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Changes to the Corporate Online Terms and Conditions


The following changes have been made to the Corporate Online Terms and Conditions including the Fees and Charges information sheet effective from Monday, 3 December 2018.
 

Please contact your Westpac representative if you require further details.

 

Changes to the Corporate Online Terms and Conditions

Clause

Effect of change

Clause 4

Clarifies that Corporate Online should only be used to access business and/or corporate accounts.

Clause 8

Additional detail has been provided reflecting the following:

- the types of payments that can be future dated;

- when payment instructions can be amended or cancelled;

- the type of payment that can be processed for the same value date when a cut-off time has passed;

- that payment methods are determined by the characteristics of both the sending and receiving accounts;

- the attributes of a payment instruction that could prevent a payment from being processed or credited to a beneficiary account;

- the impact of a beneficiary or the beneficiary’s financial institution rejecting a payment; and

- the fee that may apply to Osko® Payments made outside of stipulated timeframes.

Clause 9.4

The changes to this clause relate to fees and charges imposed by other financial institutions and reflect that we may receive commissions or other benefits from these other financial institutions.

Clause 10

The changes to this clause reflect the processes associated with

- the acceptance of offers via Online FX; and

- Deal Confirmations.

Clause 12

Clarifies that Term Deposits can also be opened in the name of a third party where authorised.

Clause 14

Clarifies that clause 14 does not apply to Osko Payments.

Clause 15.7

Reflects that the Financial Ombudsman Service will be replaced by the Australian Financial Complaints Authority.

Clause 15.9

Removes the reference to the Product Brochure.

Clause 16

Adds definitions for the following terms

- Australian Direct Entry file

- Osko Payment.

 

Changes to the Corporate Online Fees and Charges Information Sheet

Section

New fee applicable

Payments

A tiered pricing model will apply to Osko Payments. The tiers will be based on the number of Osko Payments processed each month.

Payments

Osko Payments made outside of stipulated timeframes may incur an additional fee. The applicability of this fee will depend on the value of the payment authorised.

 

Osko® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.