Macquarie transaction and savings accounts terms and conditions

We're updating the terms and conditions for Macquarie transaction and savings accounts. These changes also apply to offset accounts. The changes will be effective from 31 July 2019 and are outlined in the variation notice.

Effective 17 January 2019.

This document sets out the terms and conditions for the:

  • Macquarie Platinum Transaction Account
  • Macquarie Transaction Account
  • Macquarie Offset Account, and
  • Macquarie Savings Account.

Additional terms and conditions that apply are set out in the:

Your first operation of your Account will constitute your acceptance of these Terms and Conditions (unless you have already accepted them). If you do not wish to accept these Terms and Conditions, do not operate your Account - destroy your Card and contact us to close your Account instead.

Further information may be available on request. You may also request a copy of these Terms and Conditions from us at any time.

If you get into financial difficulty, you should tell us promptly. We will discuss your situation and options with you. It is important that you are honest and open about your financial situation when discussing it with us. If you request us to, we may deal with your nominated representative(s).

These products are deposit accounts issued by Macquarie Bank Limited ABN 46 008 583 542, AFSL 237502.

Summary of features: Transaction and Savings Accounts 

FeaturesMacquarie Transaction AccountMacquarie Platinum Transaction AccountMacquarie Offset AccountMacquarie Savings Account3
 
Funds at call        
Debit MasterCard® with contactless functionality  
Debit MasterCard®
 
Platinum Debit MasterCard®
 
Platinum Debit MasterCard®
 
Online Banking        
Mobile Banking        
ATM access4        
EFTPOS  
Debit MasterCard®
 
Platinum Debit MasterCard®
 
Platinum Debit MasterCard®
 
BPAY®        
Funds transfer        
Scheduled and recurring funds transfers        
Internet purchases        
Direct Debit        
International transactions        
Bank cheques        
Direct credit        
Cash deposits  
at selected Macquarie offices
 
at selected Macquarie offices
 
at selected Macquarie offices
 
at selected Macquarie offices
Cheque deposits  
by mail or at selected Macquarie offices
 
by mail or at selected Macquarie offices
 
by mail or at selected Macquarie offices
 
by mail or at selected Macquarie offices
Returns
Interest paid Interest may be payable monthly, depending on the balance of your account Interest may be payable monthly, depending on the balance of your account   Monthly
Bonus interest        5
Other features
Statements 6 monthly 6 monthly 6 monthly 6 monthly
90 day purchase security cover and wallet guard insurance1        
Emergency travel assistance services1        
Concierge services1        
Interest rates, fees, limits and lodgement times
Refer to the Macquarie transaction and savings accounts interest rates, fees, limits and lodgement times for details.

2.1. Can I open an Account? 

To open (and keep open) an Account, you must have:

  • an Australian residential address
  • an Australian mobile phone number, and
  • a valid email address.

Each type of Account has further eligibility requirements, which form part of the application process.

2.2. Additional requirements for a Savings Account 

To open (and keep open) a Savings Account, you must hold a Transaction Account. Your Savings Account must:

  • be in the same name(s) as your Transaction Account, or
  • for joint Transaction Account holders, in any one Transaction Account holder’s name or combination of existing Transaction Account holders’ names.

2.3. Number of Accounts 

We may, acting reasonably, set a limit on the number of Accounts you may have open at any one time. If you have more open Accounts than the number we reasonably determine to be appropriate, we may place a stop on or close some or all of your Accounts in accordance with section 16.

2.4. Joint Accounts 

If your account is a joint Account you should understand:

  • we will accept instructions to operate the joint Account from any one of you
  • all of you are liable, both jointly and severally, for any fees, charges, costs or overdrawn amounts in connection with your Account
  • all of you are liable, both jointly and severally, for any transactions made on your Account
  • if a joint Account holder dies, the credit balance of the Account will be treated as owing to the surviving Account holder(s), and
  • we may accept a cheque into your joint Account which is payable to one or more of you.

Joint accounts are not available to company or corporate trustee applicants.

If you have concerns with the way your joint Account is being operated, you can contact us. We may choose to place a stop on the Account (see section 16 for details).

If you are experiencing financial difficulty and you ask us to, we can discuss your financial situation and begin to assist you without involving the other Account holder.

2.5. Office Holders 

An Office Holder on an Account may:

  • access information about the Account
  • make withdrawals and payments from the Account using any method agreed by us (including, without limitation, Online Banking and Mobile Banking)
  • subject to section 6, be issued with a Card (where available for the Account type)
  • change details on the Account
  • add or remove third parties from the Account in accordance with section 14.1, and/or
  • close the Account.

You (that is, the Account holder) irrevocably instruct us to follow any instructions given by any Officer Holder(s).

2.6. Tax File Number (TFN) 

We are authorised to collect your TFN, and its use and disclosure is regulated, by tax laws and the Privacy Act. You are not required to provide us with your TFN and declining to do so is not an offence. However if you do not provide your TFN (including each joint Account holder’s TFN), or provide an exemption, we are required to withhold tax at the highest marginal tax rate, plus the Medicare Levy, from any interest or other income that you earn.

You can provide us with your TFN when you open your Account or at any other time.

We are required to report the details of any income earned, withholding tax deducted and TFNs quoted to the Australian Taxation Office.

If you are a non-resident of Australia for taxation purposes, you must provide us with your overseas residential address. Tax may be withheld on any interest or other income you earn whilst you are a non-resident. For further information, please contact the Australian Taxation Office.

If an Account is opened in the name of a company or corporate trustee, you may supply the ABN of the company or trust in place of a TFN.

3.1. Interest rates that may apply on your Account 

For information on the current interest rate(s) applicable to your Account, refer to the Macquarie transaction and savings accounts interest rates, fees, limits and lodgement times.

If we pay interest on your Account, any notice we give you or any relevant information published about current interest rates on our website will form a part of these Terms and Conditions.

3.2. How we calculate and credit interest 

If interest is payable on your Account, it is calculated on a daily basis using the following formula:

Daily Closing Balance × Interest rate applicable to your account
365

The Daily Closing Balance is the credit balance of your Account at the end of a day. It includes all cleared and uncleared funds that have been deposited into your Account within the lodgement times specified in the Macquarie transaction and savings accounts interest rates fees, limits and lodgement times.

However, where we tell you that stepped interest applies to your Account, there may be different interest rates applicable to different portions of your Account balance, and we calculate interest using a different formula:

The part of the Daily Closing Balance up to the first step × Interest applicable to that step
365

plus

The part of the Daily Closing Balance up to the second step × Interest applicable to that step
365

plus

The part of the Daily Closing Balance up to the third step × Interest applicable to that step
365

(and so on, if more than three steps are applicable).

