Business Accounts Terms and Conditions
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Find the current T&Cs and recent changes.
Business Cheque, Business Cheque Plus, Superannuation and Long Service Leave, Westpac Self Super Online, Westpac Business One – High Plan, Westpac Business Cash Reserve Bonus, Business One (Security Deposit Accounts), Westpac Community Solutions Cash Reserve Bonus, and Bank Undertaking Security Deposit Account
Summary of changes, effective 27 October 2023
Section Reference | Change Description |
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Summary of Fees and Charges |
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Other bank charges |
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Reduced the Overseas Telegraphic Transfer (outward) fee from $10.00 to Nil per transfer in foreign currency via Online Banking and specified that the $10.00 per transfer in foreign currency applies to Corporate Online. | |
5. How does the Bank charge these excess transactions? |
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10. Giving a Person the authority to use your account |
Amended the wording for clarity and accuracy for processes and procedures. |
12. Current account information and account statements |
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13. Different ways of making deposits |
Removed references to Smart ATM, specific brands and types of deposits. |
17. BPAY |
Amended wording for clarity on consequential loss, and in relation to our limitation of liability. |
21. How to close your account |
Amended the wording for clarity and accuracy for processes and procedures. |
23. Issue of Westpac Business Debit Mastercards | Removed the limit on the number of cards issuable to a customer and removed the full access card requirement for the Primary Cardholder. |
24. Use of the different types of Westpac Business Debit Mastercards |
Removed references to maximum daily transaction/withdrawal limits (which ceased to apply after 19 August 2023) and inserted clarifying language regarding when a daily limit would apply to a customer’s card. Where indicated, removed definitions of ‘Maximum daily transaction limit’ and ‘Maximum daily spend limit’ from the Definitions section. |
25. Authorising Westpac Business Debit Mastercard transactions |
Updated section to clarify how a ‘request for authorisation’ is processed. |
Updated section to clarify how delayed authorisations are processed, noting that where the subsequent invoice for the actual amount is different than the authorised amount for a transaction, the authorised amount will remain on your account and temporarily reduce the available balance until the actual purchase amount is properly processed (cleared). | |
26. Rules about your Westpac Business Debit Mastercard, Business Handycard and Handycard |
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Updated to state that authorised Users can cancel Cards linked to an eligible account via Online Banking. | |
Removed references to maximum daily transaction/withdrawal limits (which ceased to apply after 19 August 2023) and inserted clarifying language regarding when a daily limit would apply to a customer’s card. Where indicated, removed definitions of ‘Maximum daily transaction limit’ and ‘Maximum daily spend limit’ from the Definitions section. |
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Updated example for when a transaction that exceeds the daily limit can be processed. | |
Amended the wording for clarity and accuracy for processes and procedures. | |
27. Your choices at a glance |
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29. ATMs | Existing ATM information has been consolidated into one centralised table under a section titled ‘ATMs’, which covers: - What you can do at an ATM - Limits or restrictions that apply - Fees that may be charged Customers can refer to westpac.com.au/ouratms for additional information. |
40. What happens if your details change? |
Amended wording for clarity in relation to our limitation of liability. |
47. When we may delay or refuse transactions |
Amended wording for clarity in relation to our limitation of liability. |
New Section Payments in error |
Inserted new section regarding payments made in error. |
50. Changes to Terms and Conditions |
Updated information on when and how we will notify customers of changes to terms and conditions. |
Definitions |
Updated section to reflect simplification of references to ATM-related terms. |
Removed references to maximum daily transaction/withdrawal limits (which ceased to apply after 19 August 2023) and inserted clarifying language regarding when a daily limit would apply to a customer’s card. Where indicated, removed definitions of ‘Maximum daily transaction limit’ and ‘Maximum daily spend limit’ from the Definitions section. |