Foreign Currency Term Deposit terms and conditions

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Terms and Conditions
Effective 31 March 2015

Important Information

NAB Foreign Currency Term Deposit

Terms and conditions

  1. Deposit term
  2. Deposit amount
  3. Applications
  4. Making deposits
  5. Confirmation Record
  6. Interest
  7. Interest payments
  8. Early repayment
  9. Maturity
  10. Currency and conversion
  11. Statements
  12. Bank fees
  13. Government charges and taxes
  14. Tax file number
  15. Joint product holders
  16. Account authority
  17. Your responsibility
  18. NAB's discretion
  19. NAB's liability
  20. Changes NAB may make
  21. How will NAB notify you of changes?
  22. How should you notify NAB of changes?
  23. Anti-money laundering and counter terrorism financing
  24. Transfers made by RTGS
  25. No Assignment
  26. Governing Law
  27. Definitions - meaning of words

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Important Information

About this booklet

This booklet contains the terms and conditions for NAB Foreign Currency Term Deposits. It is important you read and understand these terms and conditions before making a decision to acquire a NAB Foreign Currency Term Deposit. Any advice or information in this booklet has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice, NAB recommends you consider whether it is appropriate for your circumstances. The NAB Foreign Currency Term Deposit product is issued by National Australia Bank Limited
ABN 12 004 044 937 AFSL 230686.

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Meaning of words

Words defined throughout this booklet have the meaning set out in term 27
'Definitions — meaning of words' towards the end of this booklet.

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Financial difficulty

Please let us know if you begin to experience financial difficulties. We will work with you to help you resolve your difficulties.

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Financial Claims Scheme

The NAB Foreign Currency Term Deposit is not a deposit product that is subject to the Australian Government's Financial Claims Scheme under the Banking Act.

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Code of Banking Practice

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

You can obtain from NAB upon request:

  1. information on NAB's current interest rates and standard fees and charges relating to this product (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 Anti-Money Laundering and Counter-Terrorism Financing Act;
    • options available to you under the tax file number legislation; and
  4. a copy of the Code of Banking Practice.

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Complaints

For information about resolving problems or disputes, visit any NAB branch or contact us on 1800 152 015.

NAB has information available on request 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 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 the Financial Ombudsman Service and can be contacted at:

Telephone: 1300 780 808

Website: www.fos.arg.au

Postal address: GPO Box 3, Melbourne, VIC 3001, Australia

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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. 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 www.nab.com.au/privacy.

How we collect information from you

We’ll collect your personal information from you directly whenever we can. 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 do this only if it’s necessary to do so. Instances of when we may need to include where:

  • we can’t get hold of you and we rely on publicly available information to update your contact details;
  • we need information from an insurer about an insurance application you make through us;
  • we are checking the security you are offering through public registers and our service providers; and
  • at your request, we exchange information with your legal or financial advisers or other representatives.

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.

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;
  • considering whether you are eligible for a product or service;
  • 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 and managing our relevant product portfolios;
  • identifying you or verifying your authority to act on behalf of a customer;
  • 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;
  • assisting in arrangements with other organisations (such as loyalty 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;
    • developing and marketing products and services;
    • risk management;
    • systems development and testing, including our websites and other online channels;
    • undertaking planning, research and statistical analysis;
  • determining whether a beneficiary will be paid a benefit;
  • 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.

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;
  • 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.

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 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 Group who sell products or services on our behalf;
  • superannuation and managed funds organisations, and their advisers;
  • medical professionals, medical facilities or health authorities who verify any health information you may provide;
  • valuers, 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;
  • loyalty program partners;
  • other financial institutions, such as banks;
  • 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;
  • real estate agents;
  • government or regulatory bodies (including ASIC and the Australian Tax Office) as required or authorised by law (in some instances these bodies may share it with relevant foreign authorities);
  • our accountants, auditors or lawyers and other external advisers;
  • rating agencies to the extent necessary to allow the rating agency to rate particular investments;
  • any party involved in securitising your facility, including re-insurers and underwriters, loan servicers, trust managers, trustees and security trustees;
  • guarantors and prospective guarantors of your facility;
  • organisations that maintain, review and develop our business systems, procedures and technology infrastructure, including testing or upgrading our computer systems;
  • organisations that participate with us in payments systems 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 Group assets or business;
  • organisations that assist with our product planning, research and development;
  • mailing houses and telemarketing agencies who assist us to communicate with you;
  • other organisations involved in our normal business practices, including our agents and contractors; and
  • where you’ve given your consent.

