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

Terms and Conditions

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

Contents

Summary of Important Information

About this booklet

Product Comparison Table – Features and Benefits

Part A Account terms and conditions

Part B General Matters – for all accounts in this booklet

Part C Account Fees and Charges

Definitions and Interpretation

Privacy

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Summary of Important Information

Customer Service

You can contact us by:

  • calling 13 BANK (13 22 65) (7am – 9pm) AEST, Monday to Friday, and (8am – 6pm) AEST, Saturday and Sunday, and select the option to speak to a Customer Service Representative;
  • visiting our website nab.com.au;
  • writing to us at Level 24, 500 Bourke Street, Melbourne VIC 3000; or
  • hearing impaired customers with telephone typewriters can contact us via the National Relay Service on 13 36 77.

Lost/Stolen Cards/Compromised Personal Identification Numbers (PINs)

If your card is lost or stolen and/or your PIN is compromised or divulged you must immediately notify NAB and provide any information about how the loss / incident occurred by calling:

Within Australia

  • Freecall 1800 033 103 (24 hours a day – toll free); or

If Overseas

  • NAB Debit card International code +613 8641 9083 (Mon-Fri 8:00am – 8:00pm EST) otherwise International code +613 8641 7905 (all other times)
  • NAB Visa Debit card Call reverse charges 24 hours a day International code +144 3641 2004

Unauthorised transactions

If you believe there has been an unauthorised transaction on your account, please notify NAB by calling 13 BANK (13 22 65) and select the option to speak to a Customer Service Representative.

NAB PIN

You may change your PIN as frequently as you wish at selected NAB Automatic Teller Machines ('ATMs') or Automatic Deposit Machines ('ADMs'). For a complete list of ATM and ADM locations, please contact NAB by:

  • visiting nab.com.au; or
  • calling 13 BANK (13 22 65) and selecting the option to speak to a Customer Service Representative.

ATM/ADM emergency

To report an ATM or ADM breakdown or malfunction, or alternatively to query a current ATM or ADM transaction (such as a card not returned by an ATM or ADM or incorrect cash disbursement), please contact NAB by:

  • calling 13 BANK (13 22 65) and selecting the option to speak to a Customer Service Representative; or
  • calling, Freecall 1800 036 066 after hours.

Note: As part of NAB's security procedures, transactions conducted at ATMs/ADMs may be photographed.

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 from within Australia) or see the APRA website at www.apra.gov.au

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About this booklet

This booklet contains:

  • In Part A and B, the terms and conditions for NAB eBanking and NAB Passbook account
  • In Part C, the account related fees and charges applicable to the NAB Off-sale Personal Transaction 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'

Things you should know

These terms and conditions govern the operation of NAB's personal off-sale transaction accounts (listed in the Product Comparison Table).

It is important that you read and understand the terms and conditions set out in this booklet that apply to your account or service. They set out a number of obligations which you need to be aware of including, for example, under clause 6.3 you must promptly check your account statements and report to NAB any transactions recorded which you suspect you did not authorise or the details of which may be incorrect. Also to note is that under clause 9 if you overdraw an account or are overdue in making a payment to NAB, we may elect to use any of your available credit funds to correct the position and then inform you that we have done so.

This booklet, the fees guide and indicator rates flyer are available from NAB at any time. If you have not already received copies of each item please contact NAB.

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 this booklet.

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 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 Pay as You Go Withholding Tax.

Meaning of words

Words defined throughout this booklet have the meaning set out in the Definitions and Interpretation section towards the end of this booklet.

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Product Comparison Table – Features and Benefits

This table is a summary of key features and benefits of NAB Personal Transaction accounts listed in this booklet. Additional information about the features and benefits is set out in the terms and conditions in each Part of this booklet.

Key Information NAB eBanking NAB Passbook Account
Account Access
At call Yes Yes
ATM Yes No
EFTPOS Yes No
Visa Debit Yes No
Internet Banking Yes Yes1
Telephone Banking Yes Yes1
Periodical Payments Yes Yes
Direct Debit (Refer to Part A clause 6.2) Yes Yes
Chequebook option (Refer to Part A clause 1.7) Yes No
Returns
Interest Calculated Daily Daily
Paid Quarterly Quarterly
Fee Structure Refer to Part C of this booklet
Account Features
Minimum account balance No No
Eligibility criteria No No
Statements Yes No
Passbook No Yes
Link to NAB 100% Offset Arrangement (Refer to Part A clause 5) Yes Yes
Link to overdraft facility Yes No
For further information refer to Part A Account terms and conditions clause No: 1 1
NAB Visa Debit card Yes No
NAB Debit card Yes No
NAB Personal Credit Card / Velocity NAB Business Card/NAB Business Access Card Yes No

1 Limited use: balance enquiry, transaction history and deposit transactions only.

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Part A Account terms and conditions

1 Transaction accounts

The following terms and conditions (in addition to those terms and conditions in Part B of this booklet) apply to the accounts listed below, unless specific terms and conditions apply to your account.

