BOQ Classic Terms and Conditions changes

We may restrict your Account to prevent all or certain types of transactions and/or suspend an Electronic Access Method linked to your Account, at any time, without giving you prior notice, if: 

• we are required to do so by law or in order to comply with our legal or other regulatory obligations (including Card Scheme and payment system rules); 
• you don’t provide us with information we reasonably require to verify your identity or the source of any funds deposited into the Account or to otherwise comply with our legal obligations or other regulatory obligations (including Card Scheme and payment system rules); 
• you don’t provide us with accurate and up to date Foreign Tax Residency Status information; 
• you are no longer an Australian resident; or 
• we reasonably believe that: - doing so is necessary to prevent loss to you or us; 

- your Account or Electronic Access Method is being used in a manner that may result in loss to you or us; 

- there is fraudulent activity occurring in relation to your Account or Electronic Access Method; 

- your Account or Electronic Access Method is being operated in breach of these terms and conditions in a way that increases risk to you or us; 

- your use of the Account or Electronic Access Method or activities you undertake in connection with the Account or Electronic Access Method are at high risk of involving fraudulent or other unlawful behaviour or loss to us or other persons (for example, activities that are at high risk of being involved in scams); 

- you provided us with false or misleading information when you opened the Account or requested the Electronic Access Method which materially increases the risks we are exposed to in relation to you or the Account or Electronic Access Method and we would not have opened the Account or issued the Electronic Access Method had the correct information been provided to us; or 

- your Account or Electronic Access Method is being used to defame, harass or threaten any person, or to promote or encourage physical or mental harm of any person or to promote violence against any person (including in the use of the payment descriptions and/or references).

If your fixed term Investment Account is restricted to prevent withdrawals when it matures, any instructions you give or have given to us to withdraw any funds from your fixed term Investment Account at maturity will be suspended. Where this is this case, in addition to being able to give us instructions to nominate a different term for which the funds will be reinvested (see section 2.11), you may instruct us to transfer some or all of the funds in your fixed term Investment Account to another account you have or open with us in the same name that has been or will also be restricted. We will continue to pay interest on the credit balance in your fixed term Investment Account while it is restricted and, unless you have provided us with instructions to reinvest it for a different term or transfer funds to another restricted account with us, the funds in your fixed term Investment Account will continue to be reinvested as set out in section 2.11 when it matures. If you instruct us to transfer some or all of the funds in your fixed term Investment Account to another account with us, whether interest is payable and, if so, the applicable interest rate will be determined by the terms and conditions that apply to that account.

We will act reasonably when restricting your Account or suspending an Electronic Access Method linked to your Account, and we will not do more than is reasonably necessary considering the reasons why we have taken such action. We will tell you if we restrict your Account or suspend an Electronic Access Method linked to your Account and, where possible, we will tell you what you need to do for us to remove the restriction or suspension.

(a) Restricting your account

We may restrict your Account to prevent all or certain types of transactions and/or suspend an Electronic Access Method linked to your Account, at any time, without giving you prior notice, if:

• we are required to do so by law or in order to comply with our legal or other regulatory obligations (including Card Scheme and payment system rules);
• we reasonably consider it necessary to do so to meet our regulatory and compliance obligations or manage associated risk;
• you don’t provide us with information we reasonably require to verify your identity or the source of any funds deposited into the Account or to otherwise comply with our legal obligations or other regulatory obligations (including Card Scheme and payment system rules);
• you don’t provide us with accurate and up to date Foreign Tax Residency Status information;
• you are no longer an Australian resident; or
• we reasonably believe that:

- doing so is necessary to prevent loss to you or us;

- your Account or Electronic Access Method is being used in a manner that may result in loss to you or us;

- there is fraudulent activity occurring in relation to your Account or Electronic Access Method;

- your Account or Electronic Access Method is being operated in breach of these terms and conditions in a way that increases risk to you or us;

- your use of the Account or Electronic Access Method or activities you undertake in connection with the Account or Electronic Access Method are at high risk of involving fraudulent or other unlawful behaviour or loss to us or other persons (for example, activities that are at high risk of being involved in scams);

- you provided us with false or misleading information when you opened the Account or requested the Electronic Access Method which materially increases the risks we are exposed to in relation to you or the Account or Electronic Access Method and we would not have opened the Account or issued the Electronic Access Method had the correct information been provided to us;

- your Account or Electronic Access Method is being used to defame, harass or threaten any person, or to promote or encourage physical or mental harm of any person or to promote violence against any person (including in the use of the payment descriptions and/or references);

- that funds have been transferred into your account due to unauthorised or unlawful activity; or

- that you are not beneficially entitled to funds in your account.

