NAB Investment Cash Manager

Terms and Conditions
effective 19 September 2011

Contents

Summary of Important Information

About this booklet

Part A Terms and Conditions

Part B General Matters

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.

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 13 10 60 or see the APRA website at http://www.apra.gov.au.

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About this booklet

This booklet contains the Terms and Conditions for the NAB Investment Cash Manager together with the following:

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

If you have not already received copies of each item, please contact NAB by:

These terms and conditions govern the operation of the NAB Investment Cash Manager accounts.

It is important you read and understand these terms and conditions thoroughly before making a decision to acquire NAB Investment Cash Manager. They set out a number of obligations which you need to be aware of including, for example, under clause 3.18 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 3.32 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.

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.

NAB Investment Cash Manager is issued by National Australia Bank Ltd, ABN 12 004 044 937, AFSL 230686.

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 meaning of words section towards the end of this booklet.

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Part A

Terms and Conditions

Section 1 – NAB Investment Cash Manager

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How will the account work?

1.1 You must deposit at least $10,000 to open a NAB Investment Cash Manager (‘the account’). The account balance may fall below $10,000 later, but no interest will be earned on any daily balances below $10,000. You may make further deposits of any size to the account.

1.2 There is no minimum account balance that must be maintained.

1.3 You may withdraw up to the available credit funds from the account, or if the account has an overdraft facility, up to the approved overdraft limit. The proceeds of any cheque or other item deposited in the account will not be available until the cheque or other item is cleared.

You may withdraw from the account at any of NAB’s branches, subject to you providing suitable identification.

1.4 NAB will, upon request, provide a cheque book to access funds from the NAB Investment Cash Manager.

1.5 You may open a NAB Investment Cash Manager in your name or jointly with another individual.

1.6 You may deposit salary, dividend distributions, managed fund distributions, rental income and other regular deposits directly to the NAB Investment Cash Manager by direct credit or periodic transfer from another NAB or non-NAB account.

1.7 You may arrange for regular deposits to be made from your NAB Investment Cash Manager by setting up a periodic transfer instruction through NAB Telephone Banking or NAB Internet Banking, or by visiting your nearest branch. Periodic transfers will be governed by NAB’s standard terms and conditions relating to the service.

1.8 You may use your NAB Investment Cash Manager:

  1. as the ‘nominated account’ for transactions in connection with the National Online Trading (NOLT) facility; and
  2. as an account in conjunction with the NAB Margin Lending Facility (including for funds transfers and payment of margin calls).

1.9 If you specifically apply for, and NAB agrees to give you an overdraft facility with the 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 also at its discretion allow you to overdraw the 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.

NAB does not accept applications for an overdraft facility where you hold the NAB Investment Cash Manager as trustee or as the manager of your personal superannuation fund.

1.10 If the account is overdrawn without an approved overdraft limit (or beyond the amount of any approved overdraft limit), you must put the account in credit (or within the amount of the limit) within 7 days and you will pay NAB interest on the amount overdrawn at the default rate charged by NAB for personal accounts from time to time. Contact NAB for the default rate or refer to NAB’s flyer ‘Indicator Rates – Deposit Products’. You will be notified of any change to the default rate. The interest is calculated on the daily debit balance of the account as at the end of each day and will be charged to the account on the last banking day of each month. You may also incur a Reference Fee and/or a Dishonour Fee, the amount and nature of which are detailed in ‘A Guide to Fees and Charges – Personal Banking Fees’ and is available from NAB at any time.

  1. You must monitor your account to ensure that it does not become overdrawn. You can check your balance at any time at www.nab.com.au or by using telephone banking. We may, in our absolute discretion, authorise a transaction that overdraws your account. If you do not rectify an overdrawn account within 7 days, and the overdrawn account persists for 60 or more days, we may report that to a credit reporting agency in accordance with the Privacy Act 1988. This may affect your ability to obtain credit in the future.

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What interest will I receive/pay?

1.11 Subject to 1.14, NAB will pay interest calculated on the daily credit balance of the account as at the end of each day, if it is $10,000 or more, up to and including the day before the last banking day of each month. If applicable, NAB will credit the interest to the account the next banking day.

1.12 Interest earned on a NAB Investment Cash Manager will be credited to that account. Interest cannot be credited to any other account.

1.13 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 – Deposit Products’. This flyer forms part of these terms and conditions.

