This document forms part of the terms and conditions for NAB Business Products, Electronic Banking, NAB Internet Banking and NAB Telephone Banking along with the following documents:

Business Banking Fees – A Guide to Fees and Charges; and
Indicator Rates – For Deposit Products.

It is important that you read and understand these terms and conditions. These are available from NAB at any time. If you have not already received copies of each of these documents please contact NAB.

Any advice in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice, NAB recommends that you consider whether it is appropriate for your circumstances.

Tax File Number Options

If you do not provide your Tax File Number (TFN), Australian Business Number (ABN) or advise that you are eligible for an exemption from providing a TFN or ABN, NAB may be obliged to deduct Pay As You Go (PAYG) withholding tax at the maximum marginal tax rate (plus the Medicare Levy) from any interest income you earn on your NAB Business Product. If you are a non-resident of Australia, NAB may also be obliged to deduct PAYG withholding tax.

National Australia Bank Limited ABN 12 004 044 937, Australian Financial Services License 230686 is the issuer of each financial product included in these terms and conditions.

Summary of Important Information

Customer Service

You can contact us by:

calling us on 13 10 12 (8am-8pm) Australian Eastern Standard Time or Australian Eastern Standard Summer Time (whichever is applicable), Monday to Friday, and select option 1 for Business and Agribusiness servicing enquiries
visiting our website nab.com.au
writing to us at Level 34, 500 Bourke Street, Melbourne VIC 3000; or
hearing impaired customers with telephone typewriters can contact us via the National Relay Service on 13 36 77.

Lost/Stolen Cards/Compromised Personal identification Numbers (PINs)

If your card is lost or stolen and/or your PIN is compromised or divulged you must immediately notify NAB and provide any information about how the loss / incident occurred by calling:

Within Australia

Freecall 1800 033 103 (24 hours a day – toll free)

If Overseas

International code +613 8641 9083 (Mon-Fri 8:00am - 8:00pm EST)
International code +613 8641 9083 (all other times)

Unauthorised transactions

If you believe there has been an unauthorised transaction, please notify NAB by calling 13 10 12 and select option 1 for Business and Agribusiness servicing enquiries.

NAB PIN

You may change your PIN as frequently as you wish at selected NAB Automatic Teller Machines (‘ATMs’) or Automatic Deposit Machines (‘ADMs’). Refer to clause 20.5 of Part C of this document for further guidance on PIN selection. For a complete list of ATM and ADM locations, please contact NAB by:

visiting nab.com.au; or
calling 13 10 12 and select option 1 for Business and Agribusiness servicing enquiries.

ATM/ADM emergency

To report an ATM or ADM breakdown or malfunction, or alternatively to query a current ATM or ADM transaction (such as a card not returned by ATM or ADM, or incorrect cash disbursement), please contact NAB by:

calling 13 10 12 and select option 1 for Business and Agribusiness servicing enquiries; or
after hours, Freecall 1800 036 066.

Note: As part of NAB security procedures, transactions conducted at ATM or ADM may be photographed.

Resolving Problems or Disputes

If you subsequently feel that an issue has not been resolved to your satisfaction, you may be able to raise your concerns with the Banking and Financial Services Ombudsman if you are an individual or small business customer covered by the Banking and Financial Services Ombudsman Scheme.

Product Comparison Table – Features and Benefits

This table is a summary of key features and benefits of NAB Business Products.

Key Information	NAB Business Cheque Account	NAB Business Management Account	NAB Business Cash Maximiser	NAB Business Investment Account	NAB Farm Management Account	NAB GST Business Offset Account	NAB Community Fee Saver Account
Account Access
ATM			X	X
EFTPOS			X	X
Internet Banking
Telephone Banking
Periodical Payments			X
Direct Debit			X
Chequebook option			X	X
Returns
Interest Calculated	X	Daily¹	Daily³	Daily¹	Daily	X	X
Interest Paid	X	Monthly	Monthly	Monthly	Monthly	X	X
Fee Structure	See NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' for full details of the fee structure for each product.
Product Features
Minimum account balance	X	X	X	X	X	X	X
Eligibility criteria	X	X	$10,000 (Opening) Other NAB accounts and services must be held⁴	$50,000 (Opening)	X	X	To open a NAB Community Fee Saver account, you must be a not for profit organisation or community group
Statements
Overdraft facility	²	²	X	X	²	X	²

1 Interest is not calculated when the balance of the account is below $5,000.

2 Debit interest is calculated on the daily balance and charged monthly.

3 Interest is not calculated where the balance of the account is below $10,000.

4 You must have a NAB business transaction account in the same name(s), and access via an electronic NAB service (e.g. NAB Internet Banking or NAB Telephone Banking). See clause 2.2

Part A Terms and Conditions

1 NAB Business Cheque Account, NAB Business Management Account, NAB Farm Management Account, NAB Community Fee Saver Account (each an ‘account’)

For NAB Community Fee Saver Account Only

1.a The NAB Community Fee Saver account is only available to not for profit organisations and community groups. NAB may request from the applicant documentation relating to its not for profit or community group status. NAB will determine in its absolute discretion whether an applicant is a not for profit organisation or community group that is eligible for the account.

How will the account work?

1.1 You may deposit any amount and you may withdraw up to the available credit funds from the account or, if the account has an overdraft facility, up to the approved overdraft limit. Proceeds of any cheque or other item will not be available until the cheque or other item is cleared.

1.2 There is no minimum account balance which must be maintained.

1.3 You may withdraw from the account at any NAB outlet, subject to you providing suitable identification.

1.4 NAB will provide a cheque book to access the account unless you advise NAB that a cheque book is not required.

1.5 If you apply for and NAB agrees to give you an overdraft facility with the account, the overdraft facility will be subject to NAB standard terms and conditions for the facility which will be provided to you at the time. Additionally, NAB may also at its discretion allow you to overdraw the account:

(a) if you do not have an approved overdraft limit, to any amount permitted by NAB from time to time; or
(b) if you do have an approved overdraft limit, to any amount permitted by NAB from time to time, beyond the amount of that limit.

In both these situations, you may be charged default interest, an Irregular Account Fee, any applicable Dishonour charges, and a Reference Fee in accordance with clause 1.7.

What interest will I receive/pay?

1.6 Credit interest (if any) is paid on the account as follows:

(a) for NAB Business Cheque Account, and NAB Community Fee Saver Account, no credit interest is paid on the account;
(b) for NAB Business Management Account, NAB will pay interest calculated on the daily credit balance of the account as at the end of each day that is greater than $5,000 up to and including the day before the last banking day of each month (or, if there is a further banking day in another State or Territory because it does not have a holiday, the day before this further banking day) and will credit the interest to the account the next banking day. Interest will only be paid on the credit balance greater than $5,000. Different rates will apply to different levels of account balance. Those rates will also fluctuate. The applicable rate applies to the whole of the credit balance greater than $5,000. Those levels of account balance and the rates applicable to them are as notified to you at the time you open your account in NAB flyer 'Indicator Rates - For Deposit Products'. You will be notified of any change to the rates and applicable account balances. They are also available from NAB at any time.
(c) for NAB Farm Management Account, NAB will pay interest calculated on the daily credit balance of the account as at the end of each day, up to and including the day before the last banking day of each month (or, if there is a further banking day in another State or Territory because it does not have a holiday, the day before this further banking day) and will credit the interest to the account the next banking day. Different rates will apply to different levels of account balance. Those rates will also fluctuate. The applicable rate applies to the whole of the credit balance. Those levels of account balance and the rates applicable to them are as notified to you at the time you open your account in NAB flyer 'Indicator Rates - For Deposit Products'. You will be notified of any change to the rates and applicable account balances. They are also available from NAB at any time.

1.7 If the account is overdrawn without an approved overdraft limit, you must put the account in credit immediately and you will pay NAB interest on the amount overdrawn at the default rate charged by NAB for the account from time to time. The default rate is set out in NAB flyer 'Indicator Rates - For Deposit Products'. You will be notified of any change to the default rate. It is also available from NAB at any time. The interest is calculated on the daily debit balance of the account as at the end of each day and will be charged to the account on the last banking day of each month.

You may also incur an Irregular Account Fee, any applicable Dishonour charges, and a Reference Fee (the amount of which may vary depending on the method used to access your account), the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

When will I receive statements?

1.8 NAB will send you statements of the account at least 6 monthly, unless you request otherwise.

What Bank fees are applicable to the account?

1.9 NAB may debit the account with account fees and other standard service fees, the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

General matters

1.10 Part B of these terms and conditions entitled 'General Matters' are included in these terms and conditions.

What electronic access options are available?

1.11 You may arrange for the account to be linked to your NAB Debit Card, NAB personal Credit Card, or your NAB Business Access Card. NAB Business Cards cannot be linked to your transaction account.

Such access will be governed by the Electronic Banking terms and conditions – business accounts found in Part C of this document.

