Business Banking terms

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Access Restriction - a feature of Internet Banking that you can activate so that additional authorisation is required to conduct certain types of Internet Banking transactions.


Account - any account you have with us.


Account nickname - the name you select to personalise your account when you rename one of your registered accounts in Enhanced Internet Banking.


Any one to Operate Account - an account where each signatory can transact under the account independent of the other signatories and without restriction.


ATM - an automated teller machine owned by us or somebody else.


Authorised User - a person who is authorised by you, the account holder, to transact on your account. You must notify us in writing of each Authorised User appointed by you.   



Authoriser - is a person who acts on behalf of a customer, with other Authorisers, to authorise transactions and requests initiated using Internet Banking.  All Authorisers acting on behalf of a Customer must authorise transactions and requests initiated using Internet Banking before they will be carried out.                                                                                                                                   



Bank Business Day - any day on which Bank of Queensland is open for business.


Biller - a person or organisation which issues bills that you can pay using BPAY.


BOQ Security Token - The BOQ Security Token is a small electronic device which is provided to Internet Banking customers that have a daily Pay Anyone limit of $10,000 or greater.  Note: all Payments File Upload Facility (PFUF) users must use the BOQ Security Token irrespective of their daily limit. 


BPAY® Payment - any payment made through BPAY.


BPAY- an electronic scheme through which you can ask us to make payments on your behalf to Billers who tell you that you can make payments to them through BPAY. You may use BPAY through Internet Banking.


BPAY ViewTM  – a facility that enables you to view your bills online using the Internet Banking service.


BSB - a code which identifies the bank and branch at which an account is held. BSB stands for Bank/State/Branch. For example, BSB 124-001 is Bank of Queensland (12) located in Queensland (4), being branch number 001.


Business Day - any day on which banks in Melbourne or Sydney are able to effect settlement through Reserve Bank of Australia.


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Card - any card, including a Credit Card, issued to a Cardholder by us.


Challenge Number - an 8 digit number that you use the first time you access Internet Banking if you registered by mail or fax.


Chattel Mortgage- an interest in property (other than land), given to secure a debt.


Code - a PIN, Personal Access Code or any similar information which may be required in order to access your Accounts and which is required to be kept secret.


Customer Access Number - the unique number allocated to you by us which identifies you and your accounts to us and, when used in conjunction with a Personal Access Code, enables you or an Authorised User to access Internet Banking.



Daily Limits package - When you register for Internet Banking you will be offered a number of daily limits packages to choose from. These will define the daily transaction amount limit for Pay Anyone payments (including Multi Payments) and BPAY transactions via Internet Banking. 


Delegated User - a person established by a BOQ Customer/Authoriser/Delegated User to act on the Customer/Authoriser's behalf on all or a subset of the accounts/limits to which the Customer/Authoriser has access.


Documentary credit - a written assurance of a bank to pay a specific amount in the agreed currency upon submission of required documents.


Documentary collection - the payment method to deliver documents and payments between the exporter upon payment by the importer.


Drafts - an international bank cheque issued in a foreign currency. Bank of Queensland can issue drafts immediately on request in all major currencies. Drafts are an economical method of making payment to someone overseas and can be posted safely by airmail.


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EFTPOS - an electronic funds transfer service available at point of sale. 


Either to Operate Account - a joint Account where each Account holder can transact under the Account independent of the other Account holder(s) and without restriction.


Electronic Access Method - a method that you or an Authorised User use to instruct us to debit or credit an Account through Electronic Equipment, and which requires the use of a Card, Identifiers, Codes or combinations of these. It does not include a method that requires a voucher, receipt or other document to be signed (for example, when you present a Credit Card and sign a voucher to pay for goods or services).


Electronic Equipment - an electronic terminal, computer, television, telephone or similar equipment and includes our branch teller terminals, our ATMs, ATMs of other financial institutions, EFTPOS terminals and any other authorised electronic terminal or device connected to our electronic banking system from time to time.


Electronic Transaction - a transfer of funds initiated by an instruction given through Electronic Equipment using an Electronic Access Method to debit or credit an Account and includes, for example:

(a) withdrawing cash from your Account from an ATM, giroPost office or Bank of Queensland branch teller terminal using a Card and PIN;

(b) purchasing goods or services from a Merchant by using a Card and PIN at an EFTPOS terminal;

(c) purchasing goods or services from a Merchant by providing Account details to a Merchant (or to any other party to whom payment is to be made), either directly or via a third party, over the phone or Internet;

(d) the transfer of funds to or from your Nominated Account using Internet Banking; or

(e) paying bills using BPAY.


ePayments Code - the ePayments Code published by the Australian Securities and Investments Commission.


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Foreign exchange contract - an agreement for the purchase and sale of a foreign currency. 



