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1 Commonwealth Direct Investment Account Dated 18 November 2013 Terms and conditions / Fees and charges If you have any questions on the Financial Claims Scheme, terms and conditions or fees and charges ask our staff or call us on The Commonwealth Direct Investment Account is a product of the Commonwealth Bank of Australia ABN AFSL marketed by its wholly owned but non-guaranteed subsidiary Commonwealth Securities Limited ABN AFSL (CommSec)
2 Contents Part 1: Terms and conditions 1 Part 1: Terms and conditions 1 About these terms and conditions 2 1. Opening of accounts 2 2. If you conduct an account jointly with another person 2 3. Trust accounts 3 4. Account operating authority 4 5. Scope of account operating authority 4 6. Business account password 5 7. Deposits 5 8. Withdrawals and payments 6 9. Agency opening hours Payment of interest Cheque facility Account combination Debit balances Statements of account Electronic communication Electronic banking Bank charges Government charges Refusal of service Variation of terms and conditions Change of name or address Customer information and privacy Financial Claims Scheme Closure of account Severance Disputes 13 Part 2: Fees and charges Account transaction limits Fees and charges Fee exemptions Withdrawals that do not attract any fees Fees and charges for common banking services Government charges 20 Schedule A Unless stated otherwise, all monetary amounts referred to in this document are in Australian dollars. This document is subject to change at the Bank s discretion. To ensure that you have a current version, please visit About these terms and conditions These terms and conditions govern the Bank s Commonwealth Direct Investment Account. They do not include terms and conditions that may apply by operation of law. You should read these terms and conditions carefully and keep it for your future reference. You should read these terms and conditions together with the Bank s information booklet The Better Banking Book. Copies of this book may be obtained by telephoning the Bank on (8am to 8pm Monday to Friday) or from any branch of the Bank. The Better Banking Book contains useful information on a range of banking matters including the rights and obligations that arise out of the banker and customer relationship, account opening procedures, the Bank s obligations regarding confidentiality of your information, the Bank s complaint handling procedures, bank cheques, the advisability of you informing the Bank promptly when you are in financial difficulty and the advisability of you reading the terms and conditions applying to any banking service provided to you or in which you are interested. The relevant provisions of the Code of Banking Practice apply to a Commonwealth Direct Investment Account if that account is held by an individual, either alone or jointly with another individual, or a small business. The Commonwealth Direct Investment Account is a product of the Commonwealth Bank of Australia and marketed by its wholly owned but non-guaranteed subsidiary Commonwealth Securities Limited ABN (CommSec). Definitions account means a Commonwealth Direct Investment Account. business day means any day on which the Bank is open for the transaction of business in relation to a Commonwealth Direct Investment Account. CommSec means Commonwealth Securities Limited ABN Commonwealth Securities Limited is a wholly-owned but non-guaranteed subsidiary of the Commonwealth Bank of Australia ABN and a Participant of the ASX Group. EFT Code and epayments Code means the Electronic Funds Transfer Code of Conduct (EFT Code) and from 20 March 2013, the epayments Code govern e-banking transactions. They apply to EFT accounts. We warrant that we comply with the EFT Code and from 20 March 2013, with its replacement, the epayments Code. Mistaken internet payment means a payment made to an account on or after 20 March 2013 because the payer, using a pay anyone internet banking facility, has entered or selected an incorrect Bank/State/Branch (BSB) number, account number or other identifier that does not belong to the intended recipient. our means belonging to the Commonwealth Bank of Australia ABN Proscribed Person a person who appears to us either (a) to be a proscribed person or entity under the Charter of the United Nations Act 1945 (Cth); (b) to be in breach of the laws of any jurisdiction relating to money laundering or counter-terrorism; (c) to appear in a list of persons with whom dealings are proscribed by the government or a regulatory authority of any jurisdiction; or (d) act on behalf, or for the benefit of, a person listed in subclauses (a) (c). securities has the same meaning as in sub-section 92(1) of the Corporations Act 2001 as amended from time to time. we, us and the Bank mean the Commonwealth Bank of Australia ABN
3 Part 1: Terms and conditions Part 1: Terms and conditions you means the person or persons or entity in whose name the Commonwealth Direct Investment Account is held. 1. Opening of accounts You, and any authorised signatory or agent of yours, must provide the Bank with the necessary identification information it requires. The Bank must carry out any necessary verification check(s). In opening an account, you agree to these terms and conditions. You must be 18 years of age or over to open the account. At the time that the account is opened you (or, in the case of joint account owners, one of you) will be required to register with CommSec. Registration is free and entitles you to utilise CommSec s facilities for share trading and related dealings. Naturally, fees and charges will apply for any trading and dealings requested by you. It is not obligatory for you to use CommSec s services once you are registered. The account must be opened in the same name as your registration with CommSec. 2. If you conduct an account jointly with another person Unless otherwise agreed with the Bank when the account is opened: each of you may operate the account independently of the other; each of you may authorise us to send your account statements and notices electronically or not to send them electronically; each of you may change your mailing or address; the Bank may accept for the credit of the account any cheque or other negotiable instrument payable to any one or more of you; and if one of you dies, the account is closed and the balance in the account is paid by the Bank to the survivor(s). The Bank is not obliged to enquire into the circumstances of any instructions you give in relation to the conduct of your joint account. The Bank is not liable for any loss or damage you or anyone else suffers due to the Bank acting on those instructions in good faith, unless it is proved that the Bank was negligent. If the Bank permits an overdrawing, each of you will be liable to the Bank jointly and severally. 3. Trust accounts Unless the account is designated as a trust account, when you lodge a deposit in your name(s), you verify that the funds deposited are not impressed with a trust nor lodged in a trustee capacity. Protecting customer information We comply with the National Privacy Principles as incorporated into the Privacy Act 1988 (Cth). We disclose customer information to other members of the Group (including overseas members), so that the Group may have an integrated view of its customers and to facilitate the integrated treatment of its customers. It also enables other members of the Group to provide you with information on their products and services. Other disclosures At common law, banks are permitted to disclose customer information in the following circumstances:- 2 (a) where disclosure is compelled by law; or (b) where there is a duty to the public to disclose; or (c) where our interests require disclosure; or (d) where disclosure is made with your express or implied consent. So that we can manage our relationships, customer information may be disclosed to: brokers and agents who refer your business to us; any person acting on your behalf, including your financial adviser, solicitor, settlement agent, accountant, executor, administrator, trustee, guardian or attorney; financial institutions who request information from us if you seek credit from them; financial institutions concerning claims of mistaken internet payments; if you have borrowed from the Bank to purchase property valuers and insurers (so that the Bank can obtain a valuation of your property, and confirm that it is insured); if you have insurance: medical practitioners (to verify or clarify, if necessary, any health information you may provide), claims investigators and reinsurers (so that any claim you make can be assessed and managed), insurance reference agencies (where the Bank is considering whether to accept a proposal of insurance from you and, if so, on what terms); and organisations to whom we may outsource certain functions. In all circumstances where our contractors, agents and outsourced service providers become aware of customer information, confidentiality arrangements apply. Customer information may only be used by our agents, contractors and outsourced service providers for our purposes. We may be required to disclose customer information by law, e.g. under Court Orders or Statutory Notices pursuant to taxation or social security laws or under laws relating to sanctions, anti-money laundering or counter terrorism financing. We may send customer information overseas if: that is necessary to complete a transaction, or we outsource certain functions overseas. We may also be permitted, as distinct from required, to disclose information in other circumstances. For more information, please refer to our Privacy Policy. 4. Account operating authority When you open an account, you are required to provide us with the following Account Operating Authority ( the Authority ) details: (i) all signatories who are authorised to operate the account, and (ii) the method of operation e.g. any one to sign, any two to sign, the Treasurer plus one to sign etc. We will act upon this Authority until you vary or cancel it. If you wish to vary the Authority by changing (i) or (ii) above, or cancel the Authority, you must give notice in writing to the Branch where the account is conducted. Upon receiving such notice, the Authority will be varied or cancelled. All cheques and other instruments, dated prior to and presented for payment after the receipt of such notice in writing, will be honoured for payment. 3
4 Part 1: Terms and conditions Part 1: Terms and conditions Any instructions given by you in accordance with the Authority will be relied on by the Bank. We will not be liable for any loss or damage you, or anyone else, suffers where the Bank acts on those instructions in good faith, unless it is proved that the Bank was negligent. Where the Bank agrees to supply services to you as a consumer, as defined in the Australian Securities and Investments Commission Act 2001 ( the Act ), then the Bank s liability will be determined in accordance with the Act. The Act permits the Bank in some circumstances to limit its liability to resupplying services to you 5. Scope of account operating authority The signatories who are authorised to operate the account in accordance with the specified method of operation, may act on the account and deal with the Bank in the following manner: Draw cheques; Overdraw to any extent permitted by the Bank; Withdraw moneys in any manner; Make arrangements with the Bank on all matters relating to the issue of Encashment Authorities, Documentary Credits and authorities to negotiate; Give and cancel authorities in the Bank s usual form for periodical payments; Use electronic banking terminals; Access and operate the account using an electronic banking service pursuant to the Bank s Electronic Banking Terms and Conditions; Obtain cheque books; Change the mailing address; Open new account(s) with the Bank, provided they have the same authorised signatories and method of operation as the Account Operating Authority; Obtain statements of account and any information required concerning the account(s) generally; and Endorse cheques, bills, promissory notes or other instruments payable to the order of the Account Holder or if this is a joint account, payable to any one or more of you and intended for collection, discount or negotiation and credit of proceeds to your account(s). 