This is described further in the example below.

Interest is credited to your Account monthly on the last day of a calendar month and on the day that the Account is closed.

Interest calculations are rounded to the nearest cent.

The below information provides an example of how stepped interest works. You should be aware that the balance brackets and interest rates are examples only.

Where we tell you that stepped interest applies to your Account, there may be different interest rates applicable to different portions of your Account balance.

For example, a customer has a Savings Account with a Daily Closing Balance of $1,100,000 and the following stepped interest rates apply: 

BalanceInterest Rate

Up to $24,999.99

V% p.a.

$25,000-$99,999.99

W% p.a.

$100,000-$249,999.99

X% p.a.

$250,000-$999,999.99

Y% p.a.

$1,000,000 and above

Z% p.a.

The customer would receive:

  • V% p.a. interest on the first $24,999.99
  • W% p.a. interest on the amount between $25,000-$99,999.99
  • X% p.a. interest on the amount between $100,000-$249,999.99
  • Y% p.a. interest on the amount between $250,000 and $999,999.99, and
  • Z% p.a. interest on the amount over $1,000,000.

3.3. Offset arrangements 

If you link your existing Transaction Account or Platinum Transaction Account to one of our eligible home loan accounts (an Offset Arrangement), your existing Account will become an Offset Account for the duration of the Offset Arrangement.

To be eligible for use in an Offset Arrangement, an Account must be held in:

  • the same name(s) as the home loan, or
  • one or more of the name(s) in which the home loan is held.

A linked Offset Account will not earn any interest, even if the total credit balance of your Offset Account(s) exceeds the amount owing on your loan account.

You may voluntarily terminate an Offset Arrangement by giving us seven days’ written notice. Your Offset Account will then become a standard Platinum Transaction Account.

We may adjust debits and credits to your Account and/or the balance of your Account in order to accurately reflect your and our legal obligations (for example, because of an error or because a deposited cheque or direct credit payment is dishonoured). If we do this, we may make consequential adjustments to the interest credited to your Account.

5.1. How can I make deposits?

You can make deposits to your Account using:

  • Electronic deposits – between your Accounts or from an account held with another financial institution
  • Direct credit and salary credits – automatic deposits of funds into your Account (for example, you may arrange to have your salary directly credited to your Account by your employer)
  • Cash deposits – in person at certain Macquarie offices. We reserve the right to not accept cash deposits (notes and coins) into your Account at our reasonable discretion.
  • Cheque deposits – in person at certain Macquarie offices or by post (accompanied by a completed deposit slip, which can be obtained online), and
  • International transfer – you will need to provide all the details required by the transferring bank

Information on how to use each of these deposit methods, including information on which Macquarie offices accept cash and cheque deposits, is available online.

All deposits to your Account must be made in Australian dollars.

5.2. How can I access the funds in my Account?

You can access the funds in your Account using:

  • Macquarie Online Banking and Mobile Banking – including BPAY, funds transfers and recurring payments
  • Direct Debit – you can authorise a person to debit funds from your Account (including on a regular basis) by quoting your BSB and Account number or, if your Account is a Transaction Account, your Card Details (see section 7.2 for more information). If you wish to cancel or make alternate payment arrangements for a Direct Debit, you should contact us as soon possible and we will arrange to stop or alter the Direct Debit. We cannot accept a request to stop a Direct Debit payment once we have debited the payment to your Account.
    We suggest that you also contact the other party directly.
    It is your responsibility to ensure that you have sufficient cleared funds in your Account to meet any Direct Debit payment authorised by you. Please refer to section 13 for information on overdrawing your Account.
  • A bank cheque – a separate facility that you can purchase from us, a bank cheque is a cheque issued in our own name which we will make payment on. A fee applies to purchase a bank cheque, and
  • Your Card – if your Account is a Transaction Account, you can use your Card in the ways set out in section 6.

Subject to section 14, only you can withdraw funds from your Account.

6.1. Your Card

We will issue a maximum of two Cards in connection with a Transaction Account.

We may issue a new Card to you at any time (including because your current physical Card has expired). All re-issued cards are subject to these Terms and Conditions. We reserve the right not to re-issue a Card.

Cards we issue remain our property.

6.2. Using your Card

You must not use your Card:

  • after the expiry date printed on your physical Card
  • when the Card is suspended or cancelled
  • after you have requested that we close your Account or we have notified you that we are closing your Account in accordance with section 16
  • to conduct transactions for business purposes
  • to conduct unlawful transactions, or transactions related to unlawful (or potentially unlawful) activities (as determined at our reasonable discretion), or
  • to conduct transactions with parties related to you at merchants, ATMs or other facilities owned, controlled or operated by you, your family members or friends or for any other cash flow or other non-genuine purpose.

If your Card has expired or has been cancelled or if your Transaction Account is closed for any reason, you must destroy your Card by cutting it into pieces ensuring that you cut across the chip and any magnetic strip on the Card.

International transactions on your Card

An international transaction means any transaction made using a Card:

  • in a currency other than Australian dollars with a merchant or financial institution located in Australia,
  • in Australian dollars or any other currency with a merchant or financial institution located outside Australia, or
  • in Australian dollars or any other currency where the transaction is processed by an entity located outside Australia.

It may not always be clear to you when making a transaction that the merchant or the entity processing your transaction is located outside Australia.

An international transaction in a currency other than Australian dollars will be converted by MasterCard to Australian dollars. Unless the foreign currency transaction is in United States dollars, the foreign currency may be converted to United States dollars before being converted to Australian dollars. The exchange rate used for conversion is either a government mandated exchange rate or a wholesale exchange rate selected by MasterCard for the applicable currency on the day the transaction is processed. That rate may differ from the rate on the date the transaction occurred, or the date when the transaction is posted to your Account.

All international transactions in a currency other than Australian dollars will be listed on your statement in Australian dollars with the corresponding foreign currency amount included in the transaction details.

Fees apply to certain international transactions. For further details regarding international transaction purchase fees, refer to the Macquarie transaction and savings accounts interest rates, fees, limits and lodgement times.

MasterCard SecureCode

MasterCard SecureCode is an enhanced security measure that is in place for your protection and ours. You will be automatically registered for MasterCard SecureCode based on information provided when you apply for an Account. MasterCard SecureCode uses information about you to confirm your identity in connection with an online transaction using your Card. You may be required to answer security questions when making a transaction at a participating online merchant.

Protection of MasterCard SecureCode

You must not do anything which may:

  • damage, interfere with or disrupt MasterCard SecureCode or the way it is provided to other clients
  • contravene the laws of any country, or
  • breach any rules established by MasterCard for the operation of MasterCard SecureCode.

