Commonwealth Private Bank Account

June 2021 Features at a glance

The Commonwealth Private Bank Account is an exclusive interest bearing transaction account for Commonwealth Private clients.

At-call access to your money via online (NetBank and the CommBank app), Telephone Banking, ATMs and EFTPOS Contents • No minimum balance requirements

Features at a glance 1 • Banded interest rates Why choose a Commonwealth Private • Interest is calculated daily and credited Bank Account? 2 monthly Interest rates, fees, tax and risk 3 • No monthly account keeping fee Digital banking 4 • Optional cheque book facility Changes to account features – • One card banking – access to your account keeping you informed 5 through a Commonwealth Bank Debit Terms and Conditions 6 Mastercard or Keycard Standard fees and charges 17 • Direct deposit of dividends and salary • Direct debit of your regular bills and loan repayments • Accessing your account through a Commonwealth Bank deposit card

Important Information As the information in this document has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances. If you have any enquiries, please contact your Commonwealth Private Banker.

The target market for this product will be found within the product’s Target Marget Determination, available at commbank.com.au/tmd

This product is issued by Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945. Commonwealth Private Bank Account | 1 Why choose a Commonwealth Private Interest rates, fees, tax and risk Bank Account? How interest is determined Interest you have earned on this account may be Interest is calculated daily and paid monthly. Interest subject to income tax. You should discuss any taxation issues with your tax adviser. Convenience How to open your Commonwealth Private is paid at a banded interest rate, with interest paid on Bank Account the portion of the balance within each band. Investment risk You can access your account through: Standard fees and charges All investments carry a certain amount of risk, • NetBank and the CommBank app, our digital It’s easy, just contact your Private Banker and however the Commonwealth Private Bank Account, banking services they will take care of it for you. When applying, you’ll Whilst the Commonwealth Private Bank Account has being a transaction account, is considered to be a • Telephone banking be asked to provide appropriate identification for no account keeping fee, your account may be subject each signatory to the account. At this time, let your to some of the Bank’s standard fees and charges for relatively low-risk investment. • Automatic Teller Machines (ATMs) Private Banker know if you would like a cheque book. services requested or initiated by you. • Electronic Funds Transfer at Point of Sale Financial Claims Scheme A Commonwealth Bank Debit Mastercard Please turn to the ‘Standard fees and charges’ (EFTPOS) The Financial Claims Scheme, under the Banking Act or Keycard will be issued for your new account. section of this brochure for more information about 1959, covers deposit amounts you hold in a bank in • Cheque books (subject to approval) You can also link your account to an existing the standard fees and charges that may be applied aggregate up to a statutory prescribed limit (please Keycard, Debit Mastercard, Commonwealth Bank to your account. Banded interest rates credit or deposit card. note that for the purposes of calculating this total, Interest is calculated daily and paid monthly. Interest Taxation – providing your joint accounts are considered to be held in equal is paid at a banded interest rate, with interest paid Tax File Number (TFN) shares). You may be entitled to on the portion of the balance within each band. To a payment in some circumstances. Payments under You are not required to provide us with your TFN the scheme are subject to a limit for each depositor. obtain the latest interests rates, in relation to your account but where TFN or TFN please ask your Private Banker. Information about the Financial Claims Scheme can exemption has not been quoted on an account, be obtained from http://www.fcs.gov.au or where the account holder is a non-Australian resident, we are obliged by law to deduct tax from interest credited to an account.

Exclusive to Commonwealth Private clients, the Commonwealth Private Bank Account has all the flexibility of an everyday transaction account but with investment account interest rates. There is no minimum balance requirement.

2 | Commonwealth Private Bank Account Commonwealth Private Bank Account | 3 Digital banking Changes to account features – keeping you informed Wherever you are in the world, Commonwealth • CommSec Mobile Private gives you the choice and control to securely Enjoy a seamless trading experience through our manage all of your accounts on a range of devices, CommSec Mobile app that includes all the tools, the way you want. resources and security you need to invest with Various features of your account may be changed from time to time, including fees, interest rates and Terms and Our digital technology gives you the flexibility to confidence. Conditions. The following table shows how we will advise you of any changes. access, track and manage your money on a range of • CommBiz devices securely1 – wherever you are. From banking Potential change Minimum number of days’ notice and method Online business banking with state of the art on the go on the CommBank app, to completing security features for businesses of all sizes. more complex tasks in NetBank or paying with your Introduce a new fee or charge 30 days – in writing wearable or digital wallet. We take our responsibility to protect your privacy Increase an existing fee or charge 30 days – in writing or by press advertisement Other apps to help your financial management: and security seriously, and have a range of security capabilities to keep your information safe. Change the method by which 30 days – in writing • CommBank Property interest is calculated or the A property search powered by Domain with the frequency with which interest is option of including your finances so you can debited or credited search for properties that suit your lifestyle. Vary the balance ranges within 30 days – in writing which interest rates apply to the account 1 With our 100% security guarantee we’ll cover any loss due to unauthorised transactions on your accounts, as long as you protect your cards, devices, client numbers, PINs, passwords and any other access methods, and immediately notify us of their loss, theft or misuse or Change the interest rate No later than the day of change – in writing or by press advertisement any suspicious activity on your account. Unfavourable changes not relating 30 days2 – in writing or by press advertisement to an interest rate (the above notice periods apply) Change any other term or condition No later than the day of change – in writing or by press advertisement

2 We may give you a shorter notice period, or no notice, of an unfavourable change if we believe doing so is necessary for us to avoid, or to reduce, a material increase in our credit risk or our loss.