6. Business account password When you apply for a password to be linked to all existing accounts and each account in your name: You acknowledge that use of the Password cannot be limited to only some of your account(s). The Password may be used to instruct the Bank to: obtain account information (including account statements); update particulars of your account(s); and stop cheques drawn on your account(s). The Password may be cancelled or changed by the Account Holder. Any instructions given by a person using the Password in accordance with the Account Operating Authority will be relied on by the Bank. It will not be liable for any loss or damage you, or anyone else, suffers where the Bank acts on those instructions in good faith, unless it is proved that the Bank was negligent. Where the Bank agrees to supply services to you as a consumer, as defined in the Australian Securities and Investments Commission Act 2001 ( the Act ), then the Bank s liability will be determined in accordance with the Act. The Act permits the Bank in some circumstances to limit its liability to resupplying services to you Deposits You may make deposits at any branch of the Bank, at selected offices of Australia Post and at other authorised agencies of the Bank. You may also deposit through any of the Bank s ATMs in Australia that display a Deposit option on the menu (coins not accepted). These are usually only at a branch. You may transfer funds using the Bank s telephone banking services and Internet banking service. There are limits on the amount that can be transferred per customer per day. Refer to the Electronic Banking Terms and Conditions document for details. You may arrange to have your salary, proceeds from securities transactions or any other regular payment made direct to your account by direct credit or periodical payment. 8. Withdrawals and payments Proceeds of cheques and other payment instruments, or funds transferred by direct debit, whilst credited to your account, are subject to clearance. If the Bank allows you to access the proceeds before clearance is effected, you must repay that money if the cheque, payment instrument or direct debit is dishonoured. In other cases, the money in your account is available on demand. For security reasons we may place a hold on funds transferred through NetBank to your account from an unlinked Commonwealth Bank account. The hold may apply until the next day (or if the transfer occurs after 7:30pm (Sydney time) until the following day) or longer if the Bank needs to investigate the transaction. Withdrawals can be made at any branch of the Bank. Subject to a daily electronic banking withdrawal limit and the dollar note denominations available, you may make withdrawals through: the Bank s ATMs; the ATMs of other financial institutions that the Bank has made arrangements with in Australia, ASB Bank in New Zealand and Commonwealth Bank ATMs outside Australia; electronic funds transfer terminals; the overseas Maestro, Cirrus and Visa/Plus networks of electronic terminals; and those post offices and other agencies equipped with electronic banking terminals. 1 The daily electronic banking withdrawal limit is a combined limit and is the total amount that can be withdrawn using a PIN from all accounts linked to a card in any one day. You can request a higher daily electronic banking withdrawal limit by contacting the Bank on between 8am and 8pm, Monday to Friday. If you request a higher daily electronic banking withdrawal limit your liability for unauthorised transactions may increase. You may transfer funds through the Bank s telephone banking service and Internet banking service. There are limits on the amount that can be transferred per customer per day. Refer to the Electronic Banking Terms and Conditions document for details. Merchants, Bpay billers and other financial institutions may impose additional restrictions. You may arrange to have regular payment of bills and loan repayments made direct from your account by direct debit or periodical payment. You may ask the Bank to cancel a direct debit or periodical payment authority. The Bank may ask that you also contact the debit user. The Bank may cancel or stop any direct debit or periodical payment authority when payment arrangements no longer comply with the terms of the account authority signed by you. 1 Minimum withdrawal amounts may apply for cash withdrawals at Australia Post offices and other agencies. 5
5 Part 1: Terms and conditions Part 1: Terms and conditions The Bank will also accept and promptly process any complaint from you that a direct debit or periodical payment transaction was unauthorised or irregular. In case of a direct debit transaction, again, the Bank may suggest that you also contact the debit user. Any payment instructions, including cheques drawn on your account, or other documents delivered to us in connection with a transaction on your account become our property when the transaction is complete. If we are reasonably satisfied that funds have been paid to your account due a mistaken internet payment (MIP) and there are sufficient credit funds in your account, we may debit your account with the amount of the MIP and return the funds to the payer or their financial institution. Where a claim of a MIP is made within 10 business days after the payment was made we may debit your account without giving notice to you. Where a claim of a MIP is made between 10 or more business days and 7 months after the payment was made we will notify you if we propose to debit your account with the amount of the MIP and allow you 10 business days to establish that you are entitled to the funds before we return the funds. We may prevent you from withdrawing the amount of a claimed MIP while we investigate that claim, including while we wait on and consider your response to any notification we send you. 9. Agency opening hours The Bank does not regulate the hours in which Australia Post offices and authorised agencies conduct banking business. You should check their banking business hours with the Australia Post office or authorised agency. 10. Payment of interest Interest is calculated daily and is credited to your account on the first calendar day each month and when the account is closed. If you opened a Commonwealth Direct Investment Account on or before 31 October 2012, different rules around the payment of interest apply. For information relating to interest payment frequency, please refer to Schedule A on page 20 of this document. Rates of interest are variable at the Bank s discretion. You may obtain details of the current interest rates by telephoning CommSec on during their business hours. 