Personal transaction and savings products (off-sale) - Part one

Terms and Conditions

Including account fees and charges for accounts no longer available for sale
Effective 30 March 2012

Contents

About this booklet

Part A Account Terms and Conditions

Part B Account Fees & Charges

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About this booklet

This booklet contains:

  • In Part A, the terms and conditions for several of NAB's Off-sale Personal Transaction and Savings accounts; and
  • In Part B, the account related fees applicable to the NAB Off-sale Personal Transaction and Savings accounts disclosed in this booklet.

together with the following:

  • A Guide to Fees and Charges – Personal Banking Fees; and
  • NAB's flyer 'Indicator Rates – Deposit Products'

These terms and conditions govern the operation of NAB's Off-sale Personal Transaction and Savings accounts listed in Part A. All accounts referred to in this booklet are no longer for sale.

This booklet, the fees guide and indicator rates flyer are available from NAB at any time.

Any advice in this booklet 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.

National Australia Bank Limited ABN 12 004 044 937, Australian Financial Services Licence 230686 is the issuer of each financial product included in these terms and conditions.

Tax File Number Options

Interest earned on a NAB Personal Transaction or Savings account 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 (PAYG) Withholding Tax at the maximum marginal tax rate (plus the Medicare Levy) from any interest income you earn on your NAB Personal Transaction or Savings account. If you are a non-resident of Australia, NAB may also be obliged to deduct PAYG Withholding Tax.

Financial Claims Scheme

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, contact the APRA hotline on 1300 55 88 49 (if calling within Australia) or see the APRA website at www.apra.gov.au

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Part A
Account Terms and Conditions

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Section 1
NAB Cash Management Account

How will the account work?

1.1 You must deposit at least $5,000 to open a NAB Cash Management Account ('the account'). The account balance may fall below $5,000 later, but no interest will be earned on balances below $5,000. You may make further deposits of any size to the account which must be maintained in credit.

1.2 You may withdraw up to the available credit funds from the account at any of NAB's branches, subject to the provision of suitable identification. The proceeds of any cheque or other item deposited in the account will not be available until the cheque or other item has been cleared.

What interest will I receive/pay?

1.3 Interest is calculated and paid in accordance with the terms set out in Section 4 of this booklet.

When will I receive statements?

1.4 NAB will send you statements of the account at least six monthly, unless you request otherwise.

What Bank fees are applicable to this account?

1.5 If the minimum monthly balance of the account falls below $5,000 NAB may debit the account with account fees and other standard service fees the amount and nature of which are detailed in Part B of this booklet (account fees) and in NAB's brochure 'A Guide to Fees and Charges – Personal Banking Fees' (service fees) which is available from NAB at any time.

If the minimum monthly balance of the account on the last business day of the month is $5,000 or more, NAB will not charge any transaction fees for withdrawals at NAB branches, NAB ATMs or EFTPOS, but NAB may debit the account with standard service fees the amount and nature of which are detailed in NAB's brochure 'A Guide to Fees and Charges – Personal Banking Fees' which is available from NAB at any time.

General matters

1.6 The terms and conditions in Part A, Section 7 of this booklet, titled 'General Matters', apply to the NAB Cash Management Account.

What electronic access options are available?

1.7 For information on the electronic access options available on this account refer to the table in Section 5.1 of this booklet.

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Section 2
NAB Cash Management Accelerator Account

How will the account work?

2.1 You must deposit at least $5,000 to open a NAB Cash Management Accelerator Account ('the account'). The initial deposit can be made at a branch, or via NAB Telephone Banking or NAB Internet Banking using the funds transfer option. The proceeds of any cheque or other item deposited into the account will not be available until the cheque or other item has been cleared.

2.2 The account balance can fall below $5,000 after opening, but account fees or other standard service fees may be charged, and no interest will be earned. You may make further deposit of any size to the account which must be maintained in credit. There is no minimum account balance that must be maintained.

2.3 You must arrange to access the account through a NAB Telephone Banking or NAB Internet Banking or similar electronic service provided by NAB. Such access will be governed by NAB's standard terms and conditions relating to the service. Apart from the opening deposit and closing withdrawal, the account cannot be accessed in NAB branches.

2.4 You may only withdraw up to the available credit funds from the account and must not allow the account to have a debit balance. In the situation where the account has a debit balance you may be charged default interest in accordance with section 4.5 of this booklet.

What interest will I receive/pay?

2.5 Interest is calculated and paid in accordance with the terms set out in Section 4 of this booklet.

When will I receive statements?

