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Terms and conditions for NAB Term Deposits

(including Farm Management Deposit and NAB Connect Term Deposit Investment Service)

Terms and Conditions
Effective 08 December 2008

Summary of Important Information

Definitions and Interpretation

Summary of Important Information

Customer Service

You can contact us by:

calling 13 BANK (13 22 65) (8am – 8pm) Australian Eastern Standard Time or Australian Eastern Standard Summer Time (whichever is applicable), Monday to Friday, and select the option to speak to a Customer Service Representative;
visiting our website nab.com.au
writing to us at Level 24, 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.

Unauthorised transactions

If you believe there has been an unauthorised transaction on your account, please notify NAB by calling 13 BANK (13 22 65) and select the option to speak to a Customer Service Representative.

About this booklet

This booklet contains the terms and conditions for:

NAB Term Deposits
Farm Management Deposit
NAB Connect Term Deposit Investment Service

together with the following:

NAB’s flyer ‘Indicator Rates – for Selected Term Deposit Products’ for NAB Term Deposit and Farm Management Deposit

or;

NAB Connect Fees and Charges Schedule – for NAB Connect Term Deposit Investment Service.

These terms and conditions govern the operation of the NAB’s Term Deposit Account (listed above).

It is important that you read and understand the terms and conditions set out in the booklet that apply to your account. This booklet and the indicator rates flyer are available from NAB at any time. If you have not already received copies of each item please contact NAB.

Any advice in this booklet 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

Interest earned on your account may form part of your assessable income.

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 Withholding Tax at the maximum marginal tax rate (plus the Medicare levy) from any interest income you earn on your account. If you are a non-resident of Australia, NAB may also be obliged to deduct Pay as You Go Withholding Tax.

National Australia Bank Limited ABN 12 004 044 937, Australian Financial Service Licence 230686 is the issuer of each financial product included in this booklet.

Meaning of words

Words defined throughout this booklet have the meaning set out in the Definitions and Interpretation section towards the end of this booklet.

Features and benefits

NAB Term Deposit

A NAB Term Deposit is a fixed rate, fixed term investment, providing a secure return on funds, for each agreed term.

A NAB Term Deposit offers:

the choice of a wide range of terms for your investment funds, with a fixed return;
the flexibility of monthly, quarterly, half-yearly or annual interest payments for certain term deposits; and
the choice of interest payments by cash or cheque, or directly credited to an account of your choice, or (for deposits of certain terms) compounded.

Farm Management Deposit

What is the Farm Management Deposit Scheme?

The Farm Management Deposit Scheme (‘the scheme’) is a tax-linked risk management tool designed to enable primary producers to make provision for fluctuations in earnings caused by adverse economic and seasonal changes and to receive concessional tax treatment in the process of making such provisions of earnings.

What can NAB Farm Management Deposit do for primary producers?

NAB Farm Management Deposits have an important role to play as a component of your overall risk management strategy. These deposits will enable you to set aside pre-tax income in good financial years, which will then provide reserves as a back-up in less successful financial years.

Subject to certain conditions, you can claim a deduction for the money deposited in a Farm Management Deposit account in the year in which the deposit is made. If you withdraw any deposits that you have previously claimed as a tax deduction, the withdrawals are considered as assessable income in the year in which the withdrawal is made.

Interest received on a NAB Farm Management Deposit is generally assessable in the year that it is earned.

Who can hold a NAB Farm Management Deposit?

Generally, an individual who carries on a primary production business in Australia
A partner in a partnership that carries on a primary production business in Australia (not being a company); or
A beneficiary (not being a company) who is presently entitled to a share in the trust estate, where the trustee carries on a primary production business in Australia.

Eligibility criteria apply to primary producers under the scheme.

What is the minimum investment term offered by NAB?

NAB Farm Management Deposit will allow you to have terms ranging from 1 week to 2 years, depending on the amount of the deposit.

However, it must be remembered that there are restrictions on when you can withdraw any part or all of your deposit in order for the deposit to be considered a ‘Farm Management Deposit’ for taxation purposes.

Why should I deposit funds in a NAB Farm Management Deposit?

NAB Agribusiness is the largest lender to Australian agriculture and has a commitment which stretches back over 150 years. We have established the largest network of specialist Agribusiness Managers to look after your individual needs, and NAB Farm Management Deposit forms a component of the overall service and products provided by NAB.

NAB Connect Term Deposit Investment Service

NAB Connect Term Deposit Investment Service is NAB’s electronic term deposit service solution for business customers offered through NAB Connect Channel which is built for internet browser-based access by you.

A NAB Connect Term Deposit is a fixed rate, fixed term investment, providing a secure return on funds, for each agreed term.

A NAB Connect Term Deposit offers the choice of a wide range of terms from 7 days up to 1 year.

NAB Connect Term Deposit Investment Service enable you to:

open a new AUD NAB Connect Term Deposit or renew an existing NAB Connect Term Deposit for up to one year;
withdraw funds from your nominated accounts for new NAB Connect Term Deposit and pay funds into your nominated accounts at maturity of NAB Connect Term Deposit;
view/print/export your portfolio of current and historical NAB Connect Term Deposits
(including outstanding, matured and cancelled trades), 24 hours a day, 7 days a week
(excluding scheduled outages);
credit principal and interest of NAB Connect Term Deposit to different nominated accounts at maturity;
amend maturity instructions prior to the maturity date;
trade during NAB trading hours – please contact NAB Connect Client Centre on 1300 883 413 for the current trading hours.

Part A Account terms and conditions

1 NAB Term Deposits

How the deposit will work

1.1 To open a term deposit you must deposit clear funds with NAB for an agreed term. You may extend the term deposit for further terms under clauses 1.17 and 1.19. NAB offers a range of term deposit rates and terms from time to time, and may set maximum and minimum terms and deposit amounts for term deposits. Current rates and terms are available from NAB.

1.2 You may deposit monies on term deposit with NAB by making either a Standard application or Online application. If you are required to attend NAB when making this deposit, the agreed term will be specified in the flyer ‘Indicator Rates – for Selected Term Deposit Products’. If you deposit monies by making an Online application the agreed term will be as specified in the Online Term Deposit Confirmation Advice.

1.3 If you deposit monies by making a Standard application you can do so by attending NAB or by telephoning NAB on 13 22 65 and instructing NAB to transfer monies from an existing NAB account or by providing NAB with a cheque or cash. If you provide NAB with a cheque by post, it must be received by NAB within 3 business days of the Standard application being received by NAB.

