myBOQ Deposit Accounts General Terms and Conditions
- We’ve clarified that external transfers are now available for Simple Saver Accounts (see clause 1.4).
- We’ve changed how we calculate the daily interest rate: it is now determined by dividing the annual interest rate by 365, even in a leap year (see clause 5.1 ‘Calculating Interest’).
- We’ve clarified that for joint accounts withholding tax may be deducted unless all joint accountholders provide their TFN or exemption details (see clause 5.4).
- We’ve clarified that ‘Pay Someone’ payments sent through the NPP (including OSKO payments) may be sent immediately and are irrevocable (see clause 6.3).
- We’ve moved and changed the clause dealing with your ability manage your transaction limits in the myBOQ app to make it clear you can manage your Pay Someone transaction limits as well as Visa Debit Card transaction limits (see clause 6.9).
- We’ve inserted important new terms and conditions about your and our rights and obligations in relation to BPAY Payments (see new clause 7 and clause 11.5).
- We’ve added that when opening multiple Everyday Accounts, you may have the option to enable only a digital card for these accounts (see clause 8 ‘Visa debit card’).
- We’ve inserted a new requirement that you must not use your Visa debit card for any unlawful purpose (see clause 8.2).
- We’ve clarified that chargeback rights only apply to Visa debit card transactions where permitted under the Visa rules (see clause 8.12).
- We’ve updated the details about how Mistaken Payments will be dealt with (see clause 9).
- We’ve clarified when you will be taken to have authorised someone else to conduct a transaction on your account because they have access to the myBOQ app or a digital wallet installed on your device or your Visa Debit Card or myBOQ app is added or installed on their device (see clause 11.1).
- We’ve added a new clause dealing with the rules and your rights, obligations and liabilities that apply when you use an ‘Electronic Access Method’ to access your accounts (see clause 12).
- We’ve clarified that statements of account will be given to you by being made available in the myBOQ app (see clause 15).
- We’ve changed the circumstances in which we can close your account (see clause 19) or restrict or freeze your account or transactions (see clause 20) without your consent.
- We’ve clarified our stance on financial abuse. We do not tolerate it, and we may block or close an account if we believe it is being used for such purposes (see clauses 21.2, 22 and new clause 25.3).
- We’ve also updated some of the defined terms and inserted new defined terms relating to the above changes (see clause 2) and made some changes throughout the terms and conditions to make it clearer when those definitions apply.
myBOQ Mobile App Terms and Conditions
- We’ve made some changes to when you will be taken to have authorised someone else to conduct a transaction on your account because that person has access to the myBOQ app installed on your device or you have installed your myBOQ app on their device (see ‘Using Fingerprint, Face or Iris recognition technology’).
- We’ve changed the circumstances in which we can suspend or terminate your access to the myBOQ app without your consent (see ‘Suspension or termination’).
- We’ve removed the previous ‘Limitation of liability’ section.
Digital Wallet Terms and Conditions
- We’ve made some changes to the reasons why we may decline the registration of your Visa Debit Card in a Digital Wallet Service (see clause 5).
- We’ve made some changes to when you will be taken to have authorised someone else to conduct a transaction on your account because that person has access to a digital wallet installed on your device or your Visa Debit Card is added to a digital wallet on their device (see clause 5).
- We’ve changed the circumstances in which we can de-register or remove your Visa Debit Card from a Digital Wallet Service (see clause 5).
myBOQ Deposit Account Interest Rates, Transaction Limits, Fees and Charges
- We’ve changed when the Trace fee and Electronic Transaction Error Correction Fee (which is now called the BPAY Error Correction Fee) are payable and removed our Failed Transaction Dispute fee and Unclaimed Monies fee.
PayID Terms and Conditions
- We’ve changed when we may refuse to create a PayID (see ‘Choosing a PayID’).
- We’ve clarified your obligation to update us if your contact details change (see ‘Keeping your details up to date’).
- We’ve changed when we can lock or close a PayID (see ‘Transferring, Closing or locking a PayID’) and the changes we can make.