2.6 NAB will send you statements of the account at least six monthly, unless you request otherwise.

What Bank fees are applicable to this account?

2.7 If the minimum monthly balance of the account falls below $5,000 NAB may debit the account with account fees and other standard service fees the amount and nature of which are detailed in Part B of this booklet (account fees) and in NAB's brochure 'A Guide to Fees and Charges – Personal Banking Fees' (service fees) which is available from NAB at any time.

If the minimum monthly balance of the account on the last business day of the month is $5,000 or more, NAB will not charge any transaction fees.

General matters

2.8 The terms and conditions in Part A, Section 7 of this booklet, titled 'General Matters', apply to the NAB Cash Management Accelerator Account.

What electronic access options are available?

2.9 For more information on the electronic access options available on this account refer to the table in Section 5.1 of this booklet.

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Section 3
NAB Retirement Passbook Account

How will the account work?

3.1 You may deposit any amount and you may withdraw up to the available credit funds from the NAB Retirement Passbook Account ('the Passbook Account') at any of NAB's branches, subject to provision of suitable identification in the case of withdrawals.

3.2 There is no minimum account balance which must be maintained.

3.3 NAB will provide a passbook as a record of the transactions on the Passbook Account. You must present the passbook at a branch of NAB to make a withdrawal or to enable the recording of other entries such as deposits, interest, pension or salary payments or government charges.

3.4 Proceeds of any cheque or other item deposited in the Passbook Account will not be available until the cheque or other item is cleared.

What interest will I receive/pay?

3.5 Interest is calculated and paid in accordance with the terms set out in Section 4 of this booklet.

When will I receive statements?

3.6 No statements will be produced or issued for the Passbook Account.

Who is eligible for this account?

3.7 You must be:

  • aged 55 or over and retired; or
  • receiving a Department of Social Security/Veterans' Affairs pension or allowance which is subject to deeming.

In the case of joint accounts, at least 1 accountholder must satisfy the eligibility criteria.

What Bank fees are applicable to this account?

3.8 NAB may debit the account with account fees and other standard service fees, the amount and nature of which are detailed in Part B of this booklet (account fees) and in NAB's brochure 'A Guide to Fees and Charges – Personal Banking Fees' (service fees) which is available from NAB at any time.

General matters

3.9 The terms and conditions in Part A, Section 7 of this booklet, titled 'General Matters', apply to the NAB Retirement Passbook Account.

What electronic access options are available?

3.10 For more information on the electronic access options available on this account refer to the table in Section 5.1 of this booklet.

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Section 4
Calculation and Payment of Interest

NAB Cash Management Account
NAB Cash Management Accelerator Account
NAB Retirement Passbook Account

4.1 NAB will provide a passbook as a record of the transactions on the Passbook Account. You must present the passbook at a branch of NAB to make a withdrawal or to enable the recording of other entries such as deposits, pension or salary payments or government charges.

4.2 Subject to clause 4.1, NAB may pay interest calculated on the daily credit balance of the account as at the end of each day (for NAB Cash Management Accounts and Cash Management Accelerator Accounts if the balance is $5,000 or more) up to and including the day before the last banking day of each period as set out in the table below and if applicable will credit the interest to the account the next banking day.

  Interest Paid Monthly Interest Paid Quarterly*
NAB Cash Management Account Yes  
NAB Cash Management Accelerator Account Yes  
NAB Retirement Passbook Account   Yes

*Quarterly interest is paid at the end of March, June, September and December.

4.3 Different rates may apply to different levels of account balance. Those rates may also fluctuate. The applicable rate applies to the whole of the credit balance. Those levels of account balance and the rates applicable to them are as 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. You will be notified of any change to the rates and applicable account balances. They are also available from NAB.

For NAB Retirement Passbook Account the applicable rate applies to the applicable portion of your account balance. For example, one interest rate may apply to the first $1,999.99 of your account balance, while different interest rates may apply to the remainder of your account balance.

Terms relating to all accounts covered by this booklet

4.4 If the account is eligible to be part of a NAB Offset Arrangement, the terms and conditions of the offset arrangement from time to time will apply. Further details may be found in Part A, Section 6 of this booklet.

4.5 If the account is overdrawn without an approved overdraft limit (or beyond the amount of any approved overdraft limit), you must put the account in credit (or within the amount of the limit) within 7 days and you will pay NAB interest on the amount overdrawn at the default rate charged by NAB for personal accounts from time to time. The default rate is set out in NAB's flyer 'Indicator Rates – Deposit Products'. You will be notified of any change to the default rate. It is also available from NAB. The interest is calculated on the daily debit balance of the account as at the end of each day up to and including the day before the last banking day and will be charged to the account on the last banking day of each month.