1.12 You may arrange to access the account through a Telephone Banking or Internet Banking or similar service provided by NAB, such access will be governed by NAB standard terms and conditions relating to the service found in Part D of this document.

2 NAB Business Cash Maximiser

How will the account work?

2.1 You must deposit at least $10,000 to establish a NAB Business Cash Maximiser (‘the account’).

2.2 To operate on the account you must, if you have not already done so:

(a) open a NAB business transaction account (‘the transaction account’) in the same name(s) as the account.
The transaction account will be governed by NAB standard terms and conditions relating to the account; and
(b) arrange to access the account and the transaction account through Telephone or Internet Banking or a similar electronic service provided by NAB. Such access will be governed by NAB standard terms and conditions relating to the service.

2.3 After the first deposit has been made, you may deposit any amount, and you may withdraw any amount up to the available credit funds, from the account.

2.4 You can only make deposits to, or withdrawals from, the account by transferring funds between the account and another NAB account using an electronic NAB service.

2.5 You may not make deposits to, or withdrawals from, the account except as set out above. For example, you may not make deposits to, or withdrawals from, the account at NAB outlets, or by card, direct debit or cheque. NAB may however, at its discretion, provide you with cash or a cheque for the balance of the account when the account is closed.

2.6 There is no minimum account balance that must be maintained.

2.7 You must not overdraw the account. There is no overdraft or other credit facility available with the account.

2.8 If for any reason the account is overdrawn, you must put the account in credit immediately and you will pay NAB interest on the amount overdrawn at the default rate charged by NAB for the account from time to time. The default rate is set out in NAB flyer ‘Indicator Rates - For Deposit Products’. You will be notified of any change to the default rate. It is also available from NAB at any time. The rate is calculated on the daily debit balance of the account as at the end of each day and will be charged to the account, or to the transaction account, on the last banking day of each month.

You may also incur an Irregular Account Fee, any applicable Dishonour charges and a Reference Fee (the amount of which may vary depending on the method used to access your account), the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

What interest will I receive?

2.9 The account will not earn any interest during any period in which the balance of the account is less than $10,000.

2.10 Other than days on which the balance of the account is less than $10,000, NAB will pay interest calculated on the daily balance of the account as at the end of each day up to and including the day before the last banking day of each month (or, if there is a further banking day in another State or Territory because it does not have a holiday, the day before this further banking day) and will credit the interest the next banking day to the account, or such other account, as you and we agree.

2.11 Different rates will apply to different levels of account balance. Those rates will also fluctuate. The applicable rate applies to the whole of the credit balance. Those levels of account balance and the rates applicable to them are as notified to you at the time you open your account in NAB flyer ‘Indicator Rates - For Deposit Products’. You will be notified of any change to the rates and applicable account balances. They are also available from NAB at any time.

When will I receive statements?

2.12 NAB will send you statements of the account at least 6 monthly, unless you request otherwise.

What Bank fees are applicable to the account?

2.13 No account fees are payable in relation to the account.

2.14 Other standard service fees, including National Online fees, may apply and may be debited to the account unless otherwise agreed. The amount and nature of NAB standard service fees are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

2.15 Bank fees are payable on your transaction account in accordance with the terms and conditions of that account.

General matters

2.16 Part B of these terms and conditions entitled ‘General Matters’ are included in these terms and conditions.

3 NAB Business Investment Account

How will the account work?

3.1 You must deposit at least $50,000 to establish a NAB Business Investment Account (‘the account’). Proceeds of any cheque or other item which comprises this first deposit will not be available until the cheque or other item is cleared.

3.2 You must arrange to access the account through Telephone or Internet Banking or a similar electronic service provided by NAB. Such access will be governed by NAB standard terms and conditions relating to the service.

3.3 After the first deposit has been made, you may deposit any amount, and you may withdraw up to the available credit funds, from the account using electronic NAB services only.

3.4 You may not make deposits to or withdrawals from the account at NAB outlets, or by card or cheque, except that NAB may, at its discretion, provide you with a cheque for the balance of the account when the account is closed.

3.5 There is no minimum account balance that must be maintained.

3.6 There is no overdraft or other credit facility available with the account.

What interest will I receive?

3.7 The account will not earn any interest during any period in which the balance of the account is less than $5,000.

3.8 Other than for days on which the balance of the account is less than $5,000, NAB will pay interest calculated on the daily balance of the account as at the end of each day up to and including the day before the last banking day of each month (or, if there is a further banking day in another State or Territory because it does not have a holiday, the day before this further banking day) and will credit the interest to the account the next banking day.

3.9 Different rates will apply to different levels of account balance. Those rates will also fluctuate. The applicable rate applies to the whole of the credit balance. Those levels of account balance and the rates applicable to them are as notified to you at the time you open your account in NAB flyer ‘Indicator Rates - For Deposit Products’. You will be notified of any change to the rates and applicable account balances. They are also available from NAB at any time.

When will I receive statements?

3.10 NAB will send you statements of the account at least 6 monthly, unless you request otherwise.

What Bank fees are applicable to the account?

3.11 NAB may debit the account with account fees and other standard service fees, the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

General matters

3.12 Part B of these terms and conditions entitled ‘General Matters’ are included in these terms and conditions.

What balance transfer facility options are available?

3.13 NAB Business Investment Account can be linked to your other NAB business accounts through a balance transfer facility. The facility allows amounts from your linked accounts to be transferred to your account automatically on dates which you choose. You may not transfer amounts from your account automatically using balance transfer, but you may transfer amounts individually using an electronic NAB service.

3.14 If you apply for, and NAB agrees to give you, a balance transfer order for the account, the balance transfer order will be subject to NAB standard terms and conditions for the order which will be provided to you at the time.

4 NAB GST Business Offset Account

How will the account work?

4.1 You may deposit any amount and you may withdraw up to the available credit funds from the NAB GST Business Offset Account (‘the account’). Proceeds of any cheque or other item will not be available until the cheque or other item is cleared.

4.2 There is no minimum account balance which must be maintained.

4.3 You may withdraw from the account at any NAB outlet, subject to you providing suitable identification.

4.4 NAB will provide a cheque book to access the account, unless you advise NAB that a cheque book is not required.

4.5 Before you can open this account, and at all times while it is open, you must also have a working account of a type specified by NAB, active with NAB.

4.6 If at any time the working account is closed, NAB GST Business Offset Account must also be closed.

What interest will I receive/pay?

4.7 The account will not earn any credit interest whilst the account remains open. The linked working account will earn credit interest in accordance with its terms and conditions. If you have more than one working account you must tell NAB which of those working accounts is to be linked to the account.

4.8 If the account is part of a GST Business Offset Arrangement (‘the GST offset arrangement’), the terms and conditions of the GST offset arrangement from time to time will apply.

4.9 If the account is overdrawn without an approved overdraft limit, you must put the account in credit immediately and you will pay NAB interest on the amount overdrawn at the default rate charged by NAB for the account from time to time. You may also incur an Irregular Account Fee, any applicable Dishonour charges, and a Reference Fee (the amount of which may vary depending on the method used to access your account), the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

4.10 The default rate is set out in NAB flyer ‘Indicator Rates - For Deposit Products’. You will be notified of any change to the default rate. It is also available from NAB at any time. The interest is calculated on the daily debit balance of the account as at the end of each day and will be charged to the account on the last banking day of each month.

GST offset arrangement

Who is eligible and how do I apply?

4.11 You may apply to NAB to participate in the GST offset arrangement. NAB may accept or reject your application at its discretion.

4.12 The GST offset arrangement is only available on certain overdraft accounts specified by NAB from time to time, details of which can be obtained from NAB. However, at any one time, only one overdraft account can be linked to the NAB GST Business Offset Account.

4.13 A GST offset arrangement may not link an overdraft account with a NAB GST Business Offset Account which includes a name or names other than the name(s) in which the overdraft account is held.

4.14 While you have a GST offset arrangement, the following relevant terms relate to the calculation and payment of interest applying to:

(a) a NAB GST Business Offset Account; and
(b) your linked overdraft account.

Offset Arrangement

4.15 While you have a GST offset arrangement your linked NAB GST Business Offset Account will not earn any credit interest even if the credit balance of that account exceeds the unpaid balance of your linked overdraft account.

4.16 You or NAB may end the GST offset arrangement by giving 7 days notice to the other. However, if you default under your linked overdraft account, NAB may end the GST offset arrangement immediately by giving you a notice to this effect.

4.17 It is your responsibility to monitor the credit balance of the NAB GST Business Offset Account, as against the unpaid balance of your linked overdraft account to achieve the best results for you under the GST offset arrangement.

NAB 100% Offset

4.18 The interest charges which would otherwise be payable for the month under your linked overdraft account will be calculated in accordance with the usual interest calculations for that overdraft account. For the purposes of the GST offset arrangement, monthly interest will be calculated on the credit balance of the NAB GST Business Offset Account at the same interest rate as that applied to the overdraft account. The actual debit interest charged to the working account will be the sum of the overdraft account interest calculations minus the interest calculations for the account.

