Document ID: chunk:federal_register_of_legislation:F2023L00189:schedule:4:p1
Version: federal_register_of_legislation:F2023L00189
Segment Type: schedule
Provision Reference: sch 4 (pt 1/3)
Character Range: 8596–11401

Schedule 4—Terms and conditions relating to the establishment, ongoing maintenance and closure of BasicsCard bank accounts

      Establishment of account

      (1) A BasicsCard bank account can only be:

 (a) opened in a single name; and

          (b) operated by the sole holder of the account or their Part 3B payment nominee.

      (2) A debit card will be provided to the holder of a BasicsCard bank account.

      (3) Any amount of money can be deposited into a BasicsCard bank account.

      Maintenance of a BasicsCard bank account

       (4) Subject to (13), a person may transfer money from one BasicsCard bank account to another BasicsCard bank account.

      (5) The debit card attached to the BasicsCard bank account may be used to purchase goods or services over the telephone or internet, or without presenting the debit card.

      (6) Subject to (11), a BasicsCard bank account may be used in an arrangement involving automatic drawing or withdrawal of monies by a third party that is based on BSB and account number.

      (7) Fees may not be charged in relation to depositing money into a BasicsCard bank account, or in relation to providing a debit card attached to a BasicsCard bank account to a person.

      (8) Interest cannot be charged on a balance in a BasicsCard bank account.

      Restrictions on the use of a BasicsCard bank account

      (9) Cash cannot be withdrawn from a BasicsCard bank account, whether through the use of a debit card attached to the account or by other methods of withdrawal.

      (10) Systems are in place which, so far as possible, prevent money in a BasicsCard bank account, and a debit card attached to that account, being used to purchase excluded goods, excluded services or a cash-like product that could be used to obtain excluded goods or excluded services.

      (11) Systems are in place which, so far as possible, prevent a person transferring money from a BasicsCard bank account to another bank account that is not a BasicsCard bank account unless the money is transferred for a purpose other than enabling the person to access cash or obtain cash-like products, excluded goods or excluded services.

      (12) Limitations may be placed on the amounts a person can spend using a debit card attached to his or her BasicsCard bank account.

      (13) Limitations may be placed on the amounts a particular holder of a BasicsCard bank account can transfer out of his or her BasicsCard bank account.

      (14) Limitations may be placed on a BasicsCard bank account and a debit card attached to that bank account to prevent money in the bank account being used to purchase excluded goods or services.

      Closure of a BasicsCard bank account

       (15) A BasicsCard bank account may be closed by