4 | Commonwealth Private Bank Account Commonwealth Private Bank Account | 5 Terms and Conditions

About these Terms and Conditions Definitions 2. If you conduct an account jointly with • Any instructions given by you in accordance with These Terms and Conditions govern the Account means a Commonwealth Private Bank another person the Authority will be relied on by the Bank. We will not be liable for any loss or damage you, or Commonwealth Private Bank Account. They do not Account. • Unless otherwise agreed with the Bank when the anyone else, suffers where the Bank acts on those include Terms and Conditions that may apply by account is opened: Business day means a day that is not a Saturday or operation of law. instructions in good faith and without negligence. Sunday or a public holiday, special holiday or bank (i) each of you may operate the account This service when supplied to you as a consumer For example, legislation such as Chapter 7 of the holiday in the place in which any relevant act is to be independently of the other; comes with a non-excludable warranty under Corporations Act 2001 and the Australian Securities done or may be done. (ii) the Bank may accept for the credit of the account consumer protection laws that it will be carried and Investments Commission Act 2001 apply to the any cheque or other negotiable instrument ePayments Code means the current ePayments out with due care and skill and be reasonably fit provision of financial services and impose a number payable to any one or more of you; and Code administered by the Australian Securities and for the purpose. If we breach any of those of obligations on us with regard to things such as Investments Commission. (iii) if one of you dies, a joint account is either warranties you may be entitled to compensation. product disclosure, dispute resolution and so on. A closed and we pay the balance in the joint When you are not a consumer under consumer number of common law provisions also govern the Our means belonging to the Commonwealth Bank of account to the surviving account holder, or, protection laws our liability for loss or damage is banker/customer relationship. Further, the Banking Australia ABN 48 123 123 124, AFSL 234945. if the surviving account holder requests, the limited to re-supplying the service to you or Code of Practice (discussed below) and PayID is an identifier you can register to receive surviving account holder may generally paying the costs of having the service resupplied the ePayments Code may also apply. payments, by linking your bank account to a continue to operate the account (subject to to you. When you are a consumer under consumer It is not possible to set out in these Terms and memorable piece of information, such as your phone certain exceptions for partnerships or trusts). protection laws our liability is limited in this way only to the extent permitted by those laws. Conditions all of the legislative, common law or Code number, email address, ABN, ACN or Organisation • If you have a joint account and you instruct us that ID. PayID is also the name of the service that enables provisions which may apply to a banking or financial the account is to be operated in a certain way (for 5. Scope of account operating authority service provided to you. If you need advice about any direct payment through this identifier so you can example, you instruct us that any one of the joint The signatories who are authorised to operate the aspect of these, you may ask us. We will answer your send payments to a PayID without the need to account owners may operate alone), then we will account in accordance with the specified method of queries where we are able to do so, otherwise we will remember BSB and account numbers. not be liable for acting in good faith and without operation, may act on the account and deal with the ask you to seek advice from your own sources. negligence in accordance with your instructions. Proscribed person means a person who appears Bank in the following manner: You should read these Terms and Conditions to us either (a) to be a proscribed person or entity • If the Bank permits an overdrawing, each of you carefully and keep them for your future reference. under the Charter of the United Nations Act 1945; will be liable to the Bank jointly and severally. • draw cheques; (b) to be in breach of the laws of any jurisdiction • overdraw to any extent permitted by the Bank; A copy of the Commonwealth Private Bank relating to money laundering or counter-terrorism; 3. Trust accounts Account Terms and Conditions is also available • withdraw moneys in any manner; (c) to appear in a list of persons with whom dealings from your Private Banker and Unless the account is designated as a trust account, • make arrangements with the Bank on all matters are proscribed by the government or a regulatory www.commbank.com.au/privatebankaccount when you lodge a deposit in your name/s, you verify relating to the issue of Encashment Authorities, authority of any jurisdiction; or (d) act on behalf, or that the funds deposited are not in any way subject to Documentary Credits and authorities to negotiate; You can also find useful information at for the benefit of, a person listed in subclauses (a) to (c). a trust of any kind nor lodged in a trustee capacity. commbank.com.au on a range of banking matters • give and cancel authorities in the Bank’s usual We, us and the Bank means the Commonwealth including the rights and obligations that arise out 4. Account operating authority form for periodical payments; Bank of Australia ABN 48 123 123 124, AFSL of the banker and customer relationship, account • use electronic banking terminals; 234945. • When you open an account, you are required to opening procedures, the Bank’s obligations provide us with the following Account Operating • access and operate the account using an regarding confidentiality of your information, You or your means the person or persons or entity in Authority (‘the Authority’) details: Electronic Banking service pursuant to the Bank’s the Bank’s complaint handling procedures, bank whose name the Commonwealth Private Bank (i) all signatories who are authorised to operate Electronic Banking Terms and Conditions; cheques, the advisability of you informing the Bank Account is held. the account, and • obtain cheque books; promptly when you are in financial difficulty and the advisability of you reading the Terms and Conditions 1. Opening of accounts (ii) the method of operation, e.g. any one to sign, • change mailing address; applying to any banking service provided to you or in In opening an account, you agree to these any two to sign, the Treasurer plus one to sign. • open new account/s with the Bank, provided they Terms and Conditions. have the same authorised signatories and method which you are interested. • We will act upon this Authority until you vary or of operation as the Account Operating Authority; The relevant provisions of the Banking Code of cancel it. If you wish to vary the Authority by Practice apply to a Commonwealth Private Bank changing (i) or (ii) above, or cancel the Authority, • obtain statements of account and any information Account and any overdraft facility on that account if you must give notice in writing to the branch required concerning the account/s generally; that account is held by an individual either alone or where the account is conducted. Upon receiving jointly, or a small business. such notice, the Authority will be varied or cancelled. All cheques and other instruments, dated prior to and presented for payment after