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Section 5
Electronic Access Options and Payment Facilities

Electronic Access Options

5.1 Details of the electronic access options available on NAB accounts are included in the table below.

Options Products that this option applies to
Linking to a card?

You may arrange a link to your NAB Debit Card or NAB personal Credit Card.

Such access will be governed by the conditions of use that form part of the NAB Electronic Banking (card based) Product Disclosure Statement.
  • Cash Management Account
Internet or Phone access?

You may arrange to access your account through NAB Telephone Banking, NAB Internet Banking or similar service provided by NAB.

Such access will be governed by NAB's standard terms and conditions relating to the service.
  • Cash Management Account
  • Cash Management Accelerator Account
  • Retirement Passbook Account1

Payment Facilities – Cheques

5.2 NAB provides cheque access to certain accounts. If you have cheque access to an account, the following terms and conditions apply:

5.3 General provisions

  1. Each cheque must be completed properly and with due care so as to avoid fraudulent alteration and in accordance with the signing authority you give NAB.
  2. You must notify NAB immediately on 13 BANK (13 22 65) if you have any cause whatsoever to suspect that a cheque drawn on your account has been forged or fraudulently altered in any way or has been drawn in whole or in part without authority from you.
  3. You must take reasonable care and precautions to prevent unauthorised, stolen, forged or fraudulently altered or drawn cheques being presented to NAB.
  4. You must keep cheque forms issued to you in a safe place and you must notify NAB immediately on 13 BANK (13 22 65) if they are lost, stolen or misused. If you do not, then subject to any applicable law, you do not have any right to make a claim against NAB in respect of such a matter (for example, a forged cheque).
  5. When a cheque is drawn on your account by any person, it will, when the cheque is handed to NAB:
    1. be deemed to be a request by you to NAB to withdraw funds from your account for the amount shown on the cheque; and
    2. constitute an authority to pay those funds to the payee, endorsee, holder, bearer, depositor or presenter of the cheque or that person's bank.
  6. If there are not enough 'cleared funds' in your account when the cheque is presented for payment, NAB may dishonour or pay the cheque at its discretion. This may result in your account being overdrawn.
  7. You authorise NAB to pay a cheque drawn on your account notwithstanding that it is a stale cheque within the meaning of the Cheques Act 1986.
  8. You authorise NAB to pay a post-dated cheque drawn on your account at any time before the date of the cheque arrives.
  9. The person signing the cheque must:
    1. sign any alterations;
    2. date the cheque the date on which it was signed; and
    3. complete the details.
  10. If, when checking any cheque or particulars of any cheque, NAB finds on it any irregularity or omission, NAB may dishonour payment of the cheque on your behalf.

1 Limited Use. Balance enquiry, transaction history and credit transactions only.

5.4 Stopping payment on a cheque

  1. You may stop payment on a cheque before it has been paid. Call NAB on 13 BANK (13 22 65) between 7am and 9pm (AEST), Monday to Friday and between 8am and 6pm (AEST), Saturday and Sunday, or notify any branch of NAB either in person or by phone.
  2. If you advise NAB by phone, your written confirmation may be required.
  3. No matter how you choose to notify NAB it is important to tell NAB quickly if you want to stop payment. You will be required to provide:
    1. your account name and number;
    2. the cheque number and amount;
    3. the date of the cheque; and
    4. to whom the cheque is payable.
  4. NAB may charge a fee for stopping payment on a cheque, the amount and nature of which are detailed in NAB's booklet 'A Guide to Fees and Charges – Personal Banking Fees', which is available from NAB at any time.

5.5 Dishonouring cheques

Your cheque may (at NAB's discretion) be returned unpaid or 'dishonoured' in certain circumstances, such as where:

  1. there are not enough available funds in your account or your overdraft limit is not enough to cover the cheque;
  2. there is some irregularity or omission with your cheque, for example your cheque is unsigned, is more than 15 months old, is post dated (i.e. bears a date that has not arrived), or has been materially altered (e.g. by a change for the amount originally stated on it) and you have not signed the alteration;
  3. you have instructed NAB to stop payment of your cheque; or
  4. NAB has received notice of your mental incapacity or of your death.

