Cash Management offers you high interest and allows immediate access to your funds. Suitable for conducting a moderate number of transactions. The following features and benefits apply:
We conduct reviews on transaction, savings and investment accounts reserved for our personal customers, to ensure they are being used for personal purposes only. If we believe this type of account is being used for business purposes, we may close the account or switch it to a business deposit account product.
|Monthly service fee||NIL if minimum monthly balance is $10,000 or more|
|Number of free transactions per month||12 free withdrawals or cheques deposited|
Once the free transactions on your account each month have been used, each excess transaction will incur a fee depending on how the transaction is made. The number of free transactions you receive on your account each month applies only to that calendar month. To avoid paying excess transaction fees, stay within your account's limit.
|Internet Banking withdrawal (BPAY, Transfer Funds, Pay Anyone) including overseas payments||$0.25|
|Telephone Banking electronic withdrawal (BPAY, Transfer Funds)||$0.40|
|Westpac ATM withdrawals||$0.65|
|Telephone Banking staff-assisted withdrawal||$2.50|
|Branch staff-assisted withdrawal||$2.50|
Fees apply for making cash withdrawals from non-Westpac ATMs within Australia and overseas. The fees are listed below.
To avoid paying these transaction fees, always use one of our ATMs, take out extra cash when you use EFTPOS, or use one of the overseas banks offering free cash withdrawals.
|Non-Westpac ATMs (within Australia) 1||$1.50|
|Overseas ATM access Cirrus 2||$5.00 for cash withdrawals. NIL for cash withdrawals from ATMs belonging to institutions in the Global ATM Alliance 3; NIL for balance enquiries|
Account enquiries* are free when you use Internet Banking. The table below outlines the fees for account enquiries.
|Non-Westpac ATMs (within Australia)||$1.50 per enquiry|
|Telephone Banking||12 free enquiries per month; excess enquiry fees are charged at: $0.40 (self service) per enquiry and $2.50 (staff-assisted) per enquiry|
You should not make a withdrawal transaction which:
While we are under no obligation to do so on any particular occasion, we may permit you to overdraw your account as described above. This may be by honouring a cheque or paying transactions made using other channels, such as periodical payments, direct debits, or by making a withdrawal transaction through a Westpac ATM or other electronic transaction channel.
If you make a withdrawal transaction in any of the circumstances set out above, we will treat the transaction as an application by you for credit.
Where we honour a payment and your account shows a negative/debit balance
then you will at the time the negative balance arises, owe us a debt of the amount by which your account is overdrawn. We agree that you have a period of 20 days within which to repay that debt. Accordingly you must, by the end of that 20 day period, return the account to a positive balance unless within that period you ask us for, and we approve, an overdraft arrangement (see 'Organising an overdraft').
Please note that you cannot depend on us honouring a transaction which would overdraw your account. We are under no obligation to honour cheques, or to pay other customer-initiated transactions that would exceed the balance of available funds in your account, unless formal overdraft arrangements are in place.
If we honour a payment in any of the circumstances set out above, this can save you embarrassment and the inconvenience of having to write another cheque or make other arrangements. However, you may be charged an Account Overdrawn Fee as detailed below, and interest will be charged on your debit balance (refer to 'Interest' for details).
Account overdrawn fee: $30 per occurrence
Please note that you can avoid being charged this fee by returning your account to a positive balance, or to a balance within the agreed overdraft limit (as applicable), by 6.00pm Sydney time on the day the transaction is conducted.
You must ensure that you do not overdraw your account regularly. Even if we do honour a transaction, or do so more than once, it does not mean we have any obligation to do so in the future.
Where we dishonour/reject a payment
If you make a transaction from your account and there are insufficient funds available within the account or the funds have not been cleared, your payment may be dishonoured. This may incur a fee as detailed below.
Dishonour of cheques written, direct debits or periodical payments not made: $40 per item
When your credit rating could be affected
If your account:
then we may commence enforcement action and report your default to a credit reporting agency.
You understand that the Privacy Act (1988) allows us to give a credit reporting agency certain personal information about you including, to the extent applicable:
If we report your default to a credit reporting agency your credit rating may be affected and you may have difficulty obtaining finance in the future.
Organising an overdraft
An overdraft is a line of credit on your eligible accounts, available if you meet standard credit assessment criteria. It allows you flexibility in the amount you can borrow (up to an agreed limit) and in the repayments you make (no minimum repayments required). Both temporary and permanent overdrafts are available. Call 132 032 if you want a temporary overdraft or visit any branch if you want information on a permanent overdraft.