6 | Commonwealth Private Bank Account the receipt of such notice in writing, will be Commonwealth Private Bank Account | 7 honoured for payment. • endorse cheques, bills, promissory notes or other 7. Deposits • The daily electronic banking withdrawal limit is a – A temporary lock if you misplace your card instruments payable to the order of the account • You may make deposits of any amount at any combined limit and is the total amount that can which prevents card transactions from being holder or, if this is a joint account, payable to any branch of the Bank. You may also deposit through be withdrawn using a personal identification processed when you select the credit option, one or more of you and intended for collection, most of the Bank’s ATMs (not coins), at selected number (PIN) from all accounts linked to a card in but not the cheque or savings options. discount or negotiation and credit proceeds to offices of Australia Post, and at certain other any one day. You can request a higher daily – A lock on online transactions inside and outside your account/s; and authorised agencies of the Bank. electronic banking withdrawal limit by contacting Australia; your Private Banker. If you request a higher daily • register and maintain a PayID for your account, • You may transfer funds using the Bank’s Telephone – A lock on contactless payments; and electronic banking withdrawal limit, your liability including locking or closing a PayID or initiating a Banking service and Internet banking service. There for unauthorised transactions may increase. – A lock on all in-store international purchases. PayID transfer to another account in accordance are limits on the amounts that can be transferred with the PayID Terms and Conditions. per customer per day. Refer to the ‘Electronic • You may transfer funds through the Bank’s • We’ll let you know when a lock has been set up. Where an account signatory registers and maintains a Banking Terms and Conditions’ for details. Telephone Banking service and Internet banking The CommBank app Terms and Conditions (available when you download the app) and the PayID for your account in accordance with these • You may arrange to have your salary, pension, service. There are limits on the amounts that Electronic Banking Terms and Conditions Terms and Conditions, you agree that the signatory proceeds from securities transactions or any other can be transferred per customer per day. Refer (available at commbank.com.au or from your local may use account information including your name, regular payment made directly to your account by to the ‘Electronic Banking Terms and Conditions’ CommBank branch) apply when you use the account name, telephone number and email address. direct credit or periodical payment. for details. CommBank app. You also agree that we may use, store or share this • Any cheques drawn on or deposited to your • Merchants, BPAY billers and other financial information with the PayID service for others to account, or bank cheque or other document institutions may impose additional restrictions. 9. Refusal of service access when facilitating payments or registering deposited to your account or delivered to us in • You may arrange to have regular payment of bills In the event that you or a signatory appears to be a PayIDs and for reasonable secondary purposes connection with a transaction on your account, and loan repayments made directly from your Proscribed Person, then we may immediately refuse including transaction tracing and investigations. becomes our property when we have presented account by direct debit or periodical payment. to process or complete any transaction or dealing of the cheque for payment (even if it is dishonoured) 6. Business account password • A direct debit authority may be cancelled or yours; request the return of a cheque book; suspend or when the transaction is otherwise complete. altered by you at any time by notice in writing the provision of a product or service to you; refuse to When you apply for a business account password (signed by you) to the Bank. The Bank will accept 8. Withdrawals and payments allow or to facilitate any of your assets held by us to (Password) to be linked to all existing accounts and and promptly process any such notice. The Bank each account in your name: be used or dealt with; refuse to make an asset • Proceeds of cheques and other payment may ask that you also contact the debit user. You available to you to any other proscribed person or • You acknowledge that use of the Password instructions, or funds transferred by direct debit, may also cancel a periodical payment authority at entity; or terminate these arrangements with you. cannot be limited to only some of your account/s. whilst credited to your account, are subject to any time by notice in writing (signed by you) to the We will be under no liability to you if we do any or all • The Password may be used to instruct the Bank to: clearance. If the Bank allows you to access the Bank. of these things. Our rights under this clause are in proceeds before clearance is effected, you must – obtain account information (including account • The Bank may cancel or stop any direct debit or addition to all other rights we may have. repay that money if the cheque, payment instrument periodical payment authority when payment statements); If we exercise our rights under this clause you must or direct debit is dishonoured. In other cases, the arrangements no longer comply with the terms of – update particulars of your account/s; pay us any damages, losses, costs or reasonable money in your account is available on demand. the account authority signed by you. – stop cheques drawn on your account/s. • For security reasons we may place a hold on funds expenses that we incur in relation to any action • The Bank will also accept and promptly process taken under this clause, including without limitation • The Password may be cancelled or changed by transferred to or from your account through any complaint from you that a direct debit or NetBank or CommBank app. The hold may apply: our refusal of service under this clause, interest the accountholder. periodical payment transaction was unauthorised adjustments, administrative costs and/ or costs of – For 24 hours; • Any instructions given by a person using the or irregular. In the case of direct debit transaction, sale or purchase of any transaction or deal put in Password in accordance with the Account – In some circumstances, where the transaction again, the Bank may suggest that you also place for the purposes of meeting our obligations Operating Authority will be relied on by the Bank. takes place after 7:30pm (Sydney/Melbourne contact the debit user. under these Terms and Conditions. It will not be liable for any loss or damage you, or time), until the second following day; or • If you make a mistake (for example, you type in anyone else, suffers where the Bank acts on those – For as long as we reasonably need to the wrong recipient details), let us know straight 10. Agency opening hours instructions in good faith and without negligence. investigate the transaction. away and we’ll attempt to recover the money on The Bank does not regulate the hours in which This service when supplied to you as a consumer • Withdrawals can be made at any branch of your behalf using the processes set out in the Australia Post offices and authorised agencies comes with a non-excludable warranty under the Bank. Electronic Banking Terms and Conditions. If we conduct banking business. You should check their consumer protection laws that it will be carried out are reasonably satisfied that funds have been paid • Subject to a daily electronic banking withdrawal banking business hours with the Australia Post with due care and skill and be reasonably fit for into your account due to another party’s mistake limit and the dollar note denominations available, office or authorised agency. the purpose. If we breach any of those warranties and there are sufficient credit funds in your you may make withdrawals through the Bank’s you may be entitled to compensation. When you account, we may debit your account with the 11. Payment of interest ATMs, the ATMs of other financial institutions the are not a consumer under consumer protection amount of the mistaken payment and return it to Bank has made arrangements with in Australia, • Interest rates are banded and paid according to laws our liability for loss or damage is limited to the other party without giving you notice. In some ASB Bank in New Zealand and Commonwealth the account balance within each band. re-supplying the service to you or paying the costs instances we may prevent you from withdrawing Bank in Indonesia, electronic funds transfer • Interest is calculated daily and is credited to of having the service resupplied to you. When you the amount claimed to be a mistake while we terminals, the overseas Maestro, Cirrus or your account on the first day of each month are a consumer under consumer protection laws investigate. Mastercard networks of electronic terminals and and when the account is closed or switched to our liability is limited in this way only to the extent those post offices and other agencies equipped • You can put the following locks on your debit another account. permitted by those laws. with electronic banking terminals. Mastercard or debit Visa card and change them any time through the CommBank app:

8 | Commonwealth Private Bank Account Commonwealth Private Bank Account | 9 12. Cheque facility • Crossing a cheque – that is, drawing two parallel 15. Debit balances overdraft Terms and Conditions provided to you, • Provided you are 18 years of age or over, you may lines vertically on a cheque – acts as an instruction • If you make any withdrawal or other payment (e.g. the overdraft Terms and Conditions will apply to apply to the Bank for issue of a cheque book to to a bank to accept the cheque only into a bank by cheque) or transact on your account by any the extent of such inconsistency. account and not to cash it. operate your account. means which would cause a debit (negative) 17. Statements of account • You must only use the cheque forms supplied by • Including the words ‘not negotiable’ in the crossing balance in your account, this is known as • Unless the account is inactive (refer to Clause 20), the Bank. helps protect the true owner of the cheque if it is overdrawing your account. the Bank sends you a statement of account each lost or stolen. Including the words ‘account payee If you have an overdraft facility (refer to Clause • Stamp duty (where applicable) is charged to your month. You may request more frequent only’ in the cheque serves as a warning to a bank 16) and try to make any withdrawal transaction account when a cheque book is issued. statements. We provide statements and notices not to accept the deposit of the cheque except to which would cause the agreed overdraft limit to • If it appears to us on reasonable grounds that your electronically where: an account of the named payee. be exceeded, or you have no overdraft facility and conduct of the cheque facility is not satisfactory • The deletion of the words ‘or bearer’ from a cheque try to make any withdrawal transaction which – You have not told us that you don’t want to (e.g. there are a large number of inward or outward directs the bank to pay the cheque only to the would cause an overdrawing of your account, we receive your statements and notices dishonours, or you are negligent in the issuing of payee or in accordance with the written are not required to honour your cheque or allow electronically. You can let us know at any time, cheques or in looking after and securing your endorsement of the payee. the withdrawal. However, depending upon what that you don’t want to receive your statements cheque book), we may cancel your cheque facility we do in relation to the cheque or withdrawal and notices electronically by updating your immediately upon notice to you. We will process • To reduce the risk of unauthorised changes to a transaction, we will be entitled to charge fees as preferences in NetBank or contacting us. any cheques presented to us after, but which were cheque make sure that you write only in non- described in the ‘Standard fees and charges’ – These terms and conditions do not otherwise drawn before such notice. We can give no erasable pen, complete the cheque carefully and section of this brochure. provide that your statements or notices will be undertaking as to the fate of such cheques. They fully, do not sign blank cheques, add appropriate provided in another way. will be dealt with in accordance with these Terms crossings and make sure there are no spaces left – The amount by which the account is overdrawn and Conditions. before or after the amount. will be treated as an advance by us to you and • Where applicable, we will give your statements you will owe us a debt of that amount; and notices electronically through: • The Bank may at its discretion require new and • Cheques may be dishonoured if they are irregular existing accountholders to lodge a minimum in some way, including but not limited to, if the – you must repay the advance, including interest (a) NetBank– To receive your statements and opening balance or have a minimum balance before cheque is not signed by the drawer or with the and fees charged on your account as a result of notices electronically, you must give us your the cheque facility is provided. drawer’s authority, has been altered without that advance immediately, unless we agree with current email address and you must register authority from the drawer, is older than 15 you an arrangement for repayment (within no for NetBank. If you don’t, we may switch your 13. Accounts with cheque access months (stale) or if the cheque bears a date in the longer than 62 days); delivery method to paper. We’ll let you know future (post-dated). • If you have an overdraft facility (refer to Clause 16) – you must pay us interest on that loan at the when the information is there by: and try to make any withdrawal transaction which 14. Account combination prevailing rate for debit balances. To obtain the – Email to an email address you have given us would cause the agreed overdraft limit to be latest interest rate, please ask your Private for contacting you; • You agree that the Bank may combine or set-off the exceeded, or you have no overdraft facility and try Banker. The interest on that advance will be – SMS message to a mobile telephone to make any withdrawal transaction which would balance of this account with any other on demand calculated daily and charged to your account account or with any loan account for which the number you have given us for contacting cause the balance of the account to be overdrawn, monthly on the first day of each month and you; or we are not required to honour your cheque or allow Bank holds security that you have or may have in when the account is closed or switched to – Push notification from the CommBank App the withdrawal transaction (refer to Clause 15). the future with us. another account; and • The Bank’s rights under this clause do not extend to that the information is available for retrieval • Any cheques drawn on or deposited to your – we apply any payments to your account first in by you; or account, or bank cheque or other document any account which has a facility which is regulated repayment of that advance and any interest (b) By any other means we agree with you. deposited to your account or delivered to us in by the National Credit Code. In such cases, the charged. Bank may still exercise its banker’s right of account connection with a transaction on your account, • If we do not allow you to overdraw your account • You can change your electronic address at any combination. becomes our property when we have presented the or exceed your overdraft limit, we are entitled to time on NetBank or by contacting us. cheque for payment (even if it is dishonoured) or • The consequences of your accounts being charge a dishonour fee (please refer to the • We record that you received an electronic when the transaction is otherwise complete. combined or set off will be that, in effect, one ‘Standard fees and charges’ section of this statement or notice on the day that our • Generally, cheques will be cleared in about balance remains. If that is a debit balance, you will brochure) for processing the disallowed notification enters the first information system three days. remain liable to us for that amount. We will inform withdrawal transaction. outside CommBank (e.g. the server of your email you promptly after exercising our right to combine address). • The drawer of a cheque may ask their bank to stop your accounts. 