4.19 If the credit balance of the linked NAB GST Business Offset Account exceeds the unpaid balance of your linked overdraft account at the end of a day, no interest will be charged under the overdraft account for that day.

4.20 If the overdraft account exceeds its agreed limit:

(a) the default rate (as set out in the terms and conditions of your overdraft facility) will be applied to the excess amount overdrawn regardless of any GST offset arrangement which may apply; and
(b) the GST offset arrangement will be applied, in accordance with clause 4.8, to the amount drawn down equal to the agreed overdraft limit.

When will I receive statements?

4.21 NAB will send you statements of the account at least 6 monthly, unless you request otherwise.

What Bank fees are applicable to the account?

4.22 NAB may debit the account with account fees and other standard service fees, the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

General matters

4.23 Part B of these terms and conditions entitled ‘General Matters’ are included in these terms and conditions.

What electronic access options are available?

4.24 You may arrange for the NAB GST Business Offset Account to be linked to your NAB Debit Card, NAB personal Credit Card or your NAB Business Access Card. NAB Business Cards cannot be linked to your transaction account.

Such access will be governed by the Electronic Banking terms and conditions – business accounts found in Part C of this document.

4.25 You may arrange to access the account through Telephone Banking or Internet Banking or a similar service provided by NAB, such access will be governed by NAB standard terms and conditions relating to the service found in Part D of this document.

5 Payment Facilities

Cheques

NAB provides cheque access to certain accounts. These are listed in the Product Comparison Table. If you have cheque access to an account, the following terms and conditions apply:

5.1 General provisions

(a) Each cheque must be completed properly and with due care so as to avoid fraudulent alteration and in accordance with the signing authority you give NAB.
(b) You must notify NAB immediately on 13 10 12 if you have any cause whatsoever to suspect that a cheque drawn on your account has been forged or fraudulently altered in any way or has been drawn in whole or in part without authority from you.
(c) You must take reasonable care and precautions to prevent unauthorised, stolen, forged or fraudulently altered or drawn cheques being presented to NAB.
(d) You must have in place adequate systems and procedures to prevent unauthorised, stolen, forged or fraudulently altered or drawn cheques being presented to NAB.
(e) You must have in place, and implement, adequate systems and procedures by which you can ascertain within a reasonable time whether your account is being debited with amounts not authorised by you.
(f) You must keep cheque forms issued to you in a safe place and you must notify NAB immediately on 13 10 12 if they are lost, stolen or misused. If you do not, then subject to any applicable law, you do not have any right to make a claim against NAB in respect of such a matter (e.g. a forged cheque).
(g) When a cheque is drawn on your account by any person, it will, when the cheque is handed to NAB:
- i. be deemed to be a request by you to NAB to withdraw funds from your account for the amount shown on the cheque; and
- ii. constitute an authority to pay those funds to the payee, endorsee, holder, bearer, depositor or presenter of the cheque or that person’s bank.
(h) If there are not enough ‘cleared funds’ in your account when the cheque is presented for payment, NAB may dishonour or pay the cheque at its discretion. This may result in your account being overdrawn. You may also incur an Irregular Account Fee, any applicable Dishonour charges, and a Reference Fee, the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.
(i) You authorise NAB to pay a cheque drawn on your account notwithstanding that it is a stale cheque within the meaning of the Cheques Act 1986.
(j) You authorise NAB to pay a post-dated cheque drawn on your account at any time before the date of the cheque arrives.
(k) The person signing the cheque must:
- i. sign any alterations;
- ii. date the cheque the date on which it was signed; and
- iii. complete the details.
(l) If, when checking any cheque or particulars of any cheque, NAB finds on it any irregularity or omission, NAB may dishonour payment of the cheque on your behalf.

5.2 Stopping payment on a cheque

(a) You may stop payment on a cheque before it has been paid. You may call NAB on 13 10 12 between 8am and 8pm (EST), Monday to Friday, or notify us at any NAB outlet either in person or by phone.
(b) If you advise NAB by phone, your written confirmation may be required.
(c) No matter how you choose to notify NAB it is important to tell NAB quickly if you want to stop payment. You will be required to provide:
- i. your account name and number;
- ii. the cheque number and amount;
- iii. the date of the cheque; and
- iv. to whom the cheque is payable.
(d) NAB may charge a fee for stopping payment on a cheque, the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

5.3 Dishonouring cheques

(a) Your cheque may (at NAB discretion) be returned, unpaid or dishonoured in certain circumstances, such as where:
- i. there are not enough available funds in your account or your overdraft limit is not enough to cover the cheque;
- ii. there is some irregularity or omission with your cheque, for example your cheque is unsigned, is more than 15 months old, is post-dated (e.g. bears a date that has not arrived), or has been materially altered (e.g. by a change to the amount originally stated on it) and you have not signed the alteration;
- iii. you have instructed NAB to stop payment of your cheque; or
- iv. NAB has received notice of your mental incapacity or of your death.
(b) You may also incur a Dishonour Fee, the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

5.4 Effect of crossing

(a) If you cross a cheque you are telling NAB not to cash it over the counter. The cheque must be paid to a bank (e.g. into a customer’s account).
(b) If NAB does cash the cheque, it may be liable for any loss suffered by the true owner.
(c) A cheque is crossed by drawing across the face of the cheque from top to bottom two parallel lines, with or without the words ‘not negotiable’ between them. A crossing may be added by you when you make a cheque or by any person who obtains possession of your cheque.

5.5 Meaning of ‘not negotiable’

(a) The words ‘not negotiable’ between two parallel lines across the face of a cheque mean that, where the cheque is transferred, the person who obtains the cheque has no greater rights than the person who transferred it to him or her. For example, your cheque might be stolen and then passed on by the thief to another person.
(b) That person might then obtain payment of the cheque. In this case, if the cheque was crossed and marked ‘not negotiable’, the person from whom the cheque is stolen might recover the amount of the cheque from the person who obtains payment of the cheque, even though the person who has obtained payment may not have done anything wrong.

5.6 Meaning of ‘account payee only’

(a) These words on a cheque are a warning to the bank with which the cheque is deposited that the cheque should be paid only to the person named in the cheque as payee. If NAB pays a different person, NAB may be liable to the true owner, unless NAB has acted in good faith and without negligence (e.g. by making enquiries and receiving reasonable explanation).
(b) The words ‘account payee only’ do not prevent the transfer of a cheque.

5.7 Significance of deleting ‘or bearer’

(a) Cheques are generally printed with the words ‘or bearer’ appearing at the end of the line on which you put the name of the person to be paid.
(b) The words ‘or bearer’ mean that (except where the cheque is crossed), the bank on which the cheque is drawn has authority to pay the cheque to any person in possession of the cheque, even if that person found or stole it, unless NAB has reason to suspect that the cheque might have fallen into the wrong hands.
(c) If you wish to alter this position by making the cheque an ‘order’ cheque, the simplest course is to cross out the words ‘or bearer’ which are printed on the cheque. Also, you may wish to add the words ‘to the order of’ before the name of the payee, but you will still need to cross out the words ‘or bearer’.
(d) If the cheque is an ‘order’ cheque, then (except in cases where the cheque is crossed and must therefore be collected by a bank) the bank on which the cheque is drawn should only pay it:
- i. to the named payee; or
- ii. to any other person to whom the named payee, by endorsing the cheque on the reverse side, has ordered it to be paid.

5.8 Unauthorised alteration of your cheques

(a) When you write a cheque, you should take care to reduce the opportunity for forgery and fraud. You have a duty to complete the cheque so as not to mislead NAB or make it easy for someone else to alter your cheque.
(b) Ways to assist you to correctly complete a cheque are:
- i. do not leave gaps between the words or figures ;
- ii. begin the amount in words as close as possible to the left-hand side;
- iii. begin the amount in figures as close as possible to the dollar sign ($);
- iv. never write a cheque in pencil or ink that can be rubbed out;
- v. never sign a cheque before it is used or filled out; and
- vi. always write the amount of the cheque in words as well as figures , because words are harder to alter without your authority.

5.9 When is a cheque ‘cleared’?

(a) Clearing a cheque involves several steps which may take, in normal circumstances, up to 3 working days.
(b) The steps involved in clearing a cheque are usually:
- i. you deposit a cheque you have received into your NAB account;
- ii. NAB will seek payment of the cheque from the bank on which the cheque is drawn (the two banks could be the same); and
- iii. that bank will pay the proceeds of the cheque to NAB.
Only after the completion of these steps will the cheque be cleared.
(c) Normally you will not be able to withdraw the value of a cheque you deposit until the cheque is cleared, even though your account will be immediately credited with the proceeds of the cheque. This rule applies even to cheques made payable to ‘cash’.
(d) If a cheque you have deposited is dishonoured NAB will advise you. NAB will also reduce the balance of your account by the amount of the cheque already credited.