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.

Accessing your Information

You can ask us to access information that we hold about you. You can find out how to access your 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 can find out how to correct your 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 and how we will deal 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:

  • submitting an online Compliments, Suggestions or Complaints form via www.nab.com.au
  • calling our contact centre on 13 22 65 (Hearing impaired customers can call TTY 13 36 77)
  • speak to us In Person at a branch

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NAB Foreign Currency Term Deposit

Product overview

The NAB Foreign Currency Term Deposit is a term deposit in a foreign currency, earning a fixed rate of return during the deposit term, with interest paid at maturity.

The NAB Foreign Currency Term Deposit offers:

  • a range of foreign currencies available to deposit your funds in;
  • a variety of deposit terms, ranging from overnight to 12 months;
  • the certainty of a fixed interest rate;
  • a safe vehicle to hold a foreign currency to meet future foreign currency requirements.

When you invest in a NAB Foreign Currency Term Deposit, you must deposit at least the currency equivalent of:

  • USD $250,000 (two hundred and fifty thousand United States Dollars) with a deposit term of 1 day (or overnight); or
  • AUD $100,000 (one hundred thousand Australian Dollars) with a deposit term between 30 days and 12 months.

You can select the currency you wish to deposit your funds in from a list of foreign currencies currently accepted by NAB. To find out which currencies are currently accepted by NAB, please speak to your NAB Relationship Manager, visit any NAB branch, or call 1800 227 611.

You will earn a fixed interest rate on your deposit funds, which NAB will calculate on a daily basis during your deposit term. Subject to the terms and conditions in this booklet, interest on your deposit will be paid at maturity, in the same currency as your deposit. NAB offers a range of interest rates for different currencies, terms and deposit amounts, and these rates may change from time to time. To obtain current indicative interest rates, please speak to your NAB Relationship Manager, visit any NAB branch, or call 1800 227 611.

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Risks

There are several risks associated with the NAB Foreign Currency Term Deposit, including those detailed below. This information is intended to provide you with a general warning, and has been prepared without taking account of your objectives, financial situation or needs. Before investing in a NAB Foreign Currency Term Deposit, NAB recommends you consider whether it is appropriate for your circumstances.

Exchange rate risk

There is a risk of adverse movements in the exchange rate between the Australian Dollar and the foreign currency of your NAB Foreign Currency Term Deposit.

Interest rate risk

There is a risk that the interest rate applicable to your NAB Foreign Currency Term Deposit will fall relative to prevailing market interest rates for Australian dollars.

Reduction of return

If you request a prepayment of some or all of your deposit before maturity, NAB may reduce the interest generated on the deposit.

Operational risk

Operational risk is the risk of delays and errors due to a failure of NAB's systems and procedures, or of external systems and procedures. NAB seeks to maintain efficient and effective internal processes and systems. However, a delay or error caused by NAB's, or external systems and procedures may lead to unfavourable outcomes for you.

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Significant taxation implications

Interest earned on a NAB Foreign Currency Term Deposit may form part of your assessable income. If you do not provide your Tax File Number ("TFN"), Australian Business Number ("ABN"), or advise that you are eligible for an exemption from providing a TFN or ABN, NAB may be obliged to deduct Pay as You Go Withholding Tax at the maximum marginal tax rate (plus the Medicare levy), from any interest income you earn on a NAB Foreign Currency Term Deposit. If you are a non-resident of Australia, NAB may also be obliged to deduct Pay as You Go Withholding Tax. NAB recommends that you seek independent tax advice.

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How can I get more information?

For more information about the NAB Foreign Currency Term Deposit, including accepted foreign currencies and indicative interest rates, please:

  • speak to your NAB Relationship Manager;
  • visit any NAB branch; or
  • Call 1800 227 611.

