Business Accounts Terms and Conditions

Business Specialised accounts;

Summary of features and benefits table, p. 19; 

Updated Who is this for?  For Westpac Controlled Money and Separate Trust Account (Interest Bearing) and Westpac Controlled Money and Separate Trust Account (Non-Interest Bearing) to “Relationship managed customers who require a specific type of account to hold trust money to comply with regulatory obligations.
You should contact your Relationship Manager for further information.”

Clarified Will this account earn interest? by removing “We may be required to pay interest earned on Controlled Money and Separate Trust accounts to the relevant regulatory body.”

Updated How often is interest paid? By removing reference to interest being paid in accordance with relevant regulatory requirements.

Section 6 – Opening your account

Added a new paragraph “A Controlled Money and Separate Trust Account can only be opened through your relationship manager.”

Section 14.2 – How the interest you earn is calculated and paid

Updated the last paragraph in the section to state “For Controlled Money and Separate Trust Accounts the interest will be paid according to the written direction of the customer”

Section 20 – How to close your account

Updated the last paragraph to state “For a Statutory Trust Account, Project Trust Account, Retention Trust Account, or Controlled Money and Separate Trust Account you must not close your account if closing the account would constitute a breach of any law or regulation applicable to a Statutory Trust Account, Project Trust Account, Retention Trust Account, or Controlled Money and Separate Trust Account.“

Section 21 – Different ways of making deposits

Updated the last paragraph to state “Please note: Deposits to a Westpac Business Cash Reserve, Westpac Community Solutions Cash Reserve, Westpac Business Premium Cash Reserve, Project Trust, Retention Trust or Westpac Controlled Money and Separate Trust account cannot be made via an ATM. “

Section 22 – Your choices at a glance

Updated What it offers table:

• ATMs¹: Get access to your cash with Full access Westpac Business Debit Mastercard only. This service is not available for Project Trust Account, Retention Trust Account and Controlled Money and Separate Trust Account.
• POS Terminals: Pay for purchases and get cash out at the same time wherever eftpos is accepted (Westpac Business Debit Mastercard). Please note cash out is not available on Limited access Westpac Business Debit Mastercards. This service is not available for Project Trust Account, Retention Trust Account, Statutory Trust Account and Controlled Money and Separate Trust Account.

Section 42 – Duty of Confidentiality

Updated the last paragraph to state “You acknowledge that Westpac has reporting obligations to certain governing bodies in relation to Statutory Trust Accounts, Project Trust Accounts, Retention Trust Accounts, Controlled Money and Separate Trust Accounts and other trust accounts held for the purposes of holding money on trust for your clients.“

Section 24 - ATMs Limits or restrictions

A new bullet point has been added under Limits or Restrictions to include the Cardless Cash limit.

Section 36 - Rules about your Westpac Business Debit Mastercard. Card limits

Clarified that Cardless Cash withdrawals aren’t included in your daily ATM cash withdrawal limit.

Summary of Features and Benefits pages 8–9

Bonus Interest will no longer be paid on the Westpac Cash Investment Account.

Section Interest rate type – Bonus Interest, page 26

All references to Bonus Interest have been removed from the Terms and Conditions.

Section A. Features and Benefits

Westpac Term Deposit, Westpac Farm Management Deposit and Westpac Controlled Money and Separate Trust Term Deposit

How often is interest paid? from “Monthly, yearly or at Maturity (where the term is 12 months or less) or at the end of any notice period.” to “Monthly, or (where the term is less than 12 months) at Maturity, or at the end of any notice period. For terms 12 months or greater, interest can be paid monthly, half-yearly or yearly. Any additional applicable interest is paid at Maturity.”

Section B. Your Account

Section 9. Interest rates that apply to your Account.

9.2 How the interest you earn is calculated and paid.

Update the second paragraph of 9.2 to “Interest is calculated daily and can be paid either monthly, or (where the term is less than 12 months) at Maturity, or at the end of any notice period. For terms 12 months or greater, interest can be paid monthly, half-yearly or yearly. Any additional applicable interest is paid at Maturity.”

Section A Features and Benefits Who is eligible to open an account? (Table)

For Westpac Term Deposit (Page 5) Updated – Who  is eligible to open an account? – with text:

Personal customers of all ages with an Australian residential address and business customers (all signatories 18 years or above) with an Australian operating address. Additional restrictions apply if the Account holder is under the age of 14. Refer to clause 4 for more information.

Section B Your Account

Clause 4 Opening an Account for a minor in their own name.

For The following additional restriction applies if the minor is under the age of 12: (Page 15) – Updated with text:

• Electronic banking access is not permitted (refer to our Online Banking Terms and Conditions for further details).

Section B Your Account

Clause 9 Interest rate that applies

Sub-clause 9.2 How the interest you earn is calculated and paid

Interim interest payments

For Interim interest payments (Page 24 ) Replaced the second paragraph in the table with text:

• based on your interest payment frequency and the anniversary date relating to your account opening. Where you have nominated your interest to be paid into another account you hold with us:
  • if your anniversary interest payment date falls on the 29^th, 30^th or 31^st of a month which does not have that date (like February), it will, subject to the next bullet point, be adjusted based on the days available in that month and paid on the last day of that month.
  • if the interest payment date falls on a non-Business day, it may be made available that day, but will be processed and count towards the balance of your nominated account from the next Business day (including for the purposes of any applicable interest, fees, and overdrawing calculations relating to that account).

Where you have nominated your interest to be paid to an account with another financial institution, the timing of when that payment will appear in that account will depend on that institution’s processing times.

Use of the different types of Business Debit Mastercard

Clarified that Cardless Cash withdrawals aren’t included in your daily ATM cash withdrawal limit.