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 1 June 2026
Effective from 1 June 2026:
- Westpac Business Debit Mastercard (Full access) will no longer be offered for sale, with new Full access cardholders issued a Westpac Business Visa Debit card.
- There is no impact to existing Westpac Business Debit Mastercard cardholders. Existing cards will continue to operate as normal and may continue to be reissued or replaced.
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
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 1 June 2026
Effective from 1 June 2026:
- Westpac Business Debit Mastercard (Full access) will no longer be offered for sale, with new Full access cardholders issued a Westpac Business Visa Debit card.
- There is no impact to existing Westpac Business Debit Mastercard cardholders. Existing cards will continue to operate as normal and may continue to be reissued or replaced.
- These Terms and Conditions will be renamed with 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 |
|