Your account is also subject to government taxes and duties. These may vary from state to state. In all states and territories except NSW, where you have cheque access on an account, you will be charged Government Debits Tax (BAD) on every withdrawal or debit (including fees and charges) made from the taxable account.
In Tasmania, you will also be charged Financial Institution Debits Duty (FIDD) at the rate of 15 cents per debit transaction. This is in addition to BAD tax if your account has cheque access.
Government taxes and duties cannot be paid in cash.
|Amount of debit||VIC, QLD, WA, SA, ACT, Christmas Island||TAS (including FIDD)||NT||NSW|
|Less than $1||NIL||$0.15||NIL||NIL|
|$1 to less than $100||$0.30||$0.30||$0.15||NIL|
|$100 to less than $500||$0.70||$0.50||$0.70||NIL|
|$500 to less than $5,000||$1.50||$0.90||$1.50||NIL|
|$5,000 to less than $10,000||$3.00||$1.65||$3.00||NIL|
|$10,000 and over||$4.00||$2.15||$4.00||NIL|
Exemptions from debits tax
In some circumstances, the relevant state or territory revenue authority may grant an exemption from debits tax. Applications for exemptions may be obtained from and lodged with the state or territory revenue authority.
Special charges in other states and territories
In addition to BAD tax and FIDD, various other government taxes and duties apply in different regions around Australia. These are:
Government transaction taxes and duties are debited to your account on the first business day of each calendar month or upon account closure.
Tiered interest may be payable on the Cash Management account enabling you to receive a higher rate of interest on your entire balance as your funds grow from one tier to the next.
Interest is calculated daily on the full credit balance. There is no interest payable on balances below $5,000. Interest is paid monthly on the last business day of each calendar month.
Deposits made to your account on or after the last business day of a month, but before the end of that calendar month, will not be included in the interest calculation for that month, but in the interest calculation for the following calendar month.
Interest rates on the Cash Management account may change at our discretion.
Deposit interest and debit interest (if applicable) are calculated on the daily closing balance of your account using the following formula:
( X / 365 ) x ( Y / 100 ) ( where X = Daily closing balance, and Y = Interest rate )
To avoid being charged interest on any unarranged debt, you should always try to keep a positive balance in your account.
If your account becomes overdrawn without arrangement, debit interest will be charged to it. Interest will be calculated daily on the debit balance (and deducted on the last business day of each month) using the current Unarranged Lending Rate (ULR) until the account balance is positive again. The current ULR is available by calling 132 032 or from any branch.
For the latest interest rates on the Cash Management account go to "Today's Rates" from the main menu on our site.
If you have any problems or disputes with the services we provide, we would like to hear about them. When you provide feedback, we have an opportunity to improve our service to you.
You can contact us 24 hours a day, 7 days a week from anywhere in Australia, by:
We will aim to resolve the matter when you first contact us. In resolving complaints, we will commit to taking the following steps:
Step 1 - Let you know who is handling your complaint.
Step 2 - Keep you informed of what is happening.
Step 3 - Aim to resolve your complaint within five working days.
Once your complaint has been resolved, we will check with you to make sure you are satisfied with how your complaint was handled.
Please note we comply with the Electronic Funds Transfer Code of Conduct complaint investigation and resolution procedures in connection with electronic funds transfer transactions to which the Code applies.
If you feel your complaint has not been properly handled or resolved, we invite you to contact our Customer Advocate on 1300 301 977 for a further review. The Advocate's role is to understand and represent customer's interests within the Bank and help us to ensure you have the best possible experience. If you are still not satisfied, you are able to refer your complaint to the Banking and Financial Services Ombudsman, for an independent review of the complaint and result. Their contact details are:
Financial Services Ombudsman
GPO Box 3
Melbourne VIC 3001
You can also contact the Australian Securities & Investments Commission (ASIC) to make a complaint and to obtain further information about your rights. They also have a free call Info line - 1300 300 630 and an e-mail contact address - firstname.lastname@example.org
For further information on solving problems and disputes, please ask at any branch or call Telephone Banking for our feedback brochure called "Every Comment Counts'.
In addition to the Bank's duties under legislation, it has a general duty of confidentiality towards you except in the following circumstances:
This account is provided by:
Westpac Banking Corporation ABN 33 007 457 141
60 Martin Place
Sydney NSW 2000
Australian Financial Services Licence Number 233714.
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