5.6 Effect of crossing

  1. If you cross a cheque you are telling NAB not to cash it over the counter. The cheque must be paid to a bank (e.g. into a customer's account).
  2. If NAB does cash the cheque, it may be liable for any loss suffered by the true owner.
  3. A cheque is crossed by drawing across the face of the cheque from top to bottom two parallel lines, with or without the words 'not negotiable' between them. A crossing may be added by you when you make a cheque or by any person who obtains possession of your cheque.

5.7 Meaning of 'not negotiable'

The words 'not negotiable' between two parallel lines across the face of a cheque mean that, where the cheque is transferred, the person who obtains the cheque has no greater rights than the person who transferred it to him or her. For example, your cheque might be stolen and then passed on by the thief to another person. That person might then obtain payment of the cheque. In this case, if the cheque was crossed and marked 'not negotiable', the person from whom the cheque is stolen might recover the amount of the cheque from the person who obtains payment of the cheque, even though the person who has obtained payment may not have done anything wrong.

5.8 Meaning of 'account payee only'

  1. These words on a cheque are a warning to the bank with which the cheque is deposited that the cheque should be paid only to the person named in the cheque as payee. If NAB pays a different person, NAB may be liable to the true owner, unless NAB has acted in good faith and without negligence (e.g. by making enquiries and receiving reasonable explanation).
  2. The words 'account payee only' do not prevent the transfer of a cheque.

5.9 Significance of deleting 'or bearer'

  1. Cheques are generally printed with the words 'or bearer' appearing at the end of the line on which you put the name of the person to be paid.
  2. The words 'or bearer' mean that (except where the cheque is crossed), the bank on which the cheque is drawn has authority to pay the cheque to any person in possession of the cheque, even if that person found or stole it, unless NAB has reason to suspect that the cheque might have fallen into the wrong hands.
  3. If you wish to alter this position by making the cheque an 'order' cheque, the simplest course is to cross out the words 'or bearer' which are printed on the cheque. Also, you may wish to add the words 'to the order of' before the name of the payee, but you will still need to cross out the words 'or bearer'.
  4. If the cheque is an 'order' cheque, then (except in cases where the cheque is crossed and must therefore be collected by a bank) the bank on which the cheque is drawn should only pay it:
    1. to the named payee; or
    2. to any other person to whom the named payee, by endorsing the cheque on the reverse side, has ordered it to be paid.

5.10 Unauthorised alteration of your cheques

  1. When you write a cheque, you should take care to reduce the opportunity for forgery and fraud. You have a duty to complete the cheque so as not to mislead NAB or make it easy for someone else to alter your cheque.
  2. Ways to assist you to correctly complete a cheque are:
    1. do not leave gaps between the words or figures;
    2. begin the amount in words as close as possible to the left hand side;
    3. begin the amount in figures as close as possible to the dollar sign ($);
    4. never write a cheque in pencil or ink that can be rubbed out;
    5. never sign a cheque before it is used or filled out; and
    6. always write the amount of the cheque in words as well as figures, because words are harder to alter without your authority.

5.11 When is a cheque 'cleared'?

  1. Clearing a cheque involves several steps which may take, in normal circumstances, up to 3 working days.
  2. The steps involved in clearing a cheque are usually:
    1. you deposit a cheque you have received into your NAB account;
    2. NAB will seek payment of the cheque from the bank on which the cheque is drawn (the two banks could be the same); and
    3. 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 by the amount of the cheque already credited.

5.12 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. NAB's fee for a special clearance covers the extra administrative costs involved in making a special payment request to the bank where the cheque account is held. Depending on the speed of clearance you request, this added cost may in some instances include courier expenses. The amount and nature of these fees are also detailed in NAB's booklet 'A Guide to Fees and Charges – Personal Banking Fees', which is available from NAB at any time.

Direct debits

You may make regular payments to a third party (Debit User), by authorising the Debit User to debit your account with NAB.

5.13 General provisions

  1. The Debit User will provide you with their direct debit request agreement. Only Debit Users approved by a financial institution can make these arrangements on your behalf.
  2. This agreement may provide for the debiting of your account with any amount charged by the Debit User. You may, however, be able to limit the amount or ask that the charging be delayed until after the issuing of a billing advice to you. These arrangements are between you and the Debit User.

5.14 Disputed debits

  1. You must notify NAB as soon as possible if you suspect or believe that an amount debited to your account was unauthorised or otherwise irregular. Either call a Customer Service Representative on 13 BANK (13 22 65) between 7am and 9pm (AEST),Monday to Friday and between 8am and 6pm (AEST), Saturday and Sunday, or notify any branch of NAB either in person or by phone.

