- Terms and Conditions
- Business customers' Terms & Conditions
- Business Accounts
Business Accounts Terms and Conditions
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Find the current T&Cs and recent changes.
Select below to find the current T&Cs and recent changes.
Westpac Business One Plus, Westpac Business One, Westpac Business One – Negotiator Plan, Westpac Business Cash Reserve, Westpac Business Premium Cash Reserve, Business One (Controlled Money and Trust Accounts), Westpac Community Solutions One, Westpac Community Solutions Cash Reserve, Statutory Trust Account, Project Trust Account and Retention Trust Account
Summary of changes, effective 15 November 2024
| Section Reference | Change Description |
|---|---|
Other Bank Charges |
Removed reference to ordering bank cheques via Online Banking under 'Issue of a bank cheque' |
| 25.9 Bank cheques | Removed references to ordering bank cheques via Online Banking under 'Getting a bank cheque' |
| Overseas Telegraphic Transfer (Outward) Clarification of Fees for Corporate online. | Update to wording to “Nil per transfer in foreign currency via Online Banking and $20.00 per transfer in foreign currency via Corporate Online. |
Westpac Cash Investment Account
Summary of changes, effective 15 November 2024
| Section Reference | Change Description |
|---|---|
| Other Bank Charges | Removed all references to the 'Issue of a bank cheque'. |
Westpac Notice Saver
Summary of changes, effective 15 November 2024
| Section Reference | Change Description |
|---|---|
| Summary of Account fees and charges | Removed all references relating to bank cheques. |
| Other fees and charges | Removed reference to purchasing bank cheques. |
Term Deposit & Farm Management Deposit
Summary of changes, effective 18 March 2024
| Section Reference | Change Description |
|---|---|
Section A Features and benefits |
Included online method for how a Farm Management Deposit Account can be opened. |
| 6.2 Authorised signatories authority | A new section has been included to explain when an authorised signatories authority to operate a customer’s Account may be removed. |
| 6.3 Access Levels for Online Banking and Business Telephone Banking |
|
| 8.2. How the interest you earn is calculated and paid | Updated ‘Choice of options’ in table to clarify that interim interest is paid based on the account frequency and account anniversary date. If the anniversary date falls on a non-business day or day not available in a given month, interest will be paid on the preceding business day. |
| 11. Who can close an Account | A new section has been included to explain customer Account closure options as well as when Westpac may initiate an Account closure. |
| 13. Changes to terms and conditions | Under Type of change, amended the description for a change to terms and conditions that reflect a change to our business or technological systems and processes. |
| 30. Definitions |
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Summary of changes, effective 18 March 2024
| Section Reference | Change Description |
|---|---|
Use of the different types of Business Debit Mastercard |
Added table to compare the differences between usage of the Full access card and Limited access card. |
Communication with you |
Replaced references to ‘Business Telephone Banking’ to be ‘Group Telephone Banking’. |
Summary of changes, effective 25 November 2024
| Section Reference | Change Description |
|---|---|
1. Introduction |
Clauses 1.1 to 1.3 – amended to explain that the T&Cs must be read together with account T&Cs, when a customer is bound to the T&Cs and that a copy of the T&Cs must be kept for future reference. |
| 2. Eligibility | Clause 2.1 – explains eligibility criteria that must be met to use the BED service. |
| 3. Ordering BED Bags | Clauses 3.1 to 3.5 – new wording explaining how to order BED Bags, and that account holders or their authorised representative must order BED bags in advance for delivery to its nominated address and that the account holder is responsible for the timely ordering of BED Bags. |
| 4. Using a BED Bag | Clauses 4.1 to 4.5 – amended to explain how to populate BED Bags before lodging, into which account to make a deposit, the use of BED for legitimate business purposes and the ability to introduce daily limits. |
| 5. Processing Delays | Clauses 5.1 and 5.2 – uplifted to clarify that incorrect BED bag preparation, high volumes, or collection issues may cause delays in processing BED Bags, with processing to be done as soon as possible. |
| 6. Fees and charges | Clauses 6.1 to 6.3 – explains the fees associated with processing deposits made via BEDs and that further details can be found in product T&Cs. |
| 7. Use of Security Service Provider |
Clauses 7.1 to 7.4 – repositioned and amended to explain Westpac’s liability if Westpac appoints a Security Service Provider to count and process BED deposits as well as what information will be disclosed to the Security Service Provider. If the customer uses a Third-Party Security Service Provider for lodgements, they act independently, and Westpac is not liable for their actions. |
| 8. Lodgement of your deposits |
Clause 8.1 – repositioned and amended to explain who can lodge a BED bag (other than the account holder).
Clause 8.2 – new provision explaining that Westpac can change branches that accept BED Bags at its discretion. Clauses 8.3 and 8.4 – repositioned and amended to explain the methods by which a BED Bag can be lodged, when the lodgement takes effect, when lodgement at a Westpac Specialised BED Branch should occur and what BED Bag limits apply. |
| 9. Processing your deposits |
Clauses 9.1 to 9.4 – amended to explain how BED Bag contents are counted, processed, and recorded, the liability for any discrepancies identified and when discrepancy notifications will be sent. Clauses 9.5 to 9.7 – amended to explain processing turnaround times and when a lodgement will be treated as a standard over-the-counter deposit. |
| 10. Third Party Cheques | Clauses 10.1 and 10.2 – amended to explain that for third-party cheques, proper endorsement and adherence to Westpac guidelines is mandatory and that Westpac may refuse the deposit or deduct the cheques value and return it if requirements are not met. |
| 12. Termination of Use | Clauses 12.1 to 12.3 – new provisions added outlining when Westpac may exercise its discretion, with or without notice, to remove a customer’s access to BED Bags and/or terminate a customer’s use of the service. |
| 13. Our responsibilities | Clause 13.1 – amended to explain that where Westpac is required to comply with court orders and laws, it may do so without notice to you. Clause 13.2 – new provisions explaining that Westpac may delay or refuse transactions to meet its regulatory and compliance obligations or manage associated risk, request additional information, share customer data where permitted by law and protect itself from any regulatory breaches by the customer. |
| 15. Other | Clauses 15.1 to 15.4 – repositioned provisions with an amendment to include email as a method in which we can notify customers if the BED T&Cs or fees are varied. |
| 16. Privacy Statement | Section 16 – repositioned provision and amended to include an updated Privacy Notice disclosure. |
| 17. Feedback and Complaints |
Section 17 – repositioned and amended to explain how and when customers may provide feedback or complain and to who. |
| 18. Definitions | Section 18 Definitions – repositioned, with new and updated definitions being introduced and referenced throughout the document. Outdated definitions have been removed. |
Summary of changes, effective 18 March 2024
| Section Reference | Change Description |
|---|---|
| Type of Periodical Payments - Fee (each payment) Table | Amended wording to clarify that the overdrawn fee is nil for Westpac Choice Concession account holders. |