In these terms and conditions:
Business Day means any day on which banks in Sydney are able to settle through the Reserve Bank of Australia.
Code or codes means the Macquarie Access Code, user identifications, passwords, Personal Identification Numbers (PINs) and any other security codes or devices necessary to access our Macquarie Online.
The Responsible Entity refers to Macquarie Investment Management Limited ABN 66 002 867 003.
Macquarie Bank Group refers to Macquarie Bank entities.
Macquarie Online means a facility by which users are able to access software containing client data and to transact from a remote location by way of internet. This facility includes associated data, information and software owned by or licensed to the Macquarie Bank group.
Payment means a payment of any type including by BPAY, funds transfer, Pay Anyone or by any other method.
Recipient means any person or entity who receives a payment from you by funds transfer.
We, us or our refers to Macquarie Bank Ltd, the Responsible Entity, and each other member of the Macquarie Bank Group, their employees and agents. Where these terms and conditions confer rights and benefits on persons other than the Responsible Entity within the meaning of we, us or our, the Responsible Entity holds those rights and benefits upon trust for those persons and may enforce them on their behalf.
Withdrawal means any units redeemed from your unitholding.
You means you the client and/or any person carrying out any transaction on your behalf. For example, a person you have given third party access to.
We provide a secure internet service which enable you to access information about your account and make payments to other accounts. Throughout these terms this service is referred to as Macquarie Online.
General terms for Macquarie Online
You accept these conditions of use each time Macquarie Online is used in conjunction with your codes.
We will be entitled to assume that any user has your authority each time Macquarie Online is used in conjunction with your codes, except for any use occurring after you have given us notice to the contrary.
We will use reasonable efforts to provide (but do not guarantee that we will provide) reliable data and information, to the extent that it is within our control. We take no responsibility for the reliability of data and information outside our control.
Subject to conditions and warranties implied by legislation, the Electronic Funds Transfer Code of Conduct and the Consumer Guarantees Act 1993, we exclude:
Payments through Macquarie Online
We will confirm the receipt of instructions to transact (although not the transaction itself) on receipt of instructions.
You should check your account records carefully and promptly report to us as soon as you become aware of any payments that you think are errors or are payments that you did not authorise or you think were made by someone else without your permission (see clause 3 for liability for unauthorised payments).
You must also notify us promptly if;
You must be careful to ensure that you tell us the correct amount you wish to pay to the correct recipient. If you instruct us to make a payment and you later discover that:
We will be entitled to abide by any transaction undertaken via Macquarie Online in conjunction with your codes whether or not the user is authorised, subject only to sufficiency of funds and other terms agreed between you and us.
You cannot stop an immediate payment once you have instructed us to make that payment. You can stop or make changes to a future transfer provided that you give us no less than one Business Days notice.
We will not be obliged to effect a payment if:
We are not obliged to process your instructions under these conditions;
A delay may occur in the processing of a payment. We will use reasonable endeavours to correct such delay. While it is expected that any delay in processing under this agreement for any reason set out in 2.2.7 and 2.2.8 will not continue for more than one Business Day, any such delay may continue for a longer period.
A delay might occur in the processing of a payment where:
There could be technical or other reasons why a future dated payment will not be made in accordance with your request. In the event that this happens, except where this is caused by a failure of our system or equipment we will not be liable for any loss or damage suffered as a result.
We are not liable for any consequential loss or damage you suffer as a result of using Macquarie Online to make payments, other than due to any loss or damage you suffer due to our negligence, a malfunction of our system or equipment 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. Where you suffer loss or damage as a result of malfunction of our system or equipment, and you should have been aware of the malfunction, our liability is limited to correcting errors in the account and refunding any resulting fees and charges.
We will not process any payments scheduled to be made while your right to participate in Macquarie Online is suspended.
Liability for unauthorised transactions
An unauthorised transaction is a transaction which is not authorised by you or is executed without your knowledge or consent. If you find an unauthorised transaction, you suspect that any person has gained access to your codes or is using your codes without your authorisation or your codes are lost or stolen contact us immediately.
You will not be liable for any unauthorised transaction where:
If a payment is made to a person or for an amount which is not in accordance with the instructions you have given us and your account was debited for that amount, then we will credit that amount to your account.
If you are unable to report the loss, theft or unauthorised use of a code due to our notification facilities being unavailable, you are not liable for any losses occurring during that period provided that notification is made to us within a reasonable time of the facility becoming available.
You will be liable for losses resulting from unauthorised transactions where we can prove that you contributed to the loss by: