BCU - Summary of Changes

Transaction and Savings

Changes to our Savings Account and Account Access Channels Terms and Conditions (effective 11 October 2023)

Clause 10. Changes to Terms and Conditions: We’ve made it clear that we will only exercise our right to change these terms and conditions when there is legitimate business interest to do so. This might include changes to reflect new laws, security reasons, or the cost of providing the accounts. We’ve also made it clearer that written notice of any changes may be provided with or on your statement. If a change is unfavourable to you, we will give you at least 30 days’ advanced notice. We can, however, change the terms immediately without advanced notice if necessary for security reasons. If we make a change that you are not happy with, you can close your account.
Clause 13. Right of Set Off: We will only exercise our right to set off amounts held in your account against amounts that are due and unpaid when necessary to protect our legitimate business interests. We will provide written notice if we are doing this. Our right of set-off does not apply to loans regulated by the National Credit Code.
Clause 23. Offset Account: We can withdraw the availability of an account as an offset under any home loan you may have with us. We will, however, only withdraw the availability of the offset having regard to our legitimate business interests and after giving you prior notice in writing.
Clause 39. Using BPAY and clause 41. Pay To Services: Our limitation of liability in connection with your use of BPAY or Pay To Services does not apply to the extent of any of our fraud, negligence, or wilful misconduct. Similarly, your liability to us for not following these terms when using BPAY or Pay To services does not extend to any loss caused by our fraud, negligence, or wilful misconduct.
Various other drafting changes for potential unfair contract terms.

Changes to our Term Deposit Account Terms and Conditions (effective 11 October 2023)

Clause 14. Right of Set Off (removed): Our right of set off no longer applies to Term Deposits.
Clause 14. Changes to Terms and Conditions (previously clause 15): We’ve made it clear that we will only exercise our right to change these terms and conditions when there is legitimate business interest to do so. This might include changes to reflect new laws, security reasons, or the cost of providing the accounts. If a change is unfavourable to you, we will give you at least 30 days’ advanced notice (which may include by email).. If we make a change that you are not happy with, you can close your account.
Various other drafting changes for potential unfair contract terms.

Changes to our Visa Debit Card Terms and Conditions (effective 16 October 2023)

Clause 11. Changes to Terms and Conditions: We’ve made it clear that we will only exercise our right to change these terms and conditions when there is legitimate business interest to do so. This might include changes to reflect new laws, security reasons, or the cost of providing the accounts. We’ve also made it clearer that written notice of any changes may be provided with or on your statement. If a change is unfavourable to you, we will give you at least 30 days’ advanced notice. We can, however, change the terms immediately without advanced notice if necessary for security reasons. If we make a change that you are not happy with, you can close your account.
Clause 20. Transactions that have to be authorised by us: Our limitation of liability in connection with a refusal to authorise a transaction does not apply to the extent of any of our fraud, negligence, or wilful misconduct.
Clause 37. Your Liability: We’ve made it clear what a non-EFT transaction is.
Various other drafting changes for potential unfair contract terms.

Online Services

Changes to our Online Services - Terms and Conditions (effective 16 October 2023)

Clause 11. Pay Someone, clause 14. International Transfers, clause 15 BPAY, clause 16. PayTo Services and clause 23. Denial of access to Online Banking Services: Our limitation of liability in connection with any Mistaken Internet Payment, International Transfer, BPAY payment, or PayTo Service payment that you make, or our denial of your access to Online Banking Services, does not apply to the extent of our fraud, negligence or wilful misconduct.
Clause 24. What to do if your Access Method has been lost or is stolen and Clause 25. Your liability for use of Online Banking Services: Your liability of any loss arising from unauthorised transactions on your account or from your use of Online Banking Services does not extend to any loss caused by our fraud, negligence, or wilful misconduct.
Clause 27. Changes to Terms and Conditions: We’ve made it clear that we will only exercise our right to change these terms and conditions when there is legitimate business interest to do so. This might include changes to reflect new laws, security reasons, or the cost of providing the accounts. If a change is unfavourable to you, we will give you at least 30 days’ advanced notice. If we make a change that you are not happy with, you can close your account.
Various other drafting changes for potential unfair contract terms.

Home Loans

Changes to our Home Loan Terms and Conditions (effective 16 October 2023)

Clause 15. When we can change your Contract and how we will tell you: We’ve made it clear that we will only exercise our right to change these terms and conditions when there is legitimate business interest to do so. This might include changes to reflect new laws, security reasons, or the cost of providing the credit. We’ve also made it clearer that written notice of any changes may be provided with or on your statement. If a change does not reduce your obligations, we will give you at least 30 days’ advanced notice. We can, however, change the terms immediately without advanced notice if necessary for security reasons. If we make a change that you are not happy with, you can close your account.
Clause 20. What happens if you are in default? We’ve made it clear that any default notices issued will include what the default is, what you need to do to remedy the default, and providing 30 days to remedy the default. We’ve also made it clear we will only act on the default if it has a materially adverse impact on your ability to meet financial obligations or it results in a security risk.
Clause 27. We can assign our rights: While we can assign our rights under the contract or any security without your consent, we will only do this if you may exercise the same rights under your contract against the assignee as you have against us.
Clause 30. How we serve notices: We’ve made it clearer how notices can be served, including electronically by email, and using our website and online banking services.
Clause 32. Redraw facility: We have made it clear that any conditions we impose on redraw requests must be reasonable. Any conditions imposed on a redraw request or cancellation or refusal of a redraw request will only be to protect our legitimate business interests.
Clause 33. Offset Account: While we have the right to withdraw the availability of any Offset Account, we will only do this having regard to our legitimate business interests. We will also give you reasonable prior notice in writing if we do this.
Various other drafting changes for potential unfair contract terms.

