Safe Custody Services

1.The service

NAB’s Safe Custody services includes the following:

1. Storage of Customer Sealed Packets;
2. Storage of Customer Supplied Locked Boxes;
3. Safe Deposit Boxes; and
4. Double Custody Items.

2.Who may use the service?

This service may be used to store property which you are legally entitled to store and which is accessible only by you and your agent (if you appoint one).

3.Property that may not be stored

3.1You may not store any of the following things:

1. Cash;
2. Liquids;
3. Anything which is offensive in nature or illegal;
4. Anything which is or may become explosive or dangerous;
5. Weapons, regardless of whether or not they are in working order;
6. Anything which may become a nuisance to any person or to NAB; and
7. Any property which you do not have full legal entitlement to store in safe custody to the exclusion of third parties (for example property of another person, or property owned jointly with another person which is, or is likely to become, subject to a claim or dispute over ownership or entitlement).

Other exclusions for specific services are set out in Parts B, C and E later in this document.

3.2You’ll need to sign an acknowledgement that the property left for safe custody complies with this clause.

4.Agent

4.1.If you are an individual, you can nominate someone over the age of 18 years to be your agent for the service. We reserve the right to refuse to accept any person as your agent.

4.2If you are a company or other entity, you must nominate one or more agents over the age of 18 years in relation to the service. We reserve the right to refuse to accept any person as your agent.

4.3Your agent will have the same control over property as you do, including the rights to:

1. Access the property;
2. Remove the property from safe custody; and
3. End this agreement.

4.4If we cannot contact you using contact details you have provided, we may contact your agent about any matter concerning the safe custody service, including to:

1. Obtain contact details for you; and
2. Give notice that we require the property held in safe custody be removed.

4.5You can revoke the authority of an agent by notifying us in writing.

5.Joint ownership

If there are two or more of you, you will be treated as owning the property and receiving the service jointly. If any of you dies, the property will be treated as the property of the survivor or survivors jointly.

6.Access to property

6.1Subject to clauses 13 and 14, access to property stored in safe custody is limited to you and any agent properly appointed by you. We will require identification before allowing access to the property and we may refuse access if we’re not satisfied with the form of identification produced.

6.2You can access property held in safe custody during normal business hours. Opening hours can be found at nab.com.au.

7.Change of address or other details

You must notify us promptly of any change to your name or address. If you do not do so, we may be unable to contact you and this may result in property becoming unclaimed property (see clause 12).

8.Insurance

We do not insure any property held in safe custody. It is your responsibility to insure any property held in safe custody.

9.Transfer of property

9.1We may need to transfer property stored in safe custody from one branch to another or from a branch to a Safe Deposit Centre. For example, this may occur when we close or relocate a branch, or where the property stored is unclaimed property.

9.2If we become aware that property stored in safe custody is of a kind that is prohibited by this agreement, we may remove the property immediately and deal with it as we consider appropriate in the circumstances. This may include destroying the property or handing it to an appropriate authority. We will not be liable to you for any loss you incur as a result of taking such action.

10.Fees and charges

10.1You can find details of fees relating to Customer Sealed Packets, Customer Supplied Locked Boxes and Double Custody Items in NAB’s Personal Banking Fees and Charges booklet and NAB’s Business Banking Fees and Charges booklet. Details of licence fees relating to Safe Deposit Boxes can be obtained by contacting the Safe Deposit Centre in each state. Contact details can be found at nab.com.au

10.2You must pay all safe custody charges and licence fees annually, in advance.

10.3You must pay all other charges, including activity charges when we ask you to.

10.4We may vary any fee (including by introducing a new fee) by giving you 30 days notice either by writing to you, or by newspaper advertisement.

10.5If you don’t pay a fee when it becomes due, we may debit one of your NAB accounts for the amount owing.

10.6If you don’t pay a fee within 3 months of the date that it becomes due, we may do all or any of the following:

1. Terminate this agreement;
2. Remove the property from safe custody;
3. Require you to collect the property;
4. Return the property to you by post or any other means at your last known address;
5. Hold the property until you have paid all amounts owing;
6. Transfer the property to any place or person we deem appropriate.

10.7You must reimburse us for any cost we incur through returning property to you under clause 10.6(d).

11.Termination of this agreement

11.1You may end this agreement at any time by:

1. Contacting the branch or Safe Deposit Centre at which the property is stored;
2. Paying fees and other amounts owing;
3. Removing all property from safe custody in person; and
4. Surrendering any keys that we supplied to you.

11.2We may end this agreement at any time by giving written notice at the address you provided us. Examples of when we may terminate include:

1. Where you have failed to pay fees or other amounts owing;
2. Where we are notified of your death or insolvency; or
3. Where we are required to hand custody of the property to a law enforcement body.

These are examples only and do not prevent us from terminating for any other reason.

11.3If we have terminated this agreement, you must, within 3 months:

1. Pay all outstanding fees and charges;
2. Surrender any keys that we supplied to you; and
3. Remove all property.

After 3 months any property that has not been removed will be treated as unclaimed property (see clause 12).

11.4If we terminate this agreement, we will refund any portion of the storage fee paid in advance for any unused period.

12.Unclaimed property

12.1We will consider any property which is held in safe custody to be unclaimed if the agreement is terminated (see clause 11) and either of the following applies:

1. We cannot contact you or your agent(s) using the contact details you have provided; or
2. You don’t respond to a request from us to remove property from safe custody.