1.4 If you deposit monies by making an Online application you can do so by instructing NAB to transfer monies from a nominated existing NAB account or by providing NAB with a cheque. If you provide NAB with a cheque by post, it must be received by NAB within 3 business days of the Online application form being received by NAB.

1.5 If it is a NAB Term Deposit ‘trade up’ you may elect to ‘trade up’ (‘trade up’ Election) to a higher interest rate (‘trade up’ Interest Rate) once during each term of your term deposit (except during the final week of each term). Your ‘trade up’ Interest Rate will be the rate offered on NAB’s NAB Term Deposit which corresponds to the amount, frequency of payment of interest and the remaining part of the term of your term deposit on the date of your ‘trade up’ Election, but can be no greater than 3% per annum above the interest rate being earned on your term deposit immediately prior to your ‘trade up’ Election. On the date of your ‘trade up’ Election, you may lodge additional funds for the remaining period of your term deposit at the ‘trade up’ Interest Rate, providing that your total term deposit (including your original term deposit) does not exceed $500,000.

1.6 If the term deposit or interest is due on a day which is not a banking day, NAB will pay or credit it on the next banking day.

1.7 Instructions in respect of term deposits in your name/s (including for a ‘trade up’ Election) will be governed by the signing authority which you have already provided to NAB or which you will complete when you lodge the deposit and which, amongst other things, specifies who is authorised to provide instructions in respect of term deposits and whether they may do so alone or jointly. Alternatively, you may give NAB such instructions by telephoning NAB on 13 22 65.

Interest

1.8 For NAB Term Deposit NAB will pay interest on the deposit (subject to clause 1.12) calculated on a daily basis on the amount of the term deposit from time to time.

The rate for a term of the deposit will remain the same until the maturity of that term. For the initial term of the deposit, the rate that will apply will be the rate specified in the flyer ‘Indicator Rates – For Selected Term Deposit Products’ or the ‘Online Term Deposit Confirmation Advice’ (and that document, as applicable, forms part of these Terms and Conditions). For each subsequent term of the deposit, the rate that will apply will be the rate as varied under clauses 1.17 to 1.19. Current interest rates may be obtained from NAB.

1.9 For NAB Term Deposit ‘trade up’ NAB will pay interest on the term deposit (subject to clause 1.12) calculated on a daily basis on the amount of the term deposit from time to time.

The rate for a term of the deposit will remain the same until the maturity of that term, unless you elect to ‘trade up’ to a higher interest rate for a term under clause 1.5. Subject to clause 1.5:

for the initial term of the deposit, the rate that will apply will be the rate specified in the flyer ‘Indicator Rates – for Selected Term Deposit Products’ or the ‘Online Term Deposit Confirmation Advice’ (and that document, as applicable, forms part of these Terms and Conditions);
for each subsequent term of the deposit, the rate that will apply will be the rate as determined under clause 1.19.

Current interest rates may be obtained from NAB.

1.10 You may ask NAB for the interest to be:

credited to a nominated bank account;
paid by some other form agreed by NAB; or
added to the deposit at the maturity of each term.

1.11 Interest will be credited or paid as follows:

for a NAB Term Deposit with a term that is less than a year, NAB will pay the interest at the maturity of that term;
for a NAB Term Deposit with a term of a year or more, you may choose to have interest paid or credited monthly, quarterly, 6 monthly or annually and at the maturity of each term;
for a NAB Term Deposit ‘trade up’ of $5000 or more, you may choose to have interest paid or credited monthly or annually;
for a NAB Term Deposit with a term of 12 months, interest can be compounded monthly.

1.12 If the term deposit is part of National Loan Trimmer or a similar plan, the terms and conditions of the plan from time to time will apply. Further details may be found in clauses 1.21 to 1.25.

Early repayment

1.13 you may withdraw amounts from the deposit at any time.

1.14 If you withdraw an amount from the term deposit prior to the maturity of a term and within the first 5 years starting on the day on which the funds are first deposited, NAB may reduce the interest generated on the term deposit by NAB’s reasonable estimate of the cost to it of meeting the early repayment, up to the amount of accrued interest (any reduction in the interest generated on the term deposit will never exceed the accrued interest).

1.15 If NAB agrees to the early repayment of part of the deposit, and that early repayment would reduce the deposit below $1,000 (or below $5,000 for deposits with a term of less than 30 days or for a NAB Term Deposit ‘trade up’) NAB will repay early the whole of the deposit.

1.16 If only part of a term deposit is withdrawn, NAB will pay or credit the interest on that part at the next interest payment date or at the maturity of the current term, whichever occurs first.

Maturity

1.17 At the maturity of a term, you may ask NAB for the term deposit to be repaid in cash or by bank cheque or some other form agreed by NAB, to be credited to a nominated NAB account, or to be extended for a further term with or without additional funds. NAB may accept or reject your request on such terms and conditions as it determines. Such acceptance is effective from the date of maturity of the term that has ended.

1.18 If you do not make a request in accordance with clause 1.17 before the maturity of a term, and if your existing term deposit is for less than $1000, or for less than $5000 and the term is less than 30 days, NAB will repay the whole of the term deposit at the maturity of that term in cash or by bank cheque or some other form agreed by NAB, or to be credited to a nominated NAB account.

1.19 If you do not make a request in accordance with clause 1.17 before the maturity of a term then, subject to clause 1.18, at the maturity date NAB will extend the term deposit for a further term of the same length as the term that has ended, at the interest rate applicable at the date of the extension, and otherwise on the same terms and conditions except to the extent determined by NAB. The new maturity date will be the date of the end of the further term.

Bank fees

1.20 NAB will not charge you any bank fees in respect of the term deposit.

National Loan Trimmer

1.21 you may apply to NAB to participate in National Loan Trimmer. NAB may accept or reject your application at its discretion. Full terms and conditions for National Loan Trimmer are available from NAB on request.

1.22 National Loan Trimmer is only available on certain deposit and loan accounts specified by NAB from time to time, details of which can be obtained from NAB. However, at any one time, only up to 10 deposit accounts can be linked to National Loan Trimmer.

1.23 National Loan Trimmer may not link a loan account with a deposit account which includes a name or names other than the name(s) in which the loan account is held.

1.24 While you have National Loan Trimmer the interest payable on your linked loan account will be reduced, but any linked deposit account will not earn any interest even if the credit balance of that account exceeds, or if there is more than one linked deposit account, the total credit balances of those accounts exceed, the unpaid balance of your linked loan account.

1.25 It is your responsibility to monitor the credit balance of the linked deposit account, or if there is more than one linked deposit account, the total credit balances of those accounts, as against the unpaid balance of your linked loan account to achieve the best results for you under National Loan Trimmer.

