Business customers' terms and conditions
Products currently for sale
Select below to find the current T&Cs and recent changes.
Business products: Freedom Business Account, Business Cheque Account – Plus Business Access Saver. Land Agent’s, Broker’s and Valuer’s Trust Account, Solicitor’s Trust Account, Society Cheque Account
Summary of changes, effective 15 November 2024
| Section reference | Change description |
|---|---|
| 3. Using your accounts; ATM | Correction to the timing that an overseas ATM fee is charged. |
Business Visa Debit Card
Summary of changes, effective 18 March 2024
Business Express Deposit Terms and Conditions
Summary of changes, effective 17 June 2024
| Section Reference | Change Description |
|---|---|
| 1. Introduction | Clauses 1.1 to 1.3 – amended to explain that the T&Cs must be read together with account T&Cs, when a customer is bound to the T&C and that a copy of the T&C must be kept for future reference. |
| 2. Eligibility | Section 2.1 – explains eligibility criteria that must be met to use the BED service. |
| 3. Ordering BED Bags | Clauses 3.1 to 3.5 – a new BED bag ordering process explaining how to order BED Bags, and that account holders or their authorised representative must order BED bags in advance for delivery to its nominated address and that the account holder is responsible for the timely ordering of Bed Bags. |
| 4. Using a BED Bag | Clauses 4.1 to 4.5 – explains how to populate BED Bags before lodging, into which account to make a deposit, the use of BED for legitimate business purposes and the ability to introduce daily limits. |
| 5. Processing Delays | Clauses 5.1 and 5.2 – clarifies that incorrect BED bag preparation, high volumes, or collection issues may cause delays in processing BED Bags. |
| 6. Fees and charges | Clauses 6.1 to 6.3 – explains that there is no BED service fee, but there may be other fees associated with processing deposits, details of which can be found in product T&C. |
| 7. Use of Security Service Provider | Clauses 7.1 and 7.2 – explains that if the customer uses a Third-Party Security Service Provider for lodgements, they act independently, and BankSA is not liable for their actions. |
| 8. Lodgement of your deposits | Clause 8.1 – explains who can lodge a BED bag (other than the account holder). Clause 8.2 – explains that BankSA can change branches that accept BED Bags at its discretion. Clause 8.3 – outlines the methods by which a BED Bag can be lodged and when the lodgement takes effect. |
| 9. Processing your deposits | Clauses 9.1 to 9.4 – explains how BED Bag contents are counted, processed, and recorded the liability for any discrepancies identified and when discrepancy notifications will be sent. Clauses 9.5 to 9.7 – explains processing turnaround times and when a lodgement will be treated as a standard over-the-counter deposit. |
| 10. Third Party Cheques | Clauses 10.1 and 10.2 – explains that for third-party cheques, proper endorsement and adherence to BankSA guidelines is mandatory and that BankSA may refuse the deposit or deduct the cheques value and return it if requirements are not met. |
| 11. Our limited liability | Clauses 11.1 to 11.9 – details BankSA’s limited liability for any loss incurred in using the BED service. |
| 12. Termination of Use | Clauses 12.1 to 12.3 – outlines when BankSA may exercise its discretion, with or without notice, to remove a customer’s access to BED Bags and/or terminate a customer’s use of the service. |
| 13. Our responsibilities | Clause 13.1 – explains that where BankSA is required to comply with court orders and laws, it may do so without notice. Clause 13.2 – explains that BankSA may delay or refuse transactions to meet its regulatory and compliance obligations or manage associated risk, request additional information, share customer data where permitted by law and protect itself from any regulatory breaches by the customer. |
| 15. Other | Clauses 15.1 to 15.4 – explains that customers cannot draw on deposited funds until cleared, that customer rights are non-assignable, that fees and terms may change with notice and outlines that the BEDs service is governed by state/territory laws. |
| 18. Definitions | Section 18 – defined terms are listed and defined. |
| Remaining Clauses | The following clauses have been updated only, clauses 14.1 to 14.3, section 16 and 17. |
Term Deposits
Summary of changes, effective 18 March 2024
| Section reference | Change description |
|---|---|
Summary of Account features and benefits: Term Deposit Accounts |
Added monthly, half-annually, annually and at maturity as Interest Payment options under ‘Other features and benefits’ section of Table 1. |
Opening an Account |
A new clause has been included to explain customer identification requirements and the steps taken if identification requirements are not met. |
| Interest | Added a new clause to clarify that interest is paid on the account anniversary date. If the anniversary date falls on a non-working day or day not available in a given month, interest will be paid on the preceding working day. |
Who can close an Account |
A new clause has been included to explain customer Account closure options as well as when we may initiate an Account closure. |
Authority to operate |
A new clause has been included to explain when an authorised signatories’ authority to operate a customer’s Account may be removed. |
| Changes to the terms and conditions | Under Type of change, amended the description for a change to terms and conditions that reflect a change to our business or technological systems and processes. |
Farm Management Deposits
Summary of changes, effective 18 March 2024
| Section reference | Change description |
|---|---|
Opening and maintaining your Account |
A new clause has been included to explain customer identification requirements and the steps taken if identification requirements are not met. |
Withdrawals |
A new clause has been included to explain customer Account closure options as well as when we may initiate an Account closure. |
| Opening and maintaining your Account | A new clause has been included to explain when an authorised signatories’ authority to operate a customer’s Account may be removed. |
| Changes to the Terms and Conditions | Under Type of change, amended the description for a change to terms and conditions that reflect a change to our business or technological systems and processes. |
Products no longer for sale
Select below to find the current T&Cs and recent changes.
Commercial Line of Credit, Business Maximiser, Business Umbrella Investment Loan Account
Summary of changes, effective 15 November 2024
| Section reference | Change description |
|---|---|
Part A – Fees and charges and how to minimise them; ATMs |
Correction to the timing that an overseas ATM fee is charged. |