Identifier - information provided through Electronic Equipment to access your Accounts and which is not required to be kept secret (for example, your Account number or Customer Access Number).


Internet Banking - our Internet Banking service which enables you or a Related Account User, having entered in security details, to effect transactions on your Nominated Accounts using the Internet.


Internet Banking Transaction - any transaction on a Nominated Account that is conducted through Internet Banking. It includes BPAY Payments, Pay Anyone Payments and transfers to Bank of Queensland Credit Card accounts



Leasing - a finance agreement which provides the lessee the right, for a stated period of time, to use property owned by the lessor (Financier), in return for a series of payments (lease rentals) by the lessee to the lessor. The lessee has possession and use of the property for the term of the lease, in consideration for which the lessee makes the lease payments to the lessor. The lessor retains legal ownership receiving all lease payments under the agreement and is entitled to the return of the property, which is the subject of the lease.

Limit Activation Code - a once-only code that is used to access Pay Anyone or to increase your daily Pay Anyone limit.


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Merchant - a provider of goods or services who allows payment for goods or services to be effected by performing an Electronic Transaction.


Multi Pay Anyone Payment - a Pay Anyone Payment where we debit one of your Nominated Accounts and credit up to ten accounts in accordance with your or an Authorised User’s instructions.


Multi Payment – a single Internet Banking transaction where we debit one of your Nominated Accounts and credit up to 100 accounts in accordance with instructions from you, or an Authoriser or Delegated User on your account.


Multi user transaction authorisation – the ability for customers to enforce dual or multiple authorisations on account transactions in Internet Banking, like they would do with multiple account signatories in the offline environment. 



Nominated Account - a Bank of Queensland account that you have nominated in writing and we have approved for access using an Electronic Access Method, subject to approval limits.


Novated Lease - an arrangement to obtain a motor vehicle and is typically an agreement between three parties, a finance company (Lessor), an employer (Payee) and an employee (Lessee).



Owner Managed Branch - a branch of the Bank of Queensland that is owned and operated by an independent third party as our authorised representative.


Owner Manager - the manager of an Owner Managed Branch.



Pay Anyone - a facility available through Internet Banking which enables funds to be transferred from your Nominated Accounts to accounts held at most Australian financial institutions.


Pay Anyone Payment - a transfer of funds from a Nominated Account to any account that can be identified by a BSB number and an account number using Pay Anyone.


Payments File Upload Transaction - any transaction on an account performed in accordance with the instructions we receive in a data payments file using Payments File Upload.


Personal Access Code - the security password which, when used in conjunction with a Customer Access Number, enables you or a Related Account User to access Internet Banking.


PIN - a personal identification number issued by us, or selected by the Cardholder if permitted by us, that is used in conjunction with a Card to enable the Cardholder to access your Nominated Accounts and perform Electronic Transactions using Electronic Equipment.


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Privilege delegation – the ability for customers to associate one or more people with their Internet Banking profile.  The level of access provided to each Delegated User, and to each account, can be fully customised by the customer using Internet Banking.



Rollover - a reinvestment of term investment funds into another investment.



Secure mail – a facility in Internet Banking that enables customers to communicate with the Bank of Queensland Customer Contact Centre. Secure mail messages are encrypted using 128 bit SSL encryption. They cannot be intercepted and read by a third party, ensuring that all of your account information remains secure.


Security Token - a small electronic device which is provided to Internet Banking customers that have a daily Pay Anyone limit of $10,000 or greater.  Note: all Payments File Upload Facility (PFUF) users must use the BOQ Security Token irrespective of their daily limit.


Single Pay Anyone Payment - a Pay Anyone Payment where we debit one of your Nominated Accounts and credit a single account in accordance with your instructions.


SMS alerts – an Internet Banking facility that allows you to elect to receive alerts (from a predefined list) to let you know when a specific condition has occurred.


SMS enquiries - an Internet Banking facility that allows you to request balances for accounts listed on your profile or view a list of the last 5 transactions for a specified account. Request and response are via SMS.



Telegraphic transfers - an electronic method of transferring funds overseas.


Third Party Account - any account (including Credit Card accounts) with us that are not Nominated Accounts.


Third Party Bank of Queensland Credit Card - a Credit Card account with us that is not in the Account holder’s name.



Unauthorised Transaction - an Electronic Transaction that was not authorised by you or an Authorised User. It does not include Electronic Transactions carried out by you or by anyone performing the transaction with your or an Authorised User’s knowledge and consent.


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Value Transaction - an Internet Banking transaction involving the transfer of funds between Nominated Accounts, BPAY Payments, Pay Anyone Payments, Multi Payments and transfers to Third Party Bank of Queensland Credit Cards and Third Party Accounts.