16. Overdraft facility a cheque. We will act on these instructions if the • Even if we normally provide electronic statements cheque has not already been paid. If you need to • You should note however, unless we have a written • Other Terms and Conditions apply to the conduct or notices, we may occasionally send you a paper stop payment on a cheque you must contact us agreement with you to do so, we are not required to of an overdraft facility on your account. statement or notice instead (e.g. if we are unable immediately with a cheque number – a fee may be combine your accounts for the purpose of meeting • These Terms and Conditions are provided to you to provide the information electronically). a cheque you have written that would overdraw charged for this service. when the Bank offers you an overdraft, and you • Any communication about your statement sent to your account or exceed any overdraft limit. should refer to them for all information relating to your email (or a statement sent directly to your • In accordance with the Banking Code of Practice, the overdraft on your account. email) will be sent to the email address you last we will notify you promptly if we combine your • If there is any inconsistency between the notified to the Bank. If your email changes (or any accounts. We need not give you notice in advance. Commonwealth Private Bank Account Terms and other contact details) you must update them with If the Bank elects to combine your accounts it will Conditions in this document and the relevant us immediately. observe any applicable requirements of the Code of 10 | Commonwealth Private Bank Account Operation for Centrelink Direct Credit Payments. Commonwealth Private Bank Account | 11 • Check your statement as soon as you get it. If you Limited or Commonwealth Private Limited (l) change the frequency with which interest is writing or by advertisement in the national media or see any transactions you are unsure about, let us including brokerage, stamp duty and credited; local media, no later than the day on which the know straight away. Remember that the date you administration fees. change takes effect. (m) change the frequency with which interest is made a transaction could be different to the date More information on bank charges debited; The Bank will notify you of the introduction or on the statement (it may be the day we process • Information on our current standard fees, charges variation of any government charge either in writing the transaction – or, for overseas transactions, the (n) change the minimum balance to which an and any interest rates is available on request from or by advertisement in the national media or local transaction date in the relevant country). account keeping fee applies; your Private Banker. media, unless the government, a government agency • If you have a joint account, and the same email or (o) add new concessions or benefits; or representative body has already publicised the postal address, we will send one statement or 20. Inactive accounts (p) change or remove any concessions or benefits; or introduction or variation. notice addressed to all of you at that address. An account becomes inactive when no customer- You agree that we may give you notice as set out in • At any time, you can ask for a statement by initiated transactions are made on the account for (q) adopt or implement any legal requirement, this section. logging into NetBank or calling us. six consecutive, complete calendar months. decision, recommendation, regulatory guidance or standard of any court, tribunal, ombudsman When an account becomes an inactive account, we Not happy with the change? 18. Electronic banking service or regulator. will send you statements at least every six months. If you do not accept these changes, you may close Electronic access to your account is governed by the Each of the changes in paragraphs (g) to (q) is a your account with us without fee or charge subject Electronic Banking Terms and Conditions. A copy can 21. Government charges separate right and this clause 22B is to be read as if to any rights of account combination the Bank may be obtained from any branch of the Bank or from • Government taxes and charges, where applicable, such change was a separately expressed right. have and any legal obligation of the Bank to pay any commbank.com.au/netbank. When opening your are charged to your account. part of your account balance to a third party. NetBank for online banking, you will be given a copy C. Without limiting our rights under clause 22B, we • Whilst you are not required to provide the Bank may from time to time change any of the Terms 23. Change of name or address of the ‘Electronic Banking Terms and Conditions’. with your tax file number (TFN) in relation to your and Conditions of your account. You are required to notify the Bank promptly of a 19. Bank charges account, the Bank is obliged by law to deduct tax How we notify you of changes to your account change to your name or address. from interest where a TFN or TFN exemption has Transaction fees features and Terms and Conditions? not been quoted on an account, and where interest 24. When we can suspend or close your • You may be entitled to an exemption or is credited to an account of a non-resident. We will give you at least 30 days’ prior written notice of: account, cancel your card, PIN, password concession on some Bank fees. Please refer to the (r) the introduction of a new fee or charge (other or device or decide not to process Bank’s current schedule of standard fees and 22. Variation of Terms and Conditions changes than a government tax or charge payable a transaction charges for details. we can make directly or indirectly by you); You may close your account by contacting us. We • An access fee is charged for each withdrawal you A. Changes to your account features (s) a change in the method by which interest is can close your account at any time by giving you make through ASB Bank ATMs in New Zealand and We may from time to time: reasonable notice. We can also close your account Commonwealth Bank ATMs in Indonesia. Note: calculated or the frequency with which interest (a) change any interest rate we pay; without telling you if: Withdrawals or balance enquiries through non- is debited or credited; Commonwealth Bank ATMs. When you use a (b) change any interest rate we charge you; (t) a change to the balance ranges within which • The account has a nil balance or is overdrawn, and non-Commonwealth Bank ATM in Australia, the you haven’t used it for at least three months; (c) add fees or charges; interest rates apply to the account; ATM owner may charge a fee (which will be • You don’t provide us the ID we ask for; (u) a change in the minimum balance to which an disclosed at the time). Overseas ATM owners may (d) remove fees or charges; account keeping fee applies. • You haven’t put money in or taken money out of also charge a fee but may not disclose it. If you (e) change the amount of any fee or charge; or your account for seven years unless you’ve asked proceed with the transaction, the ATM owner’s fee We will give you at least 30 days’ prior notice either us to treat the account as active or another (f) change the repayment terms of any will be debited to your account (in addition to any in writing or by advertisement in the national media exemption applies. We’ll transfer your balance to overdrawn amount. amount you withdraw). or local media of: the Commonwealth Government’s unclaimed • Withdrawals made overseas through the Maestro, Each of the changes in paragraphs (a) to (f) is a (v) an increase to an existing fee or charge (other money fund and you can apply to get this money. Cirrus or Mastercard networks of electronic separate right and this clause 22A is to be read as if than a government tax or charge payable We can also suspend or close your account, cancel terminals attract the fees applying to those such change was a separately expressed right. directly or indirectly by you); and your card, PIN, password or device, or not process a services. An access fee is debited to your account transaction without notice, if: B. Changes to your account Terms and Conditions (w) an unfavourable change other than a change at the time of the withdrawal. We may from time to time change any of these relating to an interest rate (with the exception • We think your account is being used fraudulently or Other charges Terms and Conditions to: of clause 22C(s)&(t)). in a way that might cause you or us to lose money; • You are liable to pay, and the Bank debits to your (g) change the basis on which interest is charged; We may however give you a shorter notice period, or • We believe on reasonable grounds that you may be account, any charges made by the Bank for no notice of an unfavourable change if we believe a person, acting for or conducting business with a (h) change the basis on which interest is paid; services that are ancillary to the operation of your doing so is necessary for us to avoid, or to reduce, a person: account, such as a fee for purchasing a bank (i) adjust our interest rate structure; material increase in our credit risk or our loss. – with whom we are not permitted to deal with cheque. by law or a regulatory authority; (j) adjust the balance ranges within which interest If the Bank otherwise varies these Terms and • You authorise the Bank to debit the account with rates apply to your account; Conditions or varies its standard fees and charges or – in breach of laws relating to money laundering costs associated with your dealings in securities any interest rate, the Bank will notify you either in and terrorism financing; (if any) through Commonwealth Securities (k) replace any reference rate with any other reference rate;

