Macquarie Transaction and Savings accounts terms and conditions

These terms and conditions apply to the:

• Macquarie Transaction Account
• Macquarie Offset Account, and
• Macquarie Savings Account.

Additional terms and conditions are set out in the Macquarie Electronic Banking Terms and Conditions and Macquarie platinum benefits.

For the current interest rates applicable to your Account and to find out how interest is calculated and applied to your Account, please visit our website. Refer to section 2.1 for more details.  

You should read these terms along with our Privacy Policy and Privacy Statement, which explains how we will collect, hold, use and disclose personal information and how we address your privacy rights. You can request copies of either document from us at any time.

Your first operation of your Account will constitute your acceptance of these terms and conditions, unless you have already accepted them. 

Information (including information on interest rates applicable to your Account) are available on request. You can also find information about your Account at Help Centre. You may also request a copy of these terms and conditions from us at any time.

1.1 Need help?

We're here to help and support you.

Visit our Help Centre or contact us.

Summary of key features

1.2 Limits and lodgement times

Information on current limits is available on our website at macquarie.com.au/everyday-banking. 

• To view current limits for Transaction accounts click here.
• To view current limits for Savings accounts click here.
• To view current limits for Offset accounts click here.

Payment lodgement time information is available at Help Centre.

• To view current lodgement times click here.

1.3 How we’ll communicate with you

You agree that all statements, notices and other communications in connection with these terms and conditions and your Account may be given electronically by:

• emailing them to your last known email address or sending them through SMS to your last known mobile telephone number
• being made available on Macquarie’s website, or 
• being made available through Online Banking and / or Mobile Banking.

You should login to Online Banking and Mobile Banking, check our website and check your emails and SMS messages regularly.

2.1 Interest rates

Information on current interest rates applicable to your Account is available on our website macquarie.com.au/everyday-banking.

• To view current interest rates for Transaction accounts click here.
• To view current interest rates for Savings accounts click here.
• There is no interest paid on deposits in Offset Accounts (refer to section 3.4).

Information on how we calculate and pay interest to your Account is available on our website at Help Centre.

Any relevant information published about current interest rates and how interest is calculated and applied to your Account on our website forms part of these Terms and Conditions.

Interest rates on Macquarie Transaction and Savings accounts are variable and we may, acting reasonably and subject to law, change them at any time.

You may ask us to turn-off interest from being paid to your Account.

Sometimes we may offer bonus interest or promotional interest in respect of an Account. These offers will be subject to separate terms and conditions. If you are eligible for a bonus interest or promotional interest offer, we will provide you with the terms and conditions for the offer at the time you apply for a Savings Account or take up the offer.

2.2 Fees & Charges

We don’t charge fees on Transaction Accounts, Offset Accounts or Savings Accounts, for example we don’t charge:

• Monthly account fees
• International purchase fees, or
• International cash withdrawal fees.

We provide a refund on fees incurred at all ATMs in Australia. We don’t charge fees to withdraw cash overseas or make international purchases. Other financial institutions, such as the banks of international merchants and international ATM operators, may charge you fees for these transactions.

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

3.1 Who can open an Account?

To open (and keep open) an Account, you must be over 12 years of age, reside in Australia at the time of application and have:

• a permanent Australian residential address
• an Australian mobile phone number, and 
• a valid email address.

This is a digital-only account and therefore you must have internet access and an electronic device to operate this product. 

Each type of Account has further eligibility requirements, which form part of the application process.

3.2 Additional requirements for Savings Accounts

To open (and keep open) a Savings Account, you must hold a Transaction Account. Your Savings Account must:  

• be in the same name(s) as your Transaction Account, or
• for joint Transaction Account holders, in any one Transaction Account holder’s name or combination of existing Transaction Account holders’ names.

3.3 Joint Accounts

If your Account is a joint Account you should understand:

• we will accept instructions to operate the joint Account from any holder
• all holders are liable, both jointly and severally, for any associated fees, charges, costs or overdrawn amounts in connection with your Account
• all holders are liable, both jointly and severally, for any transactions made on your Account
• in the event of death of one of the Account holders, the credit balance of the Account will be treated as owing to the remaining Account holder(s), and
• we may accept a cheque into your joint Account which is payable to one or more of the Account holders.

Joint Accounts are not available to company or corporate trustee applicants.

If you have concerns with the way your joint Account is being operated, you can contact us. We may choose to place a stop on the Account (see section 9.2 for details).

If you are experiencing financial difficulty and you ask us to, we can discuss your financial situation and begin to assist you without involving the other Account holder. 

3.4 Offset Accounts

You can open a new Macquarie Offset Account or switch an existing Macquarie Transaction Account into a Macquarie Offset Account if you hold an eligible Macquarie home loan and link your Transaction Account to that eligible home loan. 

