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 which apply to your use of your Account 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 (Interest rates) for more details.

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

Would you like further information on amounts that will or may be payable in relation to the Account (including information on interest rates applicable to your Account)? You can find information about your Account at Help Centre. You may also contact us to request any further information, including to obtain a copy of these terms and conditions from us at any time.

Except where stated otherwise, information available from hyperlinks in these terms and conditions are for information only and do not form part of these terms and conditions.

These products are deposit accounts issued by Macquarie Bank Limited ABN 46 008 583 542, AFSL 237502.

1.1  Ceasing cash and cheques

In accordance with recent notices and announcements, cheque and cash services (deposits and withdrawals) may not be available at Macquarie offices and by post from 20 May 2024.

1.2 Need help?

We're here to help and support you. Visit our Help Centre or contact us.

Summary of key features

1.3 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.

Any relevant information published from time to time about limits and lodgment times for your Account via the URL addresses above forms part of these Terms and Conditions.

1.4 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 (Offset Accounts)

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

Any relevant information published from time to time about current interest rates for your Account or how interest is calculated and applied to your Account via the URL addresses above 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 may be subject to separate terms and conditions. If you are eligible for a bonus interest or promotional interest offer, we will provide you with any terms and conditions for the offer at the time you apply for the 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 organisations, such as merchants, international ATM operators and financial institutions involved in processing payments, 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 you will be notified about during 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)
• 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 be able to place a stop on the Account. Refer to section 9.2 (Stopping your Account) 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 Offset Account or switch an existing Macquarie Transaction Account into an 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 Macquarie 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 (Office Holders) 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 authorise and instruct us to follow any instructions given by any Office Holder(s) at all times unless we have been notified of a dispute involving one or more of them, in which case we may take such steps as we consider reasonable in the circumstances, including by restricting your Account in accordance with section 9 (Stopping and closing your Account).

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 (Card conditions of use), 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 (Data sharing and third parties) and/or
• close the Account.
   

3.6 Tax File Number (TFN)

You may need to pay tax on interest earned on your Account. We recommend that you seek independent tax advice.

If you have a TFN, you may quote it to us when you open an interest bearing Account or at a later time of your choosing. Macquarie is authorised to collect individual's TFNs under the Income Tax Assessment Act 1936 (Cth).

It is not compulsory for you to supply us with your TFN and it is not an offence if you decline to quote your TFN to us. However if you do not supply us with your TFN or an exemption status, then we are required by law to deduct withholding tax from any interest earned on your Account at the highest applicable marginal tax rate, plus the Medicare Levy, and forward this amount to the Australian Taxation Office (ATO).

If you tell us your TFN, we are required by law to pass it on to the ATO. We will not tell anyone else your TFN and will keep it confidential. We will comply with the guidelines set down by the Privacy Commissioner and we will not use your TFN for any purpose other than as required by this section 3.6 (Tax File Number).

Where the ATO is satisfied that a TFN is not the correct one, the ATO may notify us of that fact and:

• substitute the correct TFN, or
• remove the incorrect TFN.

Where the TFN is removed, withholding tax may be charged until the correct TFN is provided.

If we deduct withholding tax in error from your investment distribution or interest income (for example, you quoted your TFN but we failed to record it) and this is discovered before 30 June of the current tax year, we may refund to you the amount of withholding tax previously deducted and correct all reporting provided to the ATO for tax purposes.

If we deduct withholding tax from your investment distribution or interest income because you chose not to quote your TFN, you forgot to do so, or an error was discovered post 30 June of the relevant tax year, we will not refund you the amount of withholding tax previously deducted. In these circumstances you may be able to claim a credit for the withholding tax in your income tax return and we recommend you seek independent financial advice.

Where you are not a resident of Australia for income tax purposes or you have an address outside of Australia recorded, we will deduct withholding tax from interest earned on your Account at the rate of 10%.

You can access the Macquarie Transaction, Offset and Savings Account through Macquarie Online Banking and Mobile Banking using your Macquarie ID. These services are subject to the separate terms and conditions set out in the Electronic Banking Terms and Conditions.

