Product Disclosure Statement
Effective 11 March 2004
including Terms and Conditions
Contents
Part A
General information
Features and benefits
Risks
Significant taxation implications
How can I get more information?
What do I do if I have a dispute?
Are commissions payable on these products to staff members of NAB?
Updating information
Meaning of words
Part B
Terms and Conditions
General
Authorised users
Passwords and NAB ID
Personal EFT transaction liability provision
BPAY™ Scheme
Account records
Complaint investigation and resolution
General matters
Amendments
Recording of telephone calls
Accounts with other entities
Additional provisions governing personal EFT transactions
Meaning of words
Product Disclosure Statement
This document forms part of the Product Disclosure Statement (PDS) for NAB Telephone Banking, along with the following document:
- A Guide to Fees and Charges - Personal (if you are a Personal Customer); or
- A Guide to Fees and Charges - Business (if you are a Business Customer).
If you have not already received a copy of the applicable document please let NAB know.
This PDS sets out important information about NAB Telephone Banking. By using this PDS you will be able to understand:
- significant characteristics and features of NAB Telephone Banking;
- the benefits and risks associated with NAB Telephone Banking.
Make sure you read this PDS thoroughly before making a decision to acquire NAB Telephone Banking.
Any advice in this PDS has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this PDS, NAB recommends that you consider whether it is appropriate for your circumstances.
NAB Telephone Banking is issued by the National Australia Bank Limited ABN 12 004 044 937.
You can contact NAB by visiting nab.com.auor any branch, or calling 13 22 65.
Part A
General information
Features and benefits
NAB Telephone Banking is an automated telephone banking service which is convenient and easy to use.
For most of NAB's accounts1, with a NAB ID and a password you can:
- generally access your accounts 24 hours a day, 7 days a week, so you can do your banking at a time and place that suits you;
- check account balances and transaction history;
- transfer funds between your linked accounts;
- transfer funds to pay your NAB Credit Card account or make additional payments to your National Loan;
- find out your BSB and/or your account number for your accounts;
- pay your bills via BPAY;
- order current and previous statements for credit card, savings, cheque or loan accounts.
1 Note that not all products may be linked to NAB Telephone Banking, and for some products the range of services available through NAB Telephone Banking may be limited.
Risks
It is important to safeguard any secret information, equipment and software (including any NAB ID or password) required for your operation of NAB Telephone Banking. If you do not, then you may be liable for unauthorised transactions and other amounts as set out below.
You may also have other liabilities, and NAB's liability may be limited, as described below.
There is a risk of unauthorised or mistaken transactions being made through NAB Telephone Banking, or transactions which are deemed to be authorised by the use of your password or the password of an authorised user. You may also be responsible for any use of an account by an authorised user as if the account had been used by you. In certain circumstances, NAB's liability in respect of transactions is limited (including for those that are unauthorised or mistaken).
NAB's liability in respect of NAB Telephone Banking may also be limited in some other circumstances, such as where a password is misused, where a breakdown or interruption to NAB Telephone Banking occurs which is beyond NAB's control, where you or (if relevant) the authorised user should have been aware that NAB's equipment or NAB's system was unavailable for use or malfunctioning, or where a personal EFT transaction is not accepted due to the failure of NAB's equipment or NAB's system.
You may be liable for amounts (including losses or damages suffered by NAB) arising in relation to your or an authorised user's use of NAB Telephone Banking, including for instructions given by another person with your knowledge or consent, or the knowledge or consent of an authorised user.
NAB need not act or may delay acting on any order made through NAB Telephone Banking.
There is a risk that NAB may terminate or suspend your use of NAB Telephone Banking without notice to you.
For further information on each of these risks see the Terms and Conditions in Part B of this PDS.
Significant taxation implications
You may be liable for government charges and taxes relating to transactions carried out through NAB Telephone Banking. See NAB's brochure 'A Guide to Fees and Charges - Personal' or 'A Guide to Fees and Charges - Business' (as applicable), included in this PDS and available from NAB from time to time.
How can I get more information?
You can obtain more information about NAB's:
- Telephone Banking;
- current interest rates;
- standard fees and charges; or
- banking with NAB;
by visiting nab.com.auor any branch, or calling 13 22 65.
