Notice to Customers – Changes to MyState Terms & Conditions Deposit Accounts & Electronic Banking – Effective 11 June 2024
Effective 11 June 2024, MyState Bank is updating the Terms & Conditions Deposit Accounts & Electronic Banking dated 20 December 2023.
The amendments have also been made to the following documents to their relevant sections;
- Terms and Conditions No Longer Offered Deposit Accounts & Electronic Banking
- Terms and Conditions No Longer Offered Deposit Accounts & Electronic Banking (formerly offered by The Rock)
Amendments
Terminology changes
We have updated terminology throughout the document for consistency. For example;
Online banking (internet and mobile banking) has been replaced with Online banking (internet and mobile app.). Replaced Pay anyone with Pay someone.
Product Specific Terms and Conditions
On page 4, Payment Products.
From 11 June 2024, the removal of any reference and numbering of rediCARD PLUS which has been withdrawn. Other sections may have been renumbered as a result of this.
General Banking Terms and Conditions
On page 9, from 11 June 2024, we have added the following and renumbered any following sections;
3. Marketing communications
We will use your personal information to send you offers for products and services we believe may be of interest and value to you (including by email, SMS or other means) unless you have previously told us that you do not want to receive marketing offers from us.
The products and services offered may be provided by us or one of our third-party partners. If you do not want to receive direct marketing offers from us, you can manage your marketing preferences by calling or visiting us, sending a message via Online banking or follow the opt-out instructions in the message.
On page 12, section 21. Transaction limits.
Pay anyone using a BSB and account number or PayID via Osko (Osko payments)
Payments using Osko are limited to $2,500 in total per day per customer.
This limit operates as a sub-limit of the Pay anyone standard transfer limit. So, if you make an Osko payment, the amount available for Pay someone transfers that day will reduce by the same amount. If the Pay someone limit on your account is less than $2,500 per day, then the limit on daily payments using Osko will be reduced to the same amount.
From 11 June 2024, Payments using Osko are limited to $2,500 in total per day per customer and will not be a sub-limit of the Pay someone standard transfer limit of $5,000.
BPAY Payments
The standard BPAY limit is $10,000 however you can contact us to discuss a different limit.
From 11 June 2024, the default daily limit is $10,000 however you can choose to change this limit up to $20,000 through Online banking. You may request a temporary limit increase which will only apply for the time requested and may take up to one business day to establish.
On page 14, from 11 June 2024, we have added the following and renumbered any following sections;
36. Consumer Data Right
The Consumer Data Right (CDR) is a law introduced by the Australian Government to provide customers, either as an individual or organisation, with the right to:
- Request access to CDR data relating to your banking products and services;
- Provide the ability to share CDR data we hold with other accredited financial institutions; and
- Correct your CDR data.
There are two types of providers in the Consumer Data Right:
- Accredited Data Recipients – they have the ability to gain your consent to collect and use your CDR data.
- Data Holders – when authorised are able to share your data with an accredited data recipient.
MyState Bank is a Data Holder, meaning we will share your data with Accredited Data Recipients as authorised by you.
In relation to the banking sector, the Consumer Data Right is referred to as “Open Banking”. Our CDR policy can be found on our website.
Electronic Banking Terms and Conditions
On page 15, section 1. Online banking.
Online banking includes our Internet and Mobile Banking services. Online banking is available to all customers, unless your account requires more than one to sign. Some of these services within our online banking require a text message security code to be entered to complete the transaction.
From 11 June 2024, will be replaced with;
1. Online Banking (Internet Banking and Mobile App)
Online banking includes our Internet banking and Mobile App.
Online banking is available to customers who have a mobile telephone number and your account requires one to sign. Some of the services within our online banking require a text message security code to be entered to complete the transaction.
On page 16, section 4. Security of your details.
We recommend you change your details at least every six months, or anytime you suspect your password security has been breached.
From 11 June 2024, will be replaced with;
4. Security of your password or passcode
We recommend you change your details at least every six months, or anytime you suspect your password or passcode or your device has been compromised, for example if you think your computer has a virus, your mobile has been used by someone else or you are concerned that you may have been a victim of a scam.
The current Terms & Conditions Deposit Accounts & Electronic can be found at mystate.com.au/legal.
From 11 June 2024, the Terms & Conditions Deposit Accounts & Electronic Banking will be updated to reflect the above changes.