To be eligible for use in an offset arrangement, a Transaction Account must be held in:

• the same name(s) as the eligible home loan, or 
• one or more of the name(s) in which the eligible home loan is held.

Offset Accounts can reduce the amount of interest you pay on your eligible home loan. However, Offset Accounts do not pay any credit interest (even if the balance in the Offset Account exceeds the balance in your eligible home loan). 

You may close your Offset Account or switch your Offset Account to a Transaction Account by giving us seven days’ written notice or by calling us.  You may not operate an Offset Account that is not linked to an eligible home loan. If your Offset Account is not linked to an eligible home loan, it will become a Transaction Account.

3.5 Office Holders

This section 3.5 only applies if you hold one of our eligible home loan accounts and your Transaction Account is held in the name of a company or a corporate trustee.

You (the Account holder) irrevocably instruct us to follow any instructions given by any Office Holder(s).

An Office Holder on an Account may:

• access information about the Account
• make withdrawals and payments from the Account using any method agreed by us (including, without limitation, Online Banking and Mobile Banking)
• subject to section 5, be issued with a Card (where available for the Account type)
• change details on the Account
• add or remove third parties from the Account in accordance with section 8, and/or
• close the Account.

3.6 Tax File Number (TFN)

We are authorised to collect your TFN, and its use and disclosure is regulated, by tax laws and the Privacy Act. You are not required to provide us with your TFN and declining to do so is not an offence. However if you do not provide your TFN (including each Joint Account holder’s TFN), or provide an exemption, we are required to withhold tax at the highest marginal tax rate, plus the Medicare Levy, from any interest or other income that you earn.

You can provide us with your TFN when you open your Account or at any other time.

We are required to report the details of any income earned, withholding tax deducted and TFNs quoted to the Australian Taxation Office.

If you are a non-resident of Australia for taxation purposes, you must provide us with your overseas residential address. Tax may be withheld on any interest or other income you earn whilst you are a non-resident. For further information, please contact the Australian Taxation Office.

If an Account is opened in the name of a company or corporate trustee, you may supply the ABN of the company or trust in place of a TFN.

Macquarie Transaction, Offset and Savings Account holders can access Macquarie Online Banking and Mobile Banking (Electronic Banking). These services are subject to the separate terms and conditions set out in the Macquarie Electronic Banking Terms and Conditions.

4.1 How can I make deposits?

You can make deposits to your Account using:

• Electronic deposits – between your Accounts or from an account held with another financial institution by quoting your BSB and Account number.
• Direct credit and salary credits – automatic deposits of funds into your Account (for example, you may arrange to have your salary directly credited to your Account by your employer).
• New Payments Platform (NPP) Payments – receive deposits into your Account by providing your PayID (for example, your mobile number). Registering a PayID with Macquarie and linking it to your Account is optional.
• Cash deposits – in person at certain Macquarie offices. We reserve the right to not accept cash deposits (notes and coins) into your Account at our reasonable discretion.
• Cheque deposits – in person at certain Macquarie offices or by post (accompanied by a completed deposit slip, which can be obtained online).
• International transfer – you will need to provide all the details required by the transferring bank.

Information on how to use each of these deposit methods, including information on which Macquarie offices accept cash and cheque deposits, is available online.

All deposits to your Account must be made in Australian dollars (AUD).

4.2 How can I make payments?

You can make payments with funds in your Account using:

• Internal Transfers – made via Electronic Banking between your Macquarie accounts.
• Pay Anyone Payments – from your Macquarie Account to an account held with another Australian bank. Pay Anyone Payments may be processed via direct entry (including scheduled and recurring payments) or via NPP.
• BPAY – make payments to BPAY Billers from your Account.
• NPP Payments – make NPP Payments from your Account to a PayID.
• Direct Debit – you can authorise a business or individual to debit funds from your Account (including on a regular basis) by quoting your BSB and Account number or, if your Account is a Transaction Account, your Card Details.
• Bank cheque – a separate facility that you can purchase from us, a bank cheque is a cheque issued in our own name which we will make payment on.
• Your Card – if your Account is a transaction or offset Account, you can use your Card in the ways set out in section 5 below.

4.3 Direct Debits

If you wish to cancel or make alternate payment arrangements for a Direct Debit, you should contact us as soon possible and we will arrange to stop or alter the Direct Debit. We cannot accept a request to stop a Direct Debit payment once we have debited the payment to your Account.

We suggest that you also contact the other party directly.

It is your responsibility to ensure that you have sufficient cleared funds in your Account to meet any Direct Debit payment authorised by you. Please refer to section 7.3 for information on overdrawing your Account.

4.4 Updating your details with us

You confirm that all information provided to us in connection with your Account, either in your application or otherwise, is true and correct to the best of your knowledge at the time of providing the information.

You must notify us immediately of a change in your particulars including a change in name, address or contact details (and in the case of an Account held by a company or a trustee(s), the particulars of the company or trust arrangement).

To the extent permitted by law, we are not responsible for any loss caused by or arising out of your failure to provide us reasonable notice of a change in your particulars. You can update your personal details via Online Banking or by contacting us.

4.5 Statements

Statements will be automatically issued every six months electronically and are available through Online Banking. You can also view your transaction history and perform transaction searches based on defined periods via Electronic Banking.

We will not issue you with paper statements for your Account.

You should:

• check each entry on your statements carefully
• contact us promptly if you believe any entries or transactions are incorrect or not authorised, and
• contact us if you require statements more frequently.

If you wish to query or dispute a transaction or an entry on a statement, please contact us immediately.

4.6 Financial difficulty

If you get into financial difficulty, you should tell us promptly. We will discuss your situation and options with you. It is important that you are honest and open about your financial situation when discussing it with us. If you request us to, we may deal with your nominated representative(s).

4.7 Macquarie platinum benefits

Macquarie Transaction Account and/or Platinum Debit Mastercard holders can access additional, complimentary benefits. These benefits are subject to the separate terms and conditions in the Macquarie platinum benefits.

5.1 Your Card

We will issue a maximum of two Cards in connection with a Transaction Account at account origination.

We may issue a new Card to you at any time (including because your current physical Card has expired). All re-issued cards are subject to these terms and conditions.

We reserve the right not to re-issue a Card and Cards we issue remain our property.

5.2 Using your Card

You must not use your Card:

• after the expiry date printed on your physical Card
• when the Card is suspended or cancelled
• after you have requested that we close your Account or we have notified you that we are closing your Account in accordance with section 9.3
• to conduct transactions for business purposes
• to conduct unlawful transactions, or transactions related to unlawful (or potentially unlawful) activities (as determined at our reasonable discretion), or   
• to conduct transactions with parties related to you at merchants, ATMs or other facilities owned, controlled or operated by you, your family members or friends or for any other cash flow or other non-genuine purpose.

If your Card has expired, been reissued or has been cancelled or if your Transaction Account is closed for any reason, you must destroy your Card by cutting it into pieces ensuring that you cut across the chip and any magnetic strip on the Card.

International transactions on your Card

An international transaction means any transaction made using a Card:

• in a currency other than Australian dollars with a merchant or financial institution located in Australia,
• in any currency with a merchant or financial institution located outside Australia, or
• in any currency where the transaction is processed by an entity located outside Australia.

It may not always be clear to you when making a transaction that the merchant or the entity processing your transaction is located outside Australia.

An international transaction in a currency other than Australian dollars will be converted by Mastercard to Australian dollars. Unless the foreign currency transaction is in United States dollars, the foreign currency may be converted to United States dollars before being converted to Australian dollars. The exchange rate used for conversion is either a government mandated exchange rate or a wholesale exchange rate selected by Mastercard for the applicable currency on the day the transaction is processed. That rate may differ from the rate on the date the transaction occurred, or the date when the transaction is posted to your Account.

All international transactions in a currency other than Australian dollars will be listed on your statement in Australian dollars and the corresponding foreign currency amount may be included in the transaction details.

Recurring Card transactions

If you provide a merchant with your Card Details, that merchant may be able to perform recurring transactions on your Card. Unlike with Direct Debits we cannot stop a merchant from making recurring transactions with your Card Details.

If you wish to stop a merchant from making recurring transactions using your Card Details you should contact the merchant directly. If the merchant does not comply with your request, you must provide us with a copy of any correspondence between you and the merchant so that we can dispute the relevant transactions on your behalf.

5.3 Mastercard scheme and chargeback rights

In some circumstances, we have a right to dispute certain transactions under the Mastercard scheme rules when you use your Card. This is called a chargeback. Your claim must fall within a specific category before we can exercise our rights in respect of a disputed transaction. We cannot claim a right of chargeback if the right does not exist.

A chargeback can be raised for a number of reasons, including unauthorised or fraudulent transactions, processing errors and duplicate transactions appearing on your Transaction Account. Situations which do not give rise to chargeback rights include where you are dissatisfied with the service you have received from a merchant or where you have simply changed your mind about goods you have purchased.

Where we have the right to seek a chargeback, we will reduce your liability for any unauthorised transactions by an amount equivalent to any chargeback rights we may have.

Chargeback rights are not available in respect of BPAY payments or Pay Anyone Payments made from your Account.

You should report disputed transactions to us promptly. For most chargebacks, you have up to six weeks from the date of the transaction to raise a dispute. Our right to seek a chargeback may be lost, and you might not be able to receive a refund, if you do not report a disputed transaction promptly and/or if you do not provide us with sufficient information to seek a chargeback. Make sure you contact us as soon as you become aware of an issue on your Account so that we can act quickly for you.

If you need more information on chargebacks, or you wish to report a disputed transaction, please contact us.

5.4 Liability for unauthorised Card transactions

An unauthorised Card transaction occurs when a transaction is carried out using your Card without your knowledge or consent. You must follow the security requirements in section 6. If you don’t and this contributes to unauthorised transaction occurring, you may be liable for those transactions.

To the extent permitted by law:

• we do not accept responsibility for the actions of a merchant or financial institution who refuses to accept your Card or who imposes limits or conditions on the use of your Card, and
• we will not be liable for goods or services supplied as a result of the use of your Card or Card Details. You must take up any complaints or concerns directly with the merchant. Any refund is a matter between you and the merchant.

You must contact us immediately if you believe an unauthorised transaction has taken place on your Account so that we can investigate.

You are not liable for loss arising from an unauthorised transaction that occurs after you inform us that the Card, Card Details or Mobile Device (or other electronic equipment) have been misused, lost or stolen or the security of your Secret Code(s) or Mobile Device (or other electronic equipment) has been breached. If you unreasonably delay informing us that your Card, Card Details or Mobile Device (or other electronic equipment) have been misused, lost or stolen or the security of your Secret Code(s) or Mobile Device (or other electronic equipment) has been breached, you may be liable for any unauthorised transactions that result.

6.1 Unauthorised transactions

The security of your Card, Card Details or Mobile Device (and other electronic equipment) and Secret Codes is very important, as whoever has access to them may be able to perform transactions on your Account(s). These requirements are designed to help you keep your Card, Card Details, Mobile Device(s) and Secret Codes secure. By following these requirements, you can assist in preventing unauthorised transactions on the Account.

6.2 Informing us of a security breach

You must inform us immediately (and you must ensure that an Authorised Third Party informs us immediately) if a Card, Card Details or Mobile Device (or other electronic equipment) or Secret Code(s) has been misused, lost or stolen or had their security breached.

You can contact us 24 hours a day, seven days a week using the details on your Card or provided in section 1.1. You must give us all the information that you or the Authorised Third Party have or can reasonably obtain regarding the loss, misuse or theft.

You can also lock your Card via Mobile Banking, which will prevent further transactions on your Account.

6.3 Card and Card Details security

To protect your Card and Card Details, you must:

• sign your physical Card as soon as you receive it
• not give your Card Details to any other person unless you want to make a payment to them
• not permit any other person to use your Card
• take reasonable steps to protect your Card from loss or theft
• minimise the risk of losing your Card or Mobile Device or allowing your Card or Mobile Device to be used by someone else, for instance by keeping your Card or Mobile Device in sight when making a transaction
• ensure that you retrieve your Card or Mobile Device (and receipt, if any) after making a payment
• report any loss, theft or misuse of your Card or Card Details in accordance with section 5
• not display your Card or Card Details (such as by posting an image of the front or back of your Card with the Card Details clearly visible on an internet forum, blog or a public place), and
• use care to prevent anyone from seeing your Card Details when you use them to make a payment.

6.4 Secret Code security

To protect your Secret Codes, you must:

• not disclose your Secret Codes to anyone (including a family member or friend)
• take care to prevent anyone else seeing you enter your PIN at an ATM or POS Terminal or seeing you enter your Secret Code into a computer or Mobile Device
• try to commit your Secret Codes to memory and do not record them by any means (including by storing them on an electronic device such as a computer or Mobile Device) without making a reasonable attempt to disguise them
• not write or indicate your Secret Code(s) (whether disguised or not) on your Card or on articles liable to loss or theft simultaneously with the Card or Mobile Device
• not choose a Secret Code which can be easily guessed including for example a Secret Code that uses repeated characters, consecutive numbers or a Secret Code that represents a recognisable part of your birth date, name, telephone number or driver’s licence number or similar  
• not act with extreme carelessness in failing to protect your security of your Secret Code(s), and
• report any disclosure, loss, theft, misuse or breach in the security of your Secret Code(s) in accordance with section 6.2.

The following are examples of what is NOT a reasonable attempt to disguise a Secret Code:

• recording Secret Code in reverse order
• recording a Secret Code as a telephone number where no other numbers are recorded
• recording a Secret Code as a telephone number where the Secret Code is in its correct sequence
• recording a Secret Code as a sequence of numbers or letters with any of them marked to indicate the Secret Code
• recording a Secret Code as a date (including a birth date) or as an amount, or
• recording a Secret Code in any other way that can be easily identified.