If your fixed term Investment Account is restricted to prevent withdrawals when it matures, any instructions you give or have given to us to withdraw any funds from your fixed term Investment Account at maturity will be suspended. Where this is this case, in addition to being able to give us instructions to nominate a different term for which the funds will be reinvested (see section 2.11), you may instruct us to transfer some or all of the funds in your fixed term Investment Account to another account you have or open with us in the same name that has been or will also be restricted. We will continue to pay interest on the credit balance in your fixed term Investment Account while it is restricted and, unless you have provided us with instructions to reinvest it for a different term or transfer funds to another restricted account with us, the funds in your fixed term Investment Account will continue to be reinvested as set out in section 2.11 when it matures. If you instruct us to transfer some or all of the funds in your fixed term Investment Account to another account with us, whether interest is payable and, if so, the applicable interest rate will be determined by the terms and conditions that apply to that account.

We will act reasonably when restricting your Account or suspending an Electronic Access Method linked to your Account, and we will not do more than is reasonably necessary considering the reasons why we have taken such action. We will tell you if we restrict your Account or suspend an Electronic Access Method linked to your Account and, where possible, we will tell you what you need to do for us to remove the restriction or suspension. If we take any such action to restrict your Account or suspend an Electronic Access Method we will give you a reason unless we are unable to do so under applicable laws or regulations.

(b) Returning funds

Where we reasonably believe that funds have been transferred to your account because of unauthorised or unlawful activity (such as a fraudulent payment or a payment as a result of a scam affecting you or another person) (Improper Payment), we may without your consent deduct from your account an amount no greater than the Improper Payment and return the funds to the sender or sending financial institution or as otherwise required by law, code or regulation. We will take reasonable steps to contact you in relation to an Improper Payment where we consider it relates to a fraud or scam, unless we are unable to do so under applicable laws or regulations.

Where we reasonably believe that funds have been transferred into your account as a mistaken internet payment under the ePayments Code, we will instead follow the process set out in the ‘Mistaken Internet Payments’ section of the Electronic Banking Terms and Conditions

a) Features and benefits

Subject to our approval, you can lodge foreign currency cheques for credit to your Account. We will convert the foreign currency amount to Australian dollars. Usually, the exchange rate is applied on the day the cheque is credited to your Account.

Foreign currency cheques usually take 8 weeks to be cleared but may take longer. You will not have access to the funds represented by the cheque until it is cleared.

This will no longer be available on and from 1 July 2025

(a) Features and benefits

Subject to our approval and until 30 June 2025, you can lodge foreign currency cheques for credit to your Account. We will convert the foreign currency amount to Australian dollars. Usually, the exchange rate is applied on the day the cheque is credited to your Account.

Foreign currency cheques usually take 8 weeks to be cleared but may take longer. You will not have access to the funds represented by the cheque until it is cleared.

Clause 3.16 Foreign currency sales and purchases

(a) Features and benefits

We can buy from you, or sell to you, foreign currency notes (subject to any restrictions imposed by the issuing countries). You can order foreign currency notes from any branch on a pre-paid basis. Orders are subject to currency being available to us. You will need to give us reasonable notice if you want to order foreign currency. Purchases are subject to certain currency and denomination restrictions.

(a) Features and benefits

Until 30 June 2025 we can buy from you, or sell to you, foreign currency notes (subject to any restrictions imposed by the issuing countries). Until 30 June 2025 you can order foreign currency notes from any branch on a pre-paid basis. Orders are subject to currency being available to us. You will need to give us reasonable notice if you want to order foreign currency. Purchases are subject to certain currency and denomination restrictions.

5.1 Using the Confirmation of Payee service when making a payment

If you are using a BSB and account number to:

• pay a new payee;
• add a new payee; or
• edit an existing payee,

we may use the Confirmation of Payee service to provide you with a view of the likelihood that the account name you have entered matches the account you are paying to.

