Introduction

These Terms and Conditions apply to the following Bank Accounts:

  • Macquarie Business Banking Account;
  • Macquarie Business Banking At Call Investment Account; and
  • Macquarie Business Banking Trust Account.

These Terms and Conditions must be read together with the Macquarie Banking Terms and Conditions.

1. Interest and fees

1.1 Interest rates

If interest is payable on your Bank Account, the current interest rate applicable to your Bank Account is set out within:

  • Digital Banking; or
  • the proposal we sent you or any subsequent notice we have given you regarding your interest rate.

Interest rates are variable and may change at any time, including any tiered or stepped interest rates and balance brackets.

 

1.2  Interest calculation and crediting

If interest is payable on your Bank Account, it is calculated daily using the following formula:

[Daily Closing Balance x interest rate applicable to your Bank Account / 365]

Where:

the Daily Closing Balance is the balance of your Bank Account at the end of a day.  It includes cleared and uncleared funds that have been deposited to your Bank Account within that day, but it excludes:

  • funds sent over the NPP on days which are not Business Days. These funds may appear in your transaction list immediately but will not be included in your Daily Closing Balance or your statement until the next Business Day; and
  • any interest amounts credited.

Where stepped interest rates apply, each stepped interest rate applies to the portion of the Daily Closing Balance that falls within that step.

Where tiered interest rates apply, the interest rate that applies to the balance of your Bank Account for each day is determined by that day’s Daily Closing Balance.

Interest is credited to your Bank Account or another account nominated by you on the last State Business Day of the month. If the last day of the month is not a State Business Day, then interest accrued on the remaining days of that month will be credited the following month.

If you close your Bank Account, we will pay you any interest accrued up to the day before it is closed.

Interest may be credited to another account or to the relevant state or industry authority as nominated by you or where required by law.

 

1.3 Fees and charges

We don’t charge fees on any Bank Account.

If we incur any government tax, duty or other charge imposed by law in respect of your Bank Account or its operation, you must pay us an amount equal to the charge. You authorise us to debit any such amount from your Bank Account.

If your Bank Account is a regulated trust account, you must nominate a separate Bank Account held with us for these amounts to be debited from.

2. Operating your account

2.1 Statements

Bank Account statements are made available half-yearly through Digital Banking.

 

2.2 Can I overdraw my account?

You must not overdraw your Bank Account. 

If your Bank Account becomes overdrawn:

  • you must repay the overdrawn amount within 7 days; and
  • we may charge you interest which we calculate on the overdrawn or excess amount on a daily basis and charge to your Bank Account on a monthly basis (unless otherwise agreed in writing), at the debit interest rate provided to you before or at the time of opening your Bank Account, or any varied rate notified to you.

If you fail to repay overdrawn amounts, we may report this as a payment default to a credit reporting agency (subject to reporting eligibility requirements).

If we have entered into an overdraft facility agreement with you, that agreement applies to that facility instead of this clause 2.2.

 

2.3 Transaction and payment processing

If funds deposited to your Bank Account are subsequently dishonoured, the deposit may be reversed without your consent.

If you have insufficient funds in your Bank Account when a payment is scheduled to occur, we can at our reasonable discretion:

  • honour the transaction and, in doing so, permit your Bank Account to be overdrawn; or
  • dishonour the transaction.

Where you transact from your Bank Account through an electronic lodgement network operator (ELNO) such as PEXA, you acknowledge that:

  • we are authorised to accept instructions from any Authorised User that the ELNO advises has been authorised by you to operate the Bank Account through the ELNO; and
  • we are entitled to treat any instructions processed on your Bank Account through the ELNO as having been duly authorised by you.

 

2.4 BPAY Batch Payments

By making a BPAY Batch Payment you confirm: 

  • you are making that BPAY Batch Payment to one or more Billers on your own behalf, or on behalf of your related entities or Principals to discharge debts; 
  • the BPAY Batch Payment is validly authorised and you have obtained a written direction from the Principal or related entity to make that BPAY Batch Payment; 
  • you are not making the BPAY Batch Payment as part of a business of making payments on behalf of third parties, but rather, you are making payments as an incidental part of your ordinary business; and 
  • you will not act in any way that is likely to diminish the integrity, stability or reputation of the BPAY scheme or the quality of the service offered in the BPAY scheme. 