What do I do if I have a problem or dispute relating to my account?
For information about resolving problems or disputes, contact NAB on 1800 152 015, or ask at any branch of NAB.
If you subsequently feel that an issue has not been resolved to your satisfaction, you may be able to raise your concerns with the Banking Ombudsman if you are an individual or small business customer covered by the Banking and Financial Services Ombudsman scheme.
Are commissions payable on these products to staff members of NAB?
Staff members are salaried employees of the National Australia Bank Limited and do not receive any proportion of any fees or commissions paid to NAB in connection with the products detailed in this PDS.
Staff members may be entitled to receive additional monetary or non-monetary benefits and/or rewards resulting from participation in programs conducted by NAB. Monetary benefits or rewards may include an annual bonus the level of which may depend on the overall performance of the National group of companies. Non-monetary benefits or rewards for staff members and their partners may include gift vouchers, film tickets, restaurant meals, attendance at an annual conference or other functions.
Whether staff members receive any such benefits and rewards depend on a number of performance related factors including the level of remuneration generated for NAB from sales of products as a consequence of the staff member's advice.
It is not possible to determine at any given time whether a staff member will receive such benefits or rewards or to quantify them. They are generally not directly attributable to any particular product that the staff member has given advice on.
Updating information
Information in Part A of this PDS that is not materially adverse information may change from time to time, and may be out of date at the time this PDS is given to you. Information in Part A of this PDS may be updated by making a notice containing the updated information available through:
- contacting NAB on 13 10 12
- visiting NAB at nab.com.auor
- visiting any branch.
You can find out details of changes to Part A of this PDS through any of these channels. A paper copy of any updated information for such changes may be obtained without charge on request.
After the product is issued you will be notified of any material change to, or significant event affecting, the information in this PDS. Changes to terms and conditions will be notified as set out in Part B of this PDS.
Meaning of words
Words defined in Part B of this PDS have the same meaning in Part A.
Part B
Terms and Conditions
General
1 NAB offers to make NAB Telephone Banking available to you on these terms and conditions.
You will be taken to have accepted NAB's offer when you, or an authorised user accesses, or seeks to access, an account through the service.
Clauses 14 and 36 will apply to you from 1 April 2002 if you are engaged in personal EFT transactions and will prevail over any other provisions in this document to the extent of any inconsistency or conflict.
2 NAB Telephone Banking is:
(a) automatically available to you if you are designated by NAB as a 'personal customer'; and
(b) available on application by you if you are designated by NAB as a 'business customer'.
3 NAB will provide you with a NAB ID and a temporary password, which will be valid for 4 weeks from the date of issue:
(a) automatically at a time of NAB's choosing, if you are designated by NAB as a 'personal customer'; and
(b) if you are designated by NAB as a 'business customer' and you lodge an application for NAB Telephone Banking and NAB accepts that application.
Authorised users
4 NAB may allow any person who is more than 16 years old authorised by you to be an authorised user. It is your responsibility to ensure that any authorised user is over 16 years of age. An authorised user can only be created in accordance with the procedures specified by NAB from time to time.
5 An authorised user who uses a NAB ID issued to the authorised user when accessing your account is able to use the service to access and operate an account in every way available to you.
6 However, you and NAB may agree that an authorised user who uses a NAB ID issued to you is restricted to accessing and operating the account in specified ways. For example, such an authorised user may be authorised to use the service to:
(a) conduct debit or credit transactions on your account; and
(b) access financial information about your account.
7 An authorised user who uses a NAB ID issued to you to access your account may, if you and NAB agree, also be authorised to use the service to access and operate the account in every way available to you.
8 Subject to clauses 9 and 14, you are liable for any use of an account by an authorised user as if the account had been used by you. You are also responsible for all instructions given in relation to your accounts which are authorised by the use of your password or the password of an authorised user or undertaken by another person with the knowledge or consent of you or of an
authorised user.
You should ensure that any authorised user has been provided with, and read and understood these terms and conditions before using the service. If applicable you must also provide authorised users with the information provided to you under clause 36.