For more information about banking generally with NAB:

  • visit any NAB branch;
  • visit www.nab.com.au;
  • contact your NAB Relationship Manager; or
  • call us on 13 BANK (13 22 65).

Hearing impaired customers with telephone typewriters can contact us via the National Relay Service on 13 36 77.

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Terms and conditions

  1. Deposit term

    1.1 When you invest in a NAB Foreign Currency Term Deposit, you may deposit funds for a deposit term of:

    • 1 day (or overnight); or
    • between 30 days and 12 months.

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  2. Deposit amount

    2.1 When you invest in a NAB Foreign Currency Term Deposit, you must deposit at least the currency equivalent of:

    • USD$250,000 (two hundred and fifty thousand United States Dollars) where the deposit term is 1 day (or overnight); or
    • AUD$100,000 (one hundred thousand Australian Dollars) where the deposit term is between 30 days and 12 months.

    2.2 Funds must be deposited in a currency accepted by NAB for NAB Foreign Currency Term Deposits at the time of depositing. To find out which currencies are currently accepted by NAB, please speak to your NAB Relationship Manager, visit any NAB branch, or call 1800 227 611.

    2.3 The foreign currency you deposit your funds in will be the currency of the deposit for the entire term.

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  3. Applications

    3.1 You can apply for a NAB Foreign Currency Term Deposit by speaking to your NAB Relationship Manager or visiting any NAB branch.

    3.2 NAB reserves the right to accept or reject any application at its discretion.

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  4. Making deposits

    4.1 You may make an initial deposit by instructing NAB to transfer monies from a NAB account or by providing NAB with cleared funds.

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  5. Confirmation Record

    5.1 The deposit currency, amount, term and interest rate applicable to your NAB Foreign Currency Term Deposit will be recorded in your Confirmation Record.

    5.2 You must check the details contained in the Confirmation Record to ensure its accuracy and contact us immediately if you believe there are any errors.

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  6. Interest

    6.1 Subject to clause 8.2, when you enter into a NAB Foreign Currency Term Deposit, your interest rate will be set and will remain fixed for the term of your deposit. The interest rate will be the current rate offered for the currency, term and deposit amount you select at the date of your application.

    6.2 NAB offers a range of interest rates for different currencies, terms and deposit amounts, and these rates may change from time to time. To obtain current indicative interest rates, please speak to your NAB Relationship Manager, visit any NAB branch, or call 1800 227 611.

    6.3 NAB will calculate interest earned on your deposit on a daily basis using:

    • a 360 or 365 day year depending on the currency of the deposit.

    6.4 Worked example of interest calculation:

    You Lodge a USD$200,000 deposit for a 60 day term, at an agreed interest rate of 0.50% p.a. At maturity, interest owing on your deposit will be:

    • U50$200,000 x 0.005 x 60/360 (i.e. 0.50% p.a. for a 60 day term) = USD$166.67

    This example is for illustrative purposes only and does not reflect current interest rates or outcomes. The example also assumes you do not request a repayment during the term.

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  7. Interest payments

    7.1 NAB will credit or pay interest accrued during the term of your deposit at maturity of that term.

    7.2 You may ask NAB for your interest to be:

    • added to the deposit upon reinvestment at maturity;
    • credited to a nominated bank account; or
    • paid by some other form agreed by NAB.

    7.3 Interest payments will be made in the currency of the deposit unless this is not available, in which case NAB will contact you and you must select another available currency. If interest is due on a day which is not a banking day, NAB will pay or credit you on the next banking day.

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  8. Early repayment

    8.1 When you invest in a NAB Foreign Currency Term Deposit, you are investing a fixed amount for a fixed term at a fixed rate. Any withdrawal of funds from the term deposit prior to its maturity will be subject to NAB’s discretion. NAB may use this discretion to, for example, require you to provide advance notice or to meet other conditions before the withdrawal can be made. NAB will always exercise its discretion reasonably. If you are considering requesting a prepayment, you should contact NAB to find out whether any notice periods or other conditions apply at that time.