NAB will promptly process your instruction.

  1. If you lodge a written claim with NAB regarding a disputed amount, you should receive a response within 7 banking days.
  2. NAB suggests you also contact the Debit User. This may be especially helpful if you believe that an incorrect amount has been debited to your account.

5.15 Cancellation of direct debit authority

  1. You may cancel your direct debit arrangements with a Debit User by calling NAB on 13 BANK (13 22 65) or visiting your branch and completing a cancellation request. If you advise NAB by phone, your written confirmation may also be required.

NAB will promptly process your instruction and stop further debits to your account. NAB will advise the Debit User of your request to cancel the authority. NAB suggests you also contact the Debit User. This may be especially helpful when resolving complaints about incorrect charges.

  1. To arrange for a direct debit by the Debit User to be resumed on your account, you will need to contact the Debit User and you will also need to contact NAB and cancel the stop payment.

5.16 Non-payments

  1. If there are insufficient cleared funds in your account to meet a direct debit payment, NAB may dishonour or pay the debit at its discretion. This may result in your account being overdrawn.
  2. NAB does not have to notify you if a debit is dishonoured or otherwise not made.

5.17 Multiple authorities

  1. If you have more than one direct debit arrangement with a Debit User on your account and you cancel one arrangement, this will automatically stop all debits from your account by that Debit User.
  2. To arrange for other direct debits to continue on your account, you will need to contact the Debit User. You will then need to contact NAB and cancel the stop payment to allow the Debit User to continue to debit your account.

You must check your statements

5.18 Without limiting any part of these conditions, you must notify NAB within 30 days of the date of receipt of a statement of account if you have any cause to suspect that there is any cheque or direct debit recorded on your statement that you did not authorise or that the information relating to such a cheque or direct debit is incorrect. If you do not, then subject to any applicable law, you do not have any right to make a claim against NAB in respect of such a matter (for example, a forged cheque).

Indemnity

5.19 Subject to any applicable law, you agree to release NAB, indemnify NAB, and save NAB harmless from all liability which NAB may have if NAB refuses to allow payment of a cheque or direct debit in good faith and in the ordinary course of business or if a stop payment request is given too late to enable payment to be stopped or if NAB suffers any loss as a result of acting on your instructions in relation to a cheque or direct debit (such as processing a request to cancel a direct debit arrangement or stopping payment on a cheque or direct debit) or as a result of you breaching any obligation you have in this clause, and you authorise NAB to debit any account of yours with the amount of the indemnity.

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Section 6
NAB Offset Arrangements

Am I eligible, and if so, how do I apply?

6.1 You may apply to NAB to participate in the NAB 100% Offset (an 'offset arrangement'). NAB may accept or reject your application at its discretion.

6.2 Each offset arrangement is only available on certain deposit and loan accounts specified by NAB from time to time, details of which can be obtained from NAB. However, at any one time (unless NAB agrees otherwise), only one loan and one deposit account can be linked to NAB 100% Offset.

6.3 An offset arrangement may not link a loan account with a deposit account which includes a name or names other than the name(s) in which the loan account is held.

6.4 While you have an offset arrangement, the following relevant terms override the provisions relating to the calculation and payment of interest applying to:

  1. any linked deposit account, except in respect of any linked deposit account while it has a debit balance; and
  2. your linked loan account, except if the credit contract relating to the linked loan account contains specific provisions relating to the calculation and payment of interest while you have an offset arrangement. If the exception applies, then those specific provisions, in addition to others, apply in respect of your linked loan account while you have an offset arrangement.

How will an offset arrangement change my deposit account?

6.5 While you have an offset arrangement, any linked deposit account will not earn any interest even if the credit balance of that account exceeds, or if there is more than one linked deposit account, the total credit balances of those accounts exceed, the unpaid balance of your linked loan account.

6.6 If you wish to vary the offset arrangement in any way or you wish to change from one offset arrangement to the other, you must make a fresh application to NAB to participate in an offset arrangement.

6.7 You or NAB may end the offset arrangement by giving seven days' notice to the other. However, if you default under your linked loan account, NAB may end the offset arrangement immediately by giving you a notice to this effect.

6.8 It is your responsibility to monitor the credit balance of the linked deposit account, or if there is more than one linked deposit account, the total credit balances of those accounts, as against the unpaid balance of your linked loan account to achieve the best results for you under the offset arrangement.

How will NAB 100% Offset change my loan account?