12 | Commonwealth Private Bank Account Commonwealth Private Bank Account | 13 • We reasonably consider necessary, for example to You must give us accurate and complete information; 26. Additional Obligations 27. How to protect your account comply with our financial crimes policies, any laws otherwise you may be breaking the law and we may The Bank may be subject to laws or regulations in Make sure you protect your account so other people in Australia or overseas, card scheme rules, not be able to provide you with the products and Australia or another country that affect your can’t use it. We’ve set out some suggestions below. manage any risk, or for a transaction, if your services that best suit your needs. If you change your relationship with the Bank. So that we may comply If your card or cheque book is lost or stolen, or you instructions are not clear. personal details (e.g. address, name or email address) with our obligations under these laws or regulations think someone else knows your PIN or password or If you are travelling to a sanctioned jurisdiction, we you must tell us straight away. and as part of Australia’s international obligations in has used your account, let us know straight away. If may without notice suspend your account and any Who we may exchange your information with relation to combating tax evasion, we may require you don’t you may be responsible for any financial account access methods while you are in that you to provide additional information. Until you losses that you incur where you otherwise may not We may exchange your information with other jurisdiction. Should we reasonably suspect you are provide us with this information, we may prevent you have been. members of the Group who may use your residing in a sanctioned jurisdiction, we may without from transacting on your account. notice close your account or any account access information for any of the purposes we can. Do: For example, if you are the trustee of a trust, you methods. A list of sanctioned jurisdictions may be We may also exchange your information with others • Sign the back of your card as soon as you receive it need to tell us if the settlor or any beneficiary of the found at commbank.com.au/sanctioned countries. outside the Group, for example, your representatives, • Memorise your PIN or password as soon as trust is a tax resident of a country other than our service providers, other financial institutions (for possible, then destroy or delete it Once your account has been closed, you’ll still be Australia. If the settlor or any beneficiary is itself an example, in relation to a mistaken payment claim), responsible for any transactions you or a signatory entity, this requirement applies to all individuals who • Destroy old or unused cards enforcement and government authorities, relevant make to that account even after closure. If money is are an ultimate beneficial owner of that entity. • Regularly change your pin. public registers and payment system operators (for left in your account, we will transfer it to another Don’t: account in your name or send you a cheque – except example, BPAY Pty Ltd). We may then require you to obtain (and/or provide on their behalf) each individual’s name, address, date • Write down your PIN or password where we transfer your money to an unclaimed Sometimes it may be necessary to send your of birth and tax residency details. money fund. information overseas – for example, where we • Keep a copy of your PIN or password on your outsource functions overseas, send information Where you are a trustee, you do not have to give us this computer, mobile or tablet 25. Customer information and privacy to Group members overseas, where we need to information in relation to the settlor if their identity is • Tell your PIN or password to anyone – not even What information we collect complete a transaction on your behalf or where this not known or, if they have no ongoing involvement family or friends We collect information about you (such as your is required by laws and regulations in Australia or in with the trust and their tax residency is not known. In • Use a number or word that someone can easily name, address and contact details), and information another country. See our Group Privacy Policy for this case, you confirm that after reasonable enquiry, guess (for example, your date of birth, ‘1234’ about your interactions with us, such as transactions more information. you have no reason to believe that the settlor is tax or ‘password’) resident in a country outside Australia. on your account. We may also collect publicly Our Privacy Policy • Let anyone see your PIN when you’re using it. available information about you. Our Privacy Policy is available on our website at You must keep this information up to date, and For more information about protecting your account Why we collect your information and what we commbank.com.au (follow the Privacy Policy link) or notify us promptly of any change. online, see the Electronic Banking use it for upon request from any branch of the Bank and We may also: Terms and Conditions. We collect your information because we are required to should be read in conjunction with the above. • require you to provide information about you or What happens if there is a problem? identify you in accordance with the Anti-Money It contains further details about our information your product; Laundering and Counter-Terrorism Financing Act 2006 collection and handling practices including Please call your Private Banker straight away. You and in order to comply with taxation laws, such as the information about: • if required to do so, withhold an amount from a need to tell us as soon as: payment to you, and if we do, we will not Taxation Administration Act 1953 and the Income Tax • other ways we may collect, use or exchange your • Your card or device is lost or stolen Assessment Act 1936. We also collect it to administer reimburse you for the amount withheld; and/or information; • You think someone else has used your account our customer relationships and internal processes • take such other action as is reasonably required, • how you may access and seek correction of the without your permission including risk management and pricing, to meet our including, for example, closing your account. information; and obligations in relation to external payment systems and • You think someone else may know your PIN, If you need to get in touch with us: under our arrangements with government agencies, • how to make a complaint about a breach of your password or code and to identify and tell you about products and privacy rights, and our complaint handling • From Australia call 1300 077 141 between 9am • You notice a mistake or a transaction you didn’t services that may interest you (unless you tell us not procedures. – 5pm, Monday – Friday (your local state time) make to). If you don’t want to receive marketing information We encourage you to check our website regularly • From overseas call +61 2 9283 6096 between • You make a mistake when making a payment. you can tell us by calling for any updates to the Policy. 9am – 8pm, Monday – Friday (Sydney/Melbourne You may be responsible for any financial losses if you 13 2221. Time). Call charges may apply. How to contact us don’t tell us straight away (that you otherwise may not If you give us your electronic and telephone details, have been had you told us straight away). For privacy-related enquiries, please contact us by: you agree we may use this to communicate with you electronically, by phone or SMS, including providing • email at [email protected] updates, reminders and (unless you tell us not to) • telephone 1800 805 605, or marketing information. • writing to the address in our Group Privacy Policy.

14 | Commonwealth Private Bank Account Commonwealth Private Bank Account | 15 Standard fees and charges

28. Dispute resolution 29. Severance The Commonwealth Private Bank Account is subject to some of the Bank’s standard fees and charges for Making a complaint If any provision of these Terms and Conditions is services requested or initiated by you. The following information explains the fees and charges that may be applied to your account. It is important for us to know when you have a found to be illegal, void or unenforceable for problem so we can resolve it and retain your unfairness or any other reason (for example, if a confidence. court or other tribunal or authority declares it so) the Type of charge Description Amount When it’s charged remaining provisions of these Terms and Conditions Monthly account A monthly fee charged on the account Nil N/A Please call your Private Banker if you have any issues will continue to apply to the extent possible as if the fee you would like to discuss. Our managers are also void or unenforceable part had never existed. available to resolve your concerns. Access fee When you use a non-Commonwealth Bank ATM in Withdrawals or Australia, the ATM owner may charge a fee (which If, at this stage, your complaint hasn’t been resolved 30. Exclusive to Commonwealth balance enquiries will be disclosed at the time). Overseas ATM to your satisfaction, please contact our Customer Private clients through non- owners may also charge a fee but may not disclose Relations team: The Commonwealth Private Bank Account is Commonwealth it. If you proceed with the transaction, the ATM exclusive to clients of Commonwealth Private. If you • By mail Customer Relations Bank ATMs owner’s fee will be debited to your account (in are no longer a client of Commonwealth Private or Commonwealth Bank Group addition to any amount you withdraw). you no longer meet Commonwealth Private client Reply Paid 41 Overseas An access fee is charged for each withdrawal you $2.00 each The fee is charged eligibility criteria, the Bank reserves the right to Sydney NSW 2001 transactions make through ASB Bank ATMs in New Zealand to the account at transition your Commonwealth Private Bank and Commonwealth Bank ATMs in Indonesia. the time of the • By telephone 1800 805 605 Account to another Commonwealth Bank account withdrawal. If you are not satisfied with our response and wish to on reasonable notice. This new account may not Keycard (Maestro), Keycard (Cirrus) and Debit proceed further then you may refer the matter to our have the same interest rates or product features. For Mastercard Access external dispute resolution provider, the Australian current eligibility criteria go to An access fee is charged for each withdrawal Keycard (Maestro) Financial Complaints Authority (AFCA). AFCA commbank.com.au/commonwealthprivate made overseas through the Maestro, Cirrus and or Debit Mastercard provides fair and independent financial services Mastercard networks of electronic terminals. purchase in foreign complaint resolution that is free to consumers: currency: 3.00% of Notes: the transaction • By mail Australian Financial Complaints • No fee is charged for any transaction that value Keycard Authority fails, as a result of customer or network error. (Cirrus) or Debit GPO Box 3 • No exemptions or concessions apply to Mastercard ATM Melbourne VIC 3001 access fees. cash withdrawal in • By telephone 1800 931 678 • For foreign currency transactions, Mastercard foreign currency: International Incorporated (Mastercard) AU$5.00 plus converts purchases and withdrawals in United 3.00% of the States dollars into Australian dollar transaction value equivalents, and converts purchases and withdrawals in other foreign currencies into United States dollar equivalents and then into Australian dollar equivalents, at the rates set by Mastercard on the day Mastercard processes the purchases or withdrawals. • For purchase transactions overseas but in Maestro (EFTPOS) Australian dollars, an international transaction or Debit fee will apply. This fee applies where a Mastercard transaction is in Australian dollars but the purchase in party accepting the card is overseas. Australian dollars • Withdrawals made at the ATM of ASB Bank in when overseas: New Zealand are converted by the 3.00% of the Commonwealth Bank into Australian dollar transaction value equivalents at a rate set by us on the day the transaction is processed. NetBank Fees that may apply to some NetBank service fees transactions. Please refer to ‘Electronic Banking Terms and Conditions’ which can be found at commbank.com.au/netbank

