Changes to Internet Banking and BPAY Product Disclosure Statement (PDS)
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Westpac Banking Corporation ABN 33 007 457 141
Australian Financial Services Licence Number 233714
Internet Banking and BPAY Product Disclosure Statement dated 27 July 2007 (PDS).
Changes to the PDS effective as at 30 October 2007.
The PDS has been reviewed, and important information on changes to the Internet Banking and BPAY service have been incorporated. On the 30 October 2007, the changes listed below will be made to the PDS:
Internet Banking and BT Super for Life
Internet Banking customers who have a BT Super for Life account will be able to transfer funds into their superannuation account. The provider of BT Super for Life, BT Funds Management Limited details have been included (see page 4):
BT Funds Management Limited ABN 63 002 916 458
275 Kent St, Sydney NSW 2000
Changes to Transfer Funds feature
The section 'Features and benefits of Transfer Funds' provides details of the BT Super for Life funds transfer feature,::
When using the Transfer Funds option in Internet Banking, your funds will be transferred between your own accounts immediately except transfers to your BT Super for Life account* which may take up to five Banking Days to appear on your BT Super for Life account transaction list.
*For more information on this product refer to the BT Super for Life Product Disclosure Statement available at www.btsuperforlife.com.au.
Fees and Charges table has been updated to include the BT Super for Life periodic payment fee:
Fee type | Amount | Business Online | Westpac Online | When charged |
Fee for a periodic payment to a BT Super for Life account | Free | Y | Y | N/A |
Definitions have been amended or added for the following terms: (see page 15)
Banking Day
Monday to Friday inclusive except NSW public holidays and weekends.
BT Super for Life
BT Super for Life is issued by BT Funds Management Limited which is a member of the Westpac Group. An investment in BT Super for Life is not a deposit with, or any other liability of Westpac Banking Corporation ABN 33 007 457 141 or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. None of Westpac Banking Corporation or any of its related entities stands behind or otherwise guarantees the capital value or investment performance of any investment option within BT Super for Life.
Business Internet Banking
Business Internet Banking is accessible through Business Online for business customers to conduct their banking online.
Business Online
Business Online is an Internet Banking Service Type that allows customers to manage their business finances online, provides access to a range of business products and tools and may allow linking of accounts belonging to other parties. Through Business Online customers can access Business Internet Banking and other tools and resources within a secure environment. In this PDS we often just refer to Internet Banking, but where you have chosen Business Online as your Internet Banking Service Type, references to Internet Banking will include Business Online, unless otherwise stated.
Customer Number
An eight digit number given to you by us which must be entered to identify you to access Internet Banking.
Westpac Online
Westpac Online is an Internet Banking Service Type that allows customers to do their banking, set up a balance sheet, manage their superannuation account, review messages and access wealth management tools from the one online service. Through Westpac Online customers can view a summary of their Westpac accounts and BT Super for Life account.
Termination of Internet Banking clarified
The section 'Termination' has been updated to clarify when we may terminate your access to Internet Banking (see page 22):
We may terminate your access to Internet Banking if you terminate your access to Telephone Banking because we use Telephone Banking to verify certain details required for Internet Banking.