Card acceptance and our liability for goods or services purchased

To the extent permitted by law:

  • we do not accept responsibility for the actions of a merchant or financial institution who refuses to accept your Card or who imposes limits or conditions on the use of your Card, and
  • we will not be liable for goods or services supplied as a result of the use of your Card or Card Details. You must take up any complaints or concerns directly with the merchant. Any refund is a matter between you and the merchant.

Recurring Card transactions

If you provide a merchant with your Card Details that merchant may be able to perform recurring transactions on your Card. Unlike with Direct Debits we cannot stop a merchant from making recurring transactions with your Card Details.

If you wish to stop a merchant from making recurring transactions using your Card Details you should contact the merchant directly. If the merchant does not comply with your request, you must provide us with a copy of any correspondence between you and the merchant so that we can dispute the relevant transactions on your behalf.

6.3. MasterCard Scheme and chargeback rights

In some circumstances, we have a right to dispute certain transactions under the MasterCard scheme rules. This is called a chargeback. Your claim must fall within a specific category before we can exercise our rights in respect of a disputed transaction. We cannot claim a right of chargeback if the right does not exist.

A chargeback can be raised for a number of reasons, including unauthorised or fraudulent transactions, processing errors and duplicate transactions appearing on your Transaction Account. Situations which do not give rise to chargeback rights include where you are dissatisfied with the service you have received from a merchant or where you have simply changed your mind about goods you have purchased.

Where we have the right to seek a chargeback, we will reduce your liability for any unauthorised transactions by an amount equivalent to any chargeback rights we may have.

Note that we can only claim a chargeback if you select ‘MasterCard Debit’, ‘credit’ or ‘CR’, at a merchant, transact online or over the phone using your Card Details, or transact overseas.

Chargeback rights are not available in respect of BPAY payments or funds transfers made from your Account.

You should report disputed transactions to us promptly. For most chargebacks, you have up to six weeks from the date of the transaction to raise a dispute. Our right to seek a chargeback may be lost, and you might not be able to receive a refund, if you do not report a disputed transaction promptly and/or if you do not provide us with sufficient information to seek a chargeback. Make sure you contact us as soon as you become aware of an issue on your Account so that we can act quickly for you.

When you report a disputed transaction to us, we will charge you the applicable fee as set out in the Macquarie transaction and savings accounts interest rates, fees, limits and lodgement times.

If you need more information on chargebacks, or you wish to report a disputed transaction, please contact us.

7.1. General information on Electronic Banking Transactions

When you or an Authorised User makes a Transaction on your Account through Electronic Banking, the following general conditions apply:

  1. you should check your Account records carefully and report to us as soon as you become aware of any Transactions that you think have been made in error or which were not authorised (see section 11 for information on liability for unauthorised transactions)
  2. you should notify us promptly if you become aware of any delays or mistakes in processing or recording transactions
  3. you authorise us, and we are entitled, to act upon any instruction received via Electronic Banking in conjunction with the correct Access Methods and other terms agreed between you and us
  4. we will not be obliged to effect a payment instruction if:
    • it is not made in accordance with these Terms and Conditions or it has otherwise been prohibited by us
    • the information given to us, or requested by us, is incomplete and/or inaccurate
    • we are restricted or prohibited by law, regulation, industry code to which we subscribe, or the requirement of a government or similar authority from permitting the payment to occur
    • the instruction is not accepted by our system
    • there is a technical failure of equipment, our system or outside our system, which causes a delay in the transmission or acceptance of the instruction
    • the financial institution to which the payment is to be made does not accept it or delays accepting it
    • your or an Authorised User’s right to participate in Electronic Banking is suspended
    • the balance of your Account is insufficient to cover the amount of the payment on the day the payment is instructed to be made, or
    • the request would cause you to exceed any periodic limit we impose on your Account or your use of Electronic Banking
  5. we will execute a payment instruction as soon as possible, however, we do not guarantee that any transaction we are instructed to make will be made on the day or at the time requested, and
  6. we have absolute discretion to determine the order in which we give effect to payment instructions received.

7.2. Marketing and other communications

You acknowledge that use of Electronic Banking may involve certain communications from us, such as service announcements, administrative messages and marketing material and that these communications are considered part of the Electronic Banking service.

7.3. Macquarie Marketplace Terms of Use

When you select 'Purchase' when using Macquarie Marketplace, you're agreeing to the below terms:

  • Macquarie Marketplace is a distributor of third-party retailers' eGift cards. Macquarie earns a margin on the purchase of the cards.
  • Your purchase of an eGift card is final - the purchased eGift card cannot be returned or cancelled.
  • Retailers are responsible for all aspects of their eGift cards and programs and we cannot resolve any dispute between you and the relevant retailer.
  • You are responsible for the use and safety of your eGift card so please treat your eGift card like cash and keep your eGift card email secure.

8.1. BPAY Scheme

We are a member of the BPAY scheme and we will inform you if we cease to be a member of the BPAY scheme. The BPAY scheme is an electronic payment scheme accessible via Electronic Banking through which you or an Authorised User can ask us to make payments on your behalf to Billers.

8.2. Information you must give us

To make a BPAY payment you or an Authorised User will need to provide the following details:

  1. the Biller code of the Biller you wish to pay
  2. the account or payment number that the Biller has advised you to use when making payments using BPAY (the customer reference number)
  3. the account number of the Account from which you wish to make the payment, and
  4. the amount you wish to pay.

We may then debit your Account with the amount of the BPAY payment.

We do not have to effect a BPAY payment if you do not give us all of the above information we require or if any of that information is incomplete or inaccurate, or if there are insufficient cleared funds in your Account at the time you ask us to make the BPAY payment.

We may impose restrictions on the accounts from which a BPAY payment may be made or impose limits on the amount of BPAY payments.

8.3. Valid payment directions

We will treat an instruction to make a BPAY payment as authorised by you if, when it is given to us you have used an Access Method to access Electronic Banking and you have provided all information required in order to make the payment.

8.4. Payments

You must notify us immediately if you become aware that you may have made a mistake (except for a mistake as to the amount you mean to pay – for those errors section 8.6 below) when instructing us to make a BPAY payment, or if you did not authorise a BPAY payment that has been made from your Account.

A BPAY payment will be treated as received by the Biller to whom it is directed:

  1. on the date you make that BPAY payment, if you tell us to make the BPAY payment before the payment cut-off time on a Business Day
  2. on the next Business Day, if you tell us to make a BPAY payment after the payment cut-off time
  3. on a Business Day, or on a non-Business Day, or
  4. on the day or next Business Day that you have nominated for a scheduled payment to take place.

8.5. Delays

A delay might occur in the processing of a BPAY payment where:

  1. there is a public or bank holiday on the day after you tell us to make a BPAY payment
  2. you tell us to make a BPAY payment either on a day which is not a Business Day or after the payment cutoff time on a Business Day
  3. another financial institution participating in the BPAY scheme does not comply with its obligations under the BPAY scheme, or
  4. a Biller fails to comply with its obligations under the BPAY scheme.

While it is expected that any delay in processing under this agreement for any reason set out in this section will not continue for more than one (1) Business Day, you acknowledge and accept that any such delay may continue for a longer period. BPAY payments may take longer to be credited to a Biller if you tell us to make a BPAY payment on a Saturday, Sunday or public holiday or if the Biller does not process a payment as soon as they receive its details.

8.6. BPAY payments for incorrect amounts

You must be careful to ensure that you tell us the correct amount you wish to pay. If you instruct us to make a BPAY payment and you later discover that the amount you told us to pay was:

  1. greater than the amount you needed to pay, you must contact the Biller to obtain a refund of the excess, or
  2. less than the amount you needed to pay, you can make another BPAY payment for the difference between the amount actually paid to a Biller and the amount you needed to pay.

8.7. Liability for mistaken payments, unauthorised transactions and fraud

You must tell us promptly if:

  1. you become aware of any delays or mistakes in processing your BPAY payments
  2. you did not authorise a BPAY payment that has been made from your Account, or
  3. you think that you have been fraudulently induced to make a BPAY payment.

We will attempt to rectify any such matters in relation to your BPAY payment in the way described in this section. However, except as set out in this section 8.7 and section 8.9, we will not be liable for any loss or damage you suffer as a result of using the BPAY scheme.

  1. If a BPAY payment is made to a person or for an amount which is not in accordance with your instructions (if any), and your Account was debited for the amount of that payment, we will credit that amount to your Account.
    However, if you were responsible for a mistake resulting in that payment and we cannot recover within 20 business days of us attempting to do so the amount of that payment from the person who received it, you must pay us that amount.
  2. If a BPAY payment is made in accordance with a payment direction which appeared to us to be from you or on your behalf but for which you did not give authority, we will credit your Account with the amount of that unauthorised payment. However, you must pay us the amount of that unauthorised payment if:
    1. we cannot recover within 20 Business Days of us attempting to do so that amount from the person who received it, and
    2. the payment was made as a result of a payment direction which did not comply with our prescribed security procedures for such payment directions.
  3. If a BPAY payment is induced by the fraud of a person involved in the BPAY scheme, then that person should refund you the amount of the fraud-induced payment. However, if that person does not refund you the amount of the fraud-induced payment, you must bear the loss unless some other person involved in the BPAY scheme knew of the fraud or would have detected it with reasonable diligence, in which case that person must refund you the amount of the fraud-induced payment.

If a BPAY payment you have made falls within the type described in sections 8.7(a)-(c), then we will apply the principles stated in sections 8.7(b). If a BPAY payment you have made falls within both the types described in sections 8.7(a) and 8.7(c), then we will apply the principles stated in section 8.7(c).

If you tell us that a BPAY payment made from your Account is unauthorised, you must first give us your written consent addressed to the Biller who received that BPAY payment, consenting to us obtaining from the Biller information about your Account with that Biller or the BPAY payment, including your customer reference number and such information as we reasonably require to investigate the BPAY payment. We are not obliged to investigate or rectify any BPAY payment if you do not give us this consent.

You acknowledge that receipt by a Biller of a mistaken or erroneous BPAY payment does not or will not constitute under any circumstance in part or in whole, satisfaction of any underlying debt owed between the payer and their Biller.

8.8. When a biller cannot process a payment

If we are advised that your BPAY payment cannot be processed by a Biller, we will:

  1. advise you of this
  2. credit your Account with the amount of the BPAY payment, and
  3. if you ask us to do so, take all reasonable steps to assist you in making the BPAY payment as quickly as possible.

8.9. Damage arising from BPAY

We are not liable for any loss or damage you suffer as a result of using the BPAY scheme, other than any loss or damage you suffer due to our negligence or in relation to any breach of a condition or warranty implied by law in contracts for the supply of goods and services and which may not be excluded, restricted or modified at all or only to a limited extent.

8.10. Suspension

We may suspend your right to participate in the BPAY scheme at any time. The circumstances in which we may suspend your right to participate in the BPAY scheme include if you or anyone acting on your behalf is suspected of being fraudulent.

Mistaken Internet Payments made by you or an Authorised User

If you or your Authorised Users believe that a Mistaken Internet Payment has occurred, you or your Authorised User should call us as soon as possible and we will investigate. Delays in you informing us may impact on our ability to recover the funds.

If we are not satisfied that a Mistaken Internet Payment has occurred, we will not take further action and you will be liable for the loss arising from the payment.

If we are satisfied that a Mistaken Internet Payment has occurred, we will send a request for the return of the funds to the ADI whose customer received the payment (known as the receiving ADI). Sending this request to the receiving ADI requires us to disclose information to that ADI about your Account and the Mistaken Internet Payment.

If the receiving ADI is also satisfied that a Mistaken Internet Payment has occurred and there are sufficient funds available in the account of the unintended recipient, the receiving ADI will attempt to recover the funds and return them to us and we will credit them to your Account. The following process will apply:

  • where the Mistaken Internet Payment is reported to us within 10 Business Days after the payment is made, the receiving ADI is required to return the funds to us within 5 to 10 Business Days of receiving our request;
  • where the Mistaken Internet Payment is reported to us between 10 Business Days and 7 months after the payment is made, the receiving ADI will give the recipient 10 Business Day to establish that they are entitled to the funds, and if they do not, the receiving ADI will return the funds to us within 2 Business Days of the expiry of that period; and
  • where the Mistaken Internet Payment is reported to us more than 7 months after the payment is made, the receiving ADI will ask the recipient if they agree to the return the funds to us.

If the receiving ADI is satisfied that a Mistaken Internet Payment has occurred but there are insufficient funds in the unintended recipient's account to refund the amount of the payment, the receiving ADI will use reasonable endeavours to obtain a refund for you (for example, by facilitating repayment of the funds by the recipient through instalments).

If the receiving ADI is not satisfied that a Mistaken Internet Payment has occurred, it may (but it is not obliged to) seek the consent of the recipient to enable the return of funds to us.

You will be notified in writing, within 30 Business Days of receipt of the report of a Mistaken Internet Payment from your Account, of the outcome of our investigation. If you are not satisfied with how the report is handled by us, you can make a complaint in accordance with section 20.

 

Mistaken internet payments received by you

You may receive funds into your Account where you are not the intended recipient due to a sender entering the wrong BSB number, account number or other identifying information when making an internet payment.

If you become aware of any payments into your Account of which you are not the intended recipient, please contact us as soon as practical.

Where we receive a request for the return of funds from an ADI whose customer reports a mistaken payment into your Account, we are satisfied that a mistaken payment has occurred, and there are sufficient funds in your Account, we may:

  • debit your Account with the amount of the mistaken payment without notifying you or obtaining your consent (if the sender reports the mistake within 10 Business Days of the payment); or
  • restrict your access to the funds and give you 10 Business Days to establish that you are entitled to the funds before debiting the Account (if the sender reports the mistake after 10 Business Day but within 7 months of the payment).

Otherwise, we will seek your consent to return the funds.

If we are satisfied that a mistaken payment has occurred, but the balance of your Account is less than the amount of the mistaken payment, we will contact you to discuss how best to facilitate repayment to the sender.

Where we are unable to determine that the payment was a result of a mistaken payment, we may still contact you to seek your consent to the return of the funds.

Notwithstanding the above provisions, if you are a recipient of income support payments from Centrelink, we will only seek to recover the funds from you in accordance with the Code of Operation for Centrelink Direct Credit Payments.

10.1.

The security of your Card, Card Details, Mobile Device (and other electronic equipment) and Secret Codes is very important, as whoever has access to them may be able to perform transactions on the Account. These requirements are designed to help you keep your Card, Card Details, Mobile Devices and Secret Codes secure. By following these requirements, you can assist in preventing unauthorised transactions on the Account.

10.2.

You must inform us immediately (and you must ensure that an Authorised User informs us immediately) if a Card, Card Details, Mobile Device (or other electronic equipment) or Secret Code(s) has been misused, lost or stolen or had their security breached. You can contact us 24 hours a day, seven days a week using the details on your Card and ‘Contact Us’ section. We must be given all the information that you or the Authorised User have or can reasonably obtain regarding the loss, misuse or theft.

You can also lock your Card via Mobile Banking, which will prevent further transactions on your Account.

10.3.

  1. Card security

    To protect your Card, you must:

    • sign your physical Card as soon as you receive it
    • not permit any other person to use your Card
    • take reasonable steps to protect your Card from loss or theft
    • minimise the risk of losing your Card or Mobile Device or allowing your Card or Mobile Device to be used by someone else, for instance by keeping your Card or Mobile Device in sight when making a transaction
    • ensure that you retrieve your Card or Mobile Device (and receipt, if any) after making a payment, and
    • report any loss, theft or misuse of your Card in accordance with section 10.2.
  2. Card Details security

    To protect your Card Details, you must:

    • not give your Card Details to any other person unless you want to make a payment to them
    • use care to prevent anyone from seeing your Card Details when you use them to make a payment
    • not display your Card Details (such as by posting an image of the front or back of your Card with the Card Details clearly visible on an internet forum, blog or a public place), and
    • report any loss, theft or misuse of your Card Details in accordance with section 10.2.
  3. Secret Code security

    To protect your Secret Codes, you must:

    • not disclose your PIN or other Secret Code to anyone (including a family member or friend)
    • take care to prevent anyone else seeing you enter your PIN at an ATM or EFT Terminal or seeing you enter your Secret Code into a computer or Mobile Device
    • try to commit your PIN and Secret Codes to memory and not record them by any means (including by storing them on an electronic device such as a computer or Mobile Device) without making a reasonable attempt to disguise them
    • not write or indicate your PIN or other Secret Code (whether disguised or not) on your Card or on articles liable to loss or theft simultaneously with the Card or Mobile Device
    • not choose a Secret Code which can be easily guessed including for example a Secret Code that uses repeated characters, consecutive numbers or a Secret Code that represents a recognisable part of your birth date, name, telephone number or driver’s licence number or similar
    • not act with extreme carelessness in failing to protect your security of your Secret Code(s), and
    • report any disclosure, loss, theft, misuse or breach in the security of your Secret Code(s) in accordance with section 10.2.

     

    The following are examples of what is NOT a reasonable attempt to disguise a Secret Code:

    • recording Secret Code in reverse order
    • recording a Secret Code as a telephone number where no other numbers are recorded
    • recording a Secret Code as a telephone number where the Secret Code is in its correct sequence
    • recording a Secret Code as a sequence of numbers or letters with any of them marked to indicate the Secret Code
    • recording a Secret Code as a date (including a birth date) or as an amount, or
    • recording a Secret Code in any other way that can be easily identified.

10.4.

Where we allow you to select a Password, PIN or other Secret Code, you must not select:

  1. a numeric code which represents your date of birth, or
  2. an alphabetical code which is a recognisable part of your name.

Any act by you that breaches sections 10.4(a) or (b) may mean that you are liable for losses caused by unauthorised transactions caused by a breach of the security of the Password, PIN, Secret Code, Mobile Device (other electronic equipment), Card or Card Details.

10.5. Equipment security

You and your Authorised User(s) must take all reasonable steps to protect the security of your respective computer hardware and software, and Mobile Device(s). Reasonable steps include:

  • for computer hardware and software: protecting computers from viruses and maintaining passwords, and
  • for Mobile Devices: setting screen lock passwords and ensuring that others do not have access to the use of a Mobile Device (including by ensuring, if the ability to access the Mobile Device using a fingerprint or other biometric authentication has been enabled, that the only fingerprint or other biometric authentication able to access the Mobile Device is yours).

You and your Authorised User(s) must log out from Online Banking and Mobile Banking at the end of each session.

You acknowledge that, for security purposes, we reserve the right at any time to log you and any Authorised User(s) out of Online Banking and Mobile Banking, for example if you or the Authorised User are inactive for a period of time after having logged on.

Where you or an Authorised User remove some system level restrictions on a Mobile Device by, for example, ‘jailbreaking’ or ‘rooting’ the Mobile Device, you indemnify us for any loss arising from fraudulent activity carried out on the Mobile Device, including in respect of your Account.

It is important that, if you or an Authorised User wish to use a fingerprint or other biometric authentication to log in to Electronic Banking (or other services made available to you by us), no fingerprints or other biometric authentication other than yours or the Authorised User’s are able to be used to access the Mobile Device or computer. If someone else’s fingerprint or other biometric authentication can be used to access the Mobile Device or computer, that person may be able to view your Account and perform Transactions in Electronic Banking. We will treat as authorised, and you will be responsible for, any Electronic Banking Transactions performed using a fingerprint or other biometric authentication that are able to be used to access the Mobile Device or computer.

11.1. Liability for unauthorised transactions

An unauthorised transaction occurs when a transaction is carried out using your Card and / or Card Details or via Electronic Banking using an Access Method, without your knowledge or consent.

You must contact us immediately if you believe an unauthorised transaction has taken place on your Account so that we can investigate.