16 | Commonwealth Private Bank Account Commonwealth Private Bank Account | 17 Fees and charges for common banking services

Type of charge Description Amount When it’s charged Type of charge Description Amount Stamp duty on A fee on cheque issued at Norfolk Island $0.20 per cheque Any government Cheques When you write a cheque that needs to be negotiated through the $15.00 Norfolk Island taxes and charges negotiated fee clearing system. cheques that accrue in a Unpaid cheque or When we dishonour a cheque or debit presented to us because there $5.00 calendar month debit fee isn’t enough money in your account. will be charged to your account on Statements of Issue of recent statement/transaction list $2.50 each the first day of the Account following month. Stop Payment When you ask us to stop payment on a cheque you have written $15.00 per request Fee Transfers/ Where a non-customer is remitting $10.00 plus deposits to $2.00 per $100.00 accounts at cash plus 50¢ for other banks each cheque Direct remittance $20.00 Vouchers Production, return or inspection of paid cheques and deposit slips/ duplicate butts:

Special request $4.00 per item (minimum $12.00) Numerous vouchers involving search by Bank staff $60.00 per hour of time spent searching Vouchers held for customer’s inspection and retained by the Bank $1.00 per voucher Vouchers returned to customer $1.50 per item (minimum $20.00 per month) Voucher out-of-pocket expenses Not ascertainable Unpaid If you don’t have enough money in your account for a payment or $5.00 scheduled transfer you scheduled – we try to make the payment or transfer on five payment fee successive business days before charging you Assisted A fee charged on some accounts when you take money out: Nil withdrawal fee • At a Commonwealth Bank branch or a post office or agency • With telephone banking, if using an operator • By cashing a cheque

18 | Commonwealth Private Bank Account Commonwealth Private Bank Account | 19 Commonwealth Private Limited ABN 30 125 238 039 AFSL 314018 www.commbank.com.au/commonwealthprivate

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