9 An authorised user's right to use the service to access and operate an account will be withdrawn when you have notified NAB that you want that to happen and you have complied with any procedures specified by NAB from time to time.
Passwords and NAB ID
10 You or your authorised user may adopt a permanent password that is not the same as, or similar to, any other personal identification number you have, or your authorised user has, for any other account or service you have with NAB. You or your authorised user may change a password by visiting any branch of NAB or by using the service. NAB reserves the right, at any time without notice, to cancel access to the service by you or an authorised user and to cancel a NAB ID or a password.
Please note in respect of personal EFT transactions the requirement that you do not adopt an identical or similar password is only a guideline which NAB strongly encourages you to comply with but your actual liability will be governed by clause 14.
11 The service may be used only with a correct NAB ID and password. You must ensure that you and all authorised users of the service:
(a) keep the password secret and do not write it down anywhere; and
(b) take care to prevent the unauthorised use of the password.
Please note in respect of personal EFT transactions, clauses 11(a) and 11(b) are guidelines which NAB strongly encourages you to comply with but your actual liability will be governed by clause 14.
If a password becomes known to any unauthorised person, you or your authorised user must notify NAB immediately. NAB will cancel the password and give you a new one. Subject to clause 14 NAB is not liable for any loss or damage suffered by you or any authorised user through misuse of a password. If you or your authorised user consider there has been any error in relation to the use of a password, you must let NAB know immediately.
12 NAB may allow access to an account by any person using a NAB ID and password correctly. The telephone number to call is 13 22 65 or as advised by NAB.
13 Subject to clause 14 you accept that:
(a) an order to NAB by you or an authorised user cannot be stopped once it is received by NAB;
(b) NAB need not act or may delay acting on any such order;
(c) an order may be processed at the option of NAB on the next banking business day after the order is given;
(d) the correctness of information you obtain through the relevant service is subject to checking by NAB as part of its normal procedures, and reflects the entries that have been posted to the relevant account at the time the information is obtained; and
(e) NAB is not responsible for any breakdown or interruption to the relevant service due to circumstances beyond its control.
Personal EFT transaction liability provision
14 This clause sets out important rules which may govern an accountholder's liability for unauthorised transactions. These liability provisions are set out below and override any other clause to the extent of any conflict or inconsistency for all personal EFT transactions.
14.1 No accountholder liability in some circumstances The accountholder is not liable for:
(a) losses that are caused by the fraudulent or negligent conduct of NAB's employees or agents or companies involved in networking arrangements or of merchants or of their agents or employees;
(b) losses arising because NAB ID and/or password is forged, faulty, expired, or cancelled;
(c) losses that arise from personal EFT transactions which required the use of the password and that occurred before you or the authorised user received the password;
(d) losses that are caused by the same personal EFT transaction being incorrectly debited more than once to the same account;
(e) losses resulting from unauthorised transactions occurring after notification to NAB that the security of the password has been breached;
(f) losses resulting from unauthorised transactions where it is clear that you or the authorised user have not contributed to such losses.
14.2 Accountholder liability for unauthorised transactions
The accountholder is liable for losses resulting from unauthorised transactions as provided below:
(a) where NAB can prove on the balance of probability that you or the authorised user contributed to the losses through your or the authorised user's fraud or your or the authorised user's contravention of the security requirements in clause 14.3 the accountholder is liable for the actual losses which occur before NAB is notified that the security of the password has been breached.
However, the accountholder is not liable for any of the following amounts:
(i) that portion of the losses incurred on any one day which exceed the applicable daily transaction limit(s) (if any);
(ii) that portion of the losses incurred in a period which exceeds any other periodic transaction limit(s) applicable to that period;
(iii) that portion of the total losses incurred on any account which exceeds the balance of that account (including any prearranged credit);
(iv) all losses incurred on any accounts which the accountholder and NAB had not agreed could be accessed using the password.