You are not liable for loss arising from an unauthorised transaction that occurs after we have been informed that the Card, Card Details or Mobile Device (or other electronic equipment) have been misused, lost or stolen or the security of your Secret Code(s) or Mobile Device (or other electronic equipment) has been breached.

11.2. Account data sharing services

Some third parties provide data sharing services which require you to hand over your Secret Code(s). For example, budgeting apps or account services that allow you to view account information from different institutions in the one place. If you disclose any of your Secret Code(s) to a third party (including another financial institution), you will be liable for any transactions on your Account made by that third party using that Secret Code(s). Refer to section 10 for more information on security.

Statements will be issued for your Account, via Electronic Banking, at least every six months.

We will not issue you with paper statements for your Account.

You should:

  • check each entry on your statements carefully, and
  • contact us promptly if you believe any entries or transactions are incorrect or not authorised.

13.1.

There is no overdraft facility on your Account and you must not overdraw your Account.

13.2.

While we have no obligation to do so, we may allow your Account to be debited even if there are insufficient funds to cover the amount of the debit either in full or in part. If for any reason your Account has a debit (negative) balance you agree to immediately repay this debit balance.

13.3.

As long as your Account has a debit balance, we will charge interest on this debit balance at the overdrawn rate.

All interest rates appear in the Macquarie transaction and savings accounts interest rates, fees, limits and lodgement times.

Interest charges for debit balances accrue daily and are debited to your Account monthly in arrears on the first day of the month following the month in which they were accrued and on the day that the Account is closed. You should inform us promptly if you are experiencing financial difficulty.

14.1. Third party access

You may nominate another person (a third party) to access your Account and specify the level of authority you wish to give them by completing the third party authority form, which is available online. Additional terms and conditions also appear on the form.

If you authorise a third party to access your Account, you must ensure that, where relevant, they comply with these Terms and Conditions.

You should carefully consider who you appoint as a third party on your Account as we may follow their instructions as if they were yours. It is important that you understand this risk and carefully consider what level of authority you give to them. You will be liable for any transactions effected by a third party on your Account within the authority you gave them.

14.2. Instructing us to send your Account information to a third party

We may accept instructions from you to send a copy of your Account information (which may include personal information) to a third party outside of Macquarie where we offer data feed services. Separate terms apply to any such service(s) we may offer.

Unless otherwise required by law, we accept no responsibility for acts or failures of the third party or for any loss or damage suffered by you as a result of us sharing your Account information with the third party in accordance with your instructions.

You can contact us at any time to change or terminate your data feeds.

We may suspend or terminate any data feed service that we offer for any reasonable cause without notice to you.

15.1.

You irrevocably agree that any moneys payable to us by you will be paid in full and, to the extent permitted by law, free of any right of set-off or counterclaim of any kind and free and clear of, and without, deduction or withholding of any kind.

15.2.

If you have more than one account with us and any one of those accounts is in arrears or otherwise has amounts due and payable while one or more other accounts have credit balances (including money available for redraw), you irrevocably request and authorise us to appropriate from one or more of those accounts to pay some or all of the amounts due and payable. We are not obliged to do this and your obligation to pay all amounts will not change if we do not take these actions.

We will promptly inform you if we have taken any of the actions above, but we do not need to notify you in advance.

You should not treat your accounts as combined unless we have agreed to such an arrangement.

16.1. Stopping your Account

Sometimes we may need to place a stop on your Account.

When we apply a stop to your Account it means that you will not be able to transact on your Account.

Alternatively, we may block a proposed transaction (or type of transaction) on your Account, rather than stopping all transactions on your Account, or suspend your Card.

In addition to any of the other circumstances specified in these Terms and Conditions and without limiting the reasons why, we may place a stop on your Account, suspend your Card or block a transaction (or type of transaction) if:

  • you breach, or we suspect you have breached, these Terms and Conditions
  • a third party you have appointed to access your Account breaches, or we suspect they have breached these Terms and Conditions or the terms of their appointment
  • you do not provide us with any information that we have asked you to provide
  • we are notified of your death, bankruptcy or loss of capacity
  • you are the recipient of a mistaken payment into your Account
  • we determine that your use of a special promotion or other offer in connection with your Card is inappropriate
  • we reasonably believe it necessary in order to prevent the occurrence of fraud
  • we reasonably believe your Account is being used in a way that may cause loss to you or us (including, without limitation, where unauthorised transactions have been reported on the Account)
  • we know or reasonably suspect that your Card, Card Details and/or PIN are no longer secure
  • you advise us, or we reasonably suspect, that your Card, Card Details, Mobile Device or Secret Code are no longer secure
  • we know or reasonably suspect that your Account, Card, Card Details or other Access Method(s) are being used for fraudulent or unlawful transactions
  • we know or reasonably suspect that your Account, Card, Card Details or other Access Method(s) are being used to conduct related-party transactions or transactions for business purposes
  • your Account has a debit balance
  • we become aware of any dispute which we reasonably believe has a bearing on the Account until this dispute has been resolved to our reasonable satisfaction (for example, a dispute as to who may operate or owns the Account)
  • you behave in a way towards our staff, our service providers or other customers that we reasonably consider to be inappropriate
  • we are required to by law (including, without limitation, any Anti-Money Laundering or Counter-Terrorism Financing laws and sanctions) or a court order, or
  • we reasonably believe that you are using your Account in a way that could damage the business operations or reputation of the Macquarie Group.

We will act reasonably in relation to any decision to place a stop on an Account.

16.2. Closing your Account or cancelling your Card

You can ask us to close your Account, cancel your Card, or do both at any time by contacting us. We may, in our discretion, require all Account holders to provide instructions to close a joint Account. Before we agree to close your Account, you must pay any amount which may be owing to us.

We may close your Account or cancel your Card:

  • if you have not made any transactions on your Account in the last 12 months
  • the balance of your account becomes subject to unclaimed monies requirements
  • for any of the reasons set out in section 16.1, or
  • for any other reason we reasonably consider appropriate.

We will act reasonably in relation to any decision to close an Account or cancel a Card.

If we close your Account, we will pay you the credit balance of your Account along with any accrued interest after all transactions and fees and charges have been debited to your Account.

You will remain liable for all transactions performed using the Card prior to its cancellation. You will also be liable for any transactions (including recurring Card payments) made after cancellation using your Card Details where you have not cancelled the transactions.

If your Account is closed, you will be liable for any transactions that were not processed, or that occur, on your Account on or after the Account is closed, as well as any unpaid fees or other costs associated with your Account.

If your Account is closed or your Card is cancelled, make sure you notify anyone who either directly debits or credits your Account and any merchant with whom you have a recurring Card payment arrangement.

16.3.