1.14 If the account is part of a NAB 100% Offset, the terms and conditions of the NAB 100% Offset from time to time will apply. Further details may be found in Section 2 of this booklet.

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When will I receive statements?

1.15 NAB will send you account statements quarterly, unless you request or agree otherwise. Where you request to receive a repeat or an additional statement, a statement fee may be charged. Refer to ‘A Guide to Fees and Charges – Personal Banking Fees’ for details of this fee.

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What bank fees are applicable to this account?

1.16 The following fees are payable to NAB in connection with the NAB Investment Cash Manager.

Minimum monthly balance below $10,000

If the minimum monthly balance of the account falls below $10,000 at any time during a month, NAB may debit the account with an account service fee of $10. The account service fee is payable on the last banking day of the month and debited on the first banking day of the next month.

Internet/Telephone transactions

Nil fees apply for electronic transactions which include transactions to/from your account conducted via NAB Internet Banking (including bill payment BPAY®) and NAB Telephone Banking (including bill payment BPAY®). Some electronic transactions will attract a separate fee, such as certain payments from your account made under a Periodical Payment Authority. Refer to Sections 2 to 7 of ‘A Guide to Fees and Charges – Personal Banking Fees’ for details of service and sundry fees that may be payable.

First 10 most expensive items each month

Each month, the first 10 most expensive transactions items do not incur any transaction fees. Transaction items include transactions you make through either a NAB ATM (including each deposit and withdrawal made at a NAB ATM, and each item lodged with a deposit slip via a NAB ATM), EFTPOS, cheque deposits or personal cheques, or over-the-counter transactions.

Transaction fees will apply to each additional item in accordance with the table below and the conditions and exceptions in ‘A Guide to Fees and Charges – Personal Banking Fees’.

After the 10 most expensive transactions items, the following fees apply to the 11th and subsequent transactions in any month (excluding all NAB Internet and Telephone Banking transactions4):
Branch Withdrawal $3.00
Branch Withdrawal at Designated Rural Branch $0.60
Branch Withdrawal at Australia Post (Bank@Post)1 $3.00
EFTPOS purchase or cash out2 $0.60
NAB ATM Withdrawal, Mini Statement3 or Funds Transfer $0.60
Cheque $1.00
Sundry Fees Refer to Sections 2-7 of ‘A Guide to Fees and Charges – Personal Banking Fees’

1 NAB ATM card linked to NAB Investment Cash Manager is required to make deposits and withdrawals.

2 If cash is withdrawn during an EFTPOS transaction/purchase, the transaction is deemed a withdrawal and the Branch Withdrawal Australia Post fee may apply.

3 The transaction listing will include up to the last 10 (ten) unstatemented transactions made on that account.

4 To and from an eligible NAB Transaction account only. Refer to section 2 to 7 of ‘A Guide to Fees and Charges – Personal Banking Fees’.

Other Fees

1.17

  1. The following fee is payable to NAB in conjunction with the NAB Investment Cash Manager. This fee does not form part of the ‘First 10 most expensive items each month’, and is always charged separately.
Non-NAB ATM Withdrawal or Balance Enquiry Fee $0

Note: You may be charged by the ATM owner where you use an ATM in Australia that doesn’t belong to NAB.

  1. In addition, NAB may debit the account with other standard service fees, the amount and nature of which are detailed in Sections 2-7 of ‘A Guide to Fees and Charges – Personal Banking Fees’

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What electronic access options are available?

1.18 You may arrange to link your NAB Investment Cash Manager to any card issued by NAB that is acceptable to NAB for this purpose. Linking your account to your NAB card allows you to access the account through NAB ATMs and non-NAB ATMs or by using EFTPOS. Such access will be governed by the Conditions of Use for Electronic Banking (card based).

You may arrange to access the account through a telephone banking, internet banking or similar service provided by NAB; such access will be governed by NAB’s standard terms and conditions relating to the service.

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Section 2 – NAB Offset Arrangements

Am I eligible and if so how do I apply?

2.1 You may apply to NAB to participate in NAB 100% Offset. NAB may accept or reject your application at its discretion. NAB may also offer certain other offset arrangements at its discretion from time to time and the terms and conditions of these offset arrangements will be provided to you.

2.2 NAB 100% Offset is only available on certain deposit and loan accounts specified by NAB from time to time, details of which can be obtained from NAB. However, at any one time, only one loan and one deposit account can be linked to NAB 100% Offset. For the NAB 100% Offset, a variable interest rate must apply to the loan account.

