• Published 4/5/2023
  • Read Time: 2 mins

Effective from 26 May 2023

  • Customer notifications

Here’s an overview of what’s changing

Changes to payment processing

  • From 26 May 2023, customers will have the ability to make or receive electronic payments to and from their bank account to an account at a different bank any day of the year, including weekends and public holidays.  
  • These changes are limited to domestic payments such as direct debits, direct credits, automatic payments, bill payment and online/mobile banking payments. 
  • High value transactions, such as house settlements and same day cleared payments will not be impacted. International payments will also not be impacted. 
  • We’ve reflected these changes in our General Terms, Home Loan, Personal Loan and Overdraft terms and conditions.

Clarification around how interest is calculated and added to the account if you have an unauthorised overdraft 

  • We’ve updated section 11 in the General Terms to make it clearer around how we calculate interest and how it is added to the account monthly, on the last working day of the month.

Clarifications to our Home Loan and Personal Loan terms and conditions 

  • We’ve updated some of the language used across our Home Loan and Personal Loan terms to make it clearer and easier to understand. This includes explaining the payments you must make and how you can change the amount you regularly pay. 
  • We've also updated the Home Loan terms to clarify what happens to your payments at the end of a fixed interest rate term, or when your interest rate changes.

You can view our updated General Terms, Home Loan, Personal Loan & Overdraft terms and conditions that come into effect 26 May 2023.

Updated copies will also be available in-branch from 26 May 2023. If you’d like to know more about the upcoming changes and how they may affect you, please ask one of our team.