(b) the accountholder is also liable where NAB can prove on the balance of probability that you or the authorised user contributed to losses resulting from unauthorised transactions because you or the authorised user unreasonably delayed notifying NAB after becoming aware that the security of the password has been breached. The accountholder will then be liable for the actual losses which occur between the time you or the authorised user became aware and when NAB was actually notified. However, the accountholder will not be liable for any of the following amounts:
(i) that portion of the losses incurred on any one day which exceeds the applicable daily transaction limit(s) (if any);
(ii) that portion of the losses incurred in a period which exceeds any other periodic transaction limit(s) applicable to that period;
(iii) that portion of the total losses incurred on any account which exceeds the balance of the account(s);
(iv) all losses incurred on any accounts which NAB and the accountholder had not agreed could be accessed using the password.
(c) where a password was required to perform the unauthorised transactions and neither paragraph (a) nor (b) applies, the accountholder is liable for the least of:
(i) until 1 April 2003 $50 and thereafter $150;
(ii) the balance of those account(s) (including any prearranged credit) from which value was transferred in the unauthorised transactions and which NAB and the accountholder have agreed may be accessed using the password; or
(iii) the actual loss at the time NAB is notified (where relevant) that the security of the password has been breached (excluding that portion of the losses incurred on any one day which exceeds any applicable daily transaction or other periodic transaction limit(s)).
14.3 Your responsibilities
(a) Where NAB provides you or the authorised user with a password, you or the authorised user must:
(i) not voluntarily disclose the password to anyone including a family member or friend;
(ii) not act with extreme carelessness in failing to protect the security of the password; and
(iii) not record the password (without making any reasonable attempt to protect the security of the password record) on the one article or on several articles so that they are liable to loss or theft simultaneously.
(b) Where NAB allows you or the authorised user to select a password or change a password, you or the authorised user must not select:
(i) a numeric code which represents your birth date or in the case of the authorised user the authorised user's birth date; or
(ii) an alphabetical code which is a recognisable part of your name or in the case of the authorised user the authorised user's name.
Either of these selections may mean you are liable for losses caused by unauthorised transactions caused by a breach of the security of the password.
14.4 Failure of NAB equipment or NAB system
NAB will be liable to you or (if relevant) the authorised user for losses you or the authorised user suffer caused by the failure of NAB's equipment or NAB's system to complete a personal EFT transaction accepted by NAB's system or NAB's equipment in accordance with your or the authorised user's instructions.
However, where you or (if relevant) the authorised user should have been aware that NAB's equipment or NAB's system was unavailable for use or malfunctioning, NAB's responsibilities will be limited to the correction of any errors in the accountholder's account and the refund of any charges or fees imposed on the accountholder as a result. NAB will also not be liable for any losses caused by the failure of NAB's equipment or NAB's system where NAB's system or NAB's equipment had not accepted the personal EFT transaction.
14.5 Advising NAB
If you or an authorised user believe the security of a password has been breached you or the authorised user must advise NAB as soon as possible. Please visit your nearest branch or call 13 22 65.
Once NAB has been notified of these matters the accountholder's liability for further personal EFT transactions will be limited.
Where telephone facilities for notification are not available during particular periods, any losses occurring during these periods that were due to non-notification are deemed to be the liability of NAB, providing notification is made to NAB within a reasonable time of the facility again becoming available.
NAB, will acknowledge a report made by you or the authorised user and you or the authorised user should record or retain this acknowledgement.
14.6 Credit and charge cards
Notwithstanding the rest of clause 14 where you or an authorised user notify NAB of an unauthorised transaction on a credit card or charge card account, NAB will not hold the accountholder liable for an amount greater than the liability the accountholder would have had if NAB had, at the time the complaint was made, exercised its rights (to the extent relevant) under the rules of the credit card scheme.
BPAY™ Scheme
15
(a) NAB is a member of the BPAY Scheme. The BPAY Scheme is an electronic payments scheme through which you or any authorised user with BPAY access can request NAB to make payments to organisations ('billers') who tell you that you can make payments to them through the BPAY Scheme (BPAY Payments). NAB will tell you if NAB is no longer a member of the BPAY Scheme.
(b) When you or any authorised user tell NAB to make a BPAY Payment, you or they must give NAB the information specified in clause 18. NAB will then debit the specified account with the amount of that BPAY Payment.