    8.2 If you withdraw an amount from the Foreign Currency Term Deposit prior to its maturity (which cannot be more than 12 months after the date the Foreign Currency Term Deposit commences – see term 1 ‘Deposit Term’) , NAB may reduce the interest generated on the Foreign Currency Term Deposit by NAB’s reasonable estimate of the cost of meeting the prepayment. Any reduction in the interest generated on the Foreign Currency Term Deposit will never exceed the accrued interest.

    8.3 If a partial prepayment would result in the remaining amount of your deposit being less than the currency equivalent of AUD$100,000, NAB may elect to repay the whole of the deposit amount and close your NAB Foreign Currency Term Deposit.

    8.4 If you withdraw the whole of your deposit, or NAB elects to repay the whole of your deposit under clause 8.3, your NAB Foreign Currency Term Deposit will be terminated. The date of closure will be treated as your new maturity date for the purposes of term 9 'Maturity'.

    8.5 If you withdraw only part of your deposit, NAB will pay or credit interest on that prepaid part at maturity of the existing deposit. The interest generated on the prepaid portion of your deposit may be at a lower rate than originally specified in your Confirmation Record, as per clause 8.2. The remaining part of your deposit will continue unchanged.

    8.6 Interest on the prepaid portion of your deposit will be calculated up to but excluding the day of prepayment (or closure in the case of full prepayments).

    8.7 Worked example of a prepayment

    You lodge a USD$200,000 deposit for a 6o day term, at an agreed rate of 0.50% p.a. You request a full prepayment after 30 days.

    • NAB's cost to replace the funds is 0.75% for the remaining 30 days.

    Based on the above, your adjusted interest amount would be USD$41.67, which reflects an adjusted interest rate of 0.25% p.a. This is calculated as:

    • Interest on your original deposit, if held until the maturity date, would have been USD$200,000 x 0.005 x 60/360 (i.e. 0.50% p.a. for a 60 day term) = USD$166.67
    • Interest on NAB's replacement deposit is USD$200,000 x 0.0075 x 30/360 {i.e. 0.75% p.a. for a 30 day term) = USD$125.00
    • The interest available to you on prepayment is your accrued interest less our cost of meeting the prepayment, i.e. USD$166.67 — USD$125.00 = USD$41.67
    • The adjusted interest rate is USD$41.67/USD$200,000 x 360/30 = 0.25% p.a.

    This example is for illustrative purposes only and does not reflect current interest rates or outcomes.

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  9. Maturity

    9.1 Before maturity of your deposit, you may ask NAB for your deposit funds to be:

    • renewed or reinvested into another NAB Foreign Currency Term Deposit with or without additional funds;
    • credited to a nominated bank account; or
    • paid by some other form agreed by NAB.

    9.2 NAB may accept or reject your request on such terms and conditions as it determines. Such acceptance is effective from the maturity date of your deposit.

    9.3 If you choose to renew your deposit funds, your funds will be invested in a new NAB Foreign Currency Term Deposit for the same term and in the same currency (if available, or the currency you choose from those offered by NAB at that time), at the applicable interest rate on the date of maturity, and otherwise on the same terms and conditions unless varied.

    9.4 Alternatively, you may wish to vary the terms of your new deposit (such as the currency or the deposit term). Before reinvesting you should review the accepted foreign currencies and indicative interest rates, as NAB may change the interest rates for different currencies, terms and deposit amounts from time to time. You may choose to change the currency, term or deposit amount in order to take advantage of favourable rates available on your maturity date.

    9.5 You may request for your accrued interest on your original deposit to be added to your new deposit amount, as per clause 7.2.

    9.6 If you fail to notify us of your choice before maturity, on the maturity date NAB will reinvest your deposit funds and accrued interest into a new NAB Foreign Currency Term Deposit of the same currency (or if it is not available, in a currency chosen by NAB) for the same term and otherwise on the same terms and conditions unless varied. The interest rate for your new deposit will be the applicable interest rate on the maturity date of your original deposit. The new maturity date will be the date of the end of the new deposit term. You may request changes to your term deposit term and term deposit amount up to seven calendar days from the date on which your deposit funds and accrued interest were reinvested by NAB.

    9.7 Any maturity payments will be made in the currency of the deposit unless this is not available, in which case NAB will contact you and you must select another available currency. If funds are due on a day which is not a banking day, NAB will pay or credit you on the next banking day.