11. Cheque facility You may apply to the Bank for issue of a cheque book to operate your account. You must only use the cheque forms supplied by the Bank. Stamp Duty (where applicable) is charged to your account when a cheque book is issued. The Bank may at any time withdraw your cheque facility in the event of any improper conduct of the account. The Bank may at its discretion require new and existing account holders to lodge a minimum opening balance or have a minimum balance before the cheque facility is provided. If you try to make any withdrawal transaction which would cause the balance of the account to be overdrawn, we are not required to honour your cheque or allow the withdrawal transaction (refer Clause 13). 12. Account combination You agree that the Bank may combine or set-off the balance of this account with any other on demand account or with any loan account for which the Bank holds security that you have or may have in the future with us. The Bank s rights under this clause do not extend to any account which has a facility which is regulated by the National Credit Code. In such cases, the Bank may still exercise its banker s right of account combination. 6 Please refer to The Better Banking Book for information on the consequences of account combination. If the Bank elects to combine your accounts, it will observe any applicable requirements of the Code of Operation for Centrelink Direct Credit Payments. The consequence of your accounts being combined will be that, in effect, one balance remains. If that is a debit balance, you will remain liable to repay that amount to us. We will inform you promptly after exercising our right to combine your accounts. 13. Debit balances If you make any withdrawal or other payment (e.g. by cheque) or transact on your account by any means which would cause a debit (negative) balance in your account, this is known as overdrawing your account. If you try to make any withdrawal transaction which would cause an overdrawing of your account, we are not required to honour your cheque or allow the withdrawal. However, depending upon what we do in relation to the cheque or withdrawal transaction, we will be entitled to charge fees as described below. If we do allow you to overdraw your account: the amount by which your account is overdrawn will be treated as an advance by us to you and you will owe us a debt of that amount; you must repay the advance, including interest and fees charged on your account as a result of that advance, immediately, unless we agree with you an arrangement for repayment (within no longer than 62 days); interest on that advance will be calculated daily and charged to your account on the first calendar day each month and when the account is closed; if you opened a Commonwealth Direct Investment Account on or before 31 October 2012 interest will be charged quarterly on the first day in January, April, July and October and when the account is closed; we apply any payments to your account first in repayment of that advance and any interest charged; we are entitled to charge an Overdrawing Approval Fee If we do not allow you to overdraw your account, we are entitled to charge a Dishonour Fee (refer to the Standard Fees and Charges within this document for processing the disallowed withdrawal transaction. 14. Statements of account The Bank sends you a statement of account each month (standard cycle). If you opened a Commonwealth Direct Investment Account on or before 31 October 2012, different rules around the frequency of statements apply. For information relating to statement frequency and delivery, please refer to Schedule A on page 20 of this document. You may request a statement to be issued at any time by telephoning the Bank on or from any branch of the Bank. When the account is conducted jointly with another person, and where the joint account holders live at the same address, the Bank sends one statement of account addressed to both account holders. When the joint account holders live at different addresses, one statement of account is sent to the nominated postal address. The Bank may charge a fee to issue paper statements if you do not elect to receive statements and notices electronically. We may also change a fee for duplicate, additional or separate (outside standard cycle) statement requests. A schedule of charges for common Bank services is available on request. 7
6 Part 1: Terms and conditions Part 1: Terms and conditions 15. Electronic communication If you have asked to receive statements and notices electronically and we have agreed, you need to nominate an address. When the statement or notice is ready for you to view in NetBank, we will send you a notification . We record that you received an electronic statement or notice on the day that our notification enters the server of your address. Even if we normally provide electronic statements or notices, we may occasionally send you a paper statement or notice instead (e.g. if we are unable to provide the information electronically). 16. Electronic banking Electronic access to your account, including access to your account via NetBank using your CommSec ID and password, is governed by the terms and conditions set out in the Electronic Banking Terms and Conditions document. A copy of the Bank s Electronic Banking Terms and Conditions document can be obtained from any branch of the Bank or from commbank.com.au/netbank. When opening your account you will be given a copy of the Electronic Banking Terms and Conditions document which reflects the Electronic Funds Transfer Code of Conduct and from 20 March 2013, the epayments Code. Information on using electronic banking is available in the Bank s Banking Made Easy brochure. 