6.5 PIN security

Where we allow you to select a PIN or other Secret Code, you must not select:

a)  a numeric code which represents your date of birth, or

b)  an alphabetical code which is a recognisable part of your name.

Any act by you that breaches sections 6.5(a) or 6.5(b) may mean that you are liable for losses caused by unauthorised transactions caused by a breach of the security of the Secret Code, Mobile Device (other electronic equipment), Card or Card Details.

6.6 Mobile Device security

You and any Authorised Third Party must take all reasonable steps to protect the security of your Mobile Device(s). Reasonable steps include setting screen lock passwords and ensuring that others do not have access to the use of a Mobile Device (including by ensuring, if the ability to access the Mobile Device using a fingerprint or other biometric authentication has been enabled, that the only fingerprint or other biometric authentication able to access the Mobile Device is yours).

Where you or an Authorised Third Party remove some system level restrictions on a Mobile Device by, for example, ‘jailbreaking’ or ‘rooting’ the Mobile Device, you indemnify us for any loss arising from fraudulent activity carried out on the Mobile Device, including in respect of your Account.

It is important that, if you or an Authorised Third Party wish to use a fingerprint or other biometric authentication to access Electronic Banking, make a payment via a digital wallet, or access other services made available to you by us, no fingerprints or other biometric authentication other than yours or the Authorised Third Parties are able to be used to access the Mobile Device or computer. If someone else’s fingerprint or other biometric authentication can be used to access the Mobile Device or computer, that person may be able to view your Account and perform transactions on your Account. We will treat as authorised, and you will be responsible for, any transactions performed using a fingerprint or other biometric authentication that are able to be used to access the Mobile Device or computer.

7.1 Adjustments of debits and credits

We may adjust debits and credits to your Account and/or the balance of your Account in order to accurately reflect your and our legal obligations (for example, because of an error or because a deposited cheque or direct credit payment is dishonoured). If we do this, we may make consequential adjustments to the interest credited to your Account.

7.2 Special promotions

Without limiting the above, if you use a special promotion in connection with your Account or Card in a way that we reasonably determine to be inappropriate, in addition to stopping or closing your Account under section 9, we may reclaim any amounts paid to you in connection with the special promotion by debiting your Account and/or by following the process set out in section 7.4.

7.3 Can I Overdraw My Account?

There is no overdraft facility on your Account and you must not overdraw your Account.

Despite this, some transactions (such as offline payments) may result in your Account being debited even if there are insufficient funds to cover the amount of the debit either in full or in part. If, for any reason, your Account has a negative (debit) balance you agree to immediately repay this negative balance. We may contact you if your Account has a negative balance.

You should inform us promptly if you are experiencing financial difficulty.

7.4 Set-off and combining accounts

You irrevocably agree that any moneys payable to us by you will be paid in full and, to the extent permitted by law, free of any right of set-off or counterclaim of any kind and free and clear of, and without, deduction or withholding of any kind.

If you have more than one account with us and any one of those accounts has a negative balance or otherwise has amounts due and payable (or another amount is otherwise payable by you to us) while one or more other accounts have credit balances (including money available for redraw), you irrevocably request and authorise us to appropriate from one or more of those accounts to pay some or all of the amounts due and payable. We are not obliged to do this and your obligation to pay all amounts will not change if we do not take these actions.

We will promptly inform you if we have taken any of the actions above, but we do not need to notify you in advance.

You should not treat your accounts as combined unless we have agreed to such an arrangement.

8.1 Sharing your Secret Code(s)

Some third parties provide data sharing services which require you to hand over your Secret Code(s). For example, budgeting apps or account services that allow you to view account information from different institutions in the one place.

If you disclose any of your Secret Code(s) to a third party (including another financial institution), you will be liable for any transactions on your Account made by that third party using that Secret Code(s). Refer to section 6 for more information on security.

8.2 Third party access

You may nominate an Authorised Third Party to access your Account and specify the level of authority you wish to give them by completing the Third Party Authority Form, which is available online. Additional terms and conditions also appear on the form.

If you authorise a third party to access your Account, you must ensure that, where relevant, they comply with these terms and conditions.

You should carefully consider who you appoint as a third party on your Account as we may follow their instructions as if they were yours. It is important that you understand this risk and carefully consider what level of authority you give to them. You will be liable for any transactions effected by a third party on your Account within the authority you gave them.

8.3 Instructing us to send your Account information to a third party

We may accept instructions from you to send a copy of your Account information (which may include personal information) to a third party outside of Macquarie. Separate terms may apply.