16 How to use the BPAY Scheme
(a) A BPAY Payment can be made from any account provided:
(i) NAB will allow transfers from the account;
(ii) there are sufficient funds or credit available in the account to meet the value of the BPAY Payment; and
(iii) the relevant biller agrees to accept the account.
(b) When a credit card is used to pay a bill through the BPAY Scheme, NAB treats that payment as a credit card purchase transaction.
(c) You acknowledge that the receipt by a biller of any mistaken or erroneous payment does not or will not constitute under any circumstances part or whole satisfaction of any underlying debt owed between you and any authorised user and that biller.
17 Valid payment direction
NAB will treat an instruction to make a BPAY Payment as valid if, when the instruction is given to NAB, the NAB ID and password is used correctly.
18 Information you must give NAB
To instruct NAB to make a BPAY Payment, you or any authorised user must:
- enter the correct NAB ID and password;
- enter the appropriate biller code;
- select the appropriate 'from' account;
- enter the customer reference number;
- enter the amount to be paid; and
- confirm the details entered (if correct).
You acknowledge that NAB shall not be obliged to effect a BPAY Payment if NAB is not given all of the above information or if any of the information given to NAB is inaccurate.
19 Payments
(a) NAB will not accept an order to stop a BPAY Payment once instructed to make that BPAY Payment.
(b) You and any authorised user should notify NAB immediately if you or they become aware of making a mistake (except for a mistake as to the amount meant to be paid - for those errors see clause 19(f) following) when instructing NAB to make a BPAY Payment, or if you or they did not authorise a BPAY Payment that has been made from your account. Clause 20 describes when and how NAB will arrange for such a BPAY Payment (other than in relation to a mistake as to the amount you must pay) to be refunded.
(c) Subject to clause 22, billers who participate in the BPAY Scheme have agreed that a BPAY Payment you make will be treated as received by the biller to whom it is directed:
(i) on the date that BPAY Payment is made, if NAB is told to make the BPAY Payment before NAB's payment cut-off time on a banking business day; or
(ii) on the next banking business day, if NAB is told to make a BPAY Payment after NAB's payment cut-off time on a banking business day, or on a non-banking business day.
(d) A delay might occur in the processing of a BPAY Payment where:
(i) there is a public or bank holiday on the day after NAB is told to make a BPAY Payment;
(ii) NAB is told to make a BPAY Payment either on a day which is not a banking business day or after the payment cut-off time on a banking business day;
(iii) another financial institution participating in the BPAY Scheme does not comply with its obligations under the BPAY Scheme; or
(iv) a biller fails to comply with its obligations under the BPAY Scheme.
(e) While it is expected that any delay in processing for any reason set out in clause 19(d) will not continue for more than one banking business day, any such delay may continue for a longer period.
(f) You must be careful to ensure that you tell NAB the correct amount you wish to pay. If you instruct us to make a BPAY Payment and you later discover that the amount you told us to pay was less than the amount you needed to pay, you can make another BPAY Payment for the difference between the amount actually paid to a Biller and the amount you needed to pay.
20 Liability for mistaken payments, unauthorised transactions and fraud
(a) If under this clause you are liable for an unauthorised or fraudulent payment made on or after 1 April 2002 as a result of a BPAY billing error and the EFT Code applies, then your liability is limited to the lesser of:
(i) the amount of that unauthorised or fraudulent payment; and
(ii) the limit (if any) of your liability set out in clause 14 of this document.
If (ii) applies, then NAB will be liable to you for the difference between the amount for which you are liable and the amount of the unauthorised or fraudulent payment.
(b) NAB will attempt to make sure that BPAY Payments are processed promptly by the participants in the BPAY Scheme, including those billers to whom BPAY Payments are to be made. You or any authorised user must tell NAB promptly if you or they:
(i) become aware of any delays or mistakes in processing BPAY Payments;
(ii) did not authorise a BPAY Payment that has been made from your account; or
(iii) think that you have been fraudulently induced to make a BPAY Payment. NAB will attempt to rectify any such matters in relation to your BPAY Payments in the way described in this clause. However, except as set out in clauses 20 and 25, NAB will not be liable for any loss or damage
(including consequential loss or damage) you or any authorised user suffer as a result of using the BPAY Scheme.
(c) If a BPAY Payment is made to a person or for an amount which is not in accordance with your instructions (if any), and your account was debited for the amount of that payment, NAB will credit that amount to your account. However, if you or any authorised user was responsible for a mistake resulting in that payment and NAB cannot recover within 20 banking business days of NAB attempting to do so the amount of that payment from the person who received it, you must pay NAB that amount.
(d) If a BPAY Payment is made in accordance with a payment direction which appeared to NAB to be from you or on your behalf but for which you did not give authority, NAB will credit your account with the amount of that unauthorised payment. However, you must pay NAB the amount of that unauthorised payment if:
(i) NAB cannot recover within 20 banking business days of NAB attempting to do so that amount from the person who received it; and
(ii) the payment was made as a result of a payment direction which did not comply with NAB's prescribed security procedures for such payment directions.
(e) If a BPAY Payment is induced by the fraud of a person involved in the BPAY Scheme, then that person should refund you the amount of the fraud-induced payment. However, if that person does not refund you the amount of the fraud-induced payment, you must bear the loss (including any consequential loss) unless some other person involved in the BPAY Scheme knew of the fraud or would have detected it with reasonable diligence, in which case that person must refund you the amount of the fraud-induced payment.
(f) If a BPAY Payment you or any authorised user has made falls within the type described in clause 20(c) and also clauses 20(d) or 20(e), then NAB will apply the principles stated in clause 20(e).
(g) You indemnify NAB against any loss or damage (including any consequential loss or damage) NAB may suffer due to any claim, demand or action of any kind brought against NAB arising directly or indirectly because you or any authorised user:
(i) did not observe any obligations under these terms and conditions; or
(ii) acted negligently or fraudulently in connection with this agreement.
21 Suspension
NAB may suspend your right to participate in the BPAY Scheme at any time.
22 Payment cut-off times
If you tell NAB to make a payment before the time specified in the box below, it will in most cases be treated as having been made on the same day.
Cut-off times:
6.30pm Australian Eastern Standard Time or Australian Eastern Standard Summer Time in Sydney (whichever is applicable).
However, the payment may take longer to be credited to a biller if you tell NAB to make a payment on a Saturday, Sunday or a public holiday or if another participant in the BPAY Scheme does not process a BPAY Payment as soon as they receive its details.
23 When a biller cannot process a payment If NAB is advised that a payment cannot be processed by a biller, NAB will:
(a) advise you of this;
(b) credit your account with the amount of the BPAY Payment; and
(c) take all reasonable steps to assist in making the BPAY Payment as quickly as possible.
Account records
24 You should check your account records carefully and promptly report to NAB as soon as you become aware of any BPAY Payments that you think are errors or are BPAY Payments that you did not authorise or you think were made by someone else without your permission.
25 You understand that you do have rights pursuant to the Trade Practices Act 1974 and similar State and Territory laws to be compensated by NAB for loss and damage (possibly including consequential loss or damage) which you suffer:
(a) if NAB fails to exercise due care and skill in providing the service; or
(b) if the service is not fit for the purpose for which it was required and which you have disclosed to NAB.
Except for those rights, any other rights implied by law which cannot be excluded, and subject to clause 14 you agree that NAB is not liable for any loss or damage (including consequential loss or damage) suffered by you or any authorised user.
26 The terms and conditions are in addition to and do not replace any of NAB's terms and conditions for an account. If there is any inconsistency between the terms and conditions applying to the account and these terms and conditions, these terms and conditions will apply to the extent of that inconsistency.
27 You or NAB may end the service at any time by giving a written notice to the other. If you do not use the service for 12 months, NAB may end it without notice to you.
28 You agree to pay to NAB its standard fees relating to the service, the amount and nature of which are detailed in NAB's brochures:
- 'A Guide to Fees and Charges - Personal'; or
- 'A Guide to Fees and Charges - Business',
as applicable, available from NAB at any time.
Fees will be debited to an account selected by NAB.
Complaint investigation and resolution
29 Notify NAB
If you believe that there has been an error in a transaction, instance of unauthorised transaction, or error in your statement of account, promptly notify NAB. Please refer to the contact details in the General Information section of this brochure. All relevant information available to you regarding the complaint is to be disclosed to NAB.