17. Bank charges Account and transaction fees A withdrawal fee is charged for each electronic or assisted withdrawal made in addition to the limits applying to the Transaction Limits described in Part 2 of this brochure. If your account has a cheque facility, all cheques written by you and negotiated through the clearing system will also be charged a withdrawal fee. Any withdrawal fee(s) that accrue in a calendar month will be debited to your account on the first day of the following month. An access fee is charged for each withdrawal and account balance enquiry you make through the automatic teller machines of other financial institutions that the Bank has made arrangements with in Australia, ASB Bank in New Zealand and Commonwealth Bank ATMs outside Australia. The fee is charged to the account at the time of the withdrawal or enquiry. Withdrawals or purchases through the Maestro and Cirrus, MasterCard or Visa Plus network of electronic terminals overseas or any purchases using your Debit MasterCard overseas or that involves currency conversion attract the fees applying to those services. An access fee is charged to your account at the time of the transaction. Other Charges You are liable to pay and the Bank debits to your account any charges made by the Bank for services that are ancillary to the operation of your account, such as a fee for purchasing a bank cheque. A schedule of charges for Common Bank services is available on request. The Bank charges an Overdrawing Approval Fee when the Bank honours a transaction(s) made or authorised by you which results in the account overdrawing. We only charge one overdrawing approval fee, per account, per day irrespective of the number of transactions we honour. We don t charge this fee on any day there is a dishonour against your account. You authorise the Bank to debit the account with costs associated with your dealings in securities through CommSec including brokerage and administration fees Government charges Whilst you are not required to provide us with your Tax File Number (TFN) or Australian Business Number (ABN) in relation to an account, the Bank is obliged by law to withold tax from interest where a TFN, TFN exemption or ABN has not been quoted on a Commonwealth Direct Investment Account, and where interest is payable to a non-resident The Bank notifies you of the introduction or variation of any Government tax or charge either in writing or by an advertisement in the national media or local media, unless the Government, Government agency or representative body has already publicised the introduction or variation. 19. Refusal of service Despite any right contained in these terms and conditions, in the event that you or a signatory appears to be a Proscribed Person, then we may immediately refuse to: (a) process or complete any transaction or dealing of yours; (b) suspend the provision of a product or service to you; (c) refuse to allow or to facilitate any of your assets held by us to be used or dealt with; (d) refuse to make any asset available to you to any other proscribed person or entity; or (e) terminate these arrangements with you. We will be under no liability to you if we do any or all of these things. Our rights under this clause are in addition to all other rights we may have. If we exercise our rights under this clause you must pay us any damages, losses, costs or expenses that we incur in relation to any action taken under this clause, including without limitation our refusal of service under this clause, interest adjustments and/or administrative costs. 20. Variation of terms and conditions The Bank may from time to time vary the terms and conditions of an account to: (i) introduce a Bank fee or charge in relation to the operation or maintenance of your account; or (ii) vary the method by which interest is determined or the frequency with which the interest is credited or debited to the account; or (iii) change the minimum balance to which an account keeping fee applies; or (iv) vary the balance ranges within which interest rates apply to the account, The Bank gives you thirty (30) days written notice of these variations except where the Bank cannot locate you. Without limiting its rights to vary the matters set out above the Bank may from time to time vary any of the terms and conditions of an account If the Bank varies the terms and conditions other than those set out above, or varies its standard fees and charges, the Bank notifies you either in writing or by advertisement in the national or local media, no later than the day on which the variation takes effect. However, we don t have to give you advance notice if we need to make changes to immediately restore or maintain the security of a system or an individual facility, including the prevention of systemic or individual criminal activity, including fraud. The Bank notifies you of the introduction or variation of any Government charge either in writing or by advertisement in the national or local media no later than the day of change, unless the Government, Government agency or representative body has already publicised the introduction or variation. 9
7 Part 1: Terms and conditions Part 1: Terms and conditions If you do not accept a change, you may close your account with us without fee or charge subject to any then existing right the Bank has to combine or set-off any part of your account balance under the clause headed Account combination or any then existing obligation of the Bank to pay any part of your account balance to a third party under legal compulsion. If you receive electronic statements and notices, we may provide the notice by or on NetBank and send you a notification to tell you it s available. 21. Changing your personal details We need to know your correct personal details. So you must tell us straight away if you change your personal details (e.g. address, name or address). 