from that information. You can find out how to access your information (including your credit eligibility information) by reading our Privacy Policy, available at www.nab.com.au/privacy or by calling 13 22 65 and asking us for a copy.

Correcting your information
You can ask us to correct information we hold about you. You have special rights to correct your credit information. You can find out how to correct your information (including your credit information) by reading our Privacy Policy, available at www.nab.com.au/privacy or by calling 13 22 65 and asking us for a copy.

Complaints
If you have a complaint about a privacy issue, please tell us about it. You can find out how to make a complaint (including special rights for credit information complaints) and how we will deal with these complaints, by reading our Privacy Policy, available at www.nab.com.au/privacy or by calling 13 22 65 and asking us for a copy.

Contact us

We care about your privacy. Please contact us if you have any questions or comments about our privacy policies and procedures. We welcome your feedback.

You can contact us by:

Contact details for credit reporting bodies

When we’re checking your credit worthiness and at other times, we might share information about you with credit reporting bodies. The contact details of those credit reporting bodies are set out below. Each credit reporting body has a credit reporting policy about how they handle your information. You can obtain copies of these policies at their websites.

Dun & Bradstreet Australia www.checkyourcredit.com.au

Phone: 1300 734 806

Mail: Public Access Centre Dun & Bradstreet Australia

PO Box 7405 St Kilda Rd VIC 3004

Experian Australia www.experian.com.au

Phone: 1300 783 684

Mail: Consumer Support Experian Australia

PO Box 1969 North Sydney NSW 2060

Veda Advantage Business Information Services Ltd www.mycreditfile.com.au

Contact credit reporting bodies if you think you have been the victim of a fraud
If you believe that you have been or are likely to be the victim of fraud (including identity fraud), you can request a credit reporting body not to use or disclose the information they hold about you. If you do this, the credit reporting body mustn't use or disclose the information during an initial 21 day period without your consent (unless the use or disclosure is required by law). This is known as a ban period.

If, after the initial 21 day ban period, the credit reporting body believes on reasonable grounds that you continue to be or are likely to be the victim of fraud, the credit reporting body must extend the ban period as they think reasonable in the circumstances. The credit reporting body must give you a written notice of the extension.

Contact credit reporting bodies if you don’t want your information used by them for direct marketing/pre-screening purposes
Credit reporting bodies can use the personal information about you that they collect for a pre-screening assessment at the request of a credit provider unless you ask them not to. A pre-screening assessment is an assessment of individuals to see if they satisfy particular eligibility requirements of a credit provider to receive direct marketing. You have the right to contact a credit reporting body to say that you don't want your information used in pre-screening assessments. If you do this, the credit reporting body must not use your information for that purpose.

© 2016 National Australia Bank Limited ABN 12 004 044 937 66864A0816.

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For more information call 13 10 12 from 8am-8pm Mon-Fri, or 9am-6pm on weekends (AEST/AEDT). Alternatively, you can visit nab.com.au or your nearest branch.

Hearing impaired customers with telephone typewriters can contact us on 13 36 77.

© 2016 National Australia Bank Limited ABN 12 004 044 937 66864A0816.

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