You may be required to report any unauthorised transaction to the police and to provide NAB with a copy of such report. You may also be required to complete a statutory declaration detailing particulars of the disputed transaction.
29.1 Written Advice
Should NAB be unable to resolve the matter immediately to your satisfaction, NAB will provide you with a written advice of NAB's procedures by which it will be investigated and handled further.
NAB will acknowledge receipt of your claim, and within 21 days of receipt of the complaint NAB will advise you in writing of either:
(a) the outcome of NAB's investigation, detailing the reasons for NAB's decision with reference to the specific terms of the Terms and Conditions where appropriate; or
(b) the need for more time to complete NAB's investigation.
Unless there are exceptional circumstances, of which NAB shall advise you in writing NAB may require up to 45 days from receipt of your complaint to complete NAB's investigations.
29.2 Monthly Updates
Where an investigation continues beyond 45 days, NAB shall provide you in writing with:
(a) the reasons for the delay;
(b) monthly updates on the progress of NAB's investigation; and
(c) a date when a decision can be reasonably expected;
except where NAB is awaiting a response from you and NAB has advised you of this fact.
29.3 Banking Ombudsman
If, because of a delay in giving a final decision, you have a right to take a matter to the Banking Ombudsman or some other external dispute resolution scheme, NAB will advise you in writing about that right within 5 banking business days of the day on which you acquire it.
29.4 Account Adjustments
If NAB concludes, as a result of NAB's investigations, that your account has been incorrectly debited or credited, NAB will promptly adjust your account (including any interest and charges) accordingly and notify you in writing of the amount by which your account has been adjusted as a result.
If NAB concludes from its investigations that your account has not been incorrectly debited or credited, or in the case of unauthorised transactions, that you have contributed to at least part of the loss occasioned by the unauthorised use, NAB will supply you with copies of any document or other evidence on which NAB based its finding and will advise you in writing whether there was any system or equipment malfunction at the time of the transaction.
29.5 Senior Management Review
If you are not satisfied with NAB's findings you may request, in writing, a review of these findings by NAB's senior management. Please direct such requests in writing to:
National Australia Bank
Head of Customer Resolutions
Reply Paid 2870
Melbourne, Vic 8060
Fax No: (03) 8641 0665
After this further review, should you remain dissatisfied with the findings of the investigation, external avenues of complaint may exist including for example the Consumer Affairs Department, Small Claims Tribunal and, the Banking Ombudsman.
For the purposes of clause 29 references to you include authorised users (where applicable).
General matters
30 Code of Banking Practice and EFT Code
30.1 EFT Code
NAB warrants that it will comply with the EFT Code for all personal EFT transactions.
30.2 Code of Banking Practice
NAB has adopted the Code of Banking Practice and relevant provisions of the Code apply to this service, if you are an individual or a small business customer (as defined by the Code).
You can obtain from NAB upon request:
(a) information on NAB's current interest rates and standard fees and charges relating to this service if any;
(b) general descriptive information concerning NAB's banking services including:
(i) for accounts with cheque access, general descriptive information about cheques;
(ii) account opening procedures;
(iii) NAB's obligations regarding the confidentiality of your information;
(iv) complaint handling procedures;
(v) bank cheques;
(vi) the advisability of you informing NAB promptly when you are in financial difficulty;
(vii) the advisability of you reading the terms and conditions applying to each banking service NAB provides to you;
(c) general descriptive information about:
(i) the identification requirements of the Financial Transactions Reports Act 1988;
(ii) the options available to you under the tax file number legislation; and
(d) a copy of the Code of Banking Practice.
Amendments
31 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 of these 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.
32 Important alterations
NAB will give accountholders at least 30 days (or any longer period allowed by law) written notice of:
(a) any change to or imposition of a daily or periodic transaction limit, or change to the type of accounts on which transactions may be made, or type of transactions that may be made; or
(b) an increase in the accountholder's liability for losses relating to EFT transactions.