Electronic instructions

1.26 Clauses 1.26 to 1.31 will only apply to you if you make an Online application.

1.27 If you have submitted to NAB an Online Application you warrant that all information provided to NAB in the Online Application is true and correct.

1.28 you agree that an instruction given by you to NAB in your Online Application constitutes a valid and irrevocable authority to NAB to follow that instruction.

1.29 Subject to your rights implied at law which cannot be excluded, you agree to indemnify NAB for any loss or damage it suffers directly or indirectly as a result of NAB relying on an instruction provided by you under clause 1.28, and that NAB is not liable for any loss or damage caused directly or indirectly to you by:

any breakdown or interruption in the service due to circumstances beyond NAB’s control; or
any corruption of data and any breakdown, interruption or errors caused to your computer or computing equipment as a result of using the service or as a result of software being downloaded to your computer for the purposes of the service.

Your email address

1.30 For the purposes detailed in clause 5.4, you agree to NAB sending you electronic messages to your email address which you have advised NAB of at the time of submitting your Online Application unless the message relates to the NAB Connect Term Deposit Investment Service, in which case, the electronic message will be available to you in the manner described in the NAB Connect Terms and Conditions.

Residency

1.31 you acknowledge that only individuals living in Australia are able to deposit monies in a term deposit with NAB using an Online application.

Joint product holders

1.32 Subject to clause 1.36 if there are two or more of you, you will be treated as holding the product jointly and NAB may accept for credit to the product any cheque, payment order or bill of exchange that is not payable to all of you. This means that each term deposit holder has the right to all of the balance of the term deposit, jointly with other holders.

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

1.34 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 product. you will all be deemed to have received any NAB statements and notices forwarded in accordance with these terms and conditions.

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

1.36 Monies deposited in the form of an Online Application can only be invested in your sole name.

Statements of account

1.37 Statements of account are not provided for the NAB Term Deposit, and you agree that statements need not be provided.

Address notification

1.38 You agree to notify us promptly of each change of your address.

2 Farm Management Deposit

Authorised deposit-taking institution

NAB is an authorised deposit-taking institution for the purposes of the Banking Act 1959.

How the deposit will work

Primary producer

2.1 At the time the deposit is made, you, or if you are a trustee, the beneficiary on whose behalf you are making the deposit, must be a primary producer.

Trustee

2.2 A deposit must not be made by you in your capacity as a trustee unless you do so on behalf of a beneficiary who is presently entitled to a share of the income of the trust estate and who is under a legal disability.

Sole depositor

2.3 The deposit must not be made by you jointly with another person, and if you are a trustee, on behalf of two or more persons.

Minimum deposit

2.4 Subject to clause 2.5, you must maintain a minimum deposit, and not exceed the maximum deposit for the investment term which has been selected by you from the range made available by us as follows

Investment Term	Minimum Deposit	Maximum Deposit
7 days - 2 years	$5000	$400,000
30 days - 2 years	$1000	$400,000

You may extend a NAB Farm Management Deposit for further terms under clauses 2.20 to 2.22.

More than one deposit

2.5 If you have, or if you are a trustee, the beneficiary on whose behalf you are making the deposit has, more than one NAB Farm Management Deposit, then the sum of the balances of those deposits must not exceed the maximum deposit amount stated in clause 2.4.

Where to deposit?

2.6 If you have, or if you are a trustee, the beneficiary on whose behalf you are making the deposit has a NAB Farm Management Deposit, then you must not open or maintain the same type of deposit with any other financial institution at the same time.

NAB must transfer your deposit to another financial institution that agrees to accept the deposit as a Farm Management Deposit for the purpose of the Income Tax Assessment At 1936 (Cth) by electronic means if you

request NAB in writing to do so; and
provide NAB with any information or other assistance necessary for this purpose.

2.7 You must specify an account in your name with NAB for the purpose of this agreement. If you do not do so, you authorise NAB to open an account on your behalf. In either case, we refer to this as your ‘nominated NAB account’.

NAB recommends you consider the terms and conditions or other disclosure document, available from NAB, before making any decisions regarding any product.

No offset

2.8 The deposit must not be used as a mortgage offset account, or otherwise, to reduce your liability to pay interest on other debts to NAB.

Interest

What is the interest rate?

2.9 The rate for a term of the deposit will remain the same until the maturity of that term. For the initial term of the deposit, the rate that will apply will be the rate specified in NAB’s flyer ‘Indicator Rates – for Selected Term Deposit Products’ (and that document forms part of the Terms and Conditions). For each subsequent term of the deposit, the rate that will apply will be the rate as varied under clauses 2.21 or 2.22. Current rates may be obtained from any branch of NAB, or by calling 13 10 12.

How is interest calculated?

2.10 NAB pays interest calculated on a daily basis on the amount of the deposit from the date of receipt of the deposit.

Where is interest credited?

2.11 NAB credits interest to your nominated NAB account. Interest must not be invested as a Farm Management Deposit with NAB without having first been paid to your nominated NAB account.

When is interest credited?

2.12 Subject to clause 2.13, the frequency with which interest is credited is as described below

Term	Amount of Deposit	When Credited
Less than 1 year	All deposits	At the maturity of the term
1 year or more	Less than $5000	Annually and at the maturity of the term
1 year or more	$5000 or more	Choice of monthly, quarterly, six monthly or annually and at the maturity of the term

2.13 If NAB makes a partial early payment under clauses 2.15 to 2.19 (Early repayment), then interest is credited in respect of that part of the deposit on the next interest payment date or at the maturity of a term, whichever occurs first.

2.14 If interest is due on a day which is not a banking day, it will be paid on the next banking day.

Early repayment

2.15 The whole of the deposit must be repaid by NAB if you, or if you are a trustee, the beneficiary on whose behalf you are making the deposit:

dies;
becomes bankrupt;
ceases to be a primary producer for at least 120 days; or
requests the deposit to be transferred to another financial institution.

2.16 You may withdraw the whole or any part of the deposit at any time. However, if you withdraw any part of the deposit within 12 months from the day on which the funds are first deposited, the portion withdrawn will not be, and will be taken to have never been part of a Farm Management Deposit for the purposes of the Income Tax Assessment Act 1936, unless such a withdrawal is made:

in exceptional circumstances and the deposit was made before the declaration of exceptional circumstances; or
because you:

die; or
become bankrupt;
cease to be a primary producer for 120 days or more; or
request the deposit to be transferred to another financial institution.

The ‘exceptional circumstances’ (mentioned under clause 2.16) refers to primary producers who operate primary production businesses in exceptional circumstances declared areas and are subject to other eligibility criteria prescribed under the law.

