Summary of main changes to our Customer Terms

Background

We wrote to you previously in December 2013 ("Notification") to notify you that we are making changes to the terms and conditions governing accounts established before 7 October 2013.

Who should read this?

This summary is prepared for customers holding accounts governed by Customer Terms issued before 7 October 2013 for the purpose of helping these customers to understand what are the main changes made to the Customer Terms.

This is only a summary and you should read the full version of the latest Customer Terms carefully. If there is any inconsistency between this summary and the latest Customer Terms, the latest Customer Terms are correct.

Where can I find the terms?

You can download the latest Customer Terms here. If you would like to obtain a hard copy of such terms, you can visit our branch or call 1800 747 7000.

S/N	Section	Summary of Main Changes
1.	Part A (Our banking relationship)	We have added a new clause 2.2 to make it clear that if we permit you or an authorised person to use any of our products when you or such person is below 18 years of age, this does not affect our rights under our banking agreement.
2.	Part B (Operating accounts)	We have added new clauses 4.9 and 4.10 to clarify what happens if an account holder of a joint account becomes bankrupt or mentally incapacitated. We have added wording to the fifth bullet point of clause 5.7 to clarify what “law or requirement of any authority” includes. We have added new sentences at the end of clause 7.2 to clarify the situations when we will stop sending you correspondence to your address last notified to us, and how you will bear any loss that may arise from correspondence not being sent to you if you do not provide us with your updated address or otherwise confirm you address.
3.	Part C (Electronic banking)	We want to communicate in a way that’s fast and better for our environment with customers who have elected to receive eStatements using the method that such customers have elected to receive their eStatements. To provide for this, we have added a new clause 12.5.
4.	Part E (Security Procedures and Liability)	We have added wording to the paragraph that appears before clause 18.2 to provide that you will also be liable for any loss incurred if you act negligently. To make our terms fairer, we have revised clause 18.2 to limit your liability such that you will not be liable for the transactions set out in this clause if the transactions occur as a result of our fraudulent actions, wilful misconduct or gross negligence. We have also revised third sub-clause of this clause to provide that you will not be liable for transactions carried out by certain persons if you can show that you have complied with our requirements regarding safeguarding security codes, passbooks or chequebooks. We added wording to clarify that you will be liable for transactions that occur on an account linked to a security code, passbook or cheque book if you had failed to comply with any security procedure set out in our banking agreement. We have added new clause 18.3 to make it clear that you will be liable for incorrect payments if you supplied the wrong payment details. We have added new clause 18.4 to make it clear that you are liable for an unauthorised transaction that occurs on an account linked to a lost, stolen or misused security code, passbook or cheque book until you notify us in writing unless there is a delay due to our communication channels being unavailable.
5.	Part F (Payments)	We have revised clause 19.4 to clarify that amounts in your account (including any interest earned by you for a product) may be subject to withholding tax. We have added a new clause 19.5 to make it clear that we may withhold amounts in any account at any time if required by law, an authority, any agreement with any regulator or authority or if we need to comply with internal policies or with any applicable order or sanction of an authority. To make our terms fairer, we have made changes to clause 20.1 to limit the scope of indemnity given by you such that you will not be required to indemnify us if any loss incurred by us is caused by our fraudulent actions, wilful misconduct or gross negligence. We have revised clause 21.6 to clarify that payment due date that falls on a non-banking day shall be postponed to the next banking day. We have added a new clause 21.7 to provide that we may block any account at any time or withhold amounts in any account at any time if required by an authority, law, agreement with any regulator or authority or if we need to comply with internal policies or with any applicable order or sanction of an authority. We have added a new clause 22.2 to clarify that any quote for a currency conversion exchange rate is indicative only, and we are not under any obligation to enter into any transaction at such quoted rate. We have also provided that the exchange rate applicable to any transaction shall be conclusively determined by us at the time that the transaction is accepted by us and we will subsequently notify you of the rate applicable to such transaction.
6.	Part G (Information, statements and records)	We have added wording to clause 23.1 to clarify that you need to notify us within 30 calendar days if you become aware that any information you have given changes, is incorrect or misleading. We have added a representation in clause 23.6 under which you represent that any authorisation, consent, instruction, communication or notice, or any information that you give or otherwise provide to us on behalf of, or relating to, any person that you act as a trustee, executor, agent or nominee is made or otherwise provided with proper and valid authorisation and consent. The original content of clause 25.1 has been renumbered as clause 25.2 and replaced with a new clause 25.1 that provides examples of the types of information we collect or hold about you. We have revised clause 25.2 to: provide details about when we may disclose your information under this clause add new sub-clauses to include additional parties to whom we may disclose your information to amend existing sub-clauses to provide details of other instances when we may disclose your information We have added the following new clauses to Clause 25: new clause 25.5 to where, to the extent permitted by law, you and each security provider waive all rights to make claims or complaints under any law imposing a duty of confidentiality on us; new clause 25.6 to provide details about the purposes of using your information, which include the purposes of providing you a product or service, and complying with our obligations under applicable law or regulator and our internal policies and procedures. Please refer to the clause for the full list of purposes new clause 25.7 to clarify that there may be other terms that govern the collection, use and disclosure of your personal information contained in other documents and our privacy notice published on our website. Such other terms shall be read in conjunction with Part G of Customer Terms new clause 25.8 to clarify that we will share your information (to the extent it is required) with certain parties so that (i) transactions charged to your card or withdrawals effected by you can be processed or (ii) services in connection with the use of the card can be provided. new clause 25.9 to clarify that if you hold a co-brand product, you must consent to us sharing your information (to the extent it is required) with the business alliance partner with whom we are offering such product jointly with. This is to ensure we can offer or continue to offer the co-brand product to you.
7.	Part H (Termination, suspension, and enforcement)	We have revised the last bullet point of clause 27.3 to clarify what “law or a requirement of any authority” includes. We have also added one more event upon which we may terminate our banking agreement for a product to clause 27.3. We have added a new clause 28.4 to explain the treatment of credit balances upon termination of your account.