On the 1st March 2022, Australian Mutual Bank was notified of the termination of our cheque issuer arrangement with our third party and due to this, all cheque facilities came to a close earlier this year. As a result of these changes, updates have been made to the Account and Access Facility Conditions of Use document to remove any reference of previous member cheque facilities.
In addition to those changes, further updates have been made to the Account and Access Facility Conditions of Use document to incorporate upcoming ePayments Code changes that come into effect on 2 June 2023.
For your convenience, we have listed the most notable changes to the Account And Access Facility Conditions Of Use:
Section 2 – Definitions
Updates to definitions:
- examples of an ‘identifier’
- pass-code
- pay anyone banking facility
- unauthorised transaction
Section 6 – Pass Code Security Requirements
Note added about another user breaching passcode security requirements
New clause 6.9 – the bank is not taken to have promoted, endorsed or authorised a user’s use of a particular service (for accessing a facility)
Section 9 – Mistaken Internet Payments
Note added for clarity about the definition of mistaken internet payments
9.3 updated – the bank is required to send the receiving ADI a request for the return of funds as soon as reasonably possible and by no later than 5 business days.
Information about a receiving ADI’s obligations after we request return of funds
Update to the process involving mistaken internet payments where sufficient funds are not available.
While we've highlighted the changes that we think are the most relevant to our members, we recommend you review the full document here.
If any member would like more information on these changes please contact us on 13 61 91.