22. Customer information and privacy Customer information is information about a customer. It includes personal information. The law requires us to identify our customers. We do this by collecting and verifying information about you. We may also collect and verify information about persons who act on your behalf. The collection and verification of information helps to protect against identity theft, money-laundering and other illegal activities. We use your customer information to manage our relationship with you, provide you with the products and services you request and also tell you about the products and services offered by the Commonwealth Bank Group ( Group ), affiliated providers and external providers for whom we act as agent. If you have given us your electronic contact details, we may provide marketing information to you electronically. The collection and verification of customer information may be carried out in different ways and we will advise you of the most acceptable methods of doing this. We may disclose your customer information in carrying out verification e.g. we may refer to public records to verify information and documentation, or we may verify with an employer that the information you have given us is accurate. Depending on whether you are an individual or an organisation, the information we collect will vary. For instance, if you are an individual, the type of information we may collect and verify includes your full name, date of birth and residential address. If you are commonly known by 2 or more different names, you must give us full details of your other name or names. If you are a company, we may collect and verify information, including company incorporation and registration details, as well as details of the company s officers and its major shareholders. If you are acting as a trustee, we may ask you for, amongst other things, information on the beneficiaries of the trust and evidence of the existence of the trust. If you are a partnership, we may require information including evidence of the fact that the partnership exists, as well as the full name of the partnership, the names of the partners and any business name owned by the partnership. For other organisations, the kind of information we collect and verify will depend on the type of organisation you are. In addition, during your relationship with us, we may also ask for and collect further information about you and about your dealings with us. You must provide us with accurate and complete information. If you do not, you may be in breach of the law and also we may not be able to provide you with products and services that best suit your needs. 23. Financial Claims Scheme The Financial Claims Scheme, under the Banking Act, covers deposit amounts you hold in a bank in aggregate up to a statutory prescribed limit (please note that for the purposes of calculating this total joint accounts are considered to be held in equal shares). You may be entitled to a payment in some circumstances. Payments under the scheme are subject to a limit for each depositor. Information about the Financial Claims Scheme can be obtained from the APRA website at and the APRA hotline on (if calling from within Australia) or (if calling from outside Australia). 24. Closure of account The Bank is entitled to close an account on reasonable notice, or without notice if the account has a nil balance and has not been operated on for three (3) months or more. The Bank may charge you an amount that it considers to be a reasonable estimate of the costs of closure. If you do not make a deposit or withdrawal on the account for three (3) years or within this period you have not notified us that you wish for us to treat your account as active, the Bank will close the account without giving you notice and will transfer any credit balance to an unclaimed moneys fund. (Balances over a prescribed amount go to the Commonwealth Government s unclaimed moneys fund where they may earn interest; balances below the prescribed amount will not earn interest.) You may apply for the transferred balance to be returned to you at any time. 25. Severance If any part of any of these terms and conditions is found to be void or unenforceable for unfairness or any other reason (for example, if a court or other tribunal or authority declares it so), the remaining parts of these terms and conditions will continue to apply as if the void or unenforceable part had never existed. 26. Disputes We accept that sometimes we can get things wrong, and when this happens we re determined to make them right again. What we do When you make a complaint to us, we: acknowledge your complaint and make sure we understand the issues; do everything we can to fix the problem; keep you informed of our progress; keep a record of your complaint; give you our name, a reference number and contact details so that you can follow up if you want to; within 21 days provide a response to a complaint which is subject to the epayments Code, including an unauthorised EFT Transaction or a mistaken internet payment, or advise you of the need for more time to complete our investigations; and in all other cases provide a final response within 45 days
8 Part 1: Terms and conditions Part 2: Fees and charges Unless there are exceptional circumstances, we will complete our investigation of all complaints within 45 days of receipt of your complaint. If we are unable to provide a final response within 45 days, we will: inform you of the reasons for the delay; and advise of your right to complain to the Financial Ombudsman Service (FOS). In the case of an mistaken internet payment, if you don t know the recipient, or can t contact them, call us on or if you are overseas We will: (a) try to recover the payment or transfer on your behalf. However, we are not liable for your loss. (b) We will attempt to recover the funds on your behalf but we are not liable unless we fail to comply with the process and timeframes set out below. (c) We will acknowledge receipt of your report and provide you with a reference number which you can use to verify that your report has been recorded by us and to enquire about progress of your claim. Once we have the information we require and are satisfied that you have made a mistaken internet payment, we will send a request for return of the funds to the recipient s financial institution. We will advise you in writing of the outcome of the request within 30 business days of receiving the information from you. 1 Reverse charges are accepted if you call about a mistaken internet payment, unauthorised transaction, breach of password or loss, theft or misuse of a card or token. (To use this reverse charges number please contact the international operator in the country you are in and request to be put through to Please note: we have no control over any charges applied by the local or international telephone company for contacting the operator. Talk to us Most problems can be resolved quickly and simply by talking with us. You can visit your local branch, or you can call us on , 24 hours a day, 7 days a week. If you need further assistance after your initial enquiries, you can contact Customer Relations Write or fax your letter to: Group Customer Relations, Commonwealth Bank of Australia, Reply Paid 41, Sydney NSW 2001 (fax: ), or Freecall: (unless made from a mobile). You can also your complaint by completing the e-form on the website: commbank.com.au/feedback. Account transaction limits and bank fees This section describes the transaction limits, and fees and charges which may apply to your account. You should read all the information about fees and charges, as it is important to understand their impact on your account. Additional fees detailed elsewhere in this brochure may apply. 