4.1 How can I make deposits?

You can make deposits to your Account using:

• Electronic deposits – between your Macquarie 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).
• NPP Payments – receive deposits into your Account by providing your PayID (for example, your mobile number) or by quoting your BSB and Account number. Registering a PayID with Macquarie and linking it to your Account is optional.
• Cash deposits – subject to section 1.1 (Ceasing cash and cheques), in person at certain Macquarie offices.
• Cheque deposits – subject to section 1.1 (Ceasing cash and cheques), in person at certain Macquarie offices or by post (accompanied by a completed deposit slip, which can be obtained online), and

Information on how to use each of these deposit methods is available online.

All deposits to your Account must be made in Australian dollars (AUD). If, contrary to these terms, you attempt to make deposits to your Account by any method other than those set out above and we permit that deposit to be processed, such deposits will be subject to any of our terms and conditions that Macquarie reasonably determines usually apply to the method of deposit used.

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 by direct entry (including scheduled and recurring payments) or by NPP.
• BPAY – make payments to BPAY Billers from your Account.
• PayID 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.
• PayTo Payments – you can authorise a merchant or third-party payment service provider to debit funds from your Account (including on a regular basis) by establishing a Payment Agreement and providing them with your BSB and Account number and/or PayID
• Bank cheque – subject to section 1 (Accounts summary), 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 (Card conditions of use) 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 (Can I overdraw my account?) 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 (including information relating to FATCA Laws or CRS Laws), is true and correct to the best of your knowledge at the time of providing the information.

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

See our Help Centre on what information we require and how to notify us.

If you fail to keep your details up to date, then you may not receive communications and notices from us and you are responsible for any losses that flow from that.

4.5 Statements

Statements will be automatically issued every six months electronically and are available through Electronic 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 promptly by calling us on 133 174.

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.

4.8 PayTo

PayTo is a digital alternative to direct debits that allows you to establish and authorise Payment Agreements with merchants or third-party service payment providers who offer PayTo as a payment option. Refer to the PayTo conditions of use and associated definitions within the Electronic Banking Terms and Conditions for more information.

It is your responsibility to ensure that the details of your Payment Agreement(s) are correct and that you have sufficient cleared funds in your Account to meet the requirements of all your Payment Agreement(s).

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.

Only the Account holder may request a Card and use the Card in connection with the Account.

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 (Closing your Account or cancelling your Card),
• 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 product/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.

Security of your Card, Passcodes, Devices and access to them is of utmost importance to help reduce both your and our liability for unauthorised transactions.

Please refer to the Electronic Banking Terms and Conditions for information on your and our liability for unauthorised transactions and what you should do to help keep your banking secure.

7.1 Adjustments of debits and credits

Acting reasonably and in good faith, 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 is not in good faith or involves gaming or otherwise taking excessive advantage of the special promotion in a manner we reasonably consider is inconsistent with the intent of the promotion, in addition to stopping or closing your account under section 9 (Stopping and closing your Account), you authorise us to 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 (Set-off and combining accounts)

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 repay this negative balance as soon as possible. We may contact you if your Account has a negative balance. If you fail to repay overdrawn amounts then we may report this as a payment default to a credit reporting agency (subject to reporting eligibility requirements).

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

7.4 Set-off and combining accounts

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 notified you of the combination.

8.1 Third party access

You cannot make an online application for an Account on behalf of someone else, including if you hold a Power of Attorney or Enduring Power of Attorney.

We may permit an Authorised Third Party to access your Account and you may specify the level of authority you wish to give them by completing one of the applicable Third Party Authority Forms, which are available online. Additional terms and conditions also appear on the form. Further options may be available for third party access to Macquarie Offset Accounts.

If you authorise a third party to access your Account, you must ensure that, where relevant, they comply with these terms and conditions. A nominated Authorised Third Party must also meet our eligibility requirements.

You should carefully consider who you appoint as a third party on your Account as we will (subject to the terms and conditions of the authority) follow their instructions as if they were yours. It is important that you understand this risk. You will be liable for any transactions effected by an Authorised Third Party on your Account within the authority you gave them.

8.2 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.

Subject to the requirements of any law, we may suspend, cease to follow, or terminate any such instructions for any reasonable cause without notice to you.

9.1 Number of Accounts

You can only open (and keep open) a maximum of 10 Macquarie Transaction Accounts at any one time.

If you have more open Accounts than the limit, we may place a stop on or close some of your Accounts in accordance with section 9.2 (Stopping your Account) and section 9.3 (Closing your Account or cancelling your Card) to ensure your number of open Accounts do not exceed the limit.