NAB eBanking and NAB Passbook Account.

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How will the accounts work?

1.1 You may deposit any amount and you may withdraw up to the available credit funds from your account, or if your account has an overdraft facility, up to the approved overdraft limit.

1.2 If your account has no overdraft facility and has insufficient credit funds available to satisfy any withdrawal, NAB may block your account from completing the withdrawal until sufficient credit funds are deposited and made available in the account.

1.3 Proceeds of any cheque or other item deposited in your account will not be available until the cheque or other item is cleared.

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

1.5 You may withdraw from your account at any of NAB's branches, subject to you providing suitable identification. You may arrange to access your account through NAB Internet Banking and NAB Telephone Banking or similar electronic service provided by NAB. Such access will be governed by NAB's standard terms and conditions for the service.

1.6 NAB Passbook account holders will be provided with a passbook as a record of the transactions on the account. Passbooks must be presented at a NAB branch to make a withdrawal or to enable the recording of other entries such as deposits, interest, pension or salary payments.

1.7 NAB may upon request provide a cheque book to access your account. This is not available for NAB Passbook accounts.

1.8 If you specifically apply for and NAB agrees to give you an overdraft facility with your account, the overdraft facility will be subject to NAB's standard terms and conditions for the facility which will be provided to you at the time. Additionally, NAB may at its discretion, allow you to overdraw your account:

  • if you do not have an approved overdraft limit, to any amount permitted by NAB from time to time; or
  • if you do have an approved overdraft limit, to any amount permitted by NAB from time to time, beyond the amount of that limit.

In both these situations, you may be charged default interest in accordance with clause 4.

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When will I receive statements?

1.9 NAB will send you statements of account at least 6 monthly, unless you request otherwise.

If a NAB Visa Debit card is linked to your account a statement will be sent to you bi-monthly, unless you request otherwise.

1.10 Statements are not available for NAB Passbook accounts.

1.11 Amounts on your statement of account will be expressed in Australian dollars.

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2 Account features – terms and conditions

The following terms and conditions also apply to the accounts referred to in this Part A, unless specific terms and conditions apply to your account.

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What interest will I receive?

2.1 Interest is calculated and paid in accordance with the terms and conditions set out in clause 3 of this booklet.

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What electronic access options are available?

2.2 For information on the electronic access options available refer to the Product Comparison Table.

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What fees are applicable to these accounts?

2.3 NAB may debit your account with account fees and other standard service fees, the amount and nature of which are detailed in Part C 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.

2.4 NAB may debit your account with government charges, duties and taxes relating to your account. For further information refer to NAB's brochure 'A Guide to Fees and Charges – Personal Banking Fees', available from NAB at any time.

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3 Calculation and payment of Interest

NAB eBanking and NAB Passbook Account

3.1 Where interest is payable by NAB, it is calculated on the daily credit balance of your account, as at the end of each day up to and including the day before the last banking day of each period as set out in the table below. If applicable NAB will credit the interest to your account the next banking day. Excluded from the daily credit balance of your account (where applicable) are any outstanding authorisations which are not posted to your NAB Visa Debit account as at the end of each day.

  Interest Paid Monthly Interest Paid Quarterly*
NAB eBanking   Yes
NAB Passbook Account   Yes

Different rates may apply to different levels of your account balance (rates may also fluctuate). These levels of account balance and the rates applicable to them are notified to you at the time you open your account. Rates are detailed in NAB's flyer 'Indicator Rates – For Deposit Products'. This flyer forms part of these terms and conditions.

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4 Overdrawn accounts

4.1 If your account3 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.

4.2 You will pay NAB interest4 at the default rate applicable to personal accounts on the overdrawn amount and for the period of time your account remains overdrawn. 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.

4.3 Interest is calculated on the daily debit balance of your account as at the end of each day (up to and including the day before the last banking day of each month) and will be charged to your account on the last banking day of each month.

3 Not applicable for NAB Passbook Accounts

4 Default interest will not be payable where there is any approved NAB overdraft facility limit which is operated through the account

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

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5 NAB Offset arrangements

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

5.1 You may apply to NAB to participate in the NAB 100% Offset arrangement. NAB may accept or reject your application at its discretion.