If we indicate to you that the Confirmation of Payee service result does not match the details of the recipient account, you should check the account details with the intended recipient before proceeding with the payment.

At all times it remains your responsibility to ensure that the BSB and account number you are using to make a payment are correct irrespective of any Confirmation of Payee service match result we share with you and your liability for payments will not be affected by any Confirmation of Payee match result we share with you. You must not misuse the Confirmation of Payee service or try to use it in breach of these terms and conditions or for any purpose other than confirming the name for the account you intend on making a payment to. Without limiting any other right we have under these terms and conditions, we may limit or suspend your ability to make payments or use an electronic access method if we reasonably believe you are misusing the Confirmation of Payee service in breach of these terms and conditions.

5.2 Sharing your account details through the Confirmation of Payee service

We’ll ensure your account details, including your name, are accurately recorded by us (based on the information you have provided to us and any verification we have undertaken) for the use of the Confirmation of Payee service. You must promptly notify us of any changes to your name and provide us with any evidence of your name change that we reasonably request. You authorise and consent to:

• us using and disclosing your account details (including your name) with the Confirmation of Payee service;
• payers’ financial institutions using and disclosing your account details (including your name) for the purposes of the Confirmation of Payee service and prior to making payments to you; and
• your account details (including your name) being disclosed, stored and used in connection with the Confirmation of Payee service in accordance with the industry rules, regulations and procedures that apply to the Confirmation of Payee service.

5.3 Opt out requests

You may request that we withhold from sharing your account details with the Confirmation of Payee service for an account if there are special circumstances and it is reasonably necessary to withhold your account details to protect your safety or security (an opt-out request). We will only agree to an opt-out request if we agree that special circumstances exist and it is reasonably necessary to protect your safety or security. If we agree to an opt-out request:

• we may still disclose your account details (including your name) to other financial institutions through the Confirmation of Payee service to facilitate their fraud checking processes (but they will not share your details with payers);
• we may still disclose your account details (including your name) through the confirmation of payee service for them to be shared with some government agencies to confirm your identity in relation to payments they are making to you; and
• you can request to opt your account back in to sharing your account details with the Confirmation of Payee service at any time.

In addition to any other limit which may apply, we may block Visa Debit Card transactions that we reasonably believe:

• involve the purchase of cryptocurrency or digital assets; or
• are to merchants that are owned or controlled by a cryptocurrency exchange.

We may restrict your Account to prevent all or certain types of transactions, and/or suspend an Electronic Access Method linked to your Account, at any time and without giving you prior notice, if:

• we are required to do so by law or in order to comply with our legal or other regulatory obligations;
• you don’t provide us with information we reasonably require to verify your identity or the source of any funds deposited into the Account or to otherwise comply with our legal obligations;
• you don’t provide us with accurate and up to date Foreign Tax Residency Status information;
• you are no longer an Australian resident; or

we reasonably believe that:

• doing so is necessary to prevent loss to you or us;
• your Account is being used in a manner that may result in loss to you or us;
• there is fraudulent activity occurring in relation to your Account;
• your Account is being operated in breach of these terms and conditions or your Loan Agreement in a way that increases risk to you or us;
• your use of the Account or activities you undertake in connection with the Account are at high risk of involving fraudulent or other unlawful behaviour or loss to us or other persons (for example, activities that are at high risk of being involved in scams);
• you provided us with false or misleading information in connection with your loan application or when your Account was opened which materially increases the risks we are exposed to in relation to you or your Account and we would not have opened your Account had the correct information been provided to us; or
• your Account is being used to defame, harass or threaten any person, or to promote or encourage physical or mental harm of any person or to promote violence against any person (including in the use of the payment descriptions and/or references).

We will act reasonably when restricting your Account or suspending an Electronic Access Method linked to your Account, and we will not do more than is reasonably necessary considering the reasons why we have taken such action. We will tell you if we restrict your Account or suspend an Electronic Access Method linked to your Account and, where possible, we will tell you what you need to do for us to remove the restriction or suspension.

(a) Restricting your Account

We may restrict your Account to prevent all or certain types of transactions, and/or suspend an Electronic Access Method linked to your Account, at any time and without giving you prior notice, if:

• we are required to do so by law or in order to comply with our legal or other regulatory obligations;
• we reasonably consider it necessary to do so to meet our regulatory and compliance obligations or to manage associated risk;
• you don’t provide us with information we reasonably require to verify your identity or the source of any funds deposited into the Account or to otherwise comply with our legal obligations;
• you don’t provide us with accurate and up to date Foreign Tax Residency Status information;
• you are no longer an Australian resident;
• we reasonably believe that:

- doing so is necessary to prevent loss to you or us;

- your Account is being used in a manner that may result in loss to you or us;

- there is fraudulent activity occurring in relation to your Account;

- your Account is being operated in breach of these terms and conditions or your Loan Agreement in a way that increases risk to you or us;

• your use of the Account or activities you undertake in connection with the Account are at high risk of involving fraudulent or other unlawful behaviour or loss to us or other persons (for example, activities that are at high risk of being involved in scams);
• you provided us with false or misleading information in connection with your loan application or when your Account was opened which materially increases the risks we are exposed to in relation to you or your Account and we would not have opened your Account had the correct information been provided to us; or
• your Account is being used to defame, harass or threaten any person, or to promote or encourage physical or mental harm of any person or to promote violence against any person (including in the use of the payment descriptions and/or references);
• that funds have been transferred into your account due to unauthorised or unlawful activity; or
• that you are not beneficially entitled to funds in your account.

We will act reasonably when restricting your Account or suspending an Electronic Access Method linked to your Account, and we will not do more than is reasonably necessary considering the reasons why we have taken such action. We will tell you if we restrict your Account or suspend an Electronic Access Method linked to your Account and, where possible, we will tell you what you need to do for us to remove the restriction or suspension. If we take any such action to restrict your Account or suspend an Electronic Access Method we will give you a reason unless we are unable to do so under applicable laws or regulations.

(a) Returning funds

Where we reasonably believe that funds have been transferred to your account because of unauthorised or unlawful activity (such as a fraudulent payment or a payment as a result of a scam affecting you or another person) (Improper

Payment), we may without your consent deduct from your account an amount no greater than the Improper Payment and return the funds to the sender or sending financial institution or as otherwise required by law, code or regulation. We will take reasonable steps to contact you in relation to an Improper Payment where we consider it relates to a fraud or scam, unless we are unable to do so under applicable laws or regulations.

Where we reasonably believe that funds have been transferred into your account as a mistaken internet payment under the ePayments Code, we will instead follow the process set out in the ‘Mistaken Internet Payments’ clause in our Electronic Banking Terms and Conditions.

(a) Features and benefits

Subject to our approval, you can lodge foreign currency cheques for credit to your Account. We will convert the foreign currency amount to Australian dollars. Usually the exchange rate is applied on the day the cheque is credited to your Account.

Foreign currency cheques usually take 8 weeks to be cleared, but may take longer. You will not have access to the funds represented by the cheque until it is cleared.

This will no longer be available on and from 1 July 2025.

(a) Features and benefits

Subject to your approval and until 30 June 2025, you can lodge foreign currency cheques for credit to your Account. We will convert the foreign currency amount to Australian dollars. Usually the exchange rate is applied on the day the cheque is credited to your Account.

Foreign currency cheques usually take 8 weeks to be cleared, but may take longer. You will not have access to the funds represented by the cheque until it is cleared.

(a) Features and benefits

We can buy from you, or sell to you, foreign currency notes (subject to any restrictions imposed by the issuing countries). You can order foreign currency notes from any branch on a pre-paid basis. Orders are subject to currency being available to us. You will need to give us reasonable notice if you want to order foreign currency.

Purchases are subject to certain currency and denomination restrictions.

This will no longer be available on and from1 July 2025.

(a) Features and benefits

Until 30 June 2025 we can buy from you, or sell to you, foreign currency notes (subject to restrictions imposed by issuing countries). Until 30 June 2025 you can order foreign currency notes from any branch on a pre-paid basis. Orders are subject to currency being available to us. You will need to give us reasonable notice if you want to order foreign currency.

Purchases are subject to certain currency and denomination restrictions.

5.1 Using the Confirmation of Payee service when making a payment 

If you are using a BSB and account number to:  

• pay a new payee; 
• add a new payee; or  
• edit an existing payee,  

we may use the Confirmation of Payee service to provide you with a view of the likelihood that the account name you have entered matches the account you are paying to.  