You acknowledge that we retain the right not to provide products or services to anyone that we decide, in our sole discretion, that we do not wish to provide them to.

You must notify us immediately of a change in your particulars including a change in name, address or contact details (and in the case of an Account held by a company or a trustee(s), the particulars of the company or trust arrangement). To the extent permitted by law, we are not responsible for any loss caused by or arising out of your failure to provide us reasonable notice of a change in your particulars. You can update your personal details via Online Banking.

We may change these Terms and Conditions and the information contained in the Macquarie transaction and savings accounts interest rates, fees, limits and lodgement times without your consent:

  • so long as we act reasonably, and
  • in accordance with the law and any codes of conduct to which we subscribe.

We will notify you of any unilateral changes by us as set out in the following table:

Type of changeTime frameMethod of notice

Change in an interest rate

No later than the day of the change

Electronically or by press advertisement

Introduction of a new fee or increasing an existing fee

30 days before the change takes effect

Electronically or press advertisement

Change the method by which interest is calculated or the frequency it is debited or credited

30 days before the change takes effect

Electronically or press advertisement

Imposing, removing or adjusting a daily or other periodical transaction limits or a change that increases your liability for losses relating to electronic transactions

30 days before the change takes effect

Electronically or press advertisement

Government charges

As soon as practicable afterwards, unless the change has been publicised by the Government

Electronically or by press advertisement

Change to any other term or condition

30 days before the change takes effect if the change is unfavourable to you
Otherwise on or before the day the change takes effect

Electronically or by press advertisement

Refer to section 19(d) for more information on how we send you notices.

We do not have to provide you with advance notice of a change if the change is required to restore or maintain the security of a system, your Card or Account.

If these Terms and Conditions state that we may do something immediately or without notice, the above notice periods will not apply.

If you are not satisfied with any change or variation to these Terms and Conditions you may close your Account. We will not charge you a termination or account closing fee, however termination of your Account will be subject to all outstanding obligations under these Terms and Conditions being duly discharged.

  1. Unclaimed monies

    If your Account has a balance of $500 or more and you have not transacted on that Account for seven (7) years, and you or an authorised third party have not notified us within this seven year period that your Account is to remain active, then we are required by law to close your Account and remit the balance of your Account to the Commonwealth Government.

    However, where you have a Savings Account and a Transaction Account, we will treat these Accounts as linked. This means that the balance of neither Account will become unclaimed monies as long as you have operated either Account.

    Whilst you can reclaim your money from the Commonwealth Government at any time, we suggest that your Account is operated regularly or you contact us to avoid this inconvenience.

  2. Financial Claims Scheme (FCS)

    Under the FCS (commonly referred to as the Australian Government deposit guarantee) administered by APRA, the Australian Government has provided a guarantee on deposits subject to a limit for each account holder. Further information about the FCS can be obtained from the APRA websites at www.apra.gov.au and https://www.fcs.gov.au/ or by calling the APRA hotline on 1300 558 849 (or +61 2 8037 9015 if calling from overseas).

  3. Banking Code of Practice

    This is a banking service to which the Banking Code of Practice (‘BCOP’) applies. The BCOP is an industry code which sets standards of good banking conduct for banks, their staff and their representatives.

    The BCOP will apply to this agreement when Macquarie adopts the BCOP on or before 1 July 2019.

  4. Notices

    You agree that all statements, notices and other communications in connection with these Terms and Conditions and your Account may be given electronically by:

    • emailing them to your last known email address or sending them through SMS to your last known mobile telephone number
    • being made available on Macquarie’s website, or
    • being made available through Online Banking and / or Mobile Banking.

    You should login to Online Banking and Mobile Banking, check our website and check your emails and SMS messages regularly.

  5. Exercise of our rights and waiver

    Our rights can only be waived in writing. We may exercise any right, remedy or power in any way we choose. If we decide not to exercise a right, remedy or power this does not mean we cannot exercise it later.

  6. Severance

    If any section or clause of these Terms and Conditions becomes void or unenforceable under any applicable law in any State or Territory, then that section or clause will be removed from these Terms and Conditions in so far as that State or Territory is concerned. The removal of any section or clause will not affect the remaining provision of these Terms and Conditions nor will it affect the validity or enforceability of that clause in any other State or Territory.

  7. Anti-Money Laundering and Counter-Terrorism Financing obligations

    You must not knowingly do anything to put Macquarie in breach of the Anti-Money Laundering and Counter- Terrorism Financing Act 2006, rules and other subordinate instruments (AML/CTF Laws). You undertake to notify Macquarie if you are aware of anything that would put Macquarie in breach of AML/ CTF Laws.

    If requested, you must provide additional information and assistance and comply with all reasonable requests to facilitate Macquarie’s compliance with AML/CTF Laws in Australia, an equivalent law in an overseas jurisdiction, and/or our internal policies and procedures.

    You undertake that you are not aware and have no reason to suspect that:

    1. any deposit to your Account is derived from or related to money laundering, terrorism financing or similar activities (Illegal Activities), or
    2. proceeds of withdrawals from your Account will fund Illegal Activities.

    You acknowledge that Macquarie is subject to AML/ CTF Laws and/or its internal policies and procedures. In making an application, you consent to Macquarie disclosing in connection with AML/CTF Laws and/or its internal policies and procedures any of your Personal Information (as defined in the Privacy Act 1988 (Cth)) Macquarie has.

    You acknowledge that in certain circumstances we may be obliged to freeze or block your Account where it is used in connection with Illegal Activities or suspected Illegal Activities. Freezing or blocking can arise as a result of the account monitoring that is required by AML/ CTF Laws and/or our internal policies and procedures. If we freeze or block your Account because we believe on a reasonable basis that we are required to do so in order to comply with AML/CTF Laws and/or our internal policies and procedures, we are not liable to you for any consequences or losses whatsoever and you agree to indemnify us if we are found liable to a third party in connection with the freezing or blocking of your Account.

  8. FATCA and CRS obligations

    You must not knowingly do anything to put us in breach of:

    • sections 1471 to 1474 of the US Internal Revenue Code of 1986 (commonly known as FATCA), any associated regulations or official guidance, any agreement with the US Internal Revenue Service relating to FATCA or any Australian laws, regulations or official guidance relating to an intergovernmental agreement between the United States and Australia in connection with FATCA (FATCA Laws) or our internal policies and procedures; or
    • our obligations in relation to Common Reporting Standards under the Taxation Administration Act 1953 (Cth) (commonly known as CRS), any associated regulations or official guidance, the OECD Multilateral Competent Authority Agreement on Automatic Exchange of Account Information or any Australian laws, regulations or official guidance in connection with CRS (CRS Laws) or our internal policies and procedures.

    You agree to provide to us all the information or assistance we may request at any time, (whether as part of an application process or otherwise) to ensure that we are able to comply with our obligations under the FATCA Laws, CRS Laws or our internal policies and procedures.

    You consent to us disclosing, in connection with the FATCA Laws, CRS Laws or our internal policies and procedures, any of your Personal Information (as defined in the Privacy Act 1988 (Cth)). We retain the right not to provide products or services to you where we decide, in our sole discretion, that we do not wish to provide them, including where information has not been provided as required to comply with FATCA Laws or CRS Laws.

  9. Confidentiality

    We respect the confidentiality of your information. Information you provide us will not be disclosed except where we are required or permitted to disclose this information. This includes where we are compelled by law, there is a duty to the public to do so, our interests require us to do so or the disclosure is made with your consent, authorisation or instructions (for example, as set out in section 14).

We are committed to providing you with the best possible level of service, and improving this is important to us.

Please contact us immediately if you have a concern, complaint or you wish to query or dispute a transaction or an entry on a statement.

There are a number of ways to contact us:

Upon receiving your feedback, we will have an initial response to you within 24 hours as addressing any concerns that you may have in a timely manner is important to us.

Concerns regarding Card transactions - chargebacks and disputes

Refer to section 6.3 of these Terms and Conditions for details about disputes and chargeback rights concerning your Card.

What to do if you feel your complaint has not been resolved

If you are unhappy with how we have dealt with your complaint or feel we haven’t been able to deal with the concerns you have raised, you can refer your complaint to our Customer Advocate.

The Customer Advocate’s role is to review the reasonableness and fairness of the outcome of your complaint.

You may contact our Customer Advocate by:

Email: customeradvocate@macquarie.com
Telephone: 1800 898 307
Post: The Customer Advocate
         Macquarie Bank Limited
         GPO Box 4294
         SYDNEY NSW 1164

If you are still dissatisfied, you can refer your complaint to the Australian Financial Complaints Authority (AFCA). AFCA is an independent external complaints handling body approved for this purpose by ASIC. This service is available to individuals and small businesses and is free of charge.

AFCA may be contacted at:

Australian Financial Complaints Authority
GPO Box 3, Melbourne VIC 3001
Telephone: 1800 931 678
Website: www.afca.org.au

We are bound by whatever AFCA decides. However, if you do not agree with AFCA’s determination you are not bound by it and you can take the matter to court if you wish.

Our Privacy Policy and Privacy Statement explain how we handle personal information and how we interact with you online. You can request copies of either of these documents from us.

If you have a privacy question or complaint, please email privacy@macquarie.com and mark communications to the attention of our Privacy Officer or call us on 1800 806 310.

Access Method means a method authorised by us to access and transact on your Account via Electronic Banking and includes any one or more of a Macquarie ID, Secret Code and any other code that we provide to you and Authorised User(s) or permit you or an Authorised User to set up from time-to-time. This may also include a fingerprint or other biometric authentication we allow you to use to access Electronic Banking from time-to-time.

Account means an account specified in the Types of Accounts in section 1 of these Terms and Conditions.

ADI means any bank, building society, credit union or other authorised deposit-taking institution within the meaning of the Banking Act 1959 (Cth).

ATM means an automatic teller machine owned by us or another financial institution.

Authorised User means a person authorised by you to access and/or transact on your Account(s), including via Electronic Banking.

Biller means an organisation which tells you that you can make payments to them through the BPAY scheme.

BPAY Scheme means a service which allows payments to be made electronically to Billers. BPAY® is a registered trademark of BPAY Pty Ltd ABN 69 079 137 518.

Business Day means any day on which banks in Melbourne or Sydney can effect settlement through the Reserve Bank of Australia.

Card means a Debit MasterCard or any card (including a digital card or token) we issue to you (or, in the case of a digital card or token, issued by a third party directed by us) for use on your Transaction Account.

Card Details means the information printed on your Card including the Card number, expiry date and Card Verification Code (CVC - the three digits shown on the back of your card).

Direct Debit means a regular drawing from your Account that you have authorised a third party to make by quoting your BSB and Account number.

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

EFT terminal means electronic equipment used to initiate an electronic funds transfer at the point of sale.

Electronic Banking means either or both of Online Banking and Mobile Banking, as relevant.

Identifier means information that a user knows and must provide to perform an electronic transaction but is not required to keep secret.

Macquarie ID means the unique code allocated to you by us which identifies you and, when used in conjunction with a Secret Code, provides access to Electronic Banking.

MasterCard means MasterCard International Incorporated.

Mistaken Internet Payment means a Pay Anyone Payment where the funds are paid into the account of an unintended recipient because a BSB, account number and / or other identifier that does not belong to the intended recipient was entered as a result of:

  • you or an Authorised User's error; or
  • you or an Authorised User being advised of the wrong BSB, account number and/or other identifier.

Mobile Banking means Macquarie’s secure mobile banking service that allows you to access certain banking services through a smartphone application on compatible mobile phones or personal electronic devices.

Mobile Device means a mobile phone, tablet or any other type of personal electronic device which can access Mobile Banking.

Office Holder means the natural person(s) who may operate an Account in the name of a company or trustee.

Online Banking means Macquarie’s secure online banking services that enable you and any Authorised Users to access and or transact on your Account over the internet.

Password means a security password which is issued by us, or selected by you or an Authorised User, which enables access to Electronic Banking.

Pay Anyone Payment means a payment that can be made through Electronic Banking which is processed via direct entry involving the transfer of funds from an Account to another person's account held with Macquarie or with another ADI.

PIN means the personal identification number for use with a Card that is required to be kept secret.

rediATM is any ATM which is branded rediATM

Savings Account means a Macquarie Savings Account.

Secret Code means individually and collectively any Access Method which we require you or an Authorised User to keep secret, including any Password, PIN and SMS or other authentication code.

Transaction Account means a Macquarie Transaction Account, Macquarie Platinum Transaction Account or Macquarie Offset Account.

we, us or Macquarie means Macquarie Bank Limited ABN 46 008 583 542 (Australian Financial Services Licence and Australian Credit Licence 237502) and its successors and assigns.

you means the holder of an Account and, in the case of joint account holders, “you” means each Account holder separately and all Account holders jointly (context permitting). In the case of an Account in the name of a company or a trustee of a trust, “you” also includes Office Holders (jointly and severally) where the context requires. Any other grammatical form of "you" has a corresponding meaning.

Phone: 133 174
Email: transact@macquarie.com
Post: GPO Box 2520, Sydney, NSW 2001

Lost and stolen Cards, suspected unauthorised transactions or divulged PINS? Call 133 174 in Australia or (Country Code) +61 2 8245 0070 from overseas – 24/7