5.2 Each offset arrangement is only available on certain deposit and loan accounts specified by NAB. Unless NAB otherwise agrees, only 1 loan and 1 deposit account can be linked to a NAB 100% Offset arrangement.

5.3 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.

5.4 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 while this account 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?

5.5 While you have an offset arrangement, any linked deposit account will not earn any interest even if the credit balance of your account exceeds, or if there is more than 1 linked deposit account, the total credit balances of those accounts exceed, the unpaid balance of your linked loan account.

5.6 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.

5.7 You or NAB may end the offset arrangement by giving 7 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.

5.8 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?

5.9 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.

5.10 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.

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6 Payment facilities

6.1 Cheques

NAB provides cheque access to certain accounts. These accounts are listed in the Product Comparison Table. If you have cheque access to an account, the following terms and conditions apply:

6.1.1 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. 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.
  3. 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.
  4. 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.
  5. 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.
  6. You must take reasonable care and precautions to prevent unauthorised, stolen, forged or fraudulently altered or drawn cheques being presented to NAB.
  7. 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).
  8. You authorise NAB to pay a cheque drawn on your account, even though it is a stale cheque within the meaning of the Cheques Act 1986.
  9. You authorise NAB to pay a post dated cheque drawn on your account at any time before the date of the cheque arrives.

6.1.2 Stopping payment on a cheque

  1. You may stop payment on a cheque before it has been paid by providing the cheque details required by NAB. To stop payment, immediately notify NAB by;
    1. calling 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
    2. notifying any NAB branch either in person or by phone.
  2. If you advise NAB by phone, your written confirmation may be required.
  3. NAB may charge a fee for stopping payment on a cheque, the amount and nature of which are detailed in NAB's brochure 'A Guide to Fees and Charges – Personal Banking Fees'.

6.1.3 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, has a date that has not yet 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.

6.1.4 Crossing Cheques

  1. A cheque with two parallel lines across it, with or without the words 'not negotiable' written between them, is a crossed cheque. When you cross a cheque, you are telling the bank that the cheque must be paid into an account with a financial institution and not cashed. If NAB does cash the cheque, it may be liable for any loss suffered by the true owner.
  2. A crossing may be added by you when you make a cheque or by any person who obtains possession of your cheque.

6.1.5 'Not Negotiable' cheques

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.

6.1.6 'Account payee only' cheques

  1. If you write the words 'account payee only' on a cheque, you are warning the bank with which the cheque is deposited that the cheque should be paid only to the person named in the cheque as payee.
  2. The words 'account payee only' do not prevent the transfer of a cheque.

6.1.7 'Or bearer' or 'order' cheques

  1. The words 'or bearer' (except where the cheque is crossed), mean that a bank may pay the cheque to whomever is in possession of the cheque, not only the person named on 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. If you delete these words, the cheque becomes an 'order' cheque.
  2. 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.

6.1.8 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.

6.1.9 When is a cheque 'cleared'?

  1. You should allow a minimum of 3 banking days for a cheque that is deposited into your account to clear, after which time the funds are available to you.
  2. 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 also applies to cheques made payable to 'cash'.
  3. 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.

6.1.10 Special clearance

You can arrange for a cheque to be cleared in less than the usual time by requesting a special clearance. Special Clearance fees are detailed in NAB's brochure 'A Guide to Fees and Charges – Personal Banking Fees'.

6.1.11 Third Party cheques

If you present a cheque which is payable to someone else or it appears to belong to someone else (third party cheque), NAB may, in its discretion, refuse to accept that cheque for deposit or refuse to cash it or may require you to comply with some conditions before it will accept that cheque for deposit or cash it.

6.1.12 Bank cheques

Bank cheques are cheques instructing payment from the bank itself rather than from a customer's account. They are designed to provide an alternative to carrying large amounts of cash when a personal cheque is not acceptable.

Bank cheques are usually requested because of the higher likelihood that they will be paid. However bank cheques should not be regarded as equivalent to cash.

Bank cheques can be purchased by NAB and non-NAB customers and a fee is charged. A bank may dishonour a bank cheque if:

  1. the bank cheque is forged or counterfeit;
  2. the bank cheque has been fraudulently and materially altered;
  3. a fraud or other crime has been committed;
  4. the bank is told the bank cheque has been lost or stolen;
  5. there is a court order restraining the bank from paying a bank cheque;
  6. the bank has not received payment or value for the issue of the bank cheque; or
  7. a bank cheque is presented by a person who is not entitled to the cheque proceeds.

If a bank cheque is lost or stolen, NAB will, on certain conditions provide a replacement cheque for a fee.