2.3 NAB 100% Offset may not link a loan account with a deposit account that includes a name or names other than the name(s) in which the loan account is held.

2.4 While you have NAB 100% Offset, the following relevant terms override the provisions relating to the calculation and payment of interest applying to:

  1. any linked deposit account, except in respect of any linked deposit account while it has a debit balance; and
  2. your linked loan account, except if the credit contract relating to the linked loan account contains specific provisions relating to the calculation and payment of interest while you have NAB 100% Offset. If the exception applies, then those specific provisions, in addition to others, apply in respect of your linked loan account while you have NAB 100% Offset.

How will NAB 100% Offset change my deposit account?

2.5 While you have NAB 100% Offset, any linked deposit account will not earn any interest even if the credit balance of that account exceeds – or if there is more than one linked deposit account, the total credit balances of those accounts exceed – the unpaid balance of your linked loan account.

2.6 If you wish to vary NAB 100% Offset in any way or you wish to change from NAB 100% Offset to another offset arrangement offered by NAB, you must make a fresh application to NAB to participate.

2.7 You or NAB may end NAB 100% Offset by giving 7 days’ notice to the other. However, if you default under your linked loan account, NAB may end NAB 100% Offset immediately by giving you a notice to this effect.

2.8 It is your responsibility to monitor the credit balance of the linked deposit account, or if there is more than one linked loan account, the total credit balance of these accounts, as against the unpaid balance of your linked loan account to achieve the best results for you under NAB 100% Offset.

How will NAB 100% Offset change my loan account?

2.9 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.

2.10 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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Payment Facilities

Cheques

NAB provides cheque access to the NAB Investment Cash Manager on request. If you have cheque access to an account, the following terms and conditions apply.

3.1 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. 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, you must notify NAB immediately on 13 BANK (13 22 65).
  3. You must take reasonable care and precautions to prevent unauthorised, stolen, forged or fraudulently altered or drawn cheques being presented to NAB.
  4. You must keep cheque forms issued to you in a safe place and you must notify NAB immediately on 13 BANK (13 22 65) if they are lost, stolen or misused.
  5. When a cheque is drawn on your account, it will, when the cheque is handed to NAB:
    1. be deemed by NAB to be a request by you to NAB to withdraw funds from your account for the amount shown on the cheque; and
    2. NAB will pay those funds to the payee, endorsee, holder, bearer, depositor or presenter of the cheque or that person’s bank.
  6. If there are not enough ‘cleared funds’ or available credit 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 or exceeding an approved overdraft limit. You may also incur default interest.
  7. NAB may pay a cheque drawn on your account, even though it is a stale cheque within the meaning of the Cheques Act 1986.
  8. NAB may pay a postdated cheque drawn on your account at any time before the date of the cheque arrives.
  9. The person signing the cheque must:
    1. sign any alterations;
    2. date the cheque the date on which it was signed; and
    3. complete the details.
  10. If, when checking any cheque or particulars of any cheque, NAB finds on it any irregularity or omission, the NAB may dishonour payment of the cheque on your behalf.

3.2 Stopping payment on a cheque

  1. You may stop payment on a cheque before it has been paid. Notify NAB on 13 BANK (13 22 65) or in person at any branch.
  2. If you advise NAB by phone, your written confirmation may be required.
  3. No matter how you choose to notify NAB it is important to tell NAB quickly if you want to stop payment. You will be required to provide:
    1. your account name and number;
    2. the cheque number and amount;
    3. the date of the cheque; and
    4. to whom the cheque is payable
  4. NAB may charge a fee for stopping payment on a cheque, the amount and nature of which is detailed in ‘A Guide to Fees and Charges – Personal Banking Fees’.

3.3 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, is post dated (i.e. bears a date that has not arrived), or has been materially altered (e.g. by a change for the amount originally stated on it) and you have not signed the alteration;
  3. you have instructed NAB to stop payment of your cheque; or
  4. NAB has received notice of your mental incapacity or of your death.

3.4 Effect of crossing

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

3.5 Meaning of ‘not negotiable’

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

3.6 Meaning of ‘account payee only’

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

3.7 Significance of deleting ‘or bearer’

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

3.8 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.

3.9 When is a cheque ‘cleared’?

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

Only after the completion of these steps will the cheque be cleared.

  1. Normally you will not be able to withdraw the value of a cheque you deposit until the cheque is cleared, even though your account will be immediately credited with the proceeds of the cheque. This rule applies even to cheques made payable to ‘cash’.
  2. 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.

3.10 Special clearance

If you want fast clearance of a cheque you deposit, you can ask NAB for a special clearance. You will be provided with an estimate of the time it will take and any applicable fees.

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

3.11 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.

3.12 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.

Direct debits

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

3.13 General provisions

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

3.14 Disputed debits

  1. You must notify NAB as soon as possible if you suspect or believe that an amount debited to your account was unauthorised or otherwise irregular. Either visit your branch or call a customer service representative on 13 BANK (13 22 65) between 7am and 9pm (AEST Monday to Friday) and 8am and 6pm (AEST Saturday and Sunday). NAB will promptly process your instruction.
  2. If you lodge a written claim with NAB regarding a disputed amount, you should receive a response within 7 banking business days.
  3. 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.

3.15 Cancellation of direct debit authority

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

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

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

3.16 Non-payments

  1. If there are insufficient cleared funds in your account to meet a direct debit payment, NAB may dishonour or pay the debit at its discretion. This may result in your account being overdrawn. If the debit is dishonoured, you may incur a Dishonour Fee, the amount and nature of which is detailed in ‘A Guide to Fees and Charges – Personal Banking Fees’ and is available from NAB at any time.
  2. You must monitor your account to ensure that you have sufficient funds to meet your direct debit arrangements. NAB will not notify you if a debit is dishonoured or otherwise not made.

3.17 Multiple authorities

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

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3.18 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. Your liability for unauthorised transactions may increase if you fail to inform NAB promptly of unauthorised transactions.

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3.19 Indemnity

In the absence of a breach of obligation owed to you, NAB will not be liable for any loss that you incur:

  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.

Where NAB pays funds or suffers any loss under this clause, you must indemnify NAB. NAB will debit your account for the relevant amount.

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What conditions apply to joint accounts?

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

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

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

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

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

3.25 Subject to any authority provided under clause 3.26, any one of the joint accountholders is authorised to open additional joint accounts or take out additional joint services.

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How is the operation of the account governed?

3.26 Each accountholder is authorised to operate the account alone unless an authority is provided to NAB which specifies who is authorised to operate the account and whether they may do so alone or jointly.

3.27 When an accountholder authorises a person under clause 3.26, that person is authorised to do all of the following things:

  • give instructions in relation to cheques, withdrawals, periodical payment/debit authorities and, where nominated by the accountholder, electronic NAB services;
  • overdraw the account(s) to any extent permitted by NAB (NAB will treat casual overdrafts as applications for credit);
  • place money on term deposit, purchase certificates of deposit and receive repayment and interest;
  • sign, draw, make, accept, endorse, discount or make arrangements with NAB regarding bills of exchange, bank cheques, orders and other instruments;
  • give instructions about or otherwise deal with documents conferring a right to or insuring goods;
  • receive boxes, packets, deeds or documents;
  • apply for encashment/negotiation facilities and letters of credit upon terms acceptable to NAB, including the giving and enforcing of security and relieving NAB from liability;
  • enter into contracts with NAB for the sale or purchase of foreign currencies by NAB or NAB correspondents;
  • provide guarantees indemnities or declarations protecting NAB in relation to: (i) missing documents conferring a right to or insuring goods; (ii) guarantees or undertakings by NAB in its favour or on its behalf; (iii) letters of credit; (iv) repurchase by NAB of bank/international cheques and other instruments.

3.28 In respect of any authority provided to NAB under clause 3.26, NAB may elect not to follow any instructions given under the authority if:

  • it is not satisfied that the person giving the instruction has authority (for example, if NAB is not satisfied that the signature on the instruction matches the specimen signature held);
  • in its opinion, the instructions are not clear;
  • NAB cannot authenticate or validate any information or documents relating to the account or service, a person who is authorised to transact on it, or the transaction; or
  • NAB is notified of a dispute between joint accountholders (in which case NAB may require all joint accountholders or directors to sign any authority to operate this account).

3.29 In respect of any authority provided to NAB under clause 3.26, NAB may, by giving notice, override the authority and require that all or specific future transactions must be authorised by all accountholders.

3.30 Any authority provided to NAB under clause 3.26 does not prevent NAB from complying with other valid accountholder instructions.

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

NAB’s right to combine or set-off accounts

3.32 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 one 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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Part B

General Matters

Code of Banking Practice

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

4.2 You can obtain from NAB upon request:

  1. information on NAB’s current interest rates and standard fees and charges relating to these products if any;
  2. general descriptive information concerning NAB’s banking services including:
    1. 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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Notice Provisions

4.3 In addition to the other changes NAB may make to these terms and conditions which are detailed in these terms and conditions, NAB may change any other terms and conditions (including by imposing new fees or charges, changing the amount, type, or method of calculation of fees and charges payable).

NAB will make any changes in accordance with any applicable legislation and industry codes.

Inactive accounts

4.4 If you have not operated your account for seven years (for example, by making deposits or withdrawals), the account may be closed and the balance transferred to the Commonwealth Government as unclaimed money. NAB will notify you at your last known address at least 30 days before any such variation takes effect.

Changes NAB may make

4.5 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. If you do not accept any change made by NAB, you can ask NAB to close your account. You will have to pay any outstanding balance in order to do this.

How does NAB notify you of changes?

4.6

  • notice of introduction of a fee or charge will be given in writing or electronically at least 30 days before the change takes effect;
  • notice of changes to fees and charges will be given in writing, electronically or by media advertisement at least 30 days before the change takes effect;
  • notice of changes to interest rates will be given by media advertisement no later than the day the change takes effect;
  • notice of changes to government fees and charges will be given by media advertisement, in writing or electronically as soon as practicable after, but no later than 3 months after, the change takes effect; and
  • notice of any other changes to these terms and conditions (including changes relating to interest other than changes to an interest rate) will be given in writing or electronically at least 30 days before the change takes effect.

How do you notify NAB of changes?

4.7 For a change of address (including nominated electronic address), you can notify NAB by the following methods:

  • in writing;
  • in person at an NAB branch;
  • via NAB Internet Banking; or
  • by calling us on 13 BANK (13 22 65).

For changes in notices, certificates, consents, approvals and other communications in connection with these terms and conditions (e.g. cancellation of a card), you can notify NAB by the following methods:

  • in writing;
  • in person at any NAB branch; or
  • by calling us on 13 BANK (13 22 65).

Any changes must be notified to NAB as soon as possible.

Electronic communication

4.8 If you are a NAB Internet Banking user:

  1. With your agreement and, subject to clause 4.10(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.
  2. Where communications are made available using the service, NAB will:
    1. promptly notify you by electronic mail to your nominated electronic address that information is available for retrieval at NAB's website using the service; and
    2. provide you with the ability to readily retrieve the information from NAB’s website using the service.

4.9 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 4.5 and 4.6 by electronic mail to your nominated electronic address.
  2. If you so agree, NAB may not give you notice in other ways (e.g. in writing).
  3. You may change your nominated electronic address or withdraw your agreement to receive notices by electronic mail by giving NAB notice.

4.10 For the purposes of clauses 4.8 and 4.9:

  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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Complaints

4.11 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 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 mechanism to resolve specific complaints. Our external dispute resolution provider is the Financial Ombudsman Service and can be contacted at:

Telephone: 1300 780 808
Email address: info@fos.org.au
Website: www.fos.org.au
Postal address: GPO Box 3
Melbourne VIC 3001
Australia

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Can NAB elect not to apply a fee or charge?

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

What happens if government charges and taxes apply?

4.13 NAB may debit the account with government charges, duties and taxes relating to the account. For further information refer to NAB’s brochure ‘A Guide to Fees and Charges – Personal Banking Fees’, included in these terms and conditions and available from NAB at any time.

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Governing law

4.14 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.

Exercise of discretions

4.15 Where these terms and conditions confer a discretion on NAB, NAB will exercise that discretion reasonably and in accordance with its legitimate business needs.

Meaning of words

‘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.

‘NAB’ means National Australia Bank Limited and its successors and assigns.

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

‘You’ means the customer or customers who open the product, and if there is more than one, you means each of them separately and every two or more of them jointly. You includes your successors and assigns and, in relation to your rights to operate the product, any other authorised signatory to the product 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 Investment Cash Manager in any brochure, letter, application form or other document issued by NAB shall be construed as a reference to these terms and conditions.

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NAB Privacy Notification

Your personal information and privacy

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

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

Collecting your personal information

NAB will collect personal information for the purposes of:

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

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

Using and disclosing your personal information

NAB may disclose your personal information to other organisations:

  • Involved in providing, managing or administering the accounts and services we offer, including third party suppliers (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

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