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. |
Summary of changes are effective from 28 September 2026
| Section Reference | Change Description |
|---|---|
Pages 12-14 - Business transaction accounts |
The footnotes have been updated to clarify that:
|
| Page 21 - Business specialised accounts Summary of features and benefits |
The following wording has been removed from footnote 3 and the footnote 3 reference has been removed from the table: “Digital cheques are exempt from fees.” |
Page 35 - Community solutions accounts Summary of fees and charges |
The following wording has been removed from footnote 1 and the footnote 1 reference has been removed from the table: “When using an ATM, a staff-assisted deposit fee or self-service (electronic) deposit fee may apply.” |
| Page 37 - Other Bank Charges | The following Trancode 60/61 Deposit Book fees have been updated:
|
| Page 69 - ATMs | The final bullet point under “Fees that may be charged” has been updated to clarify that, when using an ATM, a Cheques Collected/Deposited fee may apply for each cheque deposited. |
| Pages 110 and 112 - Definitions | The combined Cheques Written or Cheques Collected/Deposited definition has been separated into two definitions:
The Self-service (electronic) Deposits definition has been updated to clarify that cheques deposited through an ATM may incur Cheques Collected/Deposited fees. |
Westpac Cash Investment Account
Westpac Notice Saver
Term Deposit & Farm Management Deposit
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. |
| 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 |
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