33 Other changes
Unless otherwise specified in these terms and conditions or separately agreed between you and NAB, NAB will give you notice of changes as set out below and you agree to receiving notice in such ways:
- notice of changes to fees and charges (including the introduction or increase of charges relating solely to the use of your password or NAB ID or the issue of an additional or replacement password or NAB ID) will be given in writing at least 30 days before 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 3 months after, the change takes effect; and
- notice of any other changes to these terms and conditions will be given in writing at least 30 days before the change takes effect.
However, to the extent permitted by any applicable legislation and industry codes NAB reserves the right not to give advance notice when changes are necessitated by an immediate need to restore or maintain the security of NAB's systems or individual accounts.
Recording of telephone calls
34 NAB may arrange for all telephone calls to the service to be recorded for training and quality control purposes.
Accounts with other entities
35 Where an account is maintained with an entity other than NAB, you agree that these terms and conditions including, but not limited to, the terms and conditions with respect to accepting and acting on the instructions of you or an authorised user, the irrevocable nature of such instructions, the allocation of liability (including your indemnity) and the responsibilities of NAB (including any release provided by you) also apply for the benefit of that other entity.
Additional provisions governing personal EFT transactions
36 The following additional provisions apply only to personal EFT transactions.
36.1 Amounts transferred
NAB reserves the right to limit the amount which may be transferred from an account using the service.
You will be advised of these specific limits when you sign up to the service, and you will be subsequently advised of any change to these limits. The limits advised by NAB are not an undertaking by NAB to so limit the amounts transferred by use of the service. However, the advised limits do limit your liability for unauthorised transactions.
36.2 Number, type of accounts and transactions which can be made
You will be advised of the accounts and transactions you can undertake using the service when you sign up to the service.
36.3 Other restrictions
If you use the service to conduct personal EFT transactions using equipment provided by merchants or other financial institutions, be aware that the merchants or other financial institutions may impose their own restrictions or limits on the use of the service.
NAB is not responsible for these restrictions.
Meaning of words
37 account means if you are designated by NAB as a 'personal customer', each account you have which NAB has determined is accessible by the service and, if you are designated by NAB as a 'business customer', each account which you have nominated in your application for the service as varied by you from time to time.
accountholder means a person who has an account in their own name or, if in joint names, in respect of which NAB may act on the instructions of any one or more of them.
authorised user means a person who you have authorised under clause 4 to operate an account through the service.
banking business day means any day on which banks in Melbourne or Sydney are able to effect settlement through the Reserve Bank of Australia.
biller: See clause 15.
BPAY Payments: See clause 15.
business EFT transactions means the part of a funds transfer which is the debiting of value from or crediting of value to an account that is designed by NAB primarily for use by a business and established primarily for business purposes.
EFT Code means the Electronic Funds Transfer Code of Conduct.
merchants means providers of goods and services.
NAB means National Australia Bank Limited ABN 12 004 044 937 and its successors and assigns.
NAB ID means a 'NAB IDentification Number' issued by NAB.
password means the password authorised by NAB for you to use to access the service.
payment cut-off time: With respect to a banking business day, the time specified in clause 22 for that day.
personal EFT transaction means an electronic funds transfer to or from accounts using the service which is not a business EFT transaction.
service means the telephone banking service NAB makes available to enable the receipt and transmission of information (including in relation to an account).
unauthorised transaction means any personal EFT transaction where you or an authorised user claim that you or an authorised user did not engage in or have knowledge of or consent to the personal EFT transaction even though your NAB ID and/or password or (if relevant) the authorised user's NAB ID and password were used to generate the disputed transaction.
you/your in clause 1 means an accountholder who has received these terms and conditions and otherwise you means an accountholder who has accepted these terms and conditions and your has a corresponding meaning.
Preparation of this PDS was completed on 13 February 2004
For more information call 13 22 65 Open 8am-8pm EST, Monday to Friday.
Hearing impaired people with telephone typewriters can contact us on 13 36 77
Download a copy of NAB's Telephone Banking Product Disclosure Statement (PDS) including Terms & Conditions.
Note: To download the Telephone Banking Product Disclosure Statement (PDS) including Terms & Conditions you will require Acrobat ® Reader.
©2004 National Australia Bank Limited ABN 12 004 044 937
AFSL 230686 399-939 (02/04)
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