Personal Loans

Changes to our Personal Loan Terms and Conditions (effective 11 October 2023)

Clause 12. What is your redraw facility? We have made it clear that any conditions we impose on redraw requests must be reasonable. Any conditions imposed on a redraw request or cancellation or refusal of a redraw request will only be to protect our legitimate business interests.
Clause 15. When can we change your Contract and how we will tell you: We’ve made it clear that we will only exercise our right to change these terms and conditions when there is legitimate business interest to do so. This might include changes to reflect new laws, security reasons, or the cost of providing the credit. We’ve also made it clearer that written notice of any changes may be provided with or on your statement. If a change does not reduce your obligations, we will give you at least 30 days’ advanced notice. We can, however, change the terms immediately without advanced notice if necessary for the security reasons. If we make a change that you are not happy with, you can close your account.
Clause 17. What happens if you are in default? We’ve made it clear that any default notices issued will include what the default is, what you need to do to remedy the default, and providing 30 days to remedy the default. We’ve also made it clear we will only act on the default if it has a materially adverse impacts on your ability to meet financial obligations or results in a security risk.
Clause 21. Miscellaneous conditions: We’ve made it clear that we will use the right of set off only to protect our legitimate business interests and will notify in writing if we do so. You have a right of set off against us only to the extent granted by law and which cannot be excluded.
Clause 27. How we service notices: We’ve made it clear how notices can be served, including electronically by email, and using our website and online banking services.
Various other drafting changes for potential unfair contract terms.

Credit cards

Changes to our Credit Card Conditions of Use (effective 11 October 2023)

Clause 9. Cancellation or suspension of access to your Account: We’ve made it clear that we will only cancel or suspend access to your account, including for security reasons or to prevent loss to you or us, where there is a material risk and to protect our legitimate business interests. Reasons when we may close your account without prior notice are if we suspect fraud, need to take action to prevent losses, or to manage regulatory risk. In other instances where it is necessary to close your account to protect our legitimate business interest, we will provide 30 days’ advance notice.
Clause 10. When we can change your Contract and how we will tell you: We’ve made it clear that we will only exercise our right to change these terms and conditions when there is legitimate business interest to do so. This might include changes to reflect new laws, security reasons, or the cost of providing the credit. We’ve also made it clearer that written notice of any changes may be provided with or on your statement. If a change does not reduce your obligations, we will give you at least 30 days’ advanced notice. We can, however, change the terms immediately without advanced notice if necessary for security reasons. If we make a change that you are not happy with, you can close your account.
Clause 15. Your Credit Limit: While we can reduce your credit limit at any time without consent and without prior notice, we will only do so if you are in default, or we reasonably consider it necessary to reduce the risk of loss to you or to us.
Clause 27. What happens if you are in default? We’ve made it clear that any default notices issued will include what the default is, what you need to do to remedy the default, and providing 30 days to remedy the default. We’ve also made it clear we will only act on the default if it has a materially adverse impacts on your ability to meet financial obligations or results in a security risk.
Clause 33. Assignment of rights and disclosures: While we can assign our rights under the contract or any security without your consent, we will only do this if you may exercise the same rights under your contract against the assignee as you have against us.
Clause 35. Set off: We’ve made it clear that we will use the right of set off only to protect our legitimate business interests and will notify in writing if we do so. You have a right of set off against us only to the extent granted by law and which cannot be excluded.
Clause 36. Changes to your details. Our limitation of liability in connection with errors or loss associated with a change in your details does not apply to the extent of any of our fraud, negligence, or wilful misconduct.
Various other drafting changes for potential unfair contract terms

Changes to our Credit Card Account Access Conditions of Use (effective 11 October 2023)

Clause 2. When can we change your contract and how we will tell you? We’ve made it clear that we will only exercise our right to change these terms and conditions when there is legitimate business interest to do so. This might include changes to reflect new laws, security reasons, or the cost of providing the credit. We’ve also made it clearer that written notice of any changes may be provided with or on your statement. If a change is adverse to you, we will give you at least 30 days’ advanced notice. We can, however, change the terms immediately without advanced notice if necessary for the security reasons. If we make a change that you are not happy with, you can close your account.
Clause 8. Digital Wallets (when available). While we are not the provider of the Digital Wallet, our limitation of liability in connection with it does not apply to the extent of any of our fraud, negligence, or wilful misconduct.
Clause 10. Do transactions have to be authorised by us. Your indemnity of us in connection with refused transactions does not apply to the extent of any of our fraud, negligence, or wilful misconduct.
Clause 16. Using Phone Banking. Our limitation of liability in connection with any refusal to give effect to an instruction through Phone Banking does not apply to the extent of any of our fraud, negligence, or wilful misconduct.
Various other drafting changes for potential unfair contract terms

PayID

Changes to our PayID Terms of Use (effective 01 December 2023)

Clause 3. Choosing a PayID and PayID Name: We’ve made it clear that we can lock or disable a PayID Name when it is potentially misleading, offensive or inappropriate.
Clause 9. NPP Payments. Where we think a NPP Payment you’ve received is a Mistaken Payment or misdirected payment, we’ve made it clear that we can prevent you from withdrawing that amount.
Clause 11. Changes to these Terms of Use: We’ve made it clear that if a change is adverse to you we will give you at least 30 days’ notice of that change.

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Summary of Changes