Important Notice for Customers – Change to the Terms & Conditions Deposit Accounts & Electronic Banking
Notice to Customers
MyState Bank have updated the Terms & Conditions for Deposit Accounts & Electronic Banking dated 15 February 2020 effective 23 October 2020. To help you understand the changes and how they may affect you, we’ve provided a summary of the key items below.
2.1 Specific Terms and Conditions – Bonus Saver
Amendments
On page 6 we have updated the bonus interest eligibility criteria by clarifying eligible and ineligible deposits and eligible and ineligible Visa transactions. This section now reads:
- The Bonus Interest rate can only be applied if you have a linked MyState Bank account.
- Bonus interest is applied on top of the base rate if the Bonus Saver account receives eligible deposits totalling at least $20 each month and five eligible Visa transactions are made and settled (not pending) on your linked MyState Bank account in the same calendar month.
- Bonus interest is payable on balances up to $250,000. The base rate of interest will be paid on the portion of any balance exceeding $250,000.
- Eligible deposits to Bonus Saver account include: Transfers between your accounts, direct credits, NPP transactions, cash deposits, SWIFT payments and Telegraphic Transfers (TT).
- Ineligible deposits to Bonus Saver account include: Bank@Post deposits or transfers, cheques, money orders, travellers cheques, international drafts and foreign currency. Interest credit, fee refunds or returned payments are also ineligible.
- Eligible Visa transactions from your linked account must be settled in the current month (not pending) and include; eftpos transactions and eftpos transactions with cash out, online purchases and in store purchases, regular card payments, payWave, Apple Pay, Google Pay, Samsung Pay, Garmin Pay and Fitbit Pay transactions.
- The following Visa card transactions from your linked account are not eligible and will not count towards Bonus Interest: eftpos cash out only transactions, Local and International ATM withdrawals, transfers or balance enquiries, Cash Advances and Pending Card Transactions.
- The term ‘Settled (not pending)’ means for any purchases made on your card, that the transaction must be fully processed to your account during the current month and not have a pending status at the end of the month. Transactions with a pending status at month end do not count towards your five eligible Visa transactions however will count towards eligible transactions in the following month when they settle.
The full Terms & Conditions for Deposit Accounts & Electronic Banking effective 23 October 2020 can be accessed at mystate.com.au/legal.