Unless otherwise required by law, we accept no responsibility for acts or failures of the third party or for any loss or damage suffered by you as a result of us sharing your Account information with the third party in accordance with your instructions. 

You can contact us at any time to change or terminate your instructions.

We may suspend, cease to follow, or terminate any such instructions for any reasonable cause without notice to you.

9.1 Number of Accounts

We may, acting reasonably, limit the number of Accounts you may have open at any one time and if you have more open Accounts than the limit, we may place a stop on or close some or all of your Accounts in accordance with section 9.2 and section 9.3.

9.2 Stopping your Account

Sometimes we may need to place a stop on your Account. When we apply a stop to your Account it means that you will not be able to transact on your Account.

Alternatively, we may block a proposed transaction (or type of transaction) on your Account, rather than stopping all transactions on your Account, or suspend your Card.

In addition to any of the other circumstances specified in these terms and conditions and without limiting the reasons why, we may place a stop on your Account, suspend your Card or block a transaction (or type of transaction) if:

• you breach, or we suspect you have breached, these terms and conditions
• a third party you have appointed to access your Account breaches, or we suspect they have breached these terms and conditions or the terms of their appointment
• you do not provide us with any information that we have asked you to provide
• we are notified of your death, bankruptcy or loss of capacity
• you are the recipient of a mistaken payment into your Account
• we determine that your use of a special promotion or other offer in connection with your card and/or Account is inappropriate
• we reasonably believe your Account or PayID is being used in a way that may cause loss to you or us (including, without limitation, where unauthorised transactions have been reported on the Account)
• we know, reasonably suspect or you advise us that your Card, Card Details, PayID, Mobile Device, Secret Code and/or PIN are no longer secure
• we know or reasonably suspect that your Account, Card, Card Details, PayID, Mobile Device, Secret Code and/or PIN are being or will be used for fraudulent or unlawful transactions
• we know or reasonably suspect that your Account, Card, Card Details or PayID are being used to conduct related-party transactions or transactions for business purposes
• your Account has a negative (debit) balance
• we become aware of any dispute which we reasonably believe has a bearing on the Account until this dispute has been resolved to our reasonable satisfaction (for example, a dispute as to who may operate or owns the Account)
• you behave in a way towards our staff, our service providers or others that we reasonably consider to be inappropriate
• we are entitled to under, or required to by, law (including, without limitation, any Anti-Money Laundering or Counter-Terrorism Financing laws and sanctions) or a court order, or
• we reasonably believe that you are using your Account in a way that could damage the business operations or reputation of the Macquarie Group.

We will act reasonably in relation to any decision to place a stop on an Account.

9.3 Closing your Account or cancelling your Card

You can ask us to close your Account, cancel your Card, or do both at any time by contacting us. We may, in our discretion, require all Account holders to provide instructions to close a joint Account. Before we agree to close your Account, you must pay any amount which may be owing to us.

We may close your Account or cancel your Card:

• if you have not used or made any transactions on your Account or Card in the last 6 months
• if you have not used your Account or Card within the first 30 days from Account opening
• if the balance of your account becomes subject to unclaimed monies requirements
• for any of the reasons set out in section 9.2 above, or
• for any other reason we reasonably consider appropriate.

We will act reasonably in relation to any decision to close an Account or cancel a Card.

If we close your Account, we will pay you the credit balance of your Account along with any accrued interest (where permitted by law) after all transactions and fees and charges have been debited to your Account.

You will remain liable for all transactions performed using the Card prior to its cancellation. You will also be liable for any transactions (including recurring Card payments) made after cancellation using your card details where you have not cancelled the transactions.

If your Account is closed, you will be liable for any transactions that were not processed, or that occur, on your Account on or after the Account is closed, as well as any unpaid fees or other costs associated with your Account.

If your Account is closed or your Card is cancelled, make sure you notify anyone who either directly debits or credits your Account and any merchant with whom you have a recurring Card payment arrangement.

9.4 Acknowledgement

You acknowledge that we retain the right not to provide products or services to anyone that we decide, in our sole discretion, that we do not wish to provide them to.

We may change these terms and conditions without your consent:

• so long as we act reasonably, and
• in accordance with the law and any codes of conduct to which we subscribe.

We will notify you of any unilateral changes by us as set out in the following table:

Refer to section 1.3 for more information on how we send you notices.

We do not have to provide you with advance notice of a change if the change is required to restore or maintain the security of a system, your Card or Account.

If these terms and conditions state that we may do something immediately or without notice, the above notice periods will not apply.

If you are not satisfied with any change or variation to these terms and conditions you may choose to close your Account. We will not charge you a termination or account closing fee, however termination of your Account will be subject to all outstanding obligations under these terms and conditions being duly discharged.