5.10 Special clearance

If you want fast clearance of a cheque you deposit, you can ask NAB for a special clearance. You will be provided with an estimate of the time it will take and any applicable fees. The amount and nature of these fees are also detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

Direct debits

You may make regular payments to a third party (‘Debit User’), by authorising the Debit User to debit your account with NAB. For eligible accounts refer to the Product Comparison Table.

5.11 General provisions

(a) The Debit User will provide you with their form of direct debit request and a Direct Debit Service Agreement. Only Debit Users approved by a financial institution can make these arrangements on your behalf.
(b) This agreement may provide for the debiting of your account with any amount charged by the Debit User. You may, however, be able to limit the amount or ask that the charging be delayed until after the issuing of a billing advice to you. These arrangements are between you and the Debit User.

5.12 Disputed debits

(a) You must notify NAB as soon as possible if you suspect or believe that an amount debited to your account was unauthorised or otherwise irregular. Either visit your NAB outlet or call a Customer Service Representative on 13 10 12 between 8am and 8pm (EST), Monday to Friday.
NAB will promptly process your instruction:
- i. If you lodge a written claim with NAB regarding a disputed amount, you should receive a response within 7 banking days;
- ii. NAB suggests you contact the Debit User and refer to the Direct Debit Service Agreement. This may be especially helpful if you believe that an incorrect amount has been debited to your account.

5.13 Cancellation of direct debit authority

(a) You may cancel your direct debit arrangements with a Debit User by calling NAB on 13 10 12 or visiting your NAB outlet and completing a cancellation request. If you advise NAB by phone, your written confirmation may also be required. NAB will promptly process your instruction and stop further debits to your account. NAB will advise the Debit User of your request to cancel the authority. NAB suggests you also contact the Debit User. This may be especially helpful when resolving complaints about incorrect charges.
(b) To arrange for a direct debit by the Debit User to be resumed on your account, you will need to contact the Debit User and you will also need to contact NAB and cancel the stop payment.

5.14 Non-payments

(a) If there are insufficient cleared funds in your account to meet a direct debit payment, NAB may dishonour or pay the debit at its discretion. This may result in your account being overdrawn. If the debit is dishonoured, you may incur a Dishonour Fee, the amount and nature of which are detailed in NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.
(b) NAB does not have to notify you if a debit is dishonoured or otherwise not made.

5.15 Multiple authorities

(a) If you have more than one direct debit arrangement with a Debit User on your account and cancel one arrangement, this will automatically stop all debits from your account by that Debit User.
(b) To arrange for other direct debits to continue on your account, you will need to contact the Debit User. You will then need to contact NAB and cancel the stop payment to allow the Debit User to continue to debit your account.

You must check your statements

5.16 Without limiting any part of these conditions, you must notify NAB within 30 days of the date of receipt of a statement of account if you have any cause to suspect that there is any cheque or direct debit recorded on your statement that you did not authorise or that the information relating to such a cheque or direct debit is incorrect. If you do not, then subject to any applicable law, you do not have any right to make a claim against NAB in respect of such a matter (for example, a forged cheque).

Indemnity

5.17 Subject to any applicable law, you agree to release NAB, indemnify NAB, and save NAB harmless from all liability which NAB may have if NAB refuses to allow payment of a cheque or direct debit in good faith and in the ordinary course of business or if a stop payment request is given too late to enable payment to be stopped. Or if NAB suffers any loss as a result of acting on your instructions in relation to a cheque or direct debit (such as processing a request to cancel a direct debit arrangement or you stopping payment on a cheque or direct debit) or as a result of you breaching any obligation you have in this clause, and you authorise NAB to debit any account of yours with the amount of the indemnity.

General matters

5.18 The terms and conditions in Part B of this document entitled ‘General Matters’ are included in these terms and conditions.

Part B General Matters

6 General Matters

The following terms and conditions are included in the terms and conditions applying to all accounts, products and services in this document.

6.1 Each of the accounts, products and services in this document will be subject to the terms and conditions in this Part B and the applicable specific terms and conditions described in this document (together ‘these terms and conditions’). If there is any inconsistency between these terms and conditions and any other terms and conditions applicable to an account (for example in relation to an overdraft facility) then those other terms and conditions prevail to the extent of any inconsistency.

6.2 An account must not be used for any personal or domestic banking. If you do not have an Australian Business Number then you agree to provide NAB with a declaration (in a form provided by NAB) that the account is not used for personal or domestic reasons.

6.3 NAB can combine the balances of two or more of your accounts, even if the accounts are at different NAB outlets. If we exercise our right to combine accounts, we will apply any credit funds held by you in your accounts to reduce the amount owing by you in relation to your other accounts. For example, we may use the money in your savings account to reduce the amount you owe NAB under a cheque account that is overdrawn.

6.4 However this would not happen where, for example:

(a) NAB knows the accounts are not held by you in the same capacity (e.g. where you have a personal account and also an account as trustee for a child); or
(b) NAB has agreed to keep your accounts separate; or
(c) NAB is bound by a Code of Conduct not to do so (such as the Code of Operation for Centrelink’s social security payments).

6.5 NAB will promptly give notice to you if we have combined any of your accounts. NAB need not provide this notice before taking such action.

6.6 You cannot presume that NAB will pay cheques or other drawings on your account where payment will create an overdrawn balance, even if you hold credit funds in another account which are equal to or more than the overdrawn balance.

7 Code of Banking Practice

7.1 NAB has adopted the Code of Banking Practice and relevant provisions of the Code apply to these products, if you are an individual or a small business customer (as defined by the Code).

7.2 You can obtain from NAB upon request:

(a) information on NAB current interest rates and standard fees and charges relating to these products if any;
(b) general descriptive information concerning NAB banking services including:
- i. for accounts with cheque access, general descriptive information about cheques;
- ii. account opening procedures;
- iii. NAB obligations regarding the confidentiality of your information;
- iv. complaint handling procedures;
- v. bank cheques;
- vi. the advisability of you informing NAB promptly when you are in financial difficulty;
- vii. the advisability of you reading the terms and conditions applying to each banking service NAB provides to you;
(c) general descriptive information about:
- i. the identification requirements of the Financial Transactions Reports Act 1988;
- ii. the options available to you under the tax file number legislation; and
(d) a copy of the Code of Banking Practice.

8 Variation and notice provisions

8.1 Changes NAB may make:

(a) In addition to the other changes NAB may make to these terms and conditions which are detailed in these terms and conditions, NAB may change any other terms and conditions (including by imposing new fees or charges, changing the amount, type, or method of calculation of fees and charges payable). NAB will make any changes in accordance with any applicable legislation and industry codes.
(b) If the account is not used for a period, the length of which is dependent upon the amount of money in the account, the crediting of interest and issue of statements to you, if applicable, will end and access will be restricted, or the account will be closed and the balance transferred to the Commonwealth Government. NAB will notify you at your last known address at least 30 days before any such variation takes effect.

8.2 Notice Provisions

Unless otherwise specified in these terms and conditions or separately agreed between you and NAB, NAB will give you notice of changes to the accounts, cards and services included in this document as set out in the table below and you agree to receive notice in such ways.

(a) How does NAB notify you of changes

Type of Change	Method of Notification	Time Frame
Changes relating to Business Accounts in Part A
Introduction of a fee or charge	In writing	At least 30 days before the change takes effect
Changes to fees and charges	In writing or by media advertisement	At least 30 days before the change takes effect
Changes to interest rates	In writing or by media advertisement	No later than the day the change takes effect, except where the interest rate is not set by NAB (such as a money market rate) in which case notice will be given in writing or by media advertisement within a reasonable period of the change being made, unless another entity has publicised the change
Changes to the calculation of interest	In writing	At least 30 days before the change takes effect
Any other changes to the terms and conditions in Part A and B (including changes relating to interest other than changes to an interest rate)	In writing	At least 30 days before the change takes effect
Changes relating to the use of your card or card details in Part C
Changes to the daily limit that can be withdrawn or transferred from your card	In writing	At least 20 days (or any longer period allowed by law)
Changes to the time during which the daily limit applies to purchases and withdrawals of cash undertaken using a card or PIN	In writing	At least 20 days (or any longer period allowed by law)
Changes to an increase in the account holders liability for losses relating to EFT transactions	In writing	At least 20 days (or any longer period allowed by law)
Changes to fees and charges (including the introduction or increase of charges relating solely to the use of your card or PIN or card account details or the issue of an additional or replacement card or PIN or card account details)	In writing	At least 30 days before the change takes effect
Any other changes to terms and conditions in the Electronic Banking terms and conditions – business accounts in Part C.	In writing or by media advertisement.	No later than the day the change takes effect or as required under applicable laws and industry codes.
Changes relating to the use of NAB Internet Banking and NAB Telephone Banking in Part D
Any change to or imposition of a daily or other periodic transaction limit	In writing	At least 30 days prior to the change taking effect
Any change to the number and type of accounts on which a transaction may be made, or type of transactions that may be made	In writing	At least 30 days prior to the change taking effect
An increase in the accountholder’s liability for losses relating to EFT transactions	In writing	At least 30 days prior to the change taking effect
Changes to fees and charges (including the introduction or increase of charges relating solely to the use of a NAB ID, authentication service or password or the issue of an additional or replacement NAB ID, authentication service or password)	In writing	At least 30 days before the change takes effect
Any other changes to the terms and conditions in Part D	In writing	At least 30 days before the change takes effect
In relation to changes to NAB Internet Banking and NAB Telephone Banking, to the extent permitted by any applicable legislation and industry codes, NAB reserves the right not to give advance notice when changes are necessitated by an immediate need to restore or maintain the security of NAB systems or individual accounts.
Changes relating to the use of NAB Express Business Deposit in Part E
Introduction of a fee or charge (other than a government charge)	In writing	At least 30 days before the change takes effect
Any other changes to the terms and conditions in Part E	In writing or by media advertisement	No later than the day the change takes effect
General Notification Provisions
Changes to government fees and charges	In writing, electronically or by media advertisement	As soon as practicable after, but no later than 3 months after the change takes effect.