6.9 The daily interest charges which would otherwise be payable on a day under your linked loan account will be calculated by deducting the credit balance of the linked deposit account from the unpaid balance of your linked loan account at the end of the day and then applying the daily rate (being the annual percentage rate divided by 365) to the result.

6.10 If the credit balance of the linked deposit account exceeds the unpaid balance of your linked loan account at the end of a day, no interest will be charged under the loan for that day.

General matters

6.11 The terms and conditions in this booklet apply to NAB 100% Offset.

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Section 7
General Matters

The following terms and conditions are included in the terms and conditions applying to all products covered by this booklet.

Code of Banking Practice

7.1 NAB has adopted the Code of Banking Practice and relevant provisions of the Code apply to these products, if you are an individual or a small business customer (as defined by the Code).

7.2 You can obtain from NAB upon request:

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

Changes NAB may make

7.3 If the product is not used for a period, the length of which is dependent upon the amount of money in the account, deposit or bond, the crediting of interest and issue of statements to you, if applicable, will end and access will be restricted, or the account, deposit or bond 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.

7.4 In addition to the other changes NAB may make to these terms and conditions which are detailed in 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.

How will I be notified of changes?

7.5 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 as follows and you agree to receiving notice in such ways:

  • notice of introduction of a fee or charge will be given in writing at least 30 days before the change takes effect;
  • notice of changes to fees and charges will be given in writing or by media advertisement at least 30 days before the change takes effect;
  • notice of changes to interest rates will be given by media advertisement no later than the day the change takes effect;
  • notice of changes to government fees and charges will be given by media advertisement, in writing or electronically as soon as practicable after, but no later than three months after, the change takes 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.

Can NAB elect not to apply a fee or charge?

7.6 NAB may at its discretion waive any fee or charge to the account to which it is entitled. The failure by NAB to collect any fee or charge which applies to the account does not give rise to a waiver of that fee or charge in the future.

What conditions apply to joint accounts?

7.7 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 product any account, payment order or bill of exchange that is not payable to all of you. This means that each account holder has the right to all of the balance of the account, jointly with the other account holders.

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

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

7.10 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.

7.11 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.

How is the operation of the account governed?

7.12 Operation on the account will be governed by the signing authority which you may have already provided to NAB or will need to provide when you open the account. The signing authority specifies who is authorised to operate the account and whether they may do so alone or jointly.

What happens if government charges and taxes apply?

7.13 NAB may debit the account with government charges, duties and taxes relating to the account. For further information refer to Part B of this booklet (for account fees) and NAB's booklet 'A Guide to Fees and Charges – Personal Banking Fees' (for service fees), which is available from NAB at any time.

Complaints

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

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 brochure.

If you subsequently feel that an issue has not been resolved to your satisfaction, you may be able to raise your concerns with the Financial Ombudsman Service if you are an individual or small business owner.

Meaning of words

Words defined in Part A of this booklet have the same meaning in Part B.

NAB means National Australia Bank Limited ABN 12 004 044 937 and its successors and assigns.

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

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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Section 8
NAB Privacy Notification

Your personal information and privacy

The privacy of your personal information has always been important to us at the National Australia Group (“National Australia Group”). The National Australia Group includes National Australia Bank Limited and its related bodies corporate such as MLC Ltd. It includes all our banking, financing, funds management, financial planning, superannuation, insurance, broking and e-commerce organisations.

This statement is an outline of certain matters relating to the collection and handling of your personal information by the National Australia Group.

Collecting your personal information

NAB will collect personal information for the purposes of:

  • Providing you with an account or service (including assessing your application);
  • Managing and administering your account or service;
  • Identifying you and protecting against fraud;
  • Verifying your authority to act on behalf of a customer;
  • Determining whether a beneficiary will be paid a benefit upon a person's death;
  • Letting you know about accounts or services from across the National Australia Group that might better serve your financial, e-commerce and lifestyle needs or promotions or other opportunities in which you may be interested.

If you provide us with incomplete or inaccurate personal information, NAB may not be able to process your requests and applications or manage or administer your accounts or services. It may also not be possible to tell you about other accounts or services from across the National Australia Group that might better serve your financial, e-commerce and lifestyle needs.