(a) Unclaimed monies

If your Account has a balance of $500 or more and you have not transacted on that Account for seven (7) years, and you or an Authorised Third Party have not notified us within this seven year period that your Account is to remain active, then we are required by law to close your Account and remit the balance of your Account to the Commonwealth Government.

However, where you have a Savings Account and a Transaction Account, we will treat these Accounts as linked. This means that the balance of neither Account will become unclaimed monies as long as you have operated either Account.

Whilst you can reclaim your money from the Commonwealth Government at any time, we suggest that your Account is operated regularly or you contact us to avoid this inconvenience.

(b) Financial Claims Scheme (FCS)

Under the FCS (commonly referred to as the Australian Government deposit guarantee) administered by the Australian Prudential Regulation Authority (APRA), the Australian Government has provided a guarantee on deposits subject to a limit for each account holder. Further information about the FCS can be obtained from the APRA websites at www.apra.gov.au and https://www.fcs.gov.au/ or by calling the APRA hotline on 1300 558 849 (or +61 2 8037 9015 if calling from overseas).

(c) Banking Code of Practice

The Banking Code of Practice (BCOP) is an industry code which sets standards of good banking conduct. The relevant provisions of the BCOP apply to this banking service.

(d) Exercise of our rights and waiver

Our rights can only be waived in writing. We may exercise any right, remedy or power in any way we choose. If we decide not to exercise a right, remedy or power this does not mean we cannot exercise it later.

(e) Severance

If any section or clause of these terms and conditions becomes void or unenforceable under any applicable law in any State or Territory, then that section or clause will be removed from these terms and conditions in so far as that State or Territory is concerned. The removal of any section or clause will not affect the remaining provision of these terms and conditions nor will it affect the validity or enforceability of that clause in any other State or Territory.

(f) Anti-Money Laundering and Counter-Terrorism Financing obligations

You must not knowingly do anything to put Macquarie in breach of the Anti-Money Laundering and Counter- Terrorism Financing Act 2006, rules and other subordinate instruments (AML/CTF Laws). You undertake to notify Macquarie if you are aware of anything that would put Macquarie in breach of AML/ CTF Laws.

If requested, you must provide additional information and assistance and comply with all reasonable requests to facilitate Macquarie’s compliance with AML/CTF Laws in Australia, an equivalent law in an overseas jurisdiction, and/or our internal policies and procedures.

You undertake that you are not aware and have no reason to suspect that:

i) any deposit to your Account is derived from or related to money laundering, terrorism financing or similar activities (Illegal Activities), or
ii) proceeds of withdrawals from your Account will fund Illegal Activities.

You acknowledge that Macquarie is subject to AML/ CTF Laws and/or its internal policies and procedures. In making an application, you consent to Macquarie disclosing in connection with AML/CTF Laws and/or its internal policies and procedures any of your Personal Information (as defined in the Privacy Act 1988 (Cth)) Macquarie has.

You acknowledge that in certain circumstances we may be obliged to freeze or block your Account where it is used in connection with illegal activities or suspected illegal activities. Freezing or blocking can arise as a result of the account monitoring that is required by AML/ CTF Laws and/or our internal policies and procedures. If we freeze or block your Account because we believe on a reasonable basis that we are required to do so in order to comply with AML/CTF Laws and/or our internal policies and procedures, we are not liable to you for any consequences or losses whatsoever and you agree to indemnify us if we are found liable to a third party in connection with the freezing or blocking of your Account.

(g) Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) obligations

You must not knowingly do anything to put us in breach of:

• sections 1471 to 1474 of the US Internal Revenue Code of 1986 (commonly known as FATCA), any associated regulations or official guidance, any agreement with the US Internal Revenue Service relating to FATCA or any Australian laws, regulations or official guidance relating to an intergovernmental agreement between the United States and Australia in connection with FATCA (FATCA Laws) or our internal policies and procedures, or
• our obligations in relation to CRS under the Taxation Administration Act 1953 (Cth), any associated regulations or official guidance, the OECD Multilateral Competent Authority Agreement on Automatic Exchange of Account Information or any Australian laws, regulations or official guidance in connection with CRS (CRS Laws) or our internal policies and procedures.

You agree to provide to us all the information or assistance we may request at any time, (whether as part of an application process or otherwise) to ensure that we are able to comply with our obligations under the FATCA Laws, CRS Laws or our internal policies and procedures.

You consent to us disclosing, in connection with the FATCA Laws, CRS Laws or our internal policies and procedures, any of your Personal Information (as defined in the Privacy Act 1988 (Cth)).

We retain the right not to provide products or services to you where we decide, in our sole discretion, that we do not wish to provide them, including where information has not been provided as required to comply with FATCA Laws or CRS Laws.