If we indicate to you that the Confirmation of Payee service result does not match the details of the recipient account, you should check the account details with the intended recipient before proceeding with the payment.  

At all times it remains your responsibility to ensure that the BSB and account number you are using to make a payment are correct irrespective of any Confirmation of Payee service match result we share with you and your liability for payments will not be affected by any Confirmation of Payee match result we share with you.  

You must not misuse the Confirmation of Payee service or try to use it in breach of these terms and conditions or for any purpose other than confirming the name for the account you intend on making a payment to.  

Without limiting any other right we have under these terms and conditions, we may limit or suspend your ability to make payments or use an electronic access method if we reasonably believe you are misusing the Confirmation of Payee service in breach of these terms and conditions. 

5.2 Sharing your account details through the Confirmation of Payee service  

We’ll ensure your account details, including your name, are accurately recorded by us (based on the information you have provided to us and any verification we have undertaken) for the use of the Confirmation of Payee service. You must promptly notify us of any changes to your name and provide us with any evidence of your name change that we reasonably request. You authorise and consent to:  

• us using and disclosing your account details (including your name) with the Confirmation of Payee service;  
• payers’ financial institutions using and disclosing your account details (including your name) for the purposes of the Confirmation of Payee service and prior to making payments to you; and  
• your account details (including your name) being disclosed, stored and used in connection with the Confirmation of Payee service in accordance with the industry rules, regulations and procedures that apply to the Confirmation of Payee service.

3.5.1 Using the Confirmation of Payee service when making a payment

If you are using a BSB and account number to:

• pay a new payee;
• add a new payee; or
• edit an existing payee,

we may use the Confirmation of Payee service to provide you with a view of the likelihood that the account name you have entered matches the account your are paying to.

If we indicate to you that the Confirmation of Payee service result does not match the details of the recipient account, you should check the account details with the intended recipient before proceeding with the payment.

At all times it remains your responsibility to ensure that the BSB and account number you are using to make a payment are correct irrespective of any Confirmation of Payee service match result we share with you and your liability for payments will not be affected by any Confirmation of Payee match result we share with you.

You must not misuse the Confirmation of Payee service or try to use it in breach of these terms and conditions or for any purpose other than confirming the name for the account you intend on making a payment to. 

Without limiting any other right we have under these terms and conditions, we may limit or suspend your ability to make payments or use an electronic access method if we reasonably believe you are misusing the Confirmation of Payee service in breach of these terms and conditions.

3.5.2 Sharing your account details through the Confirmation of Payee service

At all times it remains your responsibility to ensure that the BSB and account number you are using to make a payment are correct irrespective of any Confirmation of Payee service match result we share with you and your liability for payments will not be affected by any Confirmation of Payee match result we share with you. You must promptly notify us of any changes to your name and provide us with any evidence of your name change that we reasonably request.

You authorise and consent to:

• us using and disclosing your account details (including your name) with the Confirmation of Payee service;
• payers’ financial institutions using and disclosing your account details (including your name) for the purposes of the Confirmation of Payee service and prior to making payments to you; and
• your account details (including your name) being disclosed, stored and used in connection with the Confirmation of Payee service in accordance with the industry rules, regulations and procedures that apply to the Confirmation of Payee service.

3.5.3 Opt out requests

You may request that we withhold from sharing your account details with the Confirmation of Payee service for an account if there are special circumstances and it is reasonably necessary to withhold your account details to protect your safety or security (an opt-out request). We will only agree to an opt-out request if we agree that special circumstances exist and it is reasonably necessary to protect your safety or security.

If we agree to an opt-out request:

• we may still disclose your account details (including your name) to other financial institutions through the Confirmation of Payee service to facilitate their fraud checking processes (but they will not share your details with payers);
• we may still disclose your account details (including your name) through the confirmation of payee service for them to be shared with some government agencies to confirm your identity in relation to payments they are making to you; and
• you can request to opt your account back in to sharing your account details with the Confirmation of Payee service at any time.