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, 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 in a manner we reasonably consider involves a material risk to us
• 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 conditions in a manner we reasonably consider involves a material risk to us or to you
• you do not provide us with any information that we have reasonably asked you to provide and we reasonably consider creates a material risk to us or prevents us from complying with our legal or regulatory obligations or compliance policies
• we are notified of your death, bankruptcy, insolvency or loss of capacity
• you are the recipient of a mistaken payment into your Account, however, limited to preserving funds in the account to the value of the mistaken payment
• we reasonably determine that your use of a special promotion or other offer in connection with your card and/or Account is not in good faith or involves gaming or otherwise taking excessive advantage of the special promotion in a manner we reasonably consider is inconsistent with the intent of the promotion
• we reasonably believe it necessary in order to prevent the occurrence of fraud or unlawful transactions
• 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, or reasonably suspect, or you advise us that, your Card, Card Details, PayID, Device, Passcode, Account and/or PIN are no longer secure, or 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)
• we become aware of a technical issue with your Account, Card or Card Details, which requires us to cease any transaction on the Account and/or to close your Account
• you behave in a way towards our staff, our service providers or other customers 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
• 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 identify that your payments may have been sent with unwanted, threatening and/or abusive payment descriptions
• we identify that another party has opened the Account on your behalf, or
• you provide us with information that does not belong to you such as an email or mobile phone number.

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 close your Account through Online Banking or Mobile Banking. You can contact us at any time to cancel your Card.

We may, in our reasonable 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 and the account has a nil balance
• 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 (Stopping your Account) above or section 3.1 (Who can open an Account?), 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, and in accordance with applicable laws and industry codes.

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..

We may change these terms and conditions at any time:

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 changes we make as set out in the following table:

Refer to section 1.4 (How we’ll communicate with you) 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 then 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 money

If your Account has a balance of $500 or more (or such other amount as is prescribed under applicable laws from time to time) 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.

More information on unclaimed money can be found on the Australian Securities and Investments Commission’s (ASIC) website at http://www.asic.gov.au.

There may be other situations where we are legally required to close your Account and remit the balance of your Account to the Commonwealth Government or to ASIC, such as where a company that holds the Account is deregistered.

(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. In some circumstances, you may be entitled to payment under the FCS. Further information about the FCS can be obtained from the APRA website at https://www.apra.gov.au/financial-claims-scheme-0 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 will apply to this banking service if you are an individual or a small business (as defined in the BCOP).

(d)  ePayments Code

The ePayments Code (Code) is an industry code administered by the Australian Securities and Investments Commission (ASIC). The Code regulates electronic payments, including ATM, EFTPOS and card transactions, online payments, internet (online) and mobile banking, telephone banking, direct debits and BPAY. It applies in addition to other regulatory and licensing requirements that apply to us. The Code does not apply to products established primarily for business purposes.

From the date of our adoption of the Code, we will comply with the Code in relation to transactions which are governed by it.

(e) 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.

(f) 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 provisions of these terms and conditions nor will it affect the validity or enforceability of that section or clause in any other State or Territory.

(g) 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 will notify us if you are aware of anything that would put us 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 confirm that you are not aware and have no reason to suspect that:

1. any deposit to your Account is derived from or related to money laundering, terrorism financing or similar activities (Illegal Activities), or
2. 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 complying with AML/CTF Laws and/or its internal Anti-Money Laundering and Counter-Terrorism Financing 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, except to the extent such liability arose from our mistake, fraud, negligence or wilful misconduct.

(h) 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.

We retain the right not to provide products or services where information has not been provided as required to comply with FATCA Laws or CRS Laws.

Please contact us 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.

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, and permitted by us in accordance with section 8.1 (Third party access), to access and/or transact on your Account(s), including via Electronic Banking.

Card means a Debit Mastercard or any card (including a digital card or token) we issue to you for use on your Transaction or Offset Account. In the case of a digital or tokenised card, this may be issued to you by another party on our behalf – e.g. your Device manufacturer, who has integrated their services with us to enable you to establish digital payments on your Device.

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).

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

Mastercard means Mastercard International Incorporated.

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

Savings Account means a Macquarie Savings Account.

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

We, us or Macquarie refers to Macquarie Bank Limited ABN 46 008 583 542, AFSL 237502.

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. Wherever such forms of “You” are used throughout these Terms and Conditions the relevant obligation or requirement also applies to any Authorised Third Parties, as applicable and as the context requires.

Please refer to the Electronic Banking Terms and Conditions for any defined terms which are not listed above.