(b) How do you notify NAB of changes

Type of Change	Method of Notification	Time Frame
Change of Address (including nominated electronic address)	In writing, in person at any NAB outlet, via NAB Internet Banking or by calling us on 13 10 12	As soon as possible
Notices, certificates, consents, approvals and other communications in connection with these terms and conditions (eg. cancellation of a card)	Electronically using the service or in writing, in person at any NAB outlet or by calling us on 13 10 12	As soon as possible

How is the operation of the account governed?

9.1 You authorise each person whose specimen signature appears with any notice of authority to transact banking business signed by you to undertake the following activities in respect of an account if it is the subject of such an authority and to the extent applicable to the account:

(a) sign, draw, make, accept, endorse, discount or make arrangements with NAB regarding cheques, withdrawals, bills of exchange, bank cheques, periodical payment/debit authorities and electronic NAB services, orders and other instruments, and to overdraw the account(s) to any extent permitted by NAB. NAB will treat casual overdrafts as an application for credit;
(b) endorse, assign or give NAB security over bills of lading, warehouse certificates and other documents conferring a right to or insuring goods and receive such documents and if required give trust receipts for same, and receive boxes, packets, deeds or documents;
(c) purchase negotiable certificates of deposit, convertible deposits certificates and place money on term deposit and receive repayment and interest;
(d) sign or execute guarantees, indemnities or declarations protecting NAB in relation to:
- i. missing bills of lading or other documents conferring a right to insuring goods;
- ii. guarantees or undertakings by NAB in its favour or on its behalf;
- iii. letters of credit;
- iv. repurchase by NAB of bank/international cheques and other instruments; and
(e) apply for encashment/negotiation facilities and letters of credit upon terms acceptable to NAB including the giving and enforcing of security and relieving NAB from liability and enter into contracts with NAB for the sale or purchase of foreign currencies by NAB or NAB correspondents.

9.2 Should the authority referred to in clause 9.1 be terminated NAB must be immediately notified.

9.3 You authorise NAB to undertake the following activities in relation to an account:

(a) accept deposits, make credits and attend to collection of proceeds;
(b) provide opinions for commercial enquiries where required; and
(c) where an account is overdrawn or cheques of at least $100 have been dishonoured more than once report same to a credit reporting agency.

9.4 Any one of you or of the persons whose specimen signatures appear on your notice of authority to transact NAB business may authorise NAB to open joint accounts pursuant to and in accordance with that authority and approve the addition of any authorised third party.

10 Obligations for firms and joint customers

10.1 NAB will accept for credit of account(s), cheques, bills of exchange or other instruments made payable to any one or more of the authorising parties or of the persons whose specimen signatures that appear on the notice of authority to transact NAB business referred to in clause 9.1. In the event of NAB in its discretion permitting the account(s) to be overdrawn, your liability to NAB in respect thereof shall be joint and several.

10.2 You must give NAB immediate notice of any change to the membership of your firm.

What goods and services tax and other taxes and charges apply?

10.3 NAB may debit the account with government charges, duties and taxes relating to the account. For further information refer to NAB brochure 'Business Banking Fees - A Guide to Fees and Charges' available from NAB at any time.

10.4 If NAB is liable to pay goods and services or any similar tax (GST) on a supply made in connection with the account, you agree to pay to NAB (on demand) an additional amount equal to the consideration payable for the supply multiplied by the prevailing GST rate.

What conditions apply to joint accounts?

10.5 If there are two or more of you, you will be treated as holding the account jointly and NAB may accept for credit to the account any cheque, payment order or bill of exchange that is payable to all of you. This means that each account holder has the right to all of the balance of the account, jointly with the other account holders.

10.6 If any of you die, the account will be treated as the account of the survivor or survivors jointly.

10.7 Unless any of you request otherwise, NAB statements and notices (including Notification of any variation to these terms and conditions) will be forwarded to the mailing address of the first of you named in the account. You will all be deemed to have received any NAB statements and notices in accordance with these terms and conditions.

10.8 A joint account holder may only make a withdrawal on the terms of any authority to operate on the account. If NAB is notified of a dispute between joint account holders, NAB may require all joint account holders to sign any authority to operate the account.

10.9 The liability of account holders under an account held in joint names is joint and several. This means each and all of the account holders are liable for the whole of any debit balance on the account.

11 Can NAB choose not to apply a fee or charge?

11.1 NAB may at its discretion waive any fee or charge to the account to which it is entitled. The failure by NAB to collect any fee or charge that applies to the account does not give rise to a waiver of that fee or charge in the future.

12 Reference to Product Disclosure Statement (PDS) in ancillary documents

12.1 Where the context so requires, a reference to a Product Disclosure Statement or a PDS for NAB Business Products in any brochure, letter, application form or other document issued by NAB shall be construed as a reference to these terms and conditions.

13 How can I get more information?

13.1 You can obtain more information about NAB:

(a) business products;
(b) current interest rates;
(c) standard fees and charges; or
(d) banking with NAB;

by visiting nab.com.au, or any NAB outlet, or calling 13 10 12.

14 What do I do if I have a problem or dispute relating to my account?

For information about resolving problems or disputes, contact NAB on 1800 152 015, or ask at any NAB outlet. For more details about our internal dispute resolution procedure please ask for our complaints resolution brochure. If you subsequently feel that an issue has not been resolved to your satisfaction, you may be able to raise your concerns with the Banking and Financial Services Ombudsman if you are an individual or small business customer covered by the Banking and Financial Services Ombudsman Scheme.

Part C Electronic Banking terms and conditions – business accounts

The rights and obligations outlined in this Part C comply with both the EFT Code of Conduct and the Code of Banking Practice. In addition, the terms and conditions in Part Bof this document apply to any use of NAB electronic equipment as set out in the terms and conditions in this Part C.

15 Application of Electronic Banking terms and conditions – business accounts

15.1 When do these Electronic Banking terms and conditions – business accounts apply?

These terms and conditions are binding on you from whichever of the following occurs first:
(a) in relation to a card which is not a credit card, by applying for the card to be issued and linked to any nominated account; or
(b) the accountholder or any cardholder conducts an EFT transaction on any nominated account; or
(c) subject to clause 15.1(d) any cardholder receives their card; or
(d) in relation to a credit card, upon receipt of the card or card account details, whichever is received first.

However, note clause 20.5and the guidelines on security in clause 20.6apply immediately upon receipt of the PIN.

15.2 Terms and Conditions relating to EFT transactions

These terms and conditions apply to EFT transactions on your nominated accounts. These include, but are not limited to EFT transactions initiated by you:
(a) NAB ATMs or ADMs using your card and PIN;
(b) at ATMs provided by other institutions using your card and PIN;
(c) at EFTPOS facilities provided by merchants using your card and PIN;
(d) using your card account details through other electronic equipment; and
(e) where a credit card is used through a ‘swipe-only’ device that does not require a manual signature.

15.3 Where these terms and conditions do not apply

These terms and conditions do not apply to transactions (including transactions involving nominated accounts linked to your cards) undertaken over the following channels:
(a) NAB Internet Banking;
(b) NAB Telephone Banking;
(c) National Online Corporate; and
(d) National Online Business. These channels have separate terms and conditions of use.