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  10. Currency and conversion

    10.1 NAB will make any necessary conversion of one currency to another (including, at NAB's discretion, via a third currency) using the spot rates of exchange quoted by NAB generally on the day on which the conversion is effected or is treated as effected.

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  11. Statements

    11.1 Statements of account are not provided for NAB Foreign Currency Term Deposits.

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  12. Bank fees

    12.1 NAB will not charge you any bank fees in respect of your NAB Foreign Currency Term Deposit but may, where applicable, deduct any fees charged by an overseas bank or financial institution in connection with the presentation and collection of cheques.

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  13. Government charges and taxes

    13.1 NAB may deduct from your deposit or interest payable any government fees, duties and taxes (including withholding tax) relating to either the deposit or interest.

    13.2 These fees and charges are payable at the time they are incurred and will be debited at a time NAB chooses (but not until they are payable).

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  14. Tax file number

    14.1 Interest earned on your Foreign Currency Term Deposit may form part of your assessable income.

    14.2 NAB is authorised to collect your Tax File Number (TFN) under the Income Tax Assessment Act 1936. NAB will use your TFN to report details of interest earned on your Foreign Currency Term Deposit to the Australian Taxation Office. It is not compulsory to provide your TFN and it is not an offence if you decline to do so.

    14.3 If you do not provide your Tax File Number (TFN), Australian Business Number (ABN) or advise that you are eligible for an exemption from providing your TFN or ABN, NAB may be obliged to deduct Withholding Tax at the maximum marginal tax rate (plus the Medicare levy) from any interest income you earn on your Foreign Currency Term Deposit. If you are a non-resident of Australia, NAB may also be obliged to deduct Withholding Tax.

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  15. Joint product holders

    15.1 If there are two or more of you, you will be treated as holding the deposit jointly and NAB may accept for credit to the deposit any telegraphic transfer, cheque, payment order or bill of exchange that is payable to any of you.

    15.2 If any of you die, the deposit will be treated as the deposit of the survivor or survivors jointly.

    15.3 Unless any of you request otherwise, NAB advices and notices (including notification of any variation of these terms and conditions) will be forwarded to the mailing address of the first of you named in the deposit. You will be deemed to have received any NAB advices and notices forwarded in accordance with these terms and conditions.

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

    15.5 NAB may, at its discretion, make exceptions to clauses 15.1 – 15.4 from time to time.

    15.6 The liability of joint product holders under a deposit held in joint names is joint and several. This means that each and all of the product holders are liable for the whole of any amount owing in relation to the deposit.

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  16. Account authority

    16.1 Each accountholder is authorised to provide instructions in respect of the account alone unless an authority is provided to NAB which specifies who is authorised to operate the account and whether they may do so alone or jointly.

    16.2 When an accountholder authorises a person under clause 16.1 that person is authorised to give instructions in relation to all of the following matters:

    1. maturity;
    2. interest payments; and
    3. withdrawal.

    16.3 In respect of any authority provided to NAB under clause 16.1 the accountholder(s) agrees that NAB may elect not to follow any instructions given under the authority if:

    • it 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);
    • in its opinion, the instructions are not clear;
    • 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
    • NAB is notified of a dispute between joint accountholders (in which case NAB may require all joint accountholders or directors to sign any authority to operate this account).

    16.4 In respect of any authority provided to NAB under clause 16.1 the accountholder(s) agrees that NAB may, by giving notice, override the authority and require that all or specific future transactions must be authorised by all accountholders.

    16.5 In respect of any authority provided to NAB under clause 16.1, the accountholder(s) agrees that the authority does not prevent NAB from complying with other valid accountholder instructions.

    16.6 In relation to transactions to or from the account, you authorise NAB to disclose and collect information (including personal information) to and from other financial institutions, to the extent NAB considers this reasonably necessary.

