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Changes to the Terms and Conditions for Savings Accounts and Payment Services

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Tuesday, 8 October 2019

We have updated our Terms and Conditions for Savings Accounts and Payment Services to accommodate real-time payments through the New Payments Platform (NPP) and PayID.

These amendments provide which accounts can send and receive NPP Payments and have a PayID created. They also explain how the NPP operates, including making payments, transaction limits, privacy and conditionality and other incidental issues. PayID have separate Terms and Conditions for PayID, available here.

Related to transaction limits, we have also amended clause 8.5(9) to provide that we may, without notice, decrease a customer’s electronic withdrawal limit to the Daily Maximum set out in the table in clause 8.5(8) for fraud prevention reasons or where the customer has not used the increased limit for six months or more.

The updated Terms and Conditions for Savings Accounts and Payment Services are available here.

Our daily cash withdrawal and transaction limits are below.

Transaction By Minimum Daily Maximum
Cash withdrawal Over the counter at Member Service Centre $5 $2,000
Cash withdrawal ATM – CueCard/Visa card $20 $1,000
Cash withdrawal EFTPOS – CueCard/Visa card $20 $1,000
Transaction EFTPOS – CueCard/Visa card None $15,000
External Transfer Mobile and Online Banking None $5,00012
Internal transfer to another Qudos Bank account (outside your membership) Telephone, Mobile and Online Banking None $25,000
BPAY Transfer Telephone, Mobile and Online Banking None $25,000
Each transaction Visa payWave None $10013
Transactions in a day Visa payWave None $20013

12You can ask us to increase this limit, see our section “What if I need to withdraw more than the limit allows?” in the section below.

13The payWave transaction limit has been set to $100. You can use Visa payWave for an unlimited number of transactions up to a maximum of $200 per day. For more details, see our website qudosbank.com.au

If you require a larger cash withdrawal amount, we can make arrangements with our bank (Westpac) to cash a Qudos Bank corporate cheque.

The Internal, External and BPAY transfer amounts set out in the Daily Maximum column represent your default limit upon becoming a Member (“Default Limit”).

You may increase your Default Limit for Internal and BPAY transfers with our approval, by calling 1300 747 747 or sending a secure email asking us to increase your limit.

You may increase your Default Limit for External transfers to $20,000 through Online Banking and for increases above this amount, with our approval, by calling 1300 747 747 or sending a secure email asking us to increase your limit.

Please note that we may not allow a limit increase unless we have proof of the identity of the Member or signatory requesting the limit increase.

You may decrease your Internal, External and BPAY transfer limits through Online Banking. If you decrease any of these limits below $25,000, any further increases through Online Banking will be limited to $20,000.

You may increase your limit with our approval, by calling 1300 747 747 or sending a secure email asking us to increase your limit.

 

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