Using and disclosing your personal information

NAB may disclose your personal information to other organisations:

  • Involved in providing, managing or administering the accounts and services we offer, including third party suppliers (e.g. printers, posting services etc), other National Australia Group organisations, loyalty and affinity program partners and our advisers;
  • Who are your financial or legal advisers or representatives and their service providers;
  • Involved in maintaining, reviewing and developing our accounts, business systems, procedures and infrastructure including testing or upgrading our computer systems;
  • Involved in a corporate re-organisation or involved in a transfer of all or part of the assets or business of a National Australia Group organisation;
  • Involved in the payments system including financial institutions, merchants and payment organisations;
  • Which are National Australia Group organisations who wish to tell you about their accounts or services that might better serve your financial, e-commerce and lifestyle needs or promotions or other opportunities, and their related service providers, except where you tell us not to;
  • As required or authorised by law and/or where you have given your consent.

Your personal information may also be used in connection with such purposes. Because the National Australia Group operates throughout Australia and overseas, some of these uses and disclosures may occur outside your State and Territory and Australia.

Gaining access to your personal information

You can gain access to your personal information. This is subject to some exceptions allowed by law. We will give you reasons if we deny access. Contact us to get a form requesting access (see 'Customer details under Summary of Important Information at the front of this booklet'). In some cases, we may be able to deal with your request over the telephone or over a counter.

For more information about our Privacy Policy, please call: 13 BANK (13 22 65) and select the option to speak to a Customer Service Representative. Or visit us at nab.com.au

For more information about privacy in general, you can visit the Federal Privacy Commissioner's website privacy.gov.au

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Part B
Account Fees and Charges

This section details the account fees and charges that apply to NAB's Off-sale Personal Transaction and Savings accounts. Service fees that could apply to these accounts can be found in NAB's booklet 'A Guide to Fees & Charges – Personal Banking Fees' which is available from NAB at any time.

NAB Flat-Fee accounts fee structure

Some exemptions may apply. Please refer Fee Exemptions and Definitions

NAB Flat Fee Transaction & Savings accounts fee structure
  NAB Retirement Passbook Account
Monthly Account Service Fee $0.00
Fee waiver for minimum monthly balance n/a
All deposits Yes
All NAB Internet Banking transactions Yes2
All EFTPOS transactions n/a
All NAB ATM transactions n/a
All NAB Telephone Banking transactions Yes2
Branch withdrawal at designated rural branches Yes
Cheque withdrawals n/a
Branch withdrawals Yes 1
Non-NAB ATM withdrawal or Balance Enquiry Fee* n/a
Service Fees Refer to 'A guide to fees and charges – personal banking fees' booklet

Yes Included in Monthly Account Service Fee.
1 Australia Post and Bank@Post™ access is not available for NAB Retirement Passbook Account.
2 Funds Transfer and BPAY® not available.
* Non-NAB ATM: You may be charged by the ATM owner where you use an ATM in Australia that doesn't belong to NAB or the rediATM network.
® Registered to BPAY Pty Ltd ABN 69 079 137 518.

NAB Rebate based accounts fee structure

NAB Rebate-based Transaction & Savings account fee structure
  NAB Cash Management Accelerator Account NAB Cash Management Account
Monthly Account Service Fee $6.00 $6.002
Rebate Amount Starts at $6.00 Starts at $6.00
Minimum Monthly Balance to waive Monthly Account Service Fee and Transactions $5,000.00 $5,000.00
Transaction fees which can be deducted from the rebate amount
Branch Withdrawal n/a $3.002
Branch Withdrawal at Designated Rural Branch n/a $0.602
Branch Withdrawal at Australia Post (Bank@Post)1 n/a $3.002
EFTPOS purchase or cash out3 n/a $0.602
NAB ATM Withdrawal, Mini Statement4 or Funds Transfer n/a $0.602
Cheque n/a n/a
Telephone Funds Transfer Self Service, BPAY® or Staff assisted balance, deposit or withdrawal enquiry5 $0.60 $0.602
Telephone Banking Self Service balance, deposit or withdrawal enquiry5 $0.20 $0.20
Internet – Funds Transfer, Transaction History or BPAY® $0.20 $0.20
Fees not included in the rebate structure
Monthly Account Service Fee $6.00 $6.002
Non-NAB ATM Withdrawal or Balance Enquiry Fee* n/a $0.00
Branch Withdrawal n/a n/a
Branch Withdrawal at a Designated Rural Branch n/a n/a
Branch Withdrawal at Australia Post (Bank@Post)1 n/a n/a
Service Fees Refer to 'A guide to fees and charges – personal banking fees' booklet
  1. NAB Debit Card or Credit Card linked to a NAB account is required to make deposits and withdrawals.
  2. If Disability concession applies transaction fees are $0.20 and, where applicable, monthly account service fee is nil.
  3. If cash is withdrawn during an EFTPOS transaction/purchase, the transaction is deemed a withdrawal and the Branch Withdrawal at Australia Post fee may apply.
  4. The transaction listing will include up to the last 10 (ten) unstatemented transactions made on the account. Not available on credit card accounts.
  5. Local call charges apply. Higher call charges apply from public and mobile phones.

