Deposit Accounts for Personal Customers
supplementary product disclosure statement
effective as at 9 March 2009
This document is a Supplementary Product Disclosure Statement (“SPDS”) and is prepared and dated 6 March 2009. This SPDS, on and from 9 March 2009, supplements the Deposit Accounts for Personal Customers Product Disclosure Statement – dated 9 March 2009, (“Original PDS”) by Westpac Banking Corporation ABN 33 007 457 141, AFSL 233714. The Original PDS is made up of two booklets – Terms and Conditions and Features, Fees and Charges. This SPDS should be read together with the Original PDS. The terms and conditions and other information contained in the Original PDS continue to apply, subject to the amendments made in this SPDS. Please keep this SPDS with your Original PDS.
In section 1, this SPDS provides details of changes to the way in which holders of the Westpac Choice Account can avoid the Monthly Service Fee. In summary these are: (a) On and from 15 November 2008 and before 1 June 2009: (i) (ii) If a $3,000 minimum monthly balance is maintained, the Monthly Service Fee will be waived. This applies automatically to all Westpac Choice Accounts; or If the $3,000 minimum monthly balance is not maintained the Monthly Service Fee will be charged, but will be rebated the same day if customer initiated deposits of at least $2,000 have been made by the last business day of the month. This applies automatically to all Westpac Choice Accounts opened on and from 15 November 2008, and at the customer’s request if the account was opened before 15 November 2008.
(b)
On and from 1 June 2009, the Monthly Service Fee will no longer be waived according to whether a minimum monthly balance has been maintained (described in (a)(i) above). Instead the Monthly Service Fee will be waived if customer initiated deposits of at least $2,000 have been made by the last business day of the month.
Note: Any deposits made after the last business day of the month will be included in the minimum monthly deposit calculation for the next month. The change will be reflected in the PDS by making the amendments set out below. Section 2 of the SPDS provides details of changes to the Non-Westpac Group branded ATM withdrawal and Non-Westpac Group branded ATM enquiries.
SECTION 1
In the “Deposit Accounts for Personal Customers: Terms and Conditions” booklet: 1. At page 8 in the definitions section, the following definition is included for customer initiated deposits: ‘customer initiated deposits’ means any deposits made by or at your request. Examples include a deposit of money by way of salary, pension, cash or cheque. It does not include certain amounts credited by us such as some interest, rebates and adjustments. In the “Deposit Accounts for Personal Customers: Features, Fees and Charges” booklet: 1. At page 2 in the “Summary of Fees and Charges – Day-to-day Accounts” table, the row “Minimum Monthly Balance to Avoid Monthly Service Fee” will change as follows:
Fees
Requirements to Avoid the Monthly Service Fee
Westpac Choice
Before 1 June 2009 the following requirements will apply to avoid the Monthly Service Fee: 1. Westpac Choice accounts opened on and from 15 November 2008 (a) If there is a $3,000 minimum monthly balance in the account, the Monthly Service Fee will be waived; or (b) if the account does not have a minimum monthly balance of $3,000, the Monthly Service Fee will be charged. However the Monthly Service Fee will be rebated (same day) when customer initiated deposits of at least $2,000 are made by the last business day of the month5. 2. Westpac Choice accounts opened before 15 November 2008 (a) If there is a $3,000 minimum monthly balance in the account, the Monthly Service Fee will be waived.
Fees
Requirements to Avoid the Monthly Service Fee (continued)
Westpac Choice
If the account does not have a minimum monthly balance of $3,000, the Monthly Service Fee will be charged. However on and from 15 November 2008 you can also request to have the conditions described at point 1(b) (above) applied to your account. This will take effect on and from the first day of the following month after the account has been updated by Westpac. To make such request, please visit any branch or call 132 032 and ask for your account to be updated. This update may take up to 5 business days to take effect. On and from 1 June 2009 the following requirements will apply to avoid the Monthly Service Fee to all Westpac Choice Accounts: On and from 1 June 2009, if a minimum $2,000 in customer initiated deposits is made by the last business day of the month5, the Monthly Service Fee will be waived.
5. If you make a deposit after the last business day of the month, that deposit will be included in the minimum monthly deposit calculation for the following month.
2.
At page 2 in the “Summary of Fees and Charges – Day-to-day Accounts” table, regarding the column “Classic Plus”, where it states “$5,000” insert the following so that it reads: “If there is a $5,000 minimum monthly balance, the Monthly Service Fee will be waived.”
3.
At page 12 under the heading “Monthly Service Fee”, it will be changed as follows: “For Westpac Choice (before 1 June 2009)1, Classic Plus and Westpac Cash Manager, a flat monthly service fee is payable when the balance in the account falls below the required minimum monthly balance during the month. For all Westpac Choice accounts on and from 1 June 2009 the flat monthly service fee is payable if the minimum monthly deposit requirement is not met. For Westpac Choice eAccount a flat monthly service fee is payable each month regardless of the balance in your account. The monthly service fee is charged once in each month and is debited from your account on the first day of the following month or upon account closure.
1. Alternatively for Westpac Choice on and from 15 November 2008 and before 1 June 2009, where the minimum monthly balance is not maintained, but where the minimum monthly deposit requirement is met, the monthly service fee will be rebated on accounts opened on and from 15 November 2008, and can be rebated at the customer’s request if the account was opened before 15 November 2008, in each case, on the day the fee is charged.”
4.
At page 15 the top two rows will be replaced with the following wording effective on and from 15 November 2008 and before 1 June 2009: Monthly Service Fee $5.00, otherwise where the account is part of Westpac Plus Package $7.00 Before 1 June 2009 the following requirements will apply to avoid the Monthly Service Fee: 1. Westpac Choice accounts opened on and from 15 November 2008 (a) If there is a $3,000 minimum monthly balance in the account, the Monthly Service Fee will be waived; or (b) If the account does not have a minimum monthly balance of $3,000, the Monthly Service Fee will be charged. However the Monthly Service Fee will be rebated (same day) if customer initiated deposits of at least $2,000 are made by the last business day of the month1.
Monthly Service Fee $5.00, otherwise where the account is part of Westpac Plus Package $7.00 (continued)
Before 1 June 2009 the following requirements will apply to avoid the Monthly Service Fee: Westpac Choice accounts opened on and from 15 November 2008 (a) If there is a $3,000 minimum monthly balance in the account, the Monthly Service Fee will be waived; or (b) If the account does not have a minimum monthly balance of $3,000, the Monthly Service Fee will be charged. However the Monthly Service Fee will be rebated (same day) if customer initiated deposits of at least $2,000 are made by the last business day of the month1. 2. Westpac Choice accounts opened before 15 November 2008 (a) If there is a $3,000 minimum monthly balance in the account, the Monthly Service Fee will be waived. If the account does not have a minimum monthly balance of $3,000, the Monthly Service Fee will be charged. However on and from 15 November 2008 you can also request to have the conditions described at point 1(b) (above) applied to your account. This will take effect on and from the first day of the following month after the account has been updated by Westpac. To make such request, please visit any branch or call 132 032 and ask for your account to be updated. This update may take up to 5 business days to take effect. On and from 1 June 2009 the following requirements will apply to avoid the Monthly Service Fee to all Westpac Choice Accounts: On and from 1 June 2009, if a minimum $2,000 in customer initiated deposits is made by the last business day of the month1, the Monthly Service Fee will be waived.
1. If you make a deposit after the last business day of the month, that deposit will be included in the minimum monthly deposit calculation for the following month.
1.
5.
The top row inserted in paragraph 4 above will be replaced with the following two new rows effective on and from 1 June 2009: If your Minimum Monthly Deposit1 is Monthly Service Fee
$0 < $2,000 $5.00, otherwise where the account is part of Westpac Plus Package $7.00
$2,000+ NIL
1. To qualify these must be customer initiated deposits and be made by the last business day of the month. If you make a deposit after the last business day of the month, that deposit will be included in the minimum monthly deposit calculation for the following month.
SECTION 2
In the “Deposit Accounts for Personal Customers: Features, Fees and Charges” booklet: Effective 6 March, 2009, the fee amount for “Transaction Fees” at Non-Westpac Group branded ATMs applicable for both the “Non-Westpac Group branded ATM balance enquiry” and “Non-Westpac Branded ATM cash withdrawal” of $0.25 will be reduced to $0.00. Furthermore, Westpac will automatically refund any Westpac customer that may have been charged this fee since Tuesday 3 March 2009. To reflect this change, the original PDS is amended in the following sections:
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in the table on pages 4 and 5 and 15–21 titled “Summary of Fees and Charges – Day-to-day Accounts”; in the table on pages 8, 9, 22 and 23 titled “Summary of Fees and Charges – Savings and Investment Accounts”.
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DAT011_E (03/09) 154780
Westpac Banking Corporation ABN 33 007 457 141 Australian Financial Services Licence Number 233714