1. Account transaction limits Each calendar month you receive unlimited free electronic withdrawals and up to 2 free assisted withdrawals. 1 If you opened a Commonwealth Direct Investment Account on or before 31 October 2012, different rules around account transaction limits apply. For information relating to account transaction limits, please refer to Schedule A on page 19 of this document. NOTES: Additional withdrawals in excess of your transaction limit attract withdrawal fees. Electronic withdrawals will be counted in the order they are performed. You may choose to switch from the Electronic Option to the Electronic/Assisted Option, or vice versa, at any time. However, if you change your option, it will not take effect until the following month. 1 Excludes all ATMs overseas, EFTPOS and Debit MasterCard transactions overseas or involving currency conversion, NetBank service fees and International Money Transfers. 2. Fees and charges The following table explains the fees and charges you may be liable for on your account. The fees and charges applicable to electronic banking are in the Electronic Banking Terms and Conditions document. Amount Name of cost Description of Cost Account fee There is no account fee payable Nil When cost is debited from account External dispute resolution If you are not happy with the response we provide, you may refer your complaint the Financial Ombudsman Service (FOS). FOS offers a free, independent dispute resolution service for the Australian banking, insurance and investment industries. Write or fax your letter to: Financial Ombudsman Service, GPO Box 3, Melbourne Victoria 3001 (fax: ) or call Or visit their website Electronic withdrawal fees do not apply to accounts opened on or after 1 November
9 Part 2: Fees and charges Part 2: Fees and charges Name of cost Withdrawal fee Description A withdrawal fee is charged for each electronic or assisted withdrawal not included in the Transaction Limits (refer to the section titled Account transaction limits on page 12) Electronic withdrawals 1 Transfer from your account made at a Commonwealth Bank ATM in Australia Amount of Cost When cost is debited from account Any withdrawal fee(s) that accrue in a calendar month will be charged to your account on the first day of the following month Name of cost Access fee Description An access fee is charged for each withdrawal you make through the ATMs of ASB Bank in New Zealand and Commonwealth Bank ATMs overseas Withdrawals or purchases through the Maestro and Cirrus, MasterCard or Visa Plus network of electronic terminals overseas or any purchases using your Debit MasterCard overseas or that involves currency conversion. Amount of Fee AUD $2.00 When cost is debited from account The fee is charged to the account at the time of the withdrawal $0.30 each All transfers or bill payments made through $0.30 each NetBank and Telephone Banking automated service. Direct entry debit or periodical payment $0.30 each Cash withdrawal or purchase made via EFTPOS in Australia Cash withdrawal from your account made at a Commonwealth Bank ATM in Australia Assisted withdrawal A withdrawal made over-the-counter at a Commonwealth Bank branch A withdrawal made over-the-counter at a postal or private agency (including EFTPOB/giroPost) A cheque issued on your account and cashed over-the-counter at any Commonwealth Bank branch A withdrawal made via Telephone Banking using an operator Cheques negotiated All cheques written by you and negotiated through the clearing system excluding cheques cashed over-the-counter at any Commonwealth Bank branch $0.30 each $0.50 each $2.00 each $2.00 each $2.00 each $2.00 each $1.00 each Maestro EFTPOS purchase: or Debit MasterCard purchase or transaction that involves current conversion; 3.00% of the transaction value Cirrus, MasterCard or Visa Plus ATM cash withdrawal: AUD $5.00 plus 3.00% of the transaction value. Notes: No exemptions or concessions apply to access fees For Foreign currency Transactions: Visa converts transactions in foreign currencies into AUD equivalents at the rates set by Visa on the day it processes the transactions. MasterCard converts transactions made in USD into AUD equivalents. It converts transactions made in other foreign currencies into USD equivalents and then into AUD equivalents at the rates set by MasterCard on the day it processes the transactions. We convert withdrawals at ATMs of ASB Bank in New Zealand and Commonwealth Bank in Vietnam into AUD equivalents at a rate set by us on the day we process the transactions. The Commonwealth Bank in Indonesia converts withdrawals made at its ATMs into AUD equivalents at a rate it sets on the day it processes the transactions When you use a Non Commonwealth Bank ATM in Australia, the ATM owner may charge a fee (which will be disclosed at the time). Overseas ATM owners may also charge a fee but may not disclose it. If you proceed with the transaction, the ATM owner s fee will be debited to your account (in addition to any amount you withdraw)
