Notice to Customers – Changes to Terms & Conditions Deposit Accounts & Electronic Banking – Effective 30 April 2025
MyState Bank is updating the Terms & Conditions Deposit Accounts & Electronic Banking dated 16 January 2025.
The amendments have also been made to the following documents to their relevant sections;
- Terms & Conditions for No Longer Offered Deposit Accounts & Electronic Banking
- Terms & Conditions for No Longer Offered Deposit Accounts & Electronic Banking Formerly offered by The Rock
- Evans & Partners High Yield Cash Account (available through Evans & Partners Pty Ltd)
Amendments
Effective 30 April 2025
General Banking Terms and Conditions
Section 22. Transaction limits
Replaced
Limits may vary at customer or account level. MyState reserves the right to change limits without notice.
Pay someone using a BSB and account number (standard transfer to other bank accounts).
The default daily limit is $5,000 however you can choose to change this limit up to $10,000 through Online Banking.
You may request a temporary limit increase. Temporary limits will only apply for the time requested and may take up to one business day to establish.
Pay someone 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.
BPAY Payments
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.
Billers may have different minimum and maximum limits which may vary by Biller Code.
With
Limits may vary at customer or account level. MyState reserves the right to change limits without notice, including self service limits through Online Banking.
Pay someone using a BSB and account number (standard transfer to other bank accounts).
Pay someone payments are set at a default limit of $5,000 in total per day per customer. You can choose to change this limit up to $10,000 through Online Banking and up to $20,000 after we make system changes in May 2025. This maximum limit may not be available to all customers at all times and we could decrease the maximum limit at anytime.
Pay someone using a BSB and account number or PayID via Osko (Osko payments)
Payments using Osko are set at a default limit of to $2,500 in total per day per customer. After we make system changes in May 2025 you can choose to change this limit up to $10,000 through Online Banking. This maximum limit may not be available to all customers at all times and we could decrease the maximum limit at anytime.
BPAY Payments
The default daily limit is $10,000 however you can choose to change this limit up to $20,000 through Online Banking.
Billers may have different minimum and maximum limits which may vary by Biller Code.
Changing payment limits
If you increase your payment limits through Online Banking, you are responsible to decrease again when the higher limit is no longer needed. We do not monitor or decrease your self service limit settings.
You may request a temporary limit increase for an amount higher than Online Banking self service limits. This may take up to one business day to establish.
Choosing to increase your payment limits increases your liability, which could include financial loss to you that we are unable to recover.
Electronic Banking Terms and Conditions
Section 11. Confirmation of Payee
Added
Definitions
- Account means your account with us.
- Account details means our record of your Account containing Account details including BSB, account number, account name, your full legal account name, any other name you prefer us to use and Account activity.
- Confirmation of Payee service means the service which enables you to confirm the account name of the BSB and account number you want to make a payment to.
- NPP means the New Payments Platform operated by NPP Australia Limited
- payment means electronic payment cleared and settled by participating financial institutions.
- Privacy Law means the Privacy Act 1988 (Cth) and regulations made under that act.
- we, us and our means MyState Bank
- you and your means the Account holder, whether that be an individual, a group of 2 or more individuals that are joint holders of the relevant Account, or a business organisation, that is our customer.
Confirmation of Payee
11.1 The Confirmation of Payee service allows you to confirm the account name of the BSB and account number you want to make a payment to. We do not currently provide Confirmation of Payee to you, and plan to have this service available late 2025.
Other financial institutions may provide your account details to their customers. As a result, your account details may be used and disclosed for the purpose of Confirmation of Payee, in accordance with this clause.
Conducting a Confirmation of Payee Lookup
11.2 For a payment using a BSB and account number, it is your responsibility to ensure the BSB and account number you want to pay to is correct. The Confirmation of Payee Service may provide you with a view on the likelihood that the account name you enter matches the account. If the Confirmation of Payee Service response indicates that the details do not look right, you should take further steps to ensure you are paying the intended recipient, for example, checking the account details are correct with the intended recipient before proceeding with the payment.
Confirmation of Payee prompts are based on information available through the Confirmation of Payee service and provides likelihood matches. We cannot completely confirm that the name actually matches the account.
11.3 You must not misuse the Confirmation of Payee Service in breach of these terms and conditions. We may limit or suspend your use if we believe it is reasonably necessary to protect you or us from possible fraudulent activity, scams or other activities that might cause you or us to lose money.
Privacy
11.4 We will ensure your account details are accurately recorded in the Confirmation of Payee service.
11.5 You acknowledge and authorise:
11.5.1 us to use and disclose your account details in the Confirmation of Payee service; and
11.5.2 payers’ financial institutions to use your account details for the purposes of the Confirmation of Payee service and prior to making payments to you.
11.6 To the extent your account details and the use of your account details constitutes disclosure, storage and use of your personal information within the meaning of the Privacy Law, you acknowledge and agree that you consent to that disclosure, storage and use.
11.7 You may opt-out of the Confirmation of Payee service in some circumstances. Please contact us on 138 001. If we suspect or confirm you have received a payment due to fraud or a scam, we may opt you back into Confirmation of Payee if we determine that you do not satisfy the relevant opt-out criteria (unless another holder of your Account has a valid opt-out status in place).
11.8 If you opt-out of Confirmation of Payee service, you acknowledge and authorise us to still be able to confirm, store and use your Account details through the Confirmation of Payee service to government agencies for the purposes of making a payment to you by government agencies.
11.9 You may be able to provide alternative names to be recorded on your Account in some circumstances with supporting identification documents. Please contact us on 138 001.
Effective 1 May 2025 the following changes will occur;
Section 2.2 Basic Account
Replaced
If there is more than one owner of an account then each of the owners must meet the eligibility criteria.
With
If there is more than one owner of an account then one owner must meet the eligibility criteria.
Section 2.7 Specific Terms and Conditions – Bonus Saver Account
Bonus interest eligibility.
Replaced
Bonus interest is payable on balances up to$250,000. The base rate of interest will be paid on the portion of the balance exceeding $250,000.
With
Bonus interest is payable on balances up to $500,000. The base rate of interest will be paid on the portion of the balance exceeding $500,000.
The current Terms & Conditions Deposit Accounts & Electronic Banking can be found at mystate.com.au/legal. From 30 April 2025 they will be updated to reflect the above changes.