6.2 Direct Debits

You may make regular payments to a third party (Debit User), by authorising the Debit User to debit your account with NAB. For eligible accounts refer to the Product Comparison Table.

6.2.1 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. The Debit User request 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.

6.2.2 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 visit your branch or 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

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.

6.2.3 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.

  2. (b) 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.

6.2.4 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. In this situation, you may be charged default interest in accordance with clause 4.
  2. NAB does not have to notify you if a debit is dishonoured or otherwise not made.

6.2.5 Multiple authorities

  1. If you have more than 1 direct debit arrangement with a Debit User on your account and you cancel 1 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.

6.3 You must check your statements

Without limiting any part of these terms and conditions, you must promptly review your statement of account to check for and tell NAB of any transaction recorded on your statement that you suspect for any reason you did not authorise or for which the information recorded 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).

6.4 Indemnity

Subject to any applicable law, you agree to release and indemnify NAB and exclude NAB from all liability which NAB may have:

  1. if NAB refuses to allow payment of a cheque or direct debit in good faith in the ordinary course of business; or
  2. if a stop payment request is given too late to enable payment to be stopped; or
  3. 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
  4. 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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7 How is the operation of the account governed?

The operation of your account will be governed by the signing authority which you provide to NAB when you open your account. The signing authority specifies who is authorised to operate your account and whether they may do so alone or jointly.

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8 What conditions apply to joint accounts?

8.1 If there are 2 or more of you, you will be treated as holding the account jointly and NAB may accept for credit to your account any cheque, payment order or bill of exchange that is not payable to all of you. This means that each accountholder has the right to all of the balance of the account, jointly with the other accountholders.

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

8.3 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 on your account. You will all be deemed to have received any NAB statements and notices forwarded in accordance with the terms and conditions in this booklet.

8.4 A joint accountholder 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 accountholders, NAB may require all joint accountholders to sign any authority to operate the account.

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

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9 NAB's right to combine or set-off accounts

NAB can combine or set-off the balance of 2 or more of any type of accounts, credit facilities or other products held by the accountholder with NAB, even if they are held at different branches or in joint names. This may happen when one of the accountholder's accounts is overdrawn or is in debit and another is in credit. For example, the credit balance in 1 account can be used to repay the debit balance in another account. NAB will promptly inform you if it has exercised this right and NAB need not give you notice in advance. The accountholder does not have a right of combination or set-off unless NAB has agreed.

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10 Inactive accounts

At NAB's discretion, if your account is not used for a period NAB may:

  1. cease the crediting of interest and issuing of statements
  2. restrict access to your account
  3. close your account transferring any remaining balance 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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Part B General Matters – for all accounts in this booklet

The following terms and conditions are in addition to the terms and conditions applying to all accounts covered in this booklet.

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11 Code of Banking Practice

11.1 NAB has adopted the Code of Banking Practice and relevant provisions of the Code apply to the accounts and services included in this booklet, if you are an individual or a small business customer (as defined by the Code).

11.2 You can obtain from NAB upon request:

  1. information on NAB's current interest rates and standard fees and charges relating to the accounts and services included in this booklet, if any;
  2. general descriptive information concerning NAB's banking services including:
    1. general descriptive information about cheques for accounts with cheque access;
    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.

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12 Notice provisions

NAB will give you notice of changes to the accounts included in this booklet as set out in the table opposite and you agree to receive notice in such ways.

12.1 Changes NAB may make

In addition to the other changes NAB may make to the terms and conditions in this booklet which are detailed in this booklet, 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.

12.2 How does NAB notify you of changes?

NAB will give you notice of changes to the accounts included in this booklet as set out in the table below and you agree to receive notice in such ways.

Type of Change Method of Notification Time Frame
Changes relating to Transaction Accounts in Part A
Introduction of a fee or charge In writing or electronically At least 30 days before the change takes effect
Changes to fees and charges In writing, electronically or by media advertisement At least 30 days before the change takes effect
Changes to interest rates By media advertisement No later than the day the change takes effect
Changes to the calculation of interest In writing or electronically At least 30 days before the change takes effect
Any other changes to the terms and conditions in Part A & B In writing or electronically At least 30 days before the change takes effect
General Notification Provisions
Changes to government fees and charges In writing, electronically or by media advertisement As soon as practicable after, but no later than 3 months after the change takes effect.