2.17 If you withdraw part of the deposit under clause 2.16, the amount of such withdrawal must be at least $1000.

2.18 If you withdraw an amount from the deposit, prior to the maturity of a term within the first 5 years starting on the day on which the funds are first deposited, NAB may reduce the interest generated on the deposit by NAB’s reasonable estimate of the cost to it of meeting the early repayment, up to the amount of accrued interest (any reduction in the interest generated on the deposit will never exceed the accrued interest).

2.19 If partial early repayment would reduce the balance remaining below the minimum deposit level allowed under clause 2.4, NAB may repay the whole of the deposit to you as if the maturity date of the term has been reached. Any early repayment by NAB to you will be paid to your nominated NAB account.

Maturity

2.20 At maturity of a term, you may ask NAB for the deposit to be treated as follows from the date of the maturity of that term.

credited to your nominated NAB account; or
extended for a further term with or without additional funds.

2.21 If you ask NAB to extend the deposit for a further term NAB may accept or reject your request on such terms and conditions as it determines including (without limitation) requiring you to maintain a higher minimum deposit or a longer term or both. Such acceptance is effective from the date of maturity of the term that has ended.

2.22 If you do not make a request in accordance with clause 2.20 before the maturity of a term, at the maturity of that term NAB will extend the deposit for a further term the same length as the term that has ended, at the interest rate applicable at the date of the extension, and otherwise on the same terms and conditions except to the extent determined by NAB. The new maturity date will be the date of the end of the further term.

Bank fees and government charges

2.23 NAB will not charge any fees on your Farm Management Deposit.

Statements of account

2.24 Statements of account are not provided for NAB Farm Management Deposits, and you agree that the statements need not be provided.

Assignment and charges

2.25 Your rights are personal to you and may not be assigned.

2.26 You may not allow, or agree to allow, a charge or any other encumbrance to be created over the deposit as security for an amount payable by you or any other person to NAB or to any other person. NAB agrees not to rely on or to enforce any other charge or encumbrance NAB holds from you or any other person as security for an amount payable by you or any other person to NAB or to any other person.

Inconsistent legislation

2.27 If the Income Tax Assessment Act 1936 would otherwise:

make a provision of this agreement illegal, void or unenforceable; or
make a provision of this agreement contravene a requirement of that legislation or impose an obligation or liability which is prohibited by that legislation;

this agreement is to be read as if that provision were varied to the extent necessary to comply with the legislation or, if necessary, omitted.

3 NAB Connect Term Deposit Investment Service

How your NAB Connect Term Deposit will work

3.1 Using NAB Connect Term Deposit Investment Service, you must deposit at least $1,000 in clear funds for an agreed term. The agreed term will be specified in your NAB Connect Term Deposit investment request accepted by NAB at the time of the establishment of your deposit. Your deposit must not be for less than 7 days and not more than 1 year.

3.2 If NAB Connect Term Deposit or interest is due on a day which is not a banking day NAB will pay or credit it on the next banking day.

3.3 If you use or intend to use the NAB Connect Channel to access NAB Connect Term Deposit Investment Service you must be registered as a user of the NAB Connect Channel, and have read and agreed to NAB Connect Terms and Conditions.

3.4 You must nominate each user who is authorised to use NAB Connect Term Deposit Investment Service.

3.5 For the purposes of clause 3.4, notification of your nomination of users who are authorised by you to use some or all features of NAB Connect Terms Deposit Investment Service will be done by completing the Application Form in which the relevant users are named and allocated the Access Profile which would enable those users to use particular features of NAB Connect Term Deposit Investment Service on your behalf.

3.6 All users of NAB Connect Term Deposit Investment Service will be required to access NAB Connect Channel by the authorised method. Each use of NAB Connect Term Deposit Investment Service must be by this authorised method.

3.7 NAB is under no liability for or in connection with the availability, accuracy, completeness or currency of any of the Term Deposit information supplied through NAB Connect Term Deposit Investment Service.

3.8 You acknowledge that:

a NAB Connect Term Deposit investment request received by NAB on a day will only be processed if it is received during applicable processing times for that day (the ‘processing period’);
even if a NAB Connect Term Deposit investment request is received by NAB during the processing period for the day of receipt, the term deposit investment request may not be processed on that day;
a NAB Connect Term Deposit investment request received by NAB may not be effected if there are insufficient cleared funds in the nominated account;
in some circumstances it may not be possible for NAB to comply with your NAB Connect Term Deposit investment request (for example, because the term deposit investment request is outside NAB’s limit). In this case a message will be sent to you describing the reason for rejection and you will be asked to re-submit the term deposit investment request;
NAB is authorised to act upon any NAB Connect Term Deposit investment request sent to it which appears to have been sent by you under clause 3.4 to send term deposit investment requests on your behalf and in doing so, NAB will not in any way be liable to you for processing those term deposit investment requests. NAB is under no duty to make any inquiry whatsoever as to whether a term deposit investment request has in fact been issued by you or with your authority. NAB will also not be liable to you if NAB acts on a term deposit investment request which is the result of forgery, fraud or error or is given in excess of the authority of the user issuing the same.

3.9 All NAB Connect Term Deposit investment requests sent to NAB through the NAB Connect Channel shall be deemed to have been properly issued by the relevant user who has been nominated by you under clause 3.4 to send term deposit investment requests on your behalf if the correct authorised method has been used for that user.

3.10 NAB shall not be obliged to act upon any NAB Connect Term Deposit investment request that appears, in NAB’s opinion, to be contrary to any applicable law, regulation, government, court or regulatory body’s order, rule, or direction, or in circumstances that NAB deems inadvisable to effect such instructions.

3.11 Without limiting clause 3.9 except to the extent its own wilful or negligent acts or omissions cause loss or damage, NAB will not be responsible for and excludes all liability for loss or damage (including any indirect or consequential loss or damage) that you may suffer or incur by reason of or in connection with NAB’s acting on any NAB Connect Term Deposit investment request sent to it purporting to be, but which is not in fact, from a person authorised by you to do so, unless NAB has received timely and adequate written warning from you in advance not to act on the term deposit investment request.

3.12 You acknowledge that the acceptance of any new NAB Connect Term Deposit investment by NAB will be executed at various intervals during any banking day as determined by NAB from time to time. The funding of the term deposit will be processed and a confirmation letter of the acceptance of the investment will be generated and posted to you. Until you receive confirmation of acceptance of the term deposit, your request for your term deposit will be pending. If you do not have sufficient available funds in your nominated account, NAB cannot allow the deposit to be processed.

3.13 NAB has the right, in its sole discretion, at any time, during any banking day to cancel your term deposit investment request for any new NAB Connect Term Deposit investments.

3.14 you acknowledge that only NAB Connect Term Deposits accepted through NAB Connect Channel will appear in your NAB Connect Term Deposit portfolio available through NAB Connect Term Deposit Investment Service. If you have invested in term deposits with NAB outside of NAB Connect Term Deposit Investment Service you may view these from NAB Connect account Reporting Service.

3.15 NAB Connect Term Deposit that you have requested to extend will be processed after rates are set on the maturity date, and will appear in your NAB Connect Term Deposit portfolio when you next open it. You acknowledge that there may be delays in the execution of the automatic extension of your NAB Connect Term Deposits. This may be because of any breakdown or interruption in NAB Connect Channel due to circumstances beyond NAB’s control. You must ensure that sufficient available funds remain in your nominated account to allow any requested increase in principal of the deposit to be processed.

3.16 You acknowledge that NAB will provide you with the ability to retrieve and download NAB Connect Term Deposit related information. Once this information is exported NAB can no longer verify its integrity.

Interest

3.17 NAB will pay interest of NAB Connect Term Deposit calculated on a daily basis on the amount of the deposit from time to time at the agreed rate specified in your NAB Connect Term Deposit investment request accepted by NAB at the time of the establishment of your NAB Connect Term Deposit.

3.18 The agreed rate will remain the same until maturity of that term. Current indicative rates may be obtained by clicking on the ‘Indicator Rates’ tab in the Investments page, in NAB Connect Term Deposit Investment Service.

3.19 Interest will be credited to your nominated account accessible by you by using NAB Connect Term Deposit Investment Service, or you may reinvest the interest at maturity if you choose to extend your NAB Connect Term Deposit.

3.20 For all NAB Connect Term Deposits NAB will pay interest at maturity.

Early repayment

3.21 You may withdraw amounts from NAB Connect Term Deposit at any time by contacting your NAB Relationship Manager. Amounts cannot be directly withdrawn from the deposit using NAB Connect Term Deposit Investment Service.

3.22 If an amount is withdrawn from NAB Connect Term Deposit prior to the maturity of a term, NAB may reduce the interest generated on the term deposit by NAB’s reasonable estimate of the cost to it of meeting early repayment, up to the amount of accrued interest (any reduction in the interest generated on the term deposit will never exceed the accrued interest).

3.23 If you withdraw an amount from the term deposit prior to the maturity of a term and within the first 5 years starting on the day on which the funds are first deposited, NAB may reduce the interest generated on the term deposit by NAB’s reasonable estimate of the cost to it of meeting the early repayment, up to the amount of accrued interest (any reduction in the interest generated on the term deposit will never exceed the accrued interest).

3.24 NAB will repay early the whole of NAB Connect Term Deposit if the withdrawal would reduce the deposit below $1,000.

If only part of a NAB Connect Term Deposit is withdrawn, NAB will pay or credit the interest on that part at the next interest payment date or at the maturity of the current term, whichever occurs first.

Maturity

3.25 At maturity, you may request NAB to credit NAB Connect Term Deposit to your nominated account or for the term deposit to be extended for a further term with or without additional funds.

3.26 You may amend your maturity instructions at any time during the term of NAB Connect Term Deposit up to and including the end of the banking day prior to the maturity date.

Bank fees

3.27 NAB may charge you fees in connection with NAB Connect Term Deposit Investment Service. These fees are detailed in the Fees and Charges Schedule to NAB Connect Terms and Conditions. NAB will not charge you any fees in respect of NAB Connect Term Deposit.

Government charges and taxes

3.28 NAB may deduct from NAB Connect Term Deposit or interest payable on it any Government charges, duties and taxes relating to either the term deposit or interest.

Liability

3.29 State, Territory and federal legislation (including, without limitation – the Trade Practices Act 1974 (Cth), and Australian Securities and Investments Commission Act 2001 (Cth)) implies certain warranties into contracts for the supply of goods or services to a consumer (“Statutory Warranties’). In the case of a contract for the supply of services, these include a warranty that the supplier of the services will use due skill in the course of providing the services and that any material supplied in connection with services will be reasonably fit for the purpose for which they are supplied.

3.30 If any Statutory Warranties are implied into this contract for the supply of NAB Connect Term Deposit Investment Service to You, and there is a breach by NAB of those warranties, then to the maximum extent permitted by law NAB’s liability for that breach shall be limited to:

the supplying of NAB Connect Term Deposit Investment Service again; or
the payment of the cost of having NAB Connect Term Deposit Investment Service supplied again.

NAB’s liability to you will not be limited in this manner if it is not fair or reasonable for NAB to rely on the limitation set out in this paragraph.

3.31 Except as provided in paragraphs 3.29 and 3.30:

NAB Connect Term Deposit Investment Service Terms and Conditions and (to the extent these documents are relevant to NAB Connect Term Deposit Investment Service) the approved Application Form, any approved Additions/Amendments Request Form, the user Guides and NAB Connect Terms and Conditions, are the entire agreement between you and NAB for NAB’s provision of NAB Connect Term Deposit Investment Service to you through NAB Connect Channel. All other terms, undertakings and warranties are excluded; and
except to the extent its own wilful or negligent acts or omissions cause loss or damage, NAB will not be responsible for and excludes all liability for loss or damage (including any indirect or consequential loss or damage) that you may suffer or incur by reason or in connection with any of the following:
1. your use of NAB Connect Term Deposit Investment Service (including information provided to you in connection with that service) whether or not it is attributable to NAB or its agents, contractors and employees;
2. any act or omission of NAB or any of its agents, contractors and employees in relation to NAB Connect Term Deposit Investment Service or your use of that service;
3. NAB permitting any person to use NAB Connect Term Deposit Investment Service (including by NAB acting on any message relating to NAB Connect Term Deposit Investment Service) where the user of the service or the sender of the message (as the case may be) purports to be, but is not in fact, a person authorised by you to use NAB Connect Term Deposit Investment Service (or the relevant feature of the service) unless NAB has received timely and adequate written warning from you in advance not to allow the relevant use to take place;
4. any error contained in a message relating to NAB Connect Term Deposit Investment Service;
5. any delays in NAB Connect Term Deposit Investment Service, including delays in acting upon a message relating to that service; or
6. any other matter in respect of which liability is excluded under these NAB Connect Term Deposit Investment Service Terms and Conditions.

Termination

3.32 NAB may suspend or terminate your use of NAB Connect Term Deposit Investment Service at any time with immediate effect without prior notification to you if it determines that you have breached any of these NAB Connect Term Deposit Investment Service Terms and Conditions or NAB Connect Terms and Conditions, or as it sees fit in order to protect NAB’s interests.

3.33 You may terminate your use of NAB Connect Term Deposit Investment Service by written notice of termination to NAB. Such termination:

notwithstanding the application of the notice provisions incorporated by reference by the operation of clause 3.35(a) of these terms and conditions, will not be effective unless the notice of termination is actually received by NAB at the address specified in those notice provisions;
will take effect from 5pm Melbourne time on the Business Day after the day on which NAB actually receives notice of termination; and
will not affect any obligations incurred by You in respect of Your use of NAB Connect Term Deposit Investment Service.

3.34 All monies due and owing to NAB in connection with NAB Connect Term Deposit Investment Service, if not already due and payable, will immediately become due and payable upon the date that NAB actually receives notice of termination.

Application of NAB Connect Terms and Conditions

3.35 You agree that the following paragraphs of NAB Connect Terms and Conditions form part of NAB Connect Term Deposit Investment Service Terms and Conditions:

clause 8 – Notices;
clause 13 – Complaint Investigation and Resolution Procedure;
clause 10 – Force Majeure; except that any reference to the ‘NAB Connect Channel’ in NAB Connect Channel Terms and Conditions is to be read for the purposes of NAB Connect Term Deposit Investment Service Terms and Conditions as the ‘NAB Connect Term Deposit Investment Service’.

Paramountcy

3.36 If there is or arises any inconsistency, ambiguity or discrepancy between these NAB Connect Term Deposit Investment Service Terms and Conditions and NAB Connect Terms and Conditions or the various documents referred to in NAB Connect Terms and Conditions either expressly or by implication, the following order of precedence will apply:

these NAB Connect Term Deposit Investment Service Terms and Conditions amended from time to time;
NAB Connect Channel Terms and Conditions;
the General Terms;
the Schedules to NAB Connect Terms and Conditions;
the approved Application Form;
any approved Additions/Amendments Request Form; and
the User Guides.

Part B General Matters

4 Code of banking Practice

4.1 NAB has adopted the Code of Banking Practice and relevant provisions of the Code apply to the accounts, cards and services included in this booklet, if you are an individual or a small business customer (as defined by the Code).

4.2 You can obtain from NAB upon request:

information on NAB’s current interest rates and standard fees and charges relating to the accounts, products and services included in this booklet, if any;
general descriptive information concerning NAB’s banking services including:

general descriptive information about cheques for accounts with cheque access;
account opening procedures;
NAB’s obligations regarding the confidentiality of your information;
complaint handling procedures;
bank cheques;
the advisability of you informing NAB promptly when you are in financial difficulty;
the advisability of you reading the terms and conditions applying to each banking service NAB provides to you;

general descriptive information about:

the identification requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006;
the options available to you under the tax file number legislation; and

a copy of the Code of Banking Practice.

5 Notice provisions

NAB will give you notice of changes to the accounts, cards and services included in this booklet as set out in the table below and you agree to receive notice in such ways.

5.1 Changes NAB may make

In addition to the other changes NAB may make to the terms and conditions in this booklet which are detailed in this booklet, 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.

If the product is not used for a period, the length of which is dependent upon the amount of money in the account or term deposit, the crediting of interest and issue of statements to you, if applicable, will end and access will be restricted, or the account or term deposit 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.

5.2 How does NAB notify you of changes?

NAB will give you notice of changes to the accounts, card and services included in this bookletas as set out in the table below and you agree to receive notice in such ways.

Type of Change	Method of Notification	Timeframe
NAB Term Deposit and NAB Farm Management Deposit
Changes to fees and charges	In writing	At least 30 days before the change takes effect
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
Notices of other changes (including changes to interest other than changes to an interest rate)	In writing	At least 30 days before the change takes effect
NAB Connect Term Deposit
Introduction of new fees and charges	In writing or electronically	At least 30 days before the change takes effect
Changes to fees and charges	In writing or electronically	At least 30 days before the change takes effect
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
Notices of other changes (including changes to interest other than changes to an interest rate)	In writing or electronically	At least 30 days before the change takes effect

Changes relating to the use of NAB Internet Banking and NAB Telephone Banking in Part E
Any change to or imposition of a daily or other periodic transaction limit	In writing or electronically	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 or electronically	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 or electronically	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 or electronically	At least 30 days before the change takes effect
Any other changes to the terms and conditions in Part E	In writing or electronically	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 ’s systems or individual accounts.

General Notification Provisions
Charges 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

5.3 How do you notify NAB of changes?

Type of Change	Method of Notification	Timeframe
Change of Address (including nominated electronic address)	In writing, in person at any NAB branch, via NAB Internet Banking or by calling us on 13 BANK (13 22 65)	As soon as possible
Notices, certificates, consents, approvals and other communications in connection with these terms and conditions (e.g. cancellation of a card)	Electronically using the service or in writing, in person at any NAB branch or by calling us on 13 BANK (13 22 65)	As soon as possible

5.4 Electronic communication

If you are a NAB Internet Banking user:

You agree that, subject to clause 5.6(a), notices, certificates, consents, approvals and other communications in connection with the terms and conditions in this booklet from NAB, may be given electronically:

by electronic mail to your nominated electronic address; or
by being made available at NAB’s website using the service, unless you request otherwise. Unless you so request, NAB may not give you communications in other ways (e.g. in writing).

Where communications are made available using the service, NAB will provide you with the ability to readily retrieve the information (e.g. by providing a link to NAB’s website).

If you are a NAB Connect Channel user and you have elected to receive information relating to NAB Connect Term Deposit Investment Service electronically (including notice of any alterations or other changes under clause 5.1), you agree that NAB may give you such information (including notices) in the manner described in clause 8 of the NAB Connect Terms and Conditions.

5.5 If you are not a NAB Internet Banking or NAB Connect Channel user and:

if you agree, NAB may advise you of any alterations or other changes under clause 5.1 by electronic mail to your nominated electronic address;
if you so agree, NAB may not give you notice in other ways (e.g. in writing);
You may change your nominated electronic address or withdraw your agreement to receive notices by electronic mail by giving NAB notice.

5.6 For the purposes of clauses 5.4 and 5.5 (but in the case of NAB Connect Term Deposit Investment Service, subject always to clause 8 of the NAB Connect Terms and Conditions):

you may request a paper copy of a communication given electronically within 6 months of the electronic copy being received or made available;
a communication is deemed to be received when the communication enters the recipient’s designated information system or is capable of being viewed from a recipient’s computer, and is effective when received even if no person is aware of its receipt;
for the purposes of communications sent by electronic mail and the Electronic Transactions Act, the server on which the mailbox for the designated address resides is to be taken to be the recipient’s designated information system;
a communication is deemed to be sent from where the sender has their place of business and is deemed to be received where the recipient has their place of business. For the purposes of this clause:

if the sender or recipient has more than one place of business, the place of business is the sender’s or recipient’s principal place of business; and
if the sender or recipient does not have a place of business, the place of business is the sender’s or recipient’s usual place.

6 Complaints

For information about resolving problems or disputes, contact NAB on 1800 152 015, or visit any NAB branch.

Nab has available on request information about the procedures for lodging a complaint. For more details about our internal dispute resolution procedures 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 Financial Ombudsman Service Limited if you are an individual or small business owner.

7 Can NAB elect not to apply a fee or charge?

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

8 Governing law

The terms and conditions in this booklet and the transactions contemplated by these terms and conditions are governed by the law in force in Victoria and each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of those courts.

9 Financial difficulty

Please let us know if you begin to experience financial difficulties. We will work with you to help you resolve your difficulties.

Part C 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 C.

General terms relating to NAB Internet banking and NAB Telephone banking

10 Offer and acceptance

10.1 NAB Internet Banking and NAB Telephone Banking are secure, convenient and easy to use. These services may be used by you to help manage your accounts.

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

10.3 You will be taken to have accepted NAB’s offer when:

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

11 Terms and conditions for accounts

11.1 The terms and conditions in Part C are in addition to any of NAB’s terms and conditions for an account.

11.2 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.

12 Authorised user

12.1 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.

12.2 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.

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

will be registered as a user of the service by NAB in their own name, subject to clause 22.1;
may be able to use the service to access and operate your account in every way available to you; or
may be restricted to accessing and operating your account in any way specified by you.

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

will be registered as a user of the service by NAB in their own name, subject to clause 22.1;
may be able to use the service to access and operate your account in every way available to you; or
may be restricted to accessing and operating your account in any way specified by you.

12.5 Subject to clauses 12.6 and 13, 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.

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

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

contact NAB on 13 BANK (13 22 65);
attend a NAB branch or outlet to confirm service suspension; or
comply with any other procedures specified by NAB.

13 Liability for unauthorised transactions provisions for all personal EFT transactions

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

13.2 When the accountholder is not liable

The accountholder is not liable for losses:

that are caused by the fraudulent or negligent conduct of NAB’s employees or agents or companies involved in networking arrangements or of merchants or of their agents or employees;
arising because the NAB ID, authentication service and/or password is forged, faulty, expired, or cancelled;
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;
that are caused by the same personal EFT transaction being incorrectly debited more than once to the same account;
resulting from unauthorised transactions occurring after notification to NAB that the security of the authentication service and/or password has been breached;
resulting from unauthorised transactions where it is clear that the user has not contributed to such losses.

13.3 When the accountholder is liable

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

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 13.4, 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
the accountholder is also liable where NAB can prove on the balance of probability that 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:

the portion of losses incurred on any 1 day which exceeds the applicable daily transaction limit(s) (if any);
the portion of losses incurred in a period which exceeds any other periodic transaction limit(s) applicable to that period;
the portion of the total losses incurred on any account which exceeds the balance of that account (including any prearranged credit);
all losses incurred on any accounts which the accountholder and NAB had not agreed could be accessed using the authentication service and/or password;
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:

$150;
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
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)).

13.4 User’s responsibilities under the EFT Code

where NAB provides the user with an authentication service and/or password the user must 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;
act with extreme carelessness in failing to protect the security of the authentication service and/or password; and
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.

where NAB allows the user to select a password or change the user’s password the user must not select:

a numeric code which represents the user’s birth date; or
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.

13.5 Failure of NAB equipment or NAB system

NAB will be liable to users for losses users suffer, caused by the failure of NAB’s equipment or NAB’s system to complete a personal EFT transaction accepted by NAB’s equipment or NAB’s system in accordance with the user’s instructions.

However, where the user should have been aware that NAB’s equipment or NAB’s system was unavailable for use or malfunctioning, NAB’s responsibilities will be limited to the correction of any errors in the accountholder’s account and the refund of any charges or fees imposed on the accountholder as a result.

NAB will also not be liable for any losses caused by the failure of NAB’s equipment or NAB’s system where NAB’s equipment or NAB’s system had not accepted the personal EFT transaction.

13.6 Advising NAB

If the user believes the security of the user’s authentication service and/or password has been breached, the user must advise NAB Internet Banking Support as soon as possible.

Once NAB has been notified of these matters the accountholder’s liability for further personal EFT transactions will be limited. Where telephone facilities for notification 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. NAB, will acknowledge the user’s report, and the user should record or retain this acknowledgment.

14 Allocation of liabilities for business EFT transactions

14.1 You are not liable for any losses:

where it is clear that a user has not contributed to those losses;
that are caused by the fraudulent or negligent conduct of NAB’s employees or agents;
resulting from unauthorised transactions occurring after you notify NAB that a user’s password has become known to someone else or the user’s authentication service has been compromised.

14.2 Where it is unclear whether or not a user has contributed to the losses resulting from unauthorised transactions on an account using the service, you are only liable to pay up to $150.

14.3 Where it is clear that a user has contributed to the losses because a user has failed to comply with clause 22 or you unreasonably delay notifying NAB under clause 24.5, then you are liable for those losses except for that portion of the losses incurred which exceed the balance of your account(s) (including any prearranged credit facility) or that portion of the losses incurred which exceed the total amount you are able to withdraw from your account(s) on the days the unauthorised use took place.

14.4 You acknowledge that, subject to your rights implied at law which cannot be excluded, NAB is not liable for any loss or damage caused directly or indirectly to a user by:

any breakdown or interruption in the service due to circumstances beyond NAB’s control;
any corruption of data and any breakdown, interruption or errors caused to a user’s computer or computing equipment as a result of using the service or as a result of software being downloaded to a user’s computer for the purposes of the service;
the failure of the service to perform in whole or in part any function which NAB has specified it will perform;
any delays or errors in the execution of any transaction or instruction in respect of your account because of any breakdown or interruption in the service due to circumstances beyond its control;
a party to a payment instruction made by a user not receiving funds because of a problem with the information provided by the user (e.g. a user provides NAB with the wrong account number);
any delays or errors by other parties (e.g. the failure of a financial institution to credit or debit your account in a timely manner); or
any refusal by a party to a payment instruction to accept, or acknowledge receipt of, the funds the subject of that payment instruction.