(h) Confidentiality

We respect the confidentiality of your information. Information you provide us will not be disclosed except where we are required or permitted to disclose this information. This includes where we are compelled by law, there is a duty to the public to do so, our interests require us to do so or the disclosure is made with your consent, authorisation or instructions.

We are committed to providing you with the best possible level of service and improving this is important to us. Please contact us immediately if you have a concern or complaint.

To contact us please visit https://www.macquarie.com.au/feedback-and-complaints.html

If you have a privacy related question or complaint, please email privacy@macquarie.com and mark communications to the attention of our Privacy Officer or call us on 1800 806 310.

The Customer Advocate

The Customer Advocate’s role is to:

• listen to our customers and provide a customer-centric voice when making recommendations to improve customer experience
• minimise the risk of future problems by reviewing key customer themes, and
• work with Macquarie complaint teams to promote fair and reasonable customer outcomes.

The Macquarie Customer Advocate is separate to Macquarie’s operating, risk and support groups including its internal dispute resolution teams.

The Macquarie Customer Advocate can be contacted at:

The Customer Advocate

Macquarie Group Limited
GPO Box 4294
Sydney NSW 1164
Email: customeradvocate@macquarie.com

What to do if you feel your complaint has not been resolved

If you have raised your concerns with our Client Care team, and you are not satisfied with the outcome proposed or you believe that we have not resolved your complaint fairly, then you can request to have your complaint reviewed free of charge by the Australian Financial Complaints Authority (AFCA).

AFCA is an independent external complaints handling body approved for this purpose by ASIC. This service is available to individuals and small businesses and is free of charge.

AFCA may be contacted at:

Australian Financial Complaints Authority

GPO Box 3, Melbourne VIC 3001
Telephone: 1800 931 678
Website: www.afca.org.au

We are bound by whatever AFCA decides. However, if you do not agree with AFCA’s determination you are not bound by it and you can take the matter to court if you wish.

Account means a Transaction Account, Savings Account or Offset Account.

ATM means an automatic teller machine owned by us or another financial institution.

Authorised Third Party means a person authorised by you to access and/or transact on your Account(s), including via Electronic Banking.

BPAY means a payment which you have instructed us, via Electronic Banking, to make to a Biller through the BPAY Scheme. BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.

Business Day means every weekday except for Australian national public holidays.

Card means a Debit Mastercard or any card (including a digital card or token) we issue to you (or, in the case of a digital card or token, issued by a third party directed by us) for use on your Transaction or Offset Account.

Card Details means the information printed on your Card including the Card number, expiry date and Card Verification Code (CVC - the three digits shown on the back of your Card).

Direct Debit means a regular drawing from your Account that you have authorised a third party to make by quoting your BSB and Account number.

Electronic Banking means either or both of Online Banking and Mobile Banking, as relevant.

Internal Transfer means an electronic funds transfer service to any of your Macquarie Accounts available via Electronic Banking.

Mastercard means Mastercard International Incorporated.

Mobile Banking means Macquarie’s secure mobile banking service that allows you to access certain banking services through a smartphone application on compatible mobile phones or personal electronic devices.

Mobile Device means a mobile phone, tablet, watch or any other type of personal or smart electronic device which can access Mobile Banking, Online Banking or a digital wallet.

NPP means New Payments Platform operated by NPP Australia Limited.

NPP Payment means a payment made through the NPP to a PayID.

Office Holder means the natural person(s) who may operate an Account in the name of a company or trustee.

Online Banking means Macquarie’s secure online banking services that enable you and any Authorised Third Parties to access and or transact on your Account over the internet.

Pay Anyone Payment means a payment that can be made through Electronic Banking which is processed via direct entry or through the NPP involving the transfer of funds from an Account to another account held with Macquarie, or to an account held with another financial institution in Australia.

PayID means the identifier that you choose to receive NPP Payments to your NPP enabled Account.

PIN means the personal identification number for use with a Card that is required to be kept secret.

POS terminal means electronic equipment used to initiate a transaction at the point of sale using a Card.

Savings Account means a Macquarie Savings Account.

Secret Code means individually and collectively any code for accessing your Account or making a transaction which we require you or an Authorised Third Party to keep secret, including any PIN, SMS or other authentication code.

Transaction Account means a Macquarie Transaction Account or Macquarie Offset Account.

We, us or Macquarie refers to Macquarie Bank Limited.

You means the holder of an Account and, in the case of Joint Account holders, “you” means each Account holder separately and all Account holders jointly (context permitting). In the case of an Account in the name of a company or a trustee of a trust, “you” also includes Office Holders (jointly and severally) where the context requires. Any other grammatical form of "you" has a corresponding meaning.