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  17. Your responsibility

    17.1 You acknowledge that:

    you are aware of the currency risk (including the potential for sharp movements in the value of the Australian Dollar relative to any other currency) and the interest rate risks that are inherent with the deposit, and you, and not NAB, are responsible for the prudent management of the deposit in relation to those risks;

    1. you are aware of the services available to a person such as you to guard against those risks;
    2. you have relied solely on your own independent assessment or advice from a third party (other than NAB); and
    3. NAB is not responsible to you for any fluctuation in the interest rate or the relative value of the Australian Dollar against any other currency, or any loss or liability you may incur as a result of such a fluctuation.

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  18. NAB's discretion

    18.1 Where these terms and conditions confer on us discretion, we will exercise that discretion reasonably and in accordance with our business needs.

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  19. NAB's liability

    19.1 We will not be liable under this contract for any loss or damage caused by us or our employees or agents in circumstances where:

    1. there is no breach of a legal duty of care owed to you by us or by any of our employees or agents;
    1. such loss or damage is not a reasonably foreseeable result of any such breach; and
    2. any increase in loss or damage resulting from breach by you of any term of this contract.

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  20. Changes NAB may make

    20.1 NAB may make changes to these or 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.

    20.2 If you have not operated your account for a certain period of time (the length of which is dependent upon the amount of money in the deposit), for example, by making deposits or withdrawals, or by giving extension or payment instructions, your deposit will be closed and the balance transferred to the Commonwealth Government. NAB will notify you at your last known address at least 30 days before any such variation takes effect.

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  21. How will NAB notify you of changes?

    21.1 Unless otherwise specified in these terms and conditions or separately agreed between you and NAB, NAB will give you notice of changes relating to the NAB Foreign Currency Term Deposit as set out below:

    Type of Change Method of Notification Timeframe
    Changes to fees and charges In writing to your last known address At least 30 days before the change takes effect
    Changes to government fees and charges In writing to your last known address, or by media advertisement As soon as practicable after, but no later than 3 months after the change takes effect
    Notices of other changes to these terms and conditions (including changes to interest other than changes to an interest rate) In writing to your last known address At least 30 days before the change takes effect

    21.2 If you are a NAB Internet Banking user:

    (a) With your agreement and subject to clause 21.3(a), notices, certificates, consents, approvals and other communications in connection with the terms and conditions in this booklet from NAB, may be given electronically:

    • by electronic mail to your nominated electronic address; or
    • by being made available at NAB’s website using the service.

    (b) Where communications are made available using this service, NAB will:

    • promptly notify you by electronic mail to your nominated electronic address that information is available for retrieval at NAB’s website using the service; and
    • provide you with the ability to readily retrieve the information from NAB’s website using the service.

    21.3 If you are not a NAB Internet Banking user and:

    (a) if you agree, NAB may advise you of any alterations or other changes under clause 20 by electronic mail to your nominated electronic address;

    (b) if you so agree, NAB may not give you notice in other ways (e.g. in writing);

    (c) you may change your nominated electronic address or withdraw your agreement to receive notices by electronic mail by giving NAB notice.

    21.4 For the purposes of clauses 21.2 and 21.3:

    (a) you may request a paper copy of a communication given electronically within 6 months of the electronic copy being received or made available;

    (b) a communication is deemed to be received 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;

    (c) for the purposes of communications sent by electronic mail and the Electronic Transactions Act, the server on which the mailbox for the designated address resides is to be taken to be the recipient’s designated information system

    (d) a communication is deemed to be sent from where the sender has their place of business and is deemed to be received where the recipient has their place of business. For the purpose of this clause:

    • if the sender or recipient has more than one place of business, the place of business is the sender’s or recipient’s principal place of business; and
    • if the sender or recipient does not have a place of business, the place of business is the sender’s or recipient’s usual place.

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  22. How should you notify NAB of changes?

    22.1 You must give NAB notice of changes to your personal details (including a change of name, address, or nominated bank account) or other matters relating to the NAB Foreign Currency Term Deposit in accordance with the table below:

    Type of Change Method of Notification Timeframe
    Change of personal details, including:
    • name;
    • address; or
    • nominated bank account.
    In writing or in person at any NAB branch As soon as possible
    Notices, certificates, consents, approvals and other communications in connection with these terms and conditions In writing or in person at any NAB branch As soon as possible

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  1. Anti-money laundering and counter terrorism financing

    23.1 Under the Anti-Money Laundering and Counter-Terrorism Financing Act ("AML/CTF Act"), NAB reserves the right to re-identify you and other related parties involved with your National Foreign Currency Term Deposit in order to satisfy requirements under the AML/CTF Act and other legislation.