® Registered to BPAY Pty Ltd ABN 69 079 137 518.

* Non-NAB ATM: You may be charged by the ATM owner where you use an ATM in Australia that doesn't belong to NAB or the rediATM network.

How the Rebate works

  • each account is automatically allocated a base rebate each month.
  • the rebate amount is deducted from the monthly total of transaction fees.
  • the rebate can only be deducted from certain fees.
  • your transaction fees will be calculated and will be immediately payable on the last banking day of the month and we may debit them at anytime after that, usually no later than the first banking day of the following month.
  • the base rebate amount will be increased by $1 for every $5000 balance in your NAB accounts1
  • – this includes the combined balance of your NAB deposit and NAB loan accounts only.
  • if there is a residual rebate after all transaction fees have been offset, the rebate cannot be claimed as cash, is not transferable and is not cumulative.
  • all fees and charges are applicable in the first month of account opening. Fee exemptions where applicable apply in the month following the month the account was opened.
  • where your account is closed, your transaction fees will be calculated (including your rebate) and deducted on the day your account is closed. The fees will be displayed on your final account statement or passbook.

Fee Exemptions and Definitions

Fee Exemptions

Some customers may be exempt from the monthly account service fee and NAB transaction fees. Unless stated, no exemption applies to non-NAB ATM fees, overseas access fees via PLUS or CIRRUS ATMs and other service fees as set out in NAB's booklet 'A Guide to Fees and Charges – Personal Banking Fees' which is available from NAB at any time. These exemptions include:

Relationship (Footings)

Availability subject to NAB discretion and customer application to NAB. Only personal customers may apply and must demonstrate a combined balance of $35,000 or more in a single or joint personal account(s)1 and loan(s) on the final banking day of the preceding month.

Under 18: Customers who are under the age of 18, or Trust Accounts where the beneficiary of the account is under 18.

  1. Excluding:
    • NAB Personal Project Loans balances;
    • NAB credit card balances;
    • managed funds or insurance policies held with MLC, National Financial Management or National Australia Trustees Limited (National Australia group of companies);
    • BNZA, UBank and Homeside Lending and deposit account balances (three Australian operating divisions of National Australia Bank Limited); and
    • NAB Investment Cash Manager balances.

Definitions

Monthly Account Service Fee: The fee payable on the last banking day of a month and debited at any time after that, usually no later than on the first banking day of the following month.

Fee Waiver for Minimum Monthly Balance: When you maintain the minimum monthly balance on your account, where applicable the monthly account service fee is waived.

Non-NAB ATMs: Includes any balance enquiry or withdrawal from a non-NAB branded ATM.

EFTPOS: Lets you pay for goods or services and may let you withdraw cash at the same time, directly from your NAB deposit accounts or credit card. When NAB refers to EFTPOS this includes non-NAB branded machines.

Designated Rural Branch: Selected rural branches that generally do not provide access to NAB ATMs.

Overseas Access: Access to overseas ATMs have additional charges. Refer to NAB's booklet 'A Guide to Fees and Charges – Personal Banking Fees' for further information.

Reference to Product Disclosure Statement (PDS) in ancillary documents: Where the context requires a reference to a Product Disclosure Statement or a PDS for NAB's Off-sale Personal Transaction and Savings Products listed in this booklet, in any brochure, letter, application form or other document issued by NAB shall be construed as a reference to these terms and conditions.

Government Taxes

Goods and Services Tax (GST)

The GST Clause applies to fees and charges that are not expressed as 'GST inclusive' in this booklet. However, in the event of a change to the GST rate, NAB reserves the right to apply the GST clause to all fees in this booklet.

GST Clause

If NAB is liable to pay goods and services tax or any similar tax (GST) on a supply made in connection with a service referred to in this booklet, then the Customer agrees to pay NAB (on demand) an additional amount equal to the consideration payable for the supply, multiplied by the prevailing GST rate.

Definition of GST

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

For more information call

13 22 65

7 days a week

7am – 9pm AEST, Monday – Friday
8am – 6pm AEST, Saturday – Sunday
visit us at nab.com.au or ask at your local branch

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

©2012 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 87378A0312