15 Type of accounts and transactions for NAB Internet banking and NAB Telephone banking

You will be advised of the accounts and transactions you can undertake using the service when you sign up to the service. You may also refer to the FAQs at nab.com.aufor further details.

16 accounts with other entities within the NAB Group

Where your account is maintained with another entity within the NAB Group, you agree that these terms and conditions will also apply for the benefit of the other entity within the NAB Group.

17 Service closure

You or NAB may end the use of the service at any time by giving a notice to the other.

18 EFT Code warranty

NAB warrants that it will comply with the requirements of the EFT Code for all personal EFT transactions conducted via NAB Internet Banking and NAB Telephone Banking service(s).

NAB Internet banking service

19 Use of the service

19.1 Once:

you are taken to have accepted these terms and conditions under clause 10.3; and
user has accessed the service by entering a NAB ID and their password; and
a user has created a different password to be used to access the service in the future; and
NAB has selected a billing account (another billing account may be subsequently selected by a user with NAB’s agreement); then

NAB will register the user as a user of the service and may, at its discretion, issue the user with an authentication service.

19.2 A user may use the service in accordance with the terms and conditions in this Part C, unless their use of the service is cancelled or suspended under these terms and conditions.

19.3 Access to the service, or access to certain functionalities of the service, may only be allowed by NAB:

if the procedures specified by NAB have been complied with; and
if NAB has received any document or information, including any document which identifies a user reasonably required by NAB.

19.4 Access to the service:

will be denied to a user if the user enters an incorrect password on 3 consecutive occasions; and
may be denied if any instruction given using the service, is made in language NAB considers to be inappropriate.

19.5 Transfer of funds

Subject to clauses 12.3 and 12.4, a user will be able to transfer funds from your accounts to any other accounts accessible by the user using the service, whether the accounts are held with other financial institutions, other third parties or NAB.

The amount which is able to be transferred will be subject to a daily limit set by NAB. Users should refer to FAQs at nab.com.aufor details of any restrictions.

If a user uses a NAB ID issued to you, the user’s ability to make such a transfer can be removed if you notify NAB under clause 12.7 that you want that to happen.

NAB bears no responsibility for limits and restrictions on any transfer of funds imposed by other financial institutions and third parties.

20 Functionalities of the service

NAB may at any time add to, remove, change, or impose restrictions on, the functionalities of the service.

21 User authentication

When NAB receives an instruction from a user to make payment to a third party account (including a BPAY Payment) and the user has user authentication, NAB will require the user to provide the identifier generated by NAB in accordance with user authentication. This requirement is in addition to any password or other information a user must give to NAB when providing an instruction using the service. The user should contact NAB Internet Banking Support in the event NAB does not accept any instruction using the user authentication identifier. Provision of this identifier does not alter your responsibility for the transaction.

22 User responsibilities relating to NAB Internet banking

22.1 You agree:

to choose a new password whenever you are required to do so by NAB;
that the password you choose to access the service will not be the same as, or similar to, any other personal identification number or password you have for any account you have with, or service provided by NAB;
that, except when you are creating an authorised user, you will not disclose your password to any other person;
not to record or store your password anywhere;
to take reasonable care when accessing the service to ensure that your password is not disclosed to any other person, in particular ensuring that you are not observed while entering your password;
not to provide your authentication service (if any) to any other person;
not to use your authentication service (if any) other than in respect of the service and you acknowledge that, if you use your authentication service for any other purpose, NAB may revoke the authentication service and cancel the availability of the service to you;
to check your account records carefully and notify NAB immediately of any apparent discrepancy; and
to take every reasonable precaution to prevent the spread or diffusion of any software contamination including computer viruses and trojans.

22.2 You must ensure that an authorised user protects, stores and uses their password and authentication service (if any), in the same manner as clause 22.1 requires you to protect, store and use yours.

23 Liability for unauthorised transactions for personal EFT transactions

In respect of unauthorised transactions for personal EFT transactions, your liabilities are governed by clause 13.

24 Instructions to NAB

24.1 Subject to clauses 24.2 and 25, you agree that:

an instruction to NAB by a user using the service constitutes a valid and irrevocable authority to NAB to follow that instruction; and
a payment instruction which is given before the cut-off time for a day will be processed on the same day, but if it is given a

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Terms and conditions for NAB Term Depositstable.pagetitle5,div.pagetitle2{display:none;}

(including Farm Management Deposit and NAB Connect Term Deposit Investment Service)

Contents

Summary of Important Information

Customer Service

Unauthorised transactions

About this booklet

Tax File Number Options

Meaning of words

Features and benefits

NAB Term Deposit

Farm Management Deposit

What is the Farm Management Deposit Scheme?

What can NAB Farm Management Deposit do for primary producers?

Who can hold a NAB Farm Management Deposit?

What is the minimum investment term offered by NAB?

Why should I deposit funds in a NAB Farm Management Deposit?

NAB Connect Term Deposit Investment Service

Part A Account terms and conditions

1 NAB Term Deposits

How the deposit will work

Interest

Early repayment

Maturity

Bank fees

National Loan Trimmer

Electronic instructions

Your email address

Residency

Joint product holders

Statements of account

Address notification

2 Farm Management Deposit

Authorised deposit-taking institution

How the deposit will work

Primary producer

Trustee

Sole depositor

Minimum deposit

More than one deposit

Where to deposit?

No offset

Interest

What is the interest rate?

How is interest calculated?

Where is interest credited?

When is interest credited?

Early repayment

Maturity

Bank fees and government charges

Statements of account

Assignment and charges

Inconsistent legislation

3 NAB Connect Term Deposit Investment Service

How your NAB Connect Term Deposit will work

Interest

Early repayment

Maturity

Bank fees

Government charges and taxes

Liability

Termination

Application of NAB Connect Terms and Conditions

Paramountcy

Part B General Matters

4 Code of banking Practice

5 Notice provisions

5.1 Changes NAB may make

5.2 How does NAB notify you of changes?

5.3 How do you notify NAB of changes?

5.4 Electronic communication

5.5 If you are not a NAB Internet Banking or NAB Connect Channel user and:

5.6 For the purposes of clauses 5.4 and 5.5 (but in the case of NAB Connect Term Deposit Investment Service, subject always to clause 8 of the NAB Connect Terms and Conditions):

6 Complaints

7 Can NAB elect not to apply a fee or charge?

8 Governing law

9 Financial difficulty

Part C NAB Internet banking and NAB Telephone banking terms and conditions

General terms relating to NAB Internet banking and NAB Telephone banking

Terms and conditions for NAB Term Deposits