Business Accounts Terms and Conditions
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Find the current T&Cs and recent changes.
Select below to find the current T&Cs and recent changes.
Westpac Business One Plus, Westpac Business One, Westpac Business One – Negotiator Plan, Westpac Business Cash Reserve, Westpac Business Premium Cash Reserve, Business One (Controlled Money and Trust Accounts), Westpac Community Solutions One, Westpac Community Solutions Cash Reserve, Statutory Trust Account, Project Trust Account and Retention Trust Account, Westpac Controlled Money and Separate Trust Account (Interest Bearing), Westpac Controlled Money and Separate Trust Account (Non-Interest Bearing)
Summary of changes are effective from 16 March 2026
| Section Reference | Change Description |
|---|---|
Section 6 – Opening your account |
Added a new paragraph “A Controlled Money and Separate Trust Account can only be opened through your relationship manager.” |
Summary of changes are effective from 6 July 2026
- From 6 July 2026 to 10 August 2026, customers may receive either a Westpac Business Debit Mastercard (Full Access) or a Westpac Business Visa Debit Card (Full Access).
- From 11 August 2026, the Westpac Business Debit Mastercard (Full Access) will no longer be offered to customers. New Full Access cardholders will instead be issued a Westpac Business Visa Debit Card.
- For existing customers there is no change to your current Westpac Business Debit Mastercard. Your Card will continue to work as normal and can still be replaced or reissued if needed.
- Applications submitted from 11 August 2026 will be issued a Westpac Business Visa Debit Card (Full Access).
What’s changing?
- References to ‘Business Debit Mastercard’ and ‘Debit Mastercard’ have been updated to reflect the Business Debit Card as an umbrella term, covering:
o Business Visa Debit Card (Full access)
o Business Debit Mastercard (Limited access)
o Business Debit Mastercard (Full access)
- References to ‘credit’ or ‘Debit Mastercard’ have been updated to include ‘Visa Debit’, where applicable.
- References to Mastercard logo or Mastercard Worldwide have been updated to also include Visa, where relevant.
| Section Reference | Change Description |
|---|---|
Section 34 – Use of the different types of Westpac Business Debit Mastercards |
|
| Section 36.4 – Card limits | This section will be updated to clarify that Bank@Post cash withdrawals are available at participating Post Offices only. |
| Section 36.7 – Withdrawals at branches and other financial institutions | Will remove the prescriptive references to identification requirements for overseas withdrawals, as these are determined by other financial institutions, card schemes and local requirements rather than enforced by Westpac. |
| Section 36.11 – What to do if you want to dispute a Westpac Business Debit Mastercard transaction |
|
| Definitions | The definition of ‘Business Debit Card’ will be added to the ‘Definitions’ section, and the definitions of ‘Available balance’, ‘Card’, ‘Electronic banking terminal’, ‘Full access card’, ‘Recurring payment’ and ‘Westpac On-Charged Scheme Fee’ will also be updated. |
Westpac Cash Investment Account
Summary of changes, effective 27 August 2026
| Section Reference | Change Description |
|---|---|
Summary of features and benefits – Westpac Cash Investment Account. Who is eligible to open one? |
Eligibility criteria has been updated so the account is available to companies, trusts, not-for-profit organisations, self-managed superannuation funds and other business structures accepted by the Bank as eligible business customers. |
| Who is eligible to open one? | The account will be available to eligible customers who hold, or apply for, a Westpac share trading account. |
| 1. Summary of features and benefits Will I get regular statements? |
This will be updated from ‘quarterly’ to ‘Yes’. |
| 6.1 Statements. | Currently, it states you must notify us within three months of receiving your statement of account to assist in any claim you may need to make regarding any lack of authority, including forgery, or any other discrepancy. This will be amended to ‘you must notify us as soon as possible’. |
6.1 Statements Paper Statements & Electronic Statements |
This will be combined under the heading Delivery of Statements Statements will generally be provided electronically (via Online Banking with email notification) unless you opt out. Statements may be deferred where there is no account activity but will be provided at least every six months. You can change your statement preferences at any time via Online Banking, in branch or by calling us. |
Westpac Notice Saver
Term Deposit & Farm Management Deposit
Summary of changes are effective from 16 March 2026
| Section Reference | Change Description |
|---|---|
Section 3 – Using your accounts |
Updated Who is this for? For Westpac Controlled Money and Separate Trust Term Deposit 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. |
Summary of changes are effective from 21 June 2026
| T&Cs (Section Reference) | Change Description |
|---|---|
Section B. Your Account. Clause 10.2 Restrictions on your Account. |
Updated to explain what happens when an Account Holder has passed away and there are maturity instructions to withdraw or disburse funds. In these circumstances, a restriction will be placed on the Term Deposit. While the restriction applies, the Term Deposit will be held on the ‘On Demand’ interest rate from Maturity until valid authority is received to close the account. Updated to clarify when a restriction can be lifted for an Account Holder in receivership. |
Summary of changes are effective from 6 July 2026
Effective from 6 July 2026 the following will apply:
- From 6 July to 10 August 2026, customers may receive either a Westpac Business Debit Mastercard (Full Access) or a Westpac Business Visa Debit Card (Full Access).
- From 11 August 2026, the Westpac Business Debit Mastercard (Full Access) will no longer be offered to customers. New Full Access cardholders will instead be issued a Westpac Business Visa Debit Card.
- For existing customers there is no change to your current Westpac Business Debit Mastercard. Your Card will continue to work as normal and can still be replaced or reissued if needed.
- Applications submitted from 11 August 2026 will be issued a Westpac Business Visa Debit Card (Full Access).
- From 6 July 2026, the Terms and Conditions will be renamed to Westpac Business Debit Card Terms and Conditions.
What’s changing?
- References to ‘Business Debit Mastercard’ and ‘Debit Mastercard’ have been updated to Business Debit Card.
- References to ‘credit’ or ‘Debit Mastercard’ have been updated to include ‘Visa Debit’, where applicable.
- References to Mastercard logo or Mastercard Worldwide have been updated to also include Visa, where relevant.
| Section Reference | Change Description |
|---|---|
These terms and conditions |
The definitions of
‘Available balance’, ‘Business Debit Card’ or
'Card', ‘Electronic banking terminal’, ‘Full access card’, ‘Limited access card’, ‘Primary account’ and ‘Recurring payment’ will also be updated.
|
| Use of the different types of Business Debit Mastercard |
|
| Withdrawals at branches and other financial institutions | Will remove the prescriptive references to identification requirements for overseas withdrawals, as these are determined by other financial institutions, card schemes and local requirements rather than enforced by Westpac. |
| Overseas transactions |
A new
Visa sub‑section
has been added to include
Business Visa Debit Cards and how they can be used overseas.
|
| Reversing a transaction | Fixed timeframes will be removed and clarity provided for dispute and chargeback timeframes depend on the type of transaction and applicable card scheme rules. |
| What to do to dispute a Business Debit Mastercard Transaction |
|