You must notify us of any non-compliance by you with these provisions or if you become aware of, or reasonably suspect, any fraudulent or illegal activity involving payments made on behalf of your related entities or Principals, as soon as becoming aware of the non-compliance or activity. 

If you make BPAY Batch Payments, we may disclose: 

  • your or your customer’s or Principal’s personal information; and 
  • as much of your transactional information as is necessary to process your payment, 

to the Biller, any other participant in the BPAY scheme and any agent appointed by them from time to time as needed. 

We take no responsibility for the attempted processing of upload files that are unreadable or corrupted unless the law requires otherwise. 

3. Authorising others to access your account

3.1 Authority types

You may request that a person be appointed as an Authorised User to operate or access your Bank Account on your behalf.  We may, acting reasonably:

  • refuse your request;
  • impose conditions on an Authorised User’s authority at any time; or
  • suspend or cancel the authority of an Authorised User at any time.

Any Authorised User is appointed as your agent and their actions are binding on you and could cause you to breach these Terms and Conditions or the Macquarie Banking Terms and Conditions.

Consider carefully who you appoint as an Authorised User on your Bank Account and what level of authority you give them, as we will follow their instructions.

We are not required to enquire into any instructions received from an Authorised User.

You may revoke the authority of an Authorised User at any time by contacting us.

The authority types you can grant to an Authorised User are:

Authority type

What the Authorised User can do

View

  • The person can view your account information, including transaction details.

Create

  • View authority; and
  • The person can initiate/create payments, submit requests to open and close accounts and update TFN/ABN information.

Download

  • The person can download account and transaction data with Macquarie download files for use with compatible software platforms.

Approve

(also known as Sole/Dual Authorisation)

  • View authority; and
  • The person can digitally authorise and approve transactions and account opening or closure requests.

Validate

  • The person can validate payment instructions over the phone or in writing.

Authorised Signatory

  • View authority; and
  • The person can transact, including to change certain account details, close your account, appoint new Authorised Users (including Authorised Signatories) or amend existing authority types.

For Approve and Authorised Signatory authority types you can choose between ‘Sole Authorisation’, where a single person can perform the above actions, or ‘Dual Authorisation’, where the person can only do so jointly with another person.

 

3.2 Company accounts

An Office Holder, acting alone, may give any instructions or take any action, including to open or close a Bank Account, or share data in relation to it, unless:

  • otherwise agreed by you and us;
  • required by law; or
  • we have become aware of a dispute which involves the Bank Account, in which case we may take such steps which are available to us under section 4 of the Macquarie Banking Terms and Conditions.

4. Commercial arrangements we may have with third parties

We may enter commercial arrangements with Software Providers to integrate our products with their services. Where you:

  • acquire a Bank Account through a Software Provider; or
  • integrate a Bank Account with the software of a Software Provider,

we may make payments to them. Where permitted by law, these payments may be up-front and/or ongoing and may be percentage based.

Such payments are made by us and not you, and do not affect the interest rate, Bank Account balance or charges which apply to your Bank Account.

5. Definitions

Any defined terms used in these Terms and Conditions which are not listed below have the meaning given to them in the Macquarie Banking Terms and Conditions.

Bank Account means a Business Banking Account, Business Banking At Call Investment Account or Business Banking Trust Account issued by us. These are deposit accounts under the Banking Act 1959

BPAY Batch Payment means a method of making multiple BPAY payments from one or more Bank Accounts to one or more Billers within a single compatible file sent through Digital Banking. This appears as the ‘BPAY File’ option within Digital Banking.

PEXA means Property Exchange Australia Limited ABN 92 140 677 792.

Principal means an individual, organisation or group that has authorised you to act as their agent.

Software Provider means a third party that we have entered into an arrangement with to integrate our products with their software solution or services.

we, us, our or Macquarie means Macquarie Bank Limited ABN 46 008 583 542, AFSL 237502.

you means the holder of a Bank Account and, in the case of joint holders, each of you.