10 Part 2: Fees and charges Part 2: Fees and charges Name of cost Overdrawing Approval fee NetBank service fees Government taxes and charges Description When the Bank honours a transaction(s) made or authorised by you which results in the account overdrawing or exceeding the agreed overdraft limit established for the account Fees that may apply to some NetBank transactions Where applicable, these are charged to your account Amount of Cost When cost is debited from account $10.00 The fee is charged on the day we honour such a transaction(s). A maximum of one charge applies per account per day irrespective of the number of transactions honoured. The fee will not be charged on any day there is a dishonour against the account. Please refer to the Electronic Banking Terms and Conditions document Please refer to the section titled Government charges on page 9 Any Government taxes and charges that accrue in a calendar month will be charged to your account on the first day of the following month 3. Fee exemptions Exemptions from all withdrawal fees (but not Access Fees or NetBank service fees) described in the section titled Fees and charges on page 13 are available to certain customer groups with eligible accounts as follows: Existing home loans Commonwealth Bank Complete Home Loan customers who obtained their home loan on or before 31 October 1997 to assist in the purchase of the property in which they live. The exemption will be applied for as long as that loan remains current. Under 18s Customers who are under the age of 18*, or personal trust accounts where the beneficiary of the account is under 18. * When there is more than one party to an account, the application of the exemption will be based on the age of the oldest account holder. Disabled customers Customers who are reliant on over-the-counter services because of a disability that prevents them from using electronic banking facilities. The exemption will apply to a nominated account. Customers can apply for this exemption at their local branch. Pensioner concession Customers in receipt of an Australian War Veteran, Aged or Disability Pension will receive an additional two assisted withdrawals per month on the Electronic or Electronic/Assisted Transaction Options. This is only available on the account to which the pension is directly credited and applies in the following month. 4. Withdrawals that do not attract any fees The following withdrawals do not attract withdrawal fees: Direct entry debits to repay Commonwealth Bank Home and Personal Loans or CBFC Limited or Commonwealth Development Bank direct entry loan repayments Direct entry debits for Commonwealth Bank Mortgage Fund and Commonwealth Life Limited Debits for bank and Government charges. Withdrawals where we charge you an Access fee (see page 15)
11 Part 2: Fees and charges Part 2: Fees and charges 5. Fees and charges for common banking services Bank Cheques Issued on behalf of customers $10.00 Issued on behalf of non-customers $10.00 Repurchase on behalf of customers $10.00 Repurchase on behalf of non-customers $20.00 Issue of duplicate on behalf of customers $25.00 Issue of duplicate on behalf of non-customers $30.00 Issued by Private Agencies $10.00 Requests by post to issue cheque to depositor or a $10.00 plus cost of postage third party, each cheque Cheques issued in Norfolk Island also attract Government stamp duty Unpaid cheques and debits Items drawn on your account and dishonoured $5.00 Periodical Payments or transfers Per payment or transfer $1.80 plus transfer fee, bank cheque fee, and postage as applicable Special clearance of cheques / bills Per item $15.00 Where our staff (or courier) are used to seek $60.00 per hour clearance of the cheque by attending the other financial institution branch (minimum $30.00 plus out-of-pocket expenses) Statements of Account Issue of transaction list $2.50 each unstatemented transactions Stop Payment Notice When you ask us to stop payment on a $15.00 per request cheque you have written Transfers/Deposits to accounts at other banks Where our customer is remitting $3.50 Where non-customer is remitting $10.00 plus $2.00 per $ cash plus 50c for each cheque Direct remittance $20.00 Vouchers Production, return or inspection of paid cheques and deposit slips/duplicate butts Special request Numerous vouchers involving search by Bank staff Vouchers held for customer s inspection and retained by the Bank Vouchers returned to customer Voucher out of pocket expenses $4.00 per item (minimum $12.00) $60.00 per hour of time spent searching $1.00 per voucher $1.50 per item (minimum $20.00 per month) Not ascertainable 6. Government charges Any Government taxes, duties and charges that accrue in a calendar month will be charged to your account on the first day of the following month. Stamp duty Stamp duty of $0.20 is payable on cheques in Norfolk Island
12 Notes Schedule A Refer to this section if you opened your Commonwealth Direct Investment Account (CDIA) on or before 31 October 2012: Features 1. Payment of Interest Interest is calculated daily and paid quarterly in January, April, July and October on the first calendar day and when the account is closed. 2. Statements of accounts) Frequency: Statements are issued each quarter in January, April, July and October unless the account is inactive. If you would like to change the frequency of statements to monthly or 6 monthly, you can do so by calling the Bank on , changing it via Netbank or at any branch of the Bank. Delivery: Statements are delivered by paper as default. If you wish to change your statement delivery method to online, you can do so by telephoning the Bank on , changing it via Netbank or at any branch of the Bank. 3. Account transaction limits Each calendar month you receive a certain number of free withdrawals, depending on the Transaction Option selected. The Electronic Option applies automatically on accounts opened on or before 31 October You can, however, elect for the Electronic/Assisted Option. The Electronic Option provides up to 15 free electronic withdrawals each calendar month. 1 The Electronic/Assisted Option provides up to 2 free assisted withdrawals and 5 free electronic withdrawals each calendar month. 1 Electronic Option: Provides you with up to 15 free electronic withdrawals each calendar month (excludes Access and NetBank service fees). Electronic/Assisted Option: Provides you with up to 2 free assisted withdrawals and 5 free electronic withdrawals each calendar month (excludes Access and NetBank service fees). If additional withdrawals are made on the account, withdrawal fees will apply. Access and NetBank service fees will also apply to your Commonwealth Direct Investment Account for certain transactions 1 Excludes all ATMs overseas, EFTPOS and Debit MasterCard transactions overseas or involving currency conversion, NetBank service fees and International Money Transfers