12.2We may move unclaimed property from where it is held to another storage location.

12.3We may dispose of any unclaimed property as we consider appropriate in the circumstances. This may include disposal by way of:

1. Sale;
2. Destruction; or
3. Transfer to another person.

12.4If we sell unclaimed property, proceeds of the sale will be used firstly to reimburse our costs for storing and disposing of the property and to pay any outstanding storage charges. Surplus funds will be returned to you, if possible, or paid over to the relevant government authority, as required by law.

13.Access to property by Law Enforcement and other Officers

13.1We may comply with a requirement for access to a safe custody item arising from an order of a court or other judicial or administrative body, statutory notice or demand, or request made by any police officer, taxation officer or other officer of or representing Australia or a State or Territory.

13.2After giving such access, we may permit the removal of all or any part of the property held in safe custody, without prior notice to you. We will not be liable to you for any damage to, or removal of property, nor any consequential action taken against you following access, in these circumstances.

14.Access to other people

14.1Where we reasonably believe that ownership of the property has vested in a trustee, statutory authority or other person, for any reason (including by your death, insolvency or incapacity), we may allow the trustee, person or authority to open the safe custody service and remove the contents.

14.2If we release contents to any trustee, authority or person under this clause our agreement will be terminated. Unless we are negligent, we will not be liable to you for any claim arising from the release of the contents under this clause.

15.Limitation of liability

15.1We will not be liable to you for any loss of or damage to property stored in a safe custody facility where:

1. We did not breach our duty; or
2. The loss you are claiming is not a foreseeable consequence of such a breach.

15.2We will not be liable for any loss you suffer as a result of your own breach of these terms and conditions.

16.Code of Banking Practice

We have adopted the Code of Banking Practice and some parts of the Code apply to the service, if you are an individual or a small business customer.

A copy of the Code is available at nab.com.au or from any NAB branch.

17.Variations

17.1We may vary these terms and conditions, including changing any fee or charge at any time. We will give you at least 30 days prior notice if we introduce a new fee or charge. We will give you notice of any other change to terms and conditions no later than the day the change takes effect. We may do this by writing to you or by newspaper advertisement.

17.2If you do not accept any change that we make, you can ask us to terminate the service without termination charge to you, by doing all of the things set out in clause 11.1.

18.Assignment

18.1You may not assign any of your rights under this agreement.

18.2We may assign our rights under this agreement where reasonably necessary for our business purposes.

19.To make a complaint

For information about resolving problems or disputes, please contact us on 13 BANK (13 22 65) or visit any NAB branch and ask for a copy of our complaints resolution brochure.

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

20.Governing Law

The terms and conditions in this booklet are governed by the laws in force in the State or Territory in which the property is stored in safe custody.

21.These terms are in addition to the terms set out in Part A.

22.We will provide a packet for you to store the property.

23.Sealed Packets are not suitable for storage of any items of substantial value. We will not accept the following for storage in sealed packets:

1. Bullion;
2. Cash;
3. Gems and precious stones, set or unset;
4. Irreplaceable items;
5. Jewellery, including watches; and
6. Rare coins or stamps.

24.These terms are in addition to the terms set out in Part A.

25.You must provide, at your own expense, a secure, lockable, tamper-proof locked box. We reserve the right to refuse to accept a box, if we consider the box unsuitable for storage at a branch or Safe Deposit Centre. Suitcases are not acceptable.

26.Locked boxes stored at branches are not suitable for storage of any items of substantial value. We will not accept the following for storage:

1. Bullion;
2. Cash;
3. Gems and precious stones, unset; and
4. Rare coins or stamps.

27.These terms are in addition to the terms set out in Part A.

28.Licence

28.1In return for payment of the annual licence fee, we will grant you a licence to a box within a Safe Deposit Centre. This licence will be for a minimum period of one year and will be renewed annually, subject to continued payment by you of the licence fee. The licence is not transferable.

28.2The licence will end when this agreement is terminated.

29.Keys

29.1We will give you a key to access the Box. You may be required to pay a security deposit for the key.

29.2You may not make or arrange for any person to make a copy of any key provided to you. If you do, we may terminate this agreement.

29.3You can ask us to provide one or more additional keys. We may agree to provide additional keys, subject to prior payment by you of the costs of making the key(s) and any applicable deposit.

29.4All keys remain the property of NAB. You must ensure that all keys provided to you are not destroyed, damaged, lost or given to any person other than your authorised agent(s).

29.5At the termination of this agreement you must return all keys to us in good condition. We will refund the deposit paid for all keys returned in good condition.

29.6If a key is lost, damaged, destroyed or not returned to us at the termination of the agreement, your deposit will be forfeited. We may also require you to pay all costs in relation to:

1. Repairing or replacing the key;
2. Engaging a locksmith to open the Box; and
3. Changing the lock.

30.These terms are in addition to the terms set out in Part A.

31.Double Custody is intended for small packages for a short term only. The maximum period for which property can be stored in Double Custody is three months.

32.You must provide, at your own expense, a secure package, box or envelope to store the property.

33.We will not accept the following for storage in Double Custody:

1. Bullion;
2. Cash;
3. Gems and precious stones, unset; and
4. Rare coins or stamps;