12.3 How do you notify NAB of changes?

Type of Change Method of Notification Time Frame
Change of Address (including nominated electronic address) In writing, in person at any NAB branch, via NAB Internet Banking or by calling us on 13 BANK (13 22 65) As soon as possible
Notices, certificates, consents, approvals and other communications in connection with these terms and conditions Electronically using the service or in writing, in person at any NAB branch or by calling us on 13 BANK (13 22 65) As soon as possible

12.4 Electronic communication

If you are a NAB Internet Banking user:

  1. You agree that, subject to clause 12.6(a), notices, certificates, consents, approvals and other communications in connection with the terms and conditions in this booklet from NAB, may be given electronically:
    1. by electronic mail to your nominated electronic address; or
    2. by being made available at NAB's website using the service, unless you request otherwise. Unless you so request, NAB may not give you communications in other ways (e.g. in writing).
  2. Where communications are made available using the service, NAB will provide you with the ability to readily retrieve the information (e.g. by providing a link to NAB's website).

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

  1. If you agree, NAB may advise you of any alterations or other changes under clause 12.1 by electronic mail to your nominated electronic address.
  2. If you so agree, NAB may not give you notice in other ways (eg in writing).
  3. You may change your nominated electronic address or withdraw your agreement to receive notices by electronic mail by giving NAB notice.

12.6 For the purposes of clauses 12.4 & 12.5:

  1. You may request a paper copy of a communication given electronically within 6 months of the electronic copy being received or made available.
  2. 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.
  3. 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.
  4. 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 purposes of this clause:
    1. 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
    2. 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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13 Complaints

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

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14 Can NAB elect not to apply a fee or charge?

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

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15 Governing law

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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Part C Account Fees and Charges

This section details the account fees and charges that apply to NAB's Off-sale Personal Transaction 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.

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NAB Flat-Fee Accounts Fee Structure

NAB Flat Fee accounts fee structure NAB eBanking
Monthly Account Service Fee $0.00
Deposit waiver (monthly threshold) N/A
All deposits Yes
All NAB Internet Banking transactions Yes
All EFTPOS transactions Yes
All NAB Telephone banking transactions Yes
All Visa Debit transactions Yes
Overseas Visa Debit transactions Refer to 'A Guide to Fees and Charges – Personal Banking Fees' booklet
All NAB ATM transactions Yes
Non-NAB ATM withdrawal or Balance Enquiry Fee* $0.00
Oversea ATM transactions Refer to 'A Guide to Fees and Charges – Personal Banking Fees' booklet
Branch withdrawal Yes
Branch withdrawal at designated rural branches Yes
Cheque withdrawals $0.00

*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.

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NAB Rebate Based Accounts Fee Structure

NAB Rebate based accounts fee structure NAB Passbook Account
Monthly Account Service Fee $0.00
Rebate Amount N/A
Minimum Monthly Balance to waive Monthly Account Service Fee and Transactions Nil
Transaction fees which can be deducted from the rebate amount
Branch Withdrawal $0.00
Branch Withdrawal at Designated Rural Branch $0.00
Branch Withdrawal at Australia Post (Bank@Post)™ N/A
EFTPOS purchase or cash out N/A
NAB ATM Withdrawal, Mini Statement or Funds Transfer N/A
Cheque N/A
Telephone Funds Transfer Self Service, BPAY® or Staff assisted balance, deposit or withdrawal enquiry1 $0.00 (Telephone Funds Transfer & BPAY® n/a)
Telephone Banking Self Service balance, deposit or withdrawal enquiry1 $0.00
Internet – Funds Transfer, Transaction History or BPAY® $0.00 (Funds Transfer & BPAY® n/a)
Fees not included in the rebates structure
Monthly Account Service Fee $0.00
Non-NAB ATM Withdrawal or Balance Enquiry Fee N/A
Sundry Fees Refer to 'A Guide to Fees and Charges – Personal Banking Fees' booklet

1 Local call charges apply. Higher call charges apply from public and mobile phones.

 

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

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Definitions and Interpretation Parts A and B

The following definitions apply throughout the terms and conditions set out in each Part of this booklet, unless otherwise stated. Also other words used in Parts A and B have the meaning as defined in other Parts of this booklet.

Meaning of words

'account' means your transaction or savings account issued by NAB.

'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 1 or more of them.

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

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

'National Australia Group' means National Australia Bank Limited ABN 12 004 044 937 and its related bodies corporate such as MLC Ltd.

'person' includes an individual, a firm, a body corporate, an unincorporated association or an authority.

'you/your' means the accountholder(s) who opens the account and if there is more than 1, you means each of them separately and every 2 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.

Interpretation

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 Off-sale Personal Transaction 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.

Part C

The following definitions apply to Part C only. Other words used in Part C have the meaning as defined in other Parts of this booklet.

Meaning of words

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.

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Privacy

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 (eg 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

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 87379A0312