Wealth Package Plus - Terms and Conditions

About these terms and conditions

These terms and conditions ("Agreement") govern the Bank’s Wealth Package Plus (referred to as “the Package” in this Agreement). You should read the terms and conditions carefully, and keep them for your future reference. You should also read the Bank’s information booklet, ‘The Better Banking Book’, copies of which may be obtained by telephoning the Bank on 13 24 35 (between 8am and 7pm EST Monday to Friday), from your Relationship Manager, or from any branch of the Bank.

The Better Banking Book contains useful information on a range of banking matters including the rights and obligations that arise out of the banker and customer relationship, account opening procedures, the Bank’s obligations regarding confidentiality of your information, complaint handling procedures, bank cheques, the advisability of you informing the Bank promptly when you are in financial difficulty and the advisability of you reading the terms and conditions applying to any banking service provided to you or in which you are interested.

The relevant provisions of the Code of Banking Practice apply to the Package.

ACCOUNTS TO BE MAINTAINED
1. As a condition of the Bank granting you the Package you must have or apply for and be granted a minimum of $150,000 in bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) with the Commonwealth Bank Group. The Bank on satisfaction of these terms will advise you of the accounts contained in this Agreement.
2. During this Agreement, you must maintain a minimum of $100,000 in bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) with the Commonwealth Bank Group and deposit the principal component of your household income to a Viridian Line of Credit, Line of Credit or a transaction account with the Bank. If you do not maintain a minimum of $100,000 in bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) with the Commonwealth Bank Group, or do not deposit the principal component of your household income to a Viridian Line of Credit, Line of Credit or a transaction account with the Bank, the Bank has the option of terminating this Agreement in accordance with clause 6.
3. During this Agreement, you must maintain a Commonwealth Bank transaction account or a Commonwealth Bank credit card account as your nominated account ("Nominated Account") to pay the Annual Package Fee referred to in clause 2. You must give us a written authority in a form acceptable to us to draw or obtain by direct debit from your Nominated Account the Annual Package Fee.
ANNUAL PACKAGE FEE

You must pay the Annual Package Fee of $495 (GST inclusive) per annum while this Agreement applies. The Annual Package Fee is payable in advance, and is non-refundable. The Bank reserves the right to vary the amount of the Annual Package Fee and the basis of charging from time to time.

For new applications, the Bank will debit your Nominated Account with the Annual Package Fee on receipt of your application at the Bank. Your Nominated Account will be debited with the Annual Package Fee on each anniversary of that debiting while this Agreement continues. You irrevocably authorise us to debit, at our discretion, any other account you hold with the Bank with the amount of the Annual Package Fee, if there are insufficient funds in your Nominated Account.

The Bank has the right to cancel the Package concessions under clause 3 if you have insufficient funds available in your Nominated Account at the time of debiting.
CONCESSIONS

While this Agreement continues, except as otherwise indicated, you, any married or de facto spouse/partner and any family investment company of which you are a director or family investment trust of which you are a beneficiary shall be entitled to the concessions and benefits from the Bank, as set out below, subject to the Bank’s Usual Terms and Conditions and normal credit criteria and assessment.

To obtain concessions you must notify the Bank, in writing, of the products within the Package upon which you would like to receive concessions. The concessions will be applied on all of the accounts you have notified to us, either on the Package Application Form or in writing to the Bank, on the day the Bank processes your notification.

The concessions cannot be taken in conjunction with any other discounts and/or special offers. In the situations where multiple discounts and/or special offers are available on a single product, the Package concession (as appropriate) will apply. No other discounts and/or special offers may be added on top of the Package concession.
1. Commonwealth Bank Credit Cards
  
  During this Agreement you are eligible to receive the Package concessions on one credit card only. The concessions may apply to either an existing Commonwealth Bank Gold Credit Card or Platinum MasterCard held in your name. Alternatively, you can apply for a new Premium Banking Gold Credit Card or Platinum MasterCard to receive the concessions. However, the Bank will not refund any annual fee already paid or due and payable on an existing credit card. Concessions on Commonwealth Bank Credit Cards are not available to any married or de facto spouse/partner, and any family investment company of which you are a director or family investment trust of which you are a beneficiary.
  1. Premium Banking Gold Credit Card
    The Bank will not charge any credit card annual fee on the Premium Banking Gold Credit Card account issued in your name. Where there is an additional credit card issued on your Premium Banking Gold Credit Card account the Bank will not charge the Additional Cardholder Fee. The Bank will also automatically enrol you into the Commonwealth Awards Program and will not charge any annual fees in relation to this program whilst this Agreement continues.
  2. Platinum MasterCard
    The Bank will not charge any credit card annual fee on the Platinum MasterCard account issued in your name. Where there is an additional credit card issued on your Platinum MasterCard account, the Bank will not charge the Additional Cardholder Fee. The Bank will also automatically enrol you into the Commonwealth Awards Program and will not charge any annual fees in relation to this program whilst this Agreement continues.
2. Home Loans (not including Economiser Home Loans, Rate Saver Home Loans, Lines of Credit and Viridian Lines of Credit)
  
  The Bank will not charge any upfront establishment fees for One Year Guaranteed Rate Home Loans, 6 Month Discounted Variable Rate Home Loans, 12 Month Discounted Variable Rate Home Loans, Standard Variable Rate Home Loans or Standard Fixed Rate Home Loans under the Package. This discount does not apply to Colonial-branded Fixed Rate Home Loans sold via a broker. For loans approved after 1 April 2002 a deferred establishment fee may be payable if a One Year Guaranteed Rate Home Loan, 6 Month Discounted Variable Rate Home Loan or 12 Month Discounted Variable Rate Home Loan is repaid in full within four years from Funding Date but excluding repayment during a guaranteed interest rate period. Switching the loan to another type of Home Loan or to a Viridian Line of Credit/Line of Credit with us does not constitute repayment but a switching fee will apply. No loan service fees will be charged on loans under the Package. This discount does not apply to Colonialbranded Fixed Rate Home Loans sold via a broker. For loans that are being secured by more than one property, the additional security fee will be payable by you.
  
  However, the Bank will not refund any establishment fee already paid or due and payable on an existing home loan.
  1. The annual percentage rate that applies to a Standard Variable Rate Home Loan will be the Bank’s reference interest rate for home loans less the margin currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. The margin applied will be based on the sum of bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) held by the client with the Commonwealth Bank Group at the time the client applies for the Package or applies for a new Standard Variable Rate Home Loan under the Package. The Bank’s reference interest rate is subject to change in accordance with the Bank’s Usual Terms and Conditions. If you become eligible to receive a higher interest rate margin due to an increase in the sum of bank deposits, investment and lending (excluding general and life insurance premiums or policies and business accounts) you have with the Commonwealth Bank Group, you must advise the Bank in writing that you wish to receive the higher margin.
  2. There is no interest rate concession for One Year Guaranteed Rate Home Loans, 6 Month Discounted Variable Rate Home Loans or for 12 Month Discounted Variable Rate Home Loans. At the end of an introductory rate period, the annual percentage rate that applies will be the relevant Standard Variable Rate less the margin currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4.
  3. The annual percentage rate that applies to a Fixed Interest Rate Home Loan will be the Bank’s reference interest rate for the relevant fixed interest rate period at the beginning of that period less the margin then currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. The Bank’s reference interest rate is subject to change in accordance with the Bank’s Usual Terms and Conditions but the Bank will not change the interest rate or the margin during a fixed interest rate period. This discount does not apply to Colonial-branded Fixed Rate Home Loans sold via a broker.
3. Investment Home Loans (not including Economiser Investment Home Loans, Rate Saver Investment Home Loans, Lines of Credit and Viridian Lines of Credit)
  
  The Bank will not charge any upfront establishment fees for One Year Guaranteed Rate Investment Home Loans, 6 Month Discounted Variable Rate Investment Home Loans, 12 Month Discounted Variable Rate Investment Home Loans, Standard Variable Rate Investment Home Loans and Standard Fixed Rate Investment Home Loans under the Package. This discount does not apply to Colonial-branded Investment Home Loans sold via a broker. For loans approved after 1 April 2002 a deferred establishment fee may be payable if a One Year Guaranteed Rate Investment Home Loan, 6 Month Discounted Variable Rate Investment Home Loan or 12 Month Discounted Variable Rate Investment Home Loan is repaid in full within four years from the Funding Date but excluding repayment during a guaranteed interest rate period. Switching the loan to another type of Investment Home Loan or to a Viridian Line of Credit/Line of Credit with us does not constitute repayment but a switching fee will apply. No loan service fees will be charged on loans under the Package. This discount does not apply to Colonial-branded Investment Home Loans sold via a broker. However, the Bank will not refund any establishment fee already paid or due and payable on an existing investment home loan. For loans that are being secured by more than one property, the additional security fee will be payable by you.
  1. The annual percentage rate that applies to a Standard Variable Rate Investment Home Loan will be the Bank’s reference interest rate for investment home loans less the margin then currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. The margin applied will be based on the sum of bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) held by the client with the Commonwealth Bank Group at the time the client applies for the Package or applies for a new Standard Variable Rate Home Loan under the Package. The Bank’s reference interest rate is subject to change in accordance with the Bank’s Usual Terms and Conditions. If you become eligible to receive a higher interest rate margin due to an increase in the sum of bank deposits, investment and lending (excluding general and life insurance premiums or policies and business accounts) you have with the Commonwealth Bank Group, you must advise the Bank in writing that you wish to receive the higher margin.
  2. There is no interest rate concession for One Year Guaranteed Rate Investment Home Loans, 6 Month Discounted Variable Rate Investment Home Loans or for 12 Month Discounted Variable Rate Investment Home Loans during the introductory rate periods. At the end of an introductory rate period, the annual percentage rate that applies to the Standard Variable Rate will be the relevant Standard Variable Rate less the margin currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4.
  3. The annual percentage rate that applies to a Fixed Interest Rate Investment Home Loan will be the Bank’s reference interest rate for the relevant fixed interest rate period at the beginning of that period less the margin then currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. The Bank’s reference interest rate is subject to change in accordance with the Bank’s Usual Terms and Conditions but the Bank will not change the interest rate or the margin during a fixed interest rate period. This discount does not apply to Colonial-branded Fixed Rate Home Loans sold via a broker.
4. Viridian Lines of Credit or Lines of Credit
  
  The Bank will not charge any upfront establishment fees for a Viridian Line of Credit or Line of Credit under the Package. No ongoing account service fees will be charged on a Viridian Line of Credit or Line of Credit under the Package. However, the Bank will not refund any establishment fee already paid or due and payable on an existing Viridian Line of Credit or Line of Credit.
  1. The annual percentage rate that applies to a Viridian Line of Credit will be the Bank’s Residential Equity Rate or Virdian Reference Rate for Viridian Lines of Credit less the margin currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. The margin applied will be based on the sum of bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) held by the client with the Commonwealth Bank Group at the time the client applies for the Package or applies for a new Viridian Line of Credit. The Bank’s Residential Equity Rate and Viridian Reference Rate is subject to change in accordance with the Bank’s Usual Terms and Conditions.
  2. The annual percentage rate that applies to a Line of Credit will be the Colonial Residential Equity Rate less the margin currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. The margin applied will be based on the sum of bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) held by the client with the Commonwealth Bank Group at the time the client applies for the Package or applies for a new Line of Credit. The Colonial Residential Equity Rate is subject to change in accordance with the Bank’s Usual Terms and Conditions. If you become eligible to receive a higher interest rate margin due to an increase in the sum of bank deposits, investment and lending (excluding general and life insurance premiums or policies and business accounts) you have with the Commonwealth Bank Group, you must advise the Bank in writing that you wish to receive the higher margin.
5. Commonwealth Portfolio Loan
  1. The Bank will charge a discounted Annual Fee for Commonwealth Portfolio Loans under the Package. However, the Bank will not refund any Annual Fee already paid or due on an existing Commonwealth Portfolio Loan.
  2. The annual percentage rate that applies to eligible Premium Variable Loans and eligible Variable Rate Margin Loans will be the CommSec Variable Rate plus any margin usually applied by the Bank according to the security provided less the margin then currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margins at any time in the future as provided for in clause 4. The margin applied will be based on the sum of bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) held by the client with the Commonwealth Bank Group at the time the client applies for the Package or applies for a new Commonwealth Portfolio Loan. If you become eligible to receive a higher interest rate margin due to an increase in the sum of bank deposits, investment and lending (excluding general and life insurance premiums or policies and business accounts) you have with the Commonwealth Bank Group, you must advise the Bank in writing that you wish to receive the higher margin.
  3. The annual percentage rate that applies to eligible Premium Fixed Loans and eligible Fixed Rate Margin Loans will be the Bank’s reference interest rate for the relevant fixed interest rate period at the beginning of that period plus any margin usually applied by the Bank according to the security provided less the margin then currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. The Bank’s reference interest rate is subject to change in accordance with the Bank’s Usual Terms and Conditions but the Bank will not change the margin during a fixed interest rate period.
6. Personal Loans
  
  The following concessions apply for new Personal Loans of $10,000 or more. The annual percentage rate that applies to the Commonwealth Bank Personal Loan will be the Bank’s standard fixed interest rate for the relevant Personal Loan period at the beginning of that period less the margin then currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. The Bank’s Personal Loan rates are subject to change in accordance with the Bank’s Usual Terms and Conditions but the Bank will not change the interest rate or margin during the term of the loan. No establishment fee will apply on the Personal Loan for Package Clients.
7. Streamline Accounts
  
  The Bank will not charge any withdrawal or account fees on any Streamline account/s nominated under this Agreement except for transactions through automatic teller machines of other financial institutions in Australia, the ASB Bank in New Zealand and overseas Cirrus/Maestro terminals. However, the Bank will charge all other service fees.
8. Term Deposits
  
  The annual percentage rate that applies to a Term Deposit will be the Bank’s standard Term Deposit rates plus the margin currently applied by the Bank to deposits by Package Clients, for Term Deposits of $10,000 to less than $100,000 lodged for periods of six months or more, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. Special rates may be available, on application, for amounts of $100,000 or more.
9. CommInsure General Insurance
  1. Home and Contents Insurance
    Commonwealth Insurance Limited will discount a Prime Home or Prime Contents policy premium or a Combined Prime Home and Contents policy premium by the discount currently applied to Package Clients, subject to Commonwealth Insurance Limited reserving the right to vary such discount at any time in the future as provided for in clause 4. These discounts apply to new and renewed policies only, and for each renewal thereafter.
  2. Investment Home and Contents Insurance
    Commonwealth Insurance Limited will discount an Investment Home Insurance Building or Contents policy premium or a Combined Building and Contents policy premium by the discount then currently applied to Package Clients, subject to Commonwealth Insurance Limited reserving the right to vary such discount at any time in the future as provided for in clause 4. These discounts apply to new and renewed policies only, and for each renewal thereafter.
  3. If your property is part of a legislative scheme (such as Strata Title) Commonwealth Insurance Limited will discount a Contents or Combined Contents and Strata Title Owner’s Cover policy premium by the discount currently applied to Package Clients, subject to Commonwealth Insurance Limited reserving the right to vary such discount at any time in the future as provided for in clause 4. These discounts apply to new and renewed policies only, and for each renewal thereafter.
  4. If more than one property is insured with Commonwealth Insurance Limited under a Prime Home policy or a Combined Prime Home and Contents policy or an Investment Home Insurance Building policy or a Combined Investment Home and Contents policy, Commonwealth Insurance Limited will further discount the premium for each additional policy, after the first, by an additional 1% pa. This discount does not apply to the first policy or to policies taken out before 15 March 2002. The discount is not cumulative and is available for new business as well as renewal of policies first taken out after 15 March 2002, provided that more than one property is insured through Commonwealth Insurance Limited at any one time. If proposals for insurance are received at Commonwealth Insurance Limited at the same time for more than 1 property, it, at its absolute discretion, will determine which policy, if issued, will be treated as the first policy.
  CommInsure is a registered business name of Commonwealth Insurance Limited ABN 96 067 524 216 and of The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809. CommInsure Home, Investment Home and Contents insurance is offered by Commonwealth Insurance Limited.
  
  Commonwealth Insurance Limited is a wholly owned, but non-guaranteed subsidiary of the Commonwealth Bank of Australia. Where the Commonwealth Bank of Australia acts as an agent for Commonwealth Insurance Limited, the Commonwealth Bank of Australia receives a commission from Commonwealth Insurance Limited.
10. Loan Protection
  
  The Colonial Mutual Life Assurance Society Limited will discount a Loan Cover or Loan Repayment Cover policy premium or a combined Loan Cover and Loan Repayment Cover policy premium by the discount currently applied to Package Clients, subject to The Colonial Mutual Life Assurance Society Limited reserving the right to vary such discount at any time in the future as provided for in clause 4. These discounts apply for each renewal thereafter.
  
  Loan Protection is offered by The Colonial Mutual Life Assurance Society Limited ABN 12 004 021 809 (“CMLA”). CMLA is a wholly owned, but non-guaranteed subsidiary of the Commonwealth Bank of Australia. Where the Commonwealth Bank of Australia acts as an agent for CMLA, the Commonwealth Bank of Australia receives a commission from CMLA. Concessions on Loan Protection are not available to any married or de facto spouse/partner, and any family investment company of which you are a director or family investment trust of which you are a beneficiary.
11. CommSec Margin Loans
  1. The annual percentage rate that applies to a Variable Rate CommSec Margin Loan will be the Bank’s Standard Variable Margin Loan Rate less the margin currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. This margin applies to new and eligible existing variable rate CommSec Margin Loans which you notify the Bank in writing to obtain the concessions. The Bank’s Standard Variable Margin Loan Rate is subject to change in accordance with the Bank’s Usual Terms and Conditions. Applications are subject to the Bank’s normal credit criteria and assessment.
  2. The annual percentage rate that applies to a Fixed Rate CommSec Margin Loan will be the Bank’s Standard Fixed Loan Rate less the margin currently applied by the Bank to borrowings by Package Clients, subject to the Bank reserving the right to vary such margin at any time in the future as provided for in clause 4. This margin applies to new fixed rate CommSec Margin Loans. The Bank’s Standard Fixed Loan Rate is subject to change in accordance with the Bank’s Usual Terms and Conditions. Applications are subject to the Bank’s normal credit criteria and assessment.
  CommSec Margin Loan is a product of the Commonwealth Bank of Australia administered by its wholly owned, but not guaranteed, subsidiary Commonwealth Securities Limited ABN 60 067 254 399.
12. Premium Banking and Investment Services Relationship Manager
  
  You must meet the Premium Banking and Investment Services eligibility criteria to qualify for a Premium Banking and Investment Services Relationship Manager. For information on the qualification criteria please call us on 13 24 35 between 8am and 7pm (EST) Monday to Friday.
13. Premium Financial Services Financial Planning
  
  The Bank will discount the cost of a financial plan prepared by a Premium Banking and Investment Services Financial Adviser by the discount currently applied to Package Clients, subject to the Bank reserving the right to vary such discount at any time in the future as provided for in clause 4.
  
  Premium Banking and Investment Services Financial Advisers are authorised representatives of Commonwealth Securities Limited – AFSL 231139 Licensed Securities Dealer.
14. CommSec Premium Research
  
  You must be a client of Commonwealth Securities Limited to receive the discount, as currently applied to Package Clients, off the monthly subscription fee for the CommSec Premium Research Gold Package. CommSec Premium Research terms and conditions apply. You must provide us with a correct email address. Reports will be distributed at different times throughout each month.
  
  CommSec Premium Research is a product of the Commonwealth Bank of Australia administered by its wholly owned, but not guaranteed, subsidiary Commonwealth Securities Limited ABN 60 067 254 399.
VARIATION

The Bank may reduce or increase any interest rate or reference interest rates from time to time in accordance with the terms and conditions applicable to that loan, line of credit or account. From time to time the Bank (or the relevant provider of the products or services) may:
1. change any of the concessions referred to in clause 3 or change the amount of or the basis for calculating any fee, charge or premium, change the interest or fee charging cycle, or both, and, except during any fixed interest rate period of the loan, change any interest rate margin, any link to a reference interest rate and the basis for calculating interest;
2. impose and debit to any loan, line of credit or account any new fee or charge;
3. change the frequency of repayments;
4. provide new concessions and benefits which will be subject to these terms and conditions (as varied);
5. change any other terms and conditions;
6. except where the change reduces your obligations or extends the time for payment of any amount under the Contract, the Bank will give you prior written notice of the change. If the change relates to repayments, the Bank will give you twenty days’ notice. Otherwise, the Bank will give you thirty days’ notice. When the Bank changes a credit fee or charge the Bank may give this prior written notice by advertisement in a leading daily newspaper in your State or Territory.
Prior to the anniversary date of your Package Agreement, the Bank may review the sum of your balances in bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) with the Commonwealth Bank Group. If you wish to remain in the Package, you must maintain combined balances of at least $100,000 in bank deposits, investments or lending (excluding general and life insurance premiums or policies and business accounts) with the Commonwealth Bank Group. We will allow you two months after the anniversary date to enable you to reach the required threshold.

We give you thirty days’ prior written notice of any change to your concessions.
GOVERNMENT FEES

The account holder/s will remain responsible for all Government fees, taxes and charges which apply to the loan/s, line/s of credit or account/s. Goods and Service Tax (GST) is levied on fees received by the Bank for a taxable supply. The Bank passes the GST on to you as a part of its fee.
TERMINATION

The Bank may choose to cancel this Agreement without notice if:
1. you are in default under this Agreement or you or any borrower are in default under any loan contract whether or not it forms part of this Agreement (the Bank’s rights under this clause are in addition to its rights under such contract); or
2. you do not deposit the principal component of your household income to a Viridian Line of Credit/Line of Credit or a transaction account with the Bank.
3. You do not maintain a Nominated Account referred to in clause 1 to pay your Annual Package Fee.
The Bank may also cancel this Agreement at any time on giving you 3 months’ written notice.

You may cancel this Agreement by giving the Bank at least 10 days’ written notice prior to your Package anniversary date.

On cancellation of this Agreement the concessions and benefits referred to in clause 3 will cease and if you are in default under any loan agreement the Bank may charge you interest at default rates provided for under that loan agreement.
DIRECT DEBIT REQUEST SERVICE AGREEMENT
(this clause only applies if your Nominated Account is a Commonwealth Bank transaction account)
1. Where the due date for payment falls on a non-business day we will draw the amount on the following business day.
2. We reserve the right to charge a dishonour fee if any debit item already debited from your Nominated Account is returned as unpaid by the Bank.
3. We will keep your information about your Nominated Account at the Commonwealth Bank private and confidential unless this information is required by us to investigate a claim made on it relating to an alleged or wrongful debt, or as otherwise required by law.
4. In the event of a debit returned unpaid we may attempt a redraw on your Nominated Account.
5. We will advise you 14 days in advance of any changes to the Direct Debit arrangements.
6. You may terminate or alter the Direct Debit arrangement of your Package Fee with us, however, this termination must be in writing.
7. Where you consider this debit is incorrect in either due date or amount or both, you should raise this matter with us by contacting Premium Financial Services on 13 24 35 8am – 7pm (EST) Monday to Friday or by discussing it with your Relationship Manager.
8. For all matters relating to the Direct Debit arrangement on your account, including requests for deferment of debits, alteration of debit arrangements or stopping or cancelling your direct debit request, please call us in 13 24 35 between 8am – 7pm (EST) Monday to Friday.
9. It is your responsibility:
  - to check with the Bank before completing the Direct Debit Request (DDR) as Direct Debiting through Bulk Electronic Clearing System (BECS) is not allowed on the full range of accounts. You should also complete your account details (including Bank State Branch (BSB) number) directly off a recent account statement from the Bank;
  - to ensure sufficient cleared funds are available in the Nominated Account to meet the debit of your Package Fee on the due date;
  - to ensure that the authorisation to debit the Nominated