1. Introduction |
Clauses 1.1 to 1.3 – amended to explain that the T&Cs must be read together with account T&Cs, when a customer is bound to the T&C and that a copy of the T&C must be kept for future reference. |
| 2. Eligibility |
Clause 2.1 – explains eligibility criteria that must be met to use the BED service. |
| 3. Ordering BED Bags |
Clauses 3.1 to 3.5 – new wording explaining how to order BED Bags, and that account holders or their authorised representative must order BED bags in advance for delivery to its nominated address and that the account holder is responsible for the timely ordering of BED Bags.
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| 4. Using a BED Bag |
Clauses 4.1 to 4.5 – amended to explain how to populate BED Bags before lodging, into which account to make a deposit, the use of BED for legitimate business purposes and the ability to introduce daily limits. |
| 6. Fees and charges |
Clauses 6.1 to 6.3 – repositioned and amended to clarify that there is no BED service fee, but there may be other fees associated with processing deposits, details of which can be found in product T&Cs. |
7. Use of Security Service
Provider |
Clauses 7.1 to 7.4 – repositioned and amended to explain Westpac’s liability if Westpac appoints a Security Service Provider to count and process BED deposits as well as what information will be disclosed to the Security Service Provider. If the customer uses a Third-Party Security Service Provider for lodgements, they act independently, and Westpac is not liable for their actions. |
8. Lodgement of your
deposits |
Clause 8.1 – repositioned and amended to explain who can lodge a BED bag (other than the account holder).
Clause 8.2 – new provision explaining that Westpac can change branches that accept BED Bags at its discretion.
Clauses 8.3 and 8.4 – repositioned and amended to explain the methods by which a BED Bag can be lodged, when the lodgement takes effect, when lodgement at a Westpac Specialised BED Branch should occur and what BED Bag limits apply.
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9. Processing your
deposits |
Clauses 9.1 to 9.4 – amended to explain how BED Bag contents are counted, processed, and recorded, the liability for any discrepancies identified and when discrepancy notifications will be sent.
Clauses 9.5 to 9.7 – amended to explain processing turnaround times and when a lodgement will be treated as a standard over-the-counter deposit. |
| 10. Third Party Cheques |
Clauses 10.1 and 10.2 – amended to explain that for third-party cheques, proper endorsement and adherence to Westpac guidelines is mandatory and that Westpac may refuse the deposit or deduct the cheques value and return it if requirements are not met. |
| 12. Termination of Use |
Clauses 12.1 to 12.3 – new provisions added outlining when Westpac may exercise its discretion, with or without notice, to remove a customer’s access to BED Bags and/or terminate a customer’s use of the service. |
| 13. Our responsibilities |
Clause 13.1 – amended to explain that where Westpac is required to comply with court orders and laws, it may do so without notice to you.
Clause 13.2 – new provisions explaining that Westpac may delay or refuse transactions to meet its regulatory and compliance obligations or manage associated risk, request additional information, share customer data where permitted by law and protect itself from any regulatory breaches by the customer. |
| 15. Other |
Clauses 15.1 to 15.4 – repositioned provisions with an amendment to include email as a method in which we can notify customers if the BED T&Cs or fees are varied. |
| 16. Privacy Statement |
Section 16 – repositioned provision and amended to include an updated Privacy Notice disclosure. |
17. Feedback and
Complaints |
Section 17 – repositioned and amended to explain how and when customers may provide feedback or complain and to who. |
| 18. Definitions |
Section 18 Definitions – repositioned, with new and updated definitions being introduced and referenced throughout the document. Outdated definitions have been removed. |
| Remaining Clauses |
The following clauses have been updated only clauses 5.1 and 5.2, clauses 11.1 to 11.9 and clauses 14.1 to 14.3. |