15.4 Other terms and conditions Separate terms and conditions exist for:

(a) credit cards issued by NAB and for the credit account which may be used in conjunction with these credit cards; and
(b) any of the nominated accounts which can be accessed using your card.
Unless otherwise stated in these terms and conditions, the terms and conditions do not change or amend any of the existing rules, regulations, terms and conditions and disclosures pertaining to these cards or nominated accounts.
If there is any inconsistency between the terms and conditions in this Part C and the terms and conditions applying to your nominated account, these Electronic Banking terms and conditions – business accounts apply to the extent any inconsistency exists in respect of EFT transactions, except for notice of cancellation or revocation of any electronic banking facility.

15.5 Accountholder to ensure distribution

Accountholders must ensure that each cardholder is provided with a copy of these terms and conditions before any of the events referred to in clause 15.1.

16 Limits on EFT transactions

16.1 Nominated accounts

Your card and PIN (or your card account details) enable transactions to be made on any NAB accounts which you have nominated for use with NAB card based electronic banking facilities.

16.2 Number and type of accounts

There is a limit to the number and type of accounts which can be accessed by means of NAB card based electronic banking facilities. The Main Nominated Accounts comprise:

(a) two main cheque accounts or two main statement savings accounts, (including home and personal loan accounts but excluding credit card accounts) or one of each; and
(b) if a card is a credit card, the credit card account.

Furthermore, three additional accounts of either or both of the above account types (excluding credit card accounts) may be accessed by each card. However, some types of electronic equipment may not allow access to all types of accounts.

EFTPOS terminals permit access to your nominated account(s) and will debit a transaction to one of your nominated account(s) being a cheque or statement savings account. That is, an individual EFTPOS transaction must be debited to 1 account, although a separate transaction may be debited to another designated ‘main account’.

16.3 Amounts withdrawn or transferred

NAB reserves the right to limit the amount which may be withdrawn or transferred from a nominated account by way of certain EFT transactions.

A daily limit applies from midnight to midnight Australian Eastern Standard Time or Australian Eastern Standard Summer Time (whichever is applicable) to purchases and withdrawals of cash undertaken using your card and PIN.

You will be advised of these specific limits when issued with your card, and you will be subsequently advised of any change to these limits. The limits advised by NAB are not an undertaking by NAB to limit the amounts withdrawn or transferred by use of NAB card based electronic banking facilities. However, the advised limit does limit your liability for unauthorised transactions (see clause 20).

16.4 Valid and irrevocable authority

Your use of a card, card account details or PIN through electronic equipment to initiate an EFT transaction is an unchangeable order to NAB to process the EFT transaction. Neither a cardholder nor an accountholder may request NAB to stop or alter the EFT transaction. However, the accountholder’s liability for the EFT transaction could be limited in terms of clause 20.3.

17 Card based electronic banking facilities

17.1 NAB ATMs and ADMs

Subject to the terms and conditions applying to your nominated account, your card and PIN enable you to use NAB ATMs and ADMs as determined by NAB.

NAB ATMs allow you to withdraw or transfer funds between all nominated accounts, obtain a record of recent transactions, order a repeat statement and check your account balances. Some NAB ATMs may also allow you to deposit funds into a nominated account and to change your PIN.

NAB ADMs allow you to deposit funds into nominated accounts using a deposit only card and PIN.

It is your responsibility to familiarise yourself with the correct use of ATMs and ADMs. If you are unsure or require assistance in the operation of the ATM or ADM, please seek assistance from staff at a NAB outlet or contact NAB using the customer service details in Summary of Important Informationat the top of this document.

17.2 ATMs provided by other institutions

ATMs provided by other institutions accepting cards may allow you to withdraw funds and check your designated main nominated account(s) balances. Institutions providing other ATMs accepting cards may impose their own fees and restrictions on the operation of the cards with their ATMs including limits to the amounts which may be withdrawn. NAB accepts no responsibility for such fees and restrictions.

17.3 EFTPOS terminals provided by merchants

EFTPOS terminals allow you to pay for purchases and may allow the option of withdrawing extra cash from your designated main nominated account(s) at certain locations. Merchants providing EFTPOS terminals accepting cards may impose their own fees and restrictions on the operation of the cards with their EFTPOS terminals including limits to the amounts which may be withdrawn. NAB accepts no responsibility for such fees and restrictions.

17.4 Other transactions through electronic equipment

The merchant or other person may impose their own restrictions on these EFT transactions. NAB accepts no responsibility for such restrictions.

17.5 Functionality

The processing of an EFT transaction to a particular account will depend on the functionality of the electronic equipment (for example an overseas ATM may process a transaction to a nominated account(s) which you did not seek to initiate). NAB accepts no responsibility for this differing functionality.

17.6 Fees

Fees may apply to any EFT transaction you undertake with NAB card based electronic banking facilities, the amount and nature of which are detailed in 'Business Banking Fees - A Guide to Fees and Charges'.

18 Operation of card based electronic banking services

18.1 Receipts

(a) It is desirable for you to retain or record receipts to verify your account statements;
(b) The issuing of a receipt by an EFTPOS terminal or ATM may be accepted by NAB as evidence that the transaction has been performed. This condition does not apply to deposits lodged in ATMs or ADMs (see clauses 19.1 and 19.2).

18.2 Statements

(a) Credit card account statements are provided in terms of the credit card’s specific terms and conditions. For other nominated accounts NAB will provide you with a statement at least every 6 months. You may request more frequent statements if you wish. To request a change to the frequency of your statement, please contact NAB using the customer service enquiry details in the Summary of Important Information at the top of this document .
(b) For the purposes of preparing statements, NAB reserves the right to show an EFT transaction as having been carried out on the next or subsequent banking day(s) after the day the transaction was made.

18.3 Review statements of account

You should always review your statement and bring to NAB attention any discrepancies, errors or unauthorised transactions as soon as possible. If you wish to dispute an EFT transaction, you must report this to NAB. Please refer to customer service details in Summary of Important Informationat the top of this document.

18.4 Discrepancies in cash delivered by an ATM

When withdrawing cash from an ATM, you should immediately check that the correct sum has been delivered. If there is a discrepancy between the amount of cash delivered by an ATM, and the amount shown on the receipt, report the facts as soon as possible to NAB. Please refer to the customer service details in Summary of Important Informationat the top of this document.

18.5 Cards

Remember to take proper care of your card. Do not keep your card in contact with other cards that have a magnetic strip. Magnetic strips can react with each other and if this occurs your card may no longer operate an ATM, ADM or EFTPOS terminal.

(a) Your card is issued with validity dates denoting month and year e.g. 06/07 is June 2007. The commencing date is the first day of the month, the expiry date the last day of the month. Cards are not valid before or after these dates.
Expired cards must be destroyed.
(b) You agree that your card remains the property of NAB. You further agree to return the card to NAB or destroy the card by cutting it vertically in half through its magnetic strip upon:
- i. notice from NAB cancelling your card; or
- ii. closure of all your nominated accounts; or
- iii. revocation of authority to operate your nominated accounts by means of your card.
(c) Your card may be confiscated by an ATM or ADM if you repeat invalid PIN entries. The number of additional entries allowed after the first invalid entry may be varied at NAB discretion and is not subject to any prior notice.

18.6 EFTPOS terminal malfunction

In the event of an EFTPOS terminal malfunction or failure, the merchant may provide alternative manual procedures to enable a transaction to be made. You will be required to present your card for imprinting of a transaction voucher, indicate one of the main nominated accounts, and sign the transaction voucher. (The procedure is similar to that used for paper voucher credit card transactions.) NAB reserves the right to vary the manual procedure at any time.

If you have indicated on the paper voucher that a main nominated account is to be debited, and that account is closed or has insufficient funds available, NAB may redirect the debit entry to the other main nominated account without notice to you.

18.7 Merchants

NAB will not be liable for the refusal of any merchant to accept a card, or card account details and will not be responsible for the goods and services supplied by a merchant subject to:

(a) any rights you may have against NAB in relation to goods or services purchased by use of your card or card account details if the transaction is covered by the Australian Securities and Investments Commission Act 2001 or the Trade Practices Act 1974; and
(b) any other applicable law.
Any complaints concerning goods and services purchased must generally be resolved with the merchant.

18.8 Promotional material

Promotional material referring to NAB card based electronic banking facilities that is displayed on or in any premises, is not to be taken as a warranty by NAB, or by the merchant carrying on a business in those premises, that all goods and services may be purchased by means of an EFT transaction. You also accept that the use of your card and card account details may be subject to other limitations imposed by the merchant.

19 Deposits

19.1 Cash deposits at ATMs and ADMs

When making a cash deposit at an ATM or ADM you should be aware that such deposits may not be credited to your account immediately.

A cash deposit lodged in an ATM or ADM is subject to verification and at NAB discretion may not be credited to your account until the following banking day. Deposits made at an ATM or ADM after 6.00pm will be credited to your account within 2 banking days.

In the event of a discrepancy between the deposit value determined by NAB and the amount recorded by the ATM or ADM, the accountholder will be promptly advised of the actual amount which has been credited to the nominated account. Remember to include the ATM or ADM deposit advice in the envelope with the deposit, as failure to do so may delay funds being credited to your account. NAB reserves the right to correct or reverse any such deposit transaction.

