Personal Banking terms

A | B | C | D | E | F | G | H |I | J | K |L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

 

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 - means 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 Internet Banking.

 

Agreed Credit Advance fee - a fee charged quarterly on the last day of February, May, August and November on Line of Credit facilities.

 

Annual Percentage Rate - the yearly interest rate set out in your loan agreement.


Application fee - the fee that covers the costs in setting up a loan.


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

 

Authorised Account - a Nominated Account that the Account holder authorises a Related Account User to access using his or her own Personal Access Code, Customer Access Number and Value Authorisation Code (if any).   

 

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. 

 
B

Balance Transfers -  a balance transfer is the process of moving your balance from one credit card account to another.

 

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 $5,000 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 or EasyPhone 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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C

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

 

Cardholder - any person to whom a Card has been issued by us.

 

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

                                                                                            

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.

 

Comparison rate - used to compare the actual rate of a loan, by taking into consideration the other costs of the loan such as the nominal interest rate per annum, the compounding frequency and upfront and ongoing fees.

 

Credit Card - a Bankcard, Visa or MasterCard.

 

Credit rating - an assessment of your ability to repay debt based on your risk profile or credit-worthiness.

 

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

 

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D

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. 

 

Debit Card - any Card that is not a Credit Card.

 

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
 

E

EasyPhone Banking - our telephone banking service using a natural language voice recognition system which enables you or a Related Account User, having entered in security details, to effect transactions on Nominated Accounts by speaking the requests clearly into the phone and responding to the prompts given.

 

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

                                                                                               

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

 

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 additional Cardholder or Related Account 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 (other than Credit Card Accounts) 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 EasyPhone

Banking or Internet Banking; or

(e) paying bills using BPAY.

 

Internet Banking Transaction - any transaction on a Nominated Account that is conducted through Internet Banking. It includes BPAY Payments, Multi Payments and transfers between accounts.

 

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F

Fixed interest rate - an interest rate that does not change during the fixed interest period of the loan.

 

G

GiroPost - the banking service provided by Australia Post.

 

I

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.

 

 

L

Line of credit - Bank of Queensland line of credit facility uses the equity in your home or investment property.  

  

 

Low doc home loans - a flexible financing solution for the self-employed who have income and assets, but who don't have the usual documentation, such as financial statements or tax returns, on hand at the time of application. 

 

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M

Maturity - the point in time at which the term of an investment account ends.


 

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

                                                                                              

N

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. Additional Cardholders may nominate your Credit Card Account as their Nominated Account for EasyPhone Banking and Internet Banking.

  

O

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. 

 

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P

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 EasyPhone Banking and 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.

 

Principal - the original amount of your loan, on which the interest is calculated.

 

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 Enhanced Internet Banking.

 

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R

Redraw facility - allows you to make additional repayments on your mortgage, and then have access to the additional repayments if you need to. The conditions attached to the redraw facility may include a minimum withdrawal amount and a fee for use.

 

Reference rate- a benchmark interest rate on which the actual interest rate is based.


Related Account Access - the means by which Related Account Users access Authorised Accounts.

 

Related Account User - a person authorised by you, the Account holder, to transact on your Account via Internet Banking or EasyPhone Banking, using his or her own Personal Access Code, Customer Access Number and User ID (if any).

 

Reward points - to reward customers for using their Bank of Queensland Credit Card. The Bank gives points for a certain amount spent using the card, which can be redeemed for various products.

 

Rollover - a reinvestment of term investment funds into another investment

 

S

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 - the property that serves as collateral for a loan.

 

Security Token - a small electronic device which is provided to Internet Banking customers that have a daily Pay Anyone limit of $5,000 or greater.  Note: all Payments File Upload Facility (PFUF) users must use the BOQ Security Token irrespective of their daily limit. 

                                                                                           

Secured loan - a loan that is backed by collateral.

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.

 

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T

Telephone Banking Transaction - any transaction on a Nominated Account using EasyPhone Banking. It includes a BPAY Payment and transfers to Bank of Queensland accounts (including Credit Card accounts).

 

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.

 

Top Up facility - a service of the Bank that lets you use the limit on your credit card account to cover cheque or periodical payment overdrawing against another account – giving you a safeguard against overdrawing. Top Up will only activate when there’s sufficient available credit in your credit card account.

 

U

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

 

 

User ID - an alphanumeric code used in conjunction with the CAN to identify an Authoriser or Delegated User acting on behalf of a Customer/Authoriser/Delegated User. This user ID can be up to 10 characters in length.  This user ID will not be required by all customers.

 

V

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

 

Variable interest rate- is an interest rate that changes as a result of changes in a controlling index rate.

 

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