We may suspend an Electronic Access Method, at any time, without giving you prior notice, if:

• we are required to do so by law or in order to comply with our legal or other regulatory obligations (including Card scheme and payment system rules);
• you don’t provide us with information we reasonably require to verify your identity or the source of any funds deposited into the Account or to otherwise comply with our legal obligations or other regulatory obligations (including Card scheme and payment system rules);
• you don’t provide us with accurate and up to date Foreign Tax Residency Status information; or
• we reasonably believe that:

- doing so is necessary to prevent loss to you or us;

- the Account or Electronic Access Method is being used in a manner that may result in loss to you or us;

- there is fraudulent activity occurring in relation to the Account or Electronic Access Method;

- the Account or Electronic Access Method is being operated in breach of these terms and conditions in a way that increases risk to you or us;

- your use of the Account or Electronic Access Method or activities you undertake in connection with the Account or Electronic Access Method are at high risk of involving fraudulent or other unlawful behaviour or loss to us or other persons (for example, activities that are at high risk of being involved in scams);

- you or the Account holder provided us with false or misleading information when we opened the Account or issued the Electronic Access Method which materially increases the risks we are exposed to in relation to you or the Account or Electronic Access Method and we would not have opened the Account or issued the Electronic Access Method had the correct information been provided to us; or

- the Account or Electronic Access Method is being used to defame, harass or threaten any person, or to promote or encourage physical or mental harm of any person or to promote violence against any person (including in the use of the payment descriptions and/or references).

We will act reasonably when suspending an Electronic Access and we will not do more than is reasonably necessary considering the reasons why we have taken such action. We will tell you if we suspend your Electronic Access Method and, where possible, we will tell you what you need to do for us to reinstate it.

11.3.1 Suspending your account 

We may suspend an Electronic Access Method, at any time, without giving you prior notice, if: 

• we are required to do so by law or in order to comply with our legal or other regulatory obligations (including Card scheme and payment system rules); 
• we reasonably consider it necessary to do so to meet our regulatory and compliance obligations or to manage associated risk; 
• you don’t provide us with information we reasonably require to verify your identity or the source of any funds deposited into the Account or to otherwise comply with our legal obligations or other regulatory obligations (including Card scheme and payment system rules); 
• you don’t provide us with accurate and up to date Foreign Tax Residency Status information; or 
• we reasonably believe that: 

- doing so is necessary to prevent loss to you or us; 

- the Account or Electronic Access Method is being used in a manner that may result in loss to you or us; 

- there is fraudulent activity occurring in relation to the Account or Electronic Access Method; 

- the Account or Electronic Access Method is being operated in breach of these terms and conditions in a way that increases risk to you or us; 

- your use of the Account or Electronic Access Method or activities you undertake in connection with the Account or Electronic Access Method are at high risk of involving fraudulent or other unlawful behaviour or loss to us or other persons (for example, activities that are at high risk of being involved in scams); 

- you or the Account holder provided us with false or misleading information  when we opened the Account or issued the Electronic Access Method which materially increases the risks we are exposed to in relation to you or the Account or Electronic Access Method and we would not have opened the Account or issued the Electronic Access Method had the correct information been provided to us; or 

- the Account or Electronic Access Method is being used to defame, harass or threaten any person, or to promote or encourage physical or mental harm of any person or to promote violence against any person (including in the use of the payment descriptions and/or references). 

- that funds have been transferred into your account due to unauthorised or unlawful activity; or 

- that you are not beneficially entitled to funds in your account. 

We will act reasonably when suspending an Electronic Access Method and we will not do more than is reasonably necessary considering the reasons why we have taken such action. We will tell you if we suspend your Electronic Access Method and, where possible, we will tell you what you need to do for us to reinstate it. If we take any such action to suspend your Electronic Access Method we will give you a reason unless we are unable to do so under applicable laws or regulations. 

11.3.2 Returning funds 

Where we reasonably believe that funds have been transferred to your account because of unauthorised or unlawful activity (such as a fraudulent payment or a payment as a result of a scam affecting you or another person) (Improper Payment), we may without your consent deduct from your account an amount no greater than the Improper Payment and return the funds to the sender or sending financial institution or as otherwise required by law, code or regulation. We will take reasonable steps to contact you in relation to an Improper Payment where we consider it relates to a fraud or scam, unless we are unable to do so under applicable laws or regulations. 

Where we reasonably believe that funds have been transferred into your account as a mistaken internet payment under the ePayments Code, we will instead follow the process set out in section 3.3.