    23.2 Should you fail to provide necessary information in a timely manner when requested, you may be responsible for loss of investment value and payment of any amounts in respect of your invested may be forfeited.

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  2. Transfers made by RTGS

    24.1 If, at your request, NAB transfers funds from the Foreign Currency Term Deposit using Real Time Gross Settlement (RTGS) you acknowledge and agree that:

    • you are solely responsible for ensuring that your instructions are correct. NAB is under no obligation to verify the correctness of your instructions, is entitled to pay to the account identified by you without enquiry, and is under no obligation to use any other information you give to confirm the beneficiary’s ownership of that account. Subject to applicable law, you indemnify and continue to hold NAB indemnified against any liability, loss, damage or expense in respect of your provision of incorrect instructions;
    • NAB will not be liable for and excludes all liability for loss or damage (including any indirect or consequential loss or damage) arising out of or in relation to:
      1. delays, errors, or omission in transmission or payment beyond NAB’s control; or
      2. acts of default or omission of any kind by you or any third party outside NAB’s control;
    • once executed by NAB, payments made are irrevocable
    • whilst there are no bank fees payable in relation to the Foreign Currency Term Deposit, a fee may be payable in relation to the use of RTGS, and that NAB may deduct such fees from the amount being transferred unless NAB has agreed that you will pay the fee in some other way.

    If NAB is negligent or in a breach of duty to you, it will supply the payment services again.

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  3. No assignment

    25.1 You acknowledge that your rights under a NAB Foreign Currency Term Deposit are personal to you, and a purported dealing by you in relation to a NAB Foreign Currency Term Deposit (including by way of assignment, transfer, mortgage, charge, security interest, declaration of trust or otherwise) will not be effective to give anybody other than you any rights in or to that term deposit as against NAB.

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  4. Governing Law

    26.1 The terms and conditions in this booklet and the transactions contemplated by these terms and conditions are governed by the law in force in Victoria and each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of those courts.

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  5. Definitions - meaning of words

    27.1 The following definitions apply throughout this booklet, unless otherwise stated.

    'Anti-Money Laundering and Counter-Terrorism Financing Act' means the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Commonwealth).

    'AUD' means Australian dollars.

    'Banking Act' means the Banking Act 1959 (Commonwealth).

    'banking day' means a day other than a Saturday, Sunday or a day gazetted as a public holiday throughout Australia.

    'business day' means a day other than a Saturday or Sunday, or a public, special or bank holiday in the State or Territory where the product is opened.

    'NAB', 'us', 'we' means National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 and its successors and assigns.

    'NAB Group' means National Australia Bank Limited ABN 12 004 044 937 and its subsidiaries and related entities.

    'Privacy Act' means the Privacy Act 1988 (Commonwealth).

    'you/ your' means the customer or customers who open the deposit 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 assignors, and in relation to your rights to operate the account, any other authorised signatory to the account acting within his or her authority.

    'maturity', or 'maturity date' means the last day of the term of your NAB Foreign Currency Term Deposit, other than where the term ends early due to a prepayment.

    'term', or 'deposit term' means the duration of your NAB Foreign Currency Term Deposit investment period.

    'USD' means United States dollars.

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  6. Want to know more?

    For more information about the NAB Foreign Currency Term Deposit, including accepted foreign currencies and indicative interest rates, please:

    • speak to your NAB Relationship Manager;
    • visit any NAB branch; or
    • Call 1800 227 611.

    For more information about banking generally with NAB:

    • contact your NAB Relationship Manager;
    • visit any NAB branch;
    • visit www.nab.com.au; or
    • call us on 13 BANK (13 22 65).

    Hearing impaired customers with telephone typewriters can contact us via the National Relay Service on 13 36 77.

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© 2014 National Australia Bank Limited ABN 12 004 044 937 AFSL 230686
This document was prepared on 7th December 2011

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