NAB will accept responsibility for the security of your deposit correctly lodged at an ADM or ATM which offers depositing services, subject to verification of the amount deposited.

Where the claimed deposit is not available for verification following forceful removal of the ATM or ADM or other criminal act, NAB requires you to reasonably substantiate the value of your claim.

19.2 Deposits in the form of cheques

If you make a deposit in the form of, or including a cheque, the funds of the cheque are not available for withdrawal until the cheque reaches the paying bank and NAB is guaranteed payment. (This condition applies to deposits made through an ATM, ADM or at a NAB outlet.) In the event of a discrepancy between the value of cheques deposited as determined by NAB and your deposit claim, NAB will inform you. NAB reserves the right to correct or reverse any such deposit transaction.

Because of the requirements of NAB systems, NAB reserves the right to place a ‘hold’ on the full amount of a deposit which includes a cheque.

For example, where a deposit includes cash and 1 or more cheques, the hold applies to the cash component as well as to the value of cheques.

Holds are normally applied for 3 banking days, and transactions requiring use of these funds may be refused within this period.

Therefore, if you wish to deposit cash and expect to withdraw against the sum of that cash within the 3 day period, you are advised to deposit the cash separately from the cheques. (That is, make 2 deposit transactions).

NAB will not be responsible for any claim or refusal of a transaction if this condition is disregarded. You are entitled to enquire at any NAB outlet if holds are to be applied to any deposit.

Subject to clause 20, you, the cardholder, agree to indemnify NAB against all claims or liabilities it may incur as a consequence of it collecting a cheque of which you are not the true owner.

20 Responsibilities and liabilities

20.1 Your responsibilities with respect to the card

You agree:
(a) to sign your card immediately on receipt;
(b) to keep your card in a safe place, and provide reasonable protection for the card from theft;
(c) to notify NAB should your card be lost or stolen (refer to the customer service details in Summary of Important Information at the top of this document);
(d) to advise any change of address (refer to customer service details in Summary of Important Information at the top of this document);
(e) to use your card in accordance with these Electronic Banking terms and conditions – business accounts;
(f) to destroy an expired card; and
(g) if a temporary card has been issued to you, you agree to destroy it upon receipt of a personalised card.

20.2 General responsibility

The accountholder is generally responsible for all EFT transactions authorised by the use of the card and/or PIN and/or the card account details or undertaken by another person with your knowledge and/or consent. The accountholder’s liability for any use not authorised by you may however be limited as provided below.

20.3 No Accountholder liability in some circumstances

The accountholder is not liable for:
(a) losses that are caused by the fraudulent or negligent conduct of NAB employees or agents or companies involved in networking arrangements or of merchants or of their agents or employees;
(b) losses arising because the PIN, card account details or card is forged, faulty, expired, or cancelled;
(c) losses that arise from EFT transactions which required the use of your card or your PIN and that occurred before you received your card or PIN;
(d) losses that are caused by the same EFT transaction being incorrectly debited more than once to the same account;
(e) losses resulting from unauthorised transactions occurring after notification to NAB that the card has been misused, lost or stolen or the security of the PIN has been breached;
(f) losses resulting from unauthorised transactions where it is clear that you have not contributed to such losses.

20.4 Accountholder liability for unauthorised transactions

The accountholder is liable for losses resulting from unauthorised transactions as provided below:

(a) where NAB can prove on the balance of probability that you contributed to the losses through your fraud or your contravention of the security requirements in clause 20.5 the accountholder is liable for the actual losses which occur before NAB is notified that the card has been misused, lost or stolen or that the security of the PIN has been breached; and
(b) where NAB can prove on the balance of probability that you contributed to losses resulting from unauthorised transactions because you unreasonably delayed notifying NAB after becoming aware of the misuse, loss or theft of the card, or that the security of the PIN has been breached. The accountholder will then be liable for the actual losses which occur between the time you became aware (or should reasonably have become aware in the case of a lost or stolen card) and when NAB was actually notified.
However in relation to (a) and (b) above, the accountholder will not be liable for any of the following amounts:
- i. that portion of the losses incurred on any 1 day which exceed the applicable daily transaction limit(s);
- ii. that portion of the losses incurred in a period which exceeds any other periodic transaction limit(s) applicable to that period;
- iii. that portion of the total losses incurred on any account which exceeds the balance of your account(s) (including any pre-arranged credit);
- iv. all losses incurred on any accounts which NAB and the accountholder had not agreed could be accessed using your card and PIN.
(c) where a PIN was required to perform the unauthorised transactions and neither paragraph (a) nor (b) applies, the accountholder is liable for the least of:
- i. $150; or
- ii. the balance of those account(s) (including any prearranged credit) from which value was transferred in the unauthorised transactions and which NAB and the accountholder have agreed may be accessed using the PIN; or
- iii. the actual loss at the time NAB is notified (where relevant) that the card has been misused, lost or stolen or that the security of the PIN has been breached (excluding that portion of the losses incurred on any 1 day which exceeds any applicable daily transaction or other periodic transaction limit(s))

20.5 Your responsibilities

(a) where NAB provides you with a PIN you must not:
- i. voluntarily disclose your PIN to anyone including a family member or friend (unless your card is a Deposit Only Card);
- ii. record your PIN on your card or on any article carried with the card or liable to loss or theft simultaneously with the card;
- iii. act with extreme carelessness in failing to protect the security of your PIN.
(b) where NAB allows you to select a PIN or change your PIN you must not select:
- i. a numeric code which represents your birth date; or
- ii. an alphabetical code which is a recognisable part of your name.

Either of these selections may mean you are liable for losses caused by unauthorised transactions caused by a breach of your PIN.

20.6 Guidelines

You should also comply with these guidelines to protect the security of your card, card account details and PIN and thus reduce the possibility of any inconvenience to you:

(a) do not permit any other person to use your card or card account details;
(b) destroy your PIN envelope after memorising your PIN;
(c) take reasonable care when using an ATM, ADM or EFTPOS terminal to ensure your PIN is not disclosed to any other person; and
(d) should you require a memory aid to recall your PIN you may make such a record providing the record is reasonably disguised. However, NAB does not consider the following examples to provide a reasonable disguise and you agree not to:
- i. record the disguised PIN on your card;
- ii. disguise your PIN by reversing the number sequence;
- iii. describe the disguised record as a ‘PIN record’ or ‘Password record’;
- iv. disguise your PIN as a telephone number, part of a telephone number, postcode or date of birth;
- v. disguise your PIN using alphabetical characters, e.g: A = 1B = 2C = 3 etc.

There may be other forms of disguise which may be similarly unsuitable because of the ease of another person discerning your PIN.

Please note all the guidelines set out in clause 20.6 are for your assistance but your liability in the case of an actual loss will be governed by the EFT Code and clause 20.5 in this document. However, you should take care to meet the guidelines set out in clause 20.6 as a failure to meet these guidelines may in some circumstances constitute an act of extreme carelessness under clause 20.5(a)(iii).

20.7 Advising NAB

If you believe your card has been lost or stolen, your PIN divulged or that there has been misuse of your card, you must advise NAB as soon as possible. Please refer to NAB customer service details in Summary of Important Information at the top of this document.

Once NAB has been notified of these matters the accountholder’s liability for further EFT transactions will be limited.

Where telephone facilities are not available during particular periods, any losses occurring during these periods that were due to non-notification are deemed to be the liability of NAB, providing notification is made to NAB within a reasonable time of the facility again becoming available. Please refer to NAB customer service details in Summary of Important Information at the top of this document.

NAB will acknowledge your report and you should record or retain this acknowledgement.

20.8 Liability under credit and charge card scheme rules

Notwithstanding the above where you notify NAB of an unauthorised transaction on a credit card or charge card account NAB will not hold the accountholder liable for an amount greater than the liability the accountholder would have had if NAB had, at the time the complaint was made, exercised its rights (to the extent relevant) under the rules of the credit card or charge card scheme.

20.9 Failure of NAB electronic equipment

(a) except in the case of a business EFT transaction NAB will be liable to you for losses you suffer caused by the failure of NAB electronic equipment or system to complete an EFT transaction accepted by NAB system or NAB electronic equipment in accordance with your instructions.
However, NAB will not be liable for consequential losses where you should have been aware that NAB electronic equipment or system was unavailable for use or malfunctioning. NAB responsibilities in this case will be limited to the correction of errors in your account and the refund of any charges or fees imposed on you as a result. NAB will also not be liable for any losses caused by the failure of NAB electronic equipment where NAB system or electronic equipment had not accepted the EFT transaction.
(b) NAB will not be liable to you for any loss, claim, liability or outgoing, including without limitation any consequential loss or liability, which you suffer because of any failure of NAB systems or NAB electronic equipment to complete a business EFT transaction.

21 EFT Code warranty

NAB warrants that it will comply with the requirements of the EFT Code for all EFT transactions on nominated accounts other than business EFT transactions.

Part D NAB Internet Banking and NAB Telephone Banking terms and conditions

The terms and conditions in Part B apply to any use of NAB Internet Banking or NAB Telephone Banking in addition to the terms and conditions in this Part D.

22 General terms relating to NAB Internet Banking and NAB Telephone Banking

22.1 NAB Internet Banking and NAB Telephone Banking are secure, convenient and easy to use. The service may be used by you to help manage your accounts.

22.2 NAB offers to make NAB Internet Banking and NAB Telephone Banking available to you on these terms and conditions.

22.3 You will be taken to have accepted a NAB offer when:

(a) a user accesses, or seeks to access, an account through the service; or
(b) in relation to NAB Internet Banking, a user clicks on the ‘ACCEPT’ button in the online registration process.

23 Terms and conditions for accounts

23.1 The terms and conditions in Part D are in addition to any of NAB terms and conditions for an account.

23.2 If there is any inconsistency between these terms and conditions and the terms and conditions applying to an account or to a service provided by NAB, these terms and conditions apply to the extent of that inconsistency.

24 Authorised user

24.1 NAB may allow any person over 16 years of age authorised by you to be an authorised user. It is your responsibility to ensure that any authorised user is over 16 years of age.

24.2 An authorised user may use a NAB ID issued to them in their own name, or alternatively they may use any additional NAB ID issued to you.

24.3 An authorised user who uses a NAB ID issued to them in their own name when accessing your account:

(a) will be registered as a user of the service by NAB in their own name, subject to clause 35.1;
(b) may be able to use the service to access and operate your account in every way available to you; and
(c) may be restricted to accessing and operating your account in any way specified by you.

24.4 An authorised user who uses an additional NAB ID issued to you:

(a) will be registered as a user of the service by NAB in their own name, subject to clause 35.1;
(b) may be able to use the service to access and operate your account in every way available to you; and
(c) may be restricted to accessing and operating your account in any way specified by you.

24.5 Subject to clauses 24.7 and 25, you are liable for any use of your account or the service by an authorised user as if the account or the service had been used by you. You are also responsible for all instructions given in relation to your accounts using the service, which are authorised by the use of your password or the password of an authorised user, or undertaken by another person with the knowledge or consent of you or of an authorised user.

24.6 You should ensure that any authorised user has been provided with, and read and understood these terms and conditions before using the service.

24.7 If you no longer wish any authorised user to be able to access or operate your account using the service you must:

(a) contact NAB on 13 10 12;
(b) attend a NAB outlet to confirm service suspension; or
(c) comply with any other procedures specified by NAB.

25 Liability for unauthorised transactions provisions for all personal EFT transactions

25.1 This clause sets out important rules which may govern an accountholder’s liability for unauthorised transactions. The liability provisions set out below overrides clause 26to the extent of any conflict or inconsistency for all personal EFT transactions.

25.2 When the accountholder is not liable

The accountholder is not liable for:
(a) losses that are caused by the fraudulent or negligent conduct of NAB employees or agents or companies involved in networking arrangements or of merchants or of their agents or employees;
(b) losses arising because the NAB ID, authentication service and/or password is forged, faulty, expired, or cancelled;
(c) losses that arise from personal EFT transactions which required the use of the authentication service and/or password and that occurred before the user received the authentication service and/or password;
(d) losses that are caused by the same personal EFT transaction being incorrectly debited more than once to the same account;
(e) losses resulting from unauthorised transactions occurring after notification to NAB that the security of the authentication service and/or password has been breached;
(f) losses resulting from unauthorised transactions where it is clear that the user has not contributed to such losses.

25.3 When the accountholder is liable

The accountholder will be liable for losses resulting from unauthorised transactions as provided below:

(a) where NAB can prove on the balance of probability that the user contributed to the losses through the user’s fraud or contravention of the security requirements in clause 25.4, the accountholder is liable for the actual losses which occur before NAB is notified that the security of the authentication service and/or password has been breached; and
(b) where NAB can prove on the balance of probability that where the user contributed to losses resulting from unauthorised transactions because the user unreasonably delayed notifying NAB after becoming aware that the security of the authentication service and/or password has been breached. The accountholder will then be liable for the actual losses which occur between the time the user became aware and when NAB was actually notified.
However, in relation to (a) and (b) above, for losses arising from unauthorised transactions the accountholder will not be liable to pay:
- i. the portion of losses incurred on any 1 day which exceeds the applicable daily transaction limit(s) (if any);
- ii. the portion of losses incurred in a period which exceeds any other periodic transaction limit(s) applicable to that period;
- iii. the portion of the total losses incurred on any account which exceeds the balance of that account (including any prearranged credit);
- iv. all losses incurred on any accounts which the accountholder and NAB had not agreed could be accessed using the authentication service and/or password.
(c) When limited liability applies
Where the authentication service and/or password was required to perform the unauthorised transaction(s) and neither paragraph (a) nor (b) applies, the accountholder is liable for the lesser of:
- i. $150;
- ii. the balance of those account(s) (including any prearranged credit) from which value was transferred in the unauthorised transactions and which NAB and the accountholder have agreed may be accessed using the authentication device and/or password; or
- iii. the actual loss at the time NAB is notified that the security of the authentication service and/or password has become known to someone else (excluding that portion of the losses incurred on any 1 day which exceeds any applicable daily transaction or other periodic transaction limit(s)).

25.4 User’s responsibilities under the EFT Code

(a) Where NAB provides the user with an authentication service and/or password the user must:
- i. not voluntarily disclose the authentication service and/or password to anyone including a family member or friend, except when you are creating an authorised user;
- ii. not act with extreme carelessness in failing to protect the security of the authentication service and/or password; and
- iii. not record the password without making any reasonable attempt to protect the security of the password record on the 1 article or on several articles so that they are liable to loss or theft simultaneously.
(b) Where NAB allows the user to select a password or change the user’s password the user must not select:
- i. a numeric code which represents the user’s birth date; or
- ii. an alphabetical code which is a recognisable part of the user’s name.

Either of these selections may mean you are liable for losses caused by unauthorised transactions caused by a breach of the security of the password.

25.5 Failure of NAB equipment or NAB system

NAB will be liable to users for losses users suffer, caused by the failure of NAB equipment or NAB system to complete a personal EFT transaction accepted by NAB equipment or NA

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NAB Business Products

Contents

About this document

Tax File Number Options

Summary of Important Information

Customer Service

Lost/Stolen Cards/Compromised Personal identification Numbers (PINs)

Within Australia

If Overseas

Unauthorised transactions

NAB PIN

ATM/ADM emergency

Resolving Problems or Disputes

Product Comparison Table – Features and Benefits

Part A Terms and Conditions

1 NAB Business Cheque Account, NAB Business Management Account, NAB Farm Management Account, NAB Community Fee Saver Account (each an ‘account’)

For NAB Community Fee Saver Account Only

How will the account work?

What interest will I receive/pay?

When will I receive statements?

What Bank fees are applicable to the account?

General matters

What electronic access options are available?

2 NAB Business Cash Maximiser

How will the account work?

What interest will I receive?

When will I receive statements?

What Bank fees are applicable to the account?

General matters

3 NAB Business Investment Account

How will the account work?

What interest will I receive?

When will I receive statements?

What Bank fees are applicable to the account?

General matters

What balance transfer facility options are available?

4 NAB GST Business Offset Account

How will the account work?

What interest will I receive/pay?

GST offset arrangement

Who is eligible and how do I apply?

Offset Arrangement

NAB 100% Offset

When will I receive statements?

What Bank fees are applicable to the account?

General matters

What electronic access options are available?

5 Payment Facilities

Cheques

Direct debits

You must check your statements

Indemnity

General matters

Part B General Matters

6 General Matters

7 Code of Banking Practice

8 Variation and notice provisions

How is the operation of the account governed?

10 Obligations for firms and joint customers

What goods and services tax and other taxes and charges apply?

What conditions apply to joint accounts?

11 Can NAB choose not to apply a fee or charge?

12 Reference to Product Disclosure Statement (PDS) in ancillary documents

13 How can I get more information?

14 What do I do if I have a problem or dispute relating to my account?

Part C Electronic Banking terms and conditions – business accounts

15 Application of Electronic Banking terms and conditions – business accounts

16 Limits on EFT transactions

17 Card based electronic banking facilities

18 Operation of card based electronic banking services

19 Deposits

20 Responsibilities and liabilities

21 EFT Code warranty

Part D NAB Internet Banking and NAB Telephone Banking terms and conditions

22 General terms relating to NAB Internet Banking and NAB Telephone Banking

23 Terms and conditions for accounts

24 Authorised user

25 Liability for unauthorised transactions provisions for all personal EFT transactions