Part C General Matters for all Accounts
(Statutory Trust Accounts and Victorian Retail Lease Accounts)
A reference to ‘Account’ or ‘Accounts’ under this section is a reference to a NAB Statutory Trust Account and Victorian Retail Lease Account.
The following terms and conditions are included in the terms and conditions applying to all accounts in this booklet.
31. Code of Banking Practice
31.1 NAB has adopted the Code of Banking Practice and relevant provisions of the Code apply to each Account if you are an individual or a small business customer (as defined by the Code).
31.2 You can obtain from NAB upon request:
(a) information on NAB’s current interest rates and standard fees and charges relating to an Account, if any;
(b) general descriptive information concerning NAB’s banking services including:
(i) for accounts with cheque access, general descriptive information about cheques;
(ii) account opening procedures;
(iii) NAB’s obligations regarding the confidentiality of your information;
(iv) complaint handling procedures;
(v) bank cheques;
(vi) the advisability of you informing NAB promptly when you are in financial difficulty;
(vii) the advisability of you reading the terms and conditions applying to each banking service NAB provides to you;
(c) general descriptive information about:
(i) the identification requirements of the Financial Transactions Reports Act 1988 or the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, as applicable;
(ii) the options available to you under the Tax File Number legislation; and
(d) a copy of the Code of Banking Practice.
31.3 Where these terms and conditions confer a discretion on NAB, NAB will exercise that discretion reasonably and in accordance with its legitimate business interests.
32. Changes NAB may make
32.1 In addition to the other changes NAB may make to 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. If you do not accept any change we make, you can ask NAB to close your Account. You will need to pay any outstanding balance in order to do this.
32.2 If the Account is not used for a period, the length of which is dependent upon the amount of money in the Account, the crediting of interest (if any) and issue of statements to you, if applicable, will end and access will be restricted, or the Account will be closed and any credit balance in the Account will be repaid to you, or transferred to the Commonwealth Government.
NAB will notify you at your last known address at least 30 days before any such variation takes effect.
33. How will I be notified of changes?
33.1 Unless otherwise specified in these terms and conditions or separately agreed between you and NAB, NAB will give you notice of changes as set out below and you agree to receiving notice in such ways:
- notice of changes to fees and charges will be given in writing or electronically at least 30 days before the change takes effect;
- notice of changes to default interest rates will be given, either in writing, electronically or by media advertisement no later than the day the change takes effect;
- notices of changes to government fees and charges will be given by media advertisement, in writing or electronically, as soon as practicable after, but no later than three months after the changes take 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.
34. Obligations of firms and joint customers
34.1 NAB will accept for credit of the Account, all cheques, bills of exchange or other instruments deposited in and all transfers made to any one or more of the persons authorised to transact banking business on your behalf in accordance with clause 8 and 28.
34.2 In the event of NAB in its discretion permitting the Account to become overdrawn, your liability to NAB in respect thereof shall be joint and several.
34.3 You must give NAB immediate notice of any change to the membership of your firm.
35. What conditions apply to joint accounts?
35.1 If there are two or more of you, you will be treated as holding the Account jointly and NAB may accept for credit to the Account any cheque, payment order, bill of exchange or instrument that is 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.
35.2 If any of you die, the Account will be treated as the Account of the survivor or survivors jointly.
35.3 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 in the Account. Unless established otherwise, you will all be deemed to have received any NAB statements and notices in accordance with these terms and conditions.
35.4 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.
35.5 The liability of account holders under an Account held in joint names is joint and several. This means that each and all of the account holders are liable for the whole of any debit balance on the Account.
36. Reference to Product Disclosure Statement (PDS) in ancillary documents
Where the context so requires, a reference to a Product Disclosure Statement or a PDS for the Accounts covered by these terms and conditions in any brochure, letter, application form or other document issued by NAB shall be construed as a reference to these terms and conditions.
37. How can I get more information?
You can obtain more information about NAB’s:
- Statutory Trust Accounts;
- Victorian Retail Lease Accounts;
- standard fees and charges;
- current interest rates; and
- banking with NAB,
by visiting nab.com.au or any branch or calling 13 10 12.
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38. What do I do if I have a problem or dispute relating to my Account?
For information about resolving problems or disputes, contact NAB on 1800 152 015 or visit any NAB outlet. 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 your concerns haven’t been resolved to your satisfaction or we haven’t responded to you within 45 days, you can contact the Financial Ombudsman Service (FOS) if lodged before 1 November 2018:
Telephone: 1800 367 287
In writing to: GPO Box 3 Melbourne VIC 3001
or with the Australian Financial Complaints Authority (AFCA)* if lodged on or after 1 November 2018:
Telephone: 1800 931 678 (free call)
In writing to: Australian Financial Complaints Authority GPO Box 3, Melbourne VIC 3001
*AFCA is a new external dispute resolution (EDR) scheme to deal with complaints from consumers. AFCA replaces the three existing EDR schemes of the Financial Ombudsman Service (FOS), the Credit and Investments Ombudsman (CIO) and the Superannuation Complaints Tribunal (SCT) so that consumers have access to a single EDR scheme.
39. Financial Claims Scheme Disclosure
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, visit the Financial Claims Scheme website.
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40. Meaning of Words
Act means the Retail Leases Act 2003 (Victoria).
AEDT means Australian Eastern Daylight Time.
AEST means Australian Eastern Standard Time.
Banking Day means a day other than a Saturday, Sunday or a day gazetted as a public holiday throughout Australia.
BPAY Scheme means the scheme operated by BPAY which governs the way in which we provide Osko to you.
GST is a goods and services tax or any similar tax imposed in Australia.
Landlord has the same meaning as set out under the Act.
Lease has the same meaning as set out under the Act.
Misdirected Payment means an NPP Payment erroneously credited to the wrong account because of an error in relation to the recording of the PayID or Linked Account information in the PayID service.
NAB means National Australia Bank Limited and its successors and assigns.
NAB Retail Lease Account Form means a Form by the same title required to be completed by the Tenant, who is a sole trader, and returned to NAB under clause 18.5.
NPP means the New Payments Platform.
NPP Payments means payments cleared and settled via the NPP, and includes Osko Payments.
Organisation ID means an identifier for a customer that is a business customer or organisation, constructed in accordance with specified rules.
Osko means the Osko payment service provided by BPAY.
Osko Payment means a payment made by or on behalf of a payer to a payee using Osko.
PayID means any of the following which can be linked to a financial account for the purpose of directing NPP Payments or instructions to that account:
(a) telephone number or email address; and
(b) for business customers, their ABN, ACN, ARBN or ARSN or an Organisation ID; or
(c) any other type of identifier as permitted by NPP and supported by us.
PayID Name means the name registered with a PayID, intended to help identify the owner of the PayID in the PayID service.
PayID service means the payment addressing service for sending and receiving NPP Payments.
Retail Lease means a Lease of Retail Premises.
Retail Premises has the same meaning as set out under the Act.
Security Deposit has the same meaning as it has in section 24 of the Act.
Tenant has the same meaning as set out under the Act.
You means the customer or customers who open the Account, and if there is more than one, ‘You’ means each of them separately and every two or more of them jointly. ‘You’ includes your successors and assigns and, in relation to your rights to operate the Account, any other authorised signatory to the Account acting within his or her authority.
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