Operating a Savings Account
Deposits
Deposits into your Savings Account can only be made by electronic transfer. We do not accept cash or cheque deposits.
The maximum balance limit is $250,000. Alex has the right to reject deposits (inwards transfers) where the account balance is above $250,000.
Where, at our discretion we choose to accept such higher deposits, we will confirm the acceptance with you noting your account will still be subject to the maximum daily withdrawal limit in Electronic Banking.
Withdrawing or Transferring Money
Funds are at call and can be accessed at any time through Electronic Banking subject to your maximum daily limit.
Withdrawals that you initiate from your Account using Electronic Banking cannot be future dated.
We may impose a maximum amount per day you may transfer from all the Accounts you can access using Electronic Banking. At the moment that amount is $5,000 per day. If you would like a lower limit, you can set a daily withdrawal limit of up to $5,000 through Electronic Banking. Call us if you need to make any withdrawals which exceed the $5,000 daily limit. If there are insufficient cleared funds in the Account at the time you tell us to make a payment (including the time for a direct debit you have arranged), we may decline to make the payment, or use our discretion to honour the payment (noting the requirement below that your Savings Account may not become overdrawn).
Foreign currency and international transfers
All transfers into and out of the Savings Account must be in Australian dollars and from or to a bank account located in Australia.
Effective date
The date on which withdrawals and deposits are applied to your account may differ, depending on the nature of the withdrawal or deposit. Deposits and other credits will not be treated as made until the date on which those deposits or other credits are applied to your account in the ordinary course of business (referred to as the ‘effective date’). Generally, deposits and withdrawals will be applied to your account (i.e. ‘be effective’) on the date of processing but, in some cases, they may be applied as at a different date.
Disruption to service
When planning transactions you should bear in mind that a banking service may sometimes be disrupted because a service is temporarily unavailable, or a system or equipment is not working in a normal or satisfactory way. We will correct any incorrect or failed transaction resulting from a disruption and will adjust any amount debited or credited to your Savings Account accordingly. To the extent permitted by law and applicable codes, we are not responsible for any loss you suffer (including consequential loss) in connection with a disruption.
Electronic Banking & Mobile Banking App
This is a service that Alex makes available through the internet to enable the electronic receipt and transmission of information and instructions (including in relation to the Savings Account). It is generally available 24 hours a day, 7 days a week, but will be subject to periods of unavailability.
The Savings Account can only be accessed through Electronic Banking (including via our mobile banking application). You must register to access Electronic Banking generally. To access the mobile banking application you must register and download the mobile banking application.
Your use of the Electronic Banking service (including any mobile banking application) will be governed by the Electronic Banking Terms & Conditions (which incorporates the Mobile Banking App Terms). Please refer to our Electronic Banking Terms & Conditions for full details.
Direct deposit arrangements
Under a direct deposit arrangement you can alter, stop or suspend an individual deposit by contacting the depositor or financial institution making the deposit.
Direct debit arrangements
Direct debit arrangements are not supported on the account and any request from a third party to debit your Savings account under a direct debit arrangement will be rejected.
Statements
Statements for your account will be issued at least once every 6 months (or more frequently if you ask). Statements will be provided and be available to you online through Electronic Banking.
You should regularly check your account transactions and your statements and advise Alex as soon as possible of any errors or unauthorised transactions on your statement.
Anti-money laundering and counter-terrorism financing obligations
In order for us to meet our regulatory and compliance obligations we will control and monitor your Savings Account and the transactions to and from it.
Transactions may be delayed, blocked, frozen (which may include isolating funds and moving them into a separate account) or refused where we have reasonable grounds to believe that they breach Australian law or sanctions (or the law or sanctions of any other country). Where transactions are delayed, blocked, frozen or refused (other than by reason of a system unavailability or malfunction), to the extent permitted by law we and our correspondents are not liable for any loss you suffer (including consequential loss) in connection with your use of your Savings Account.
We may from time to time require additional information from you to assist us in the above compliance process and you must provide that information. Where legally obliged to do so, we will disclose the information gathered to regulatory and/or law enforcement agencies, other banks, our related bodies corporate, service providers or to other third parties.
You provide us with the following undertakings and indemnify us against any potential losses arising from any breach by you of such undertakings:
- you will not initiate, engage in or effect a transaction that may be in breach of Australian law or sanctions (or the law or sanctions of any other country); and
- you will not use your Savings Account in an activity prohibited by Australian law or sanctions (or the law or sanctions of any other country).
Account suspension
Alex may suspend your Savings Account if:
- we are required to do so legally or by a regulator; or
- we believe there is suspicious activity on the account or transaction.
Where it is reasonable and permitted by law, we will promptly notify you of the suspension of your account.
Account closures
You may close your Savings Account by giving us written notice or contacting us.
We may close your Savings Account if:
- it has a zero balance for a consecutive period of 14 days;
- we are required to do so legally or by a regulator;
- we believe there is suspicious activity on the account;
- we reasonably believe you have breached the terms and conditions of the account; or
- we believe the operation of the account is outside our risk appetite (for example, you or your signatories have not provided correct, complete or up to date identification information).
Upon closure of your Savings Account, the savings balance plus any accrued interest less any accrued fees or charges will be paid to you. If your account is in debit or you owe us an amount, you must pay the outstanding balance or amount. If your account is holding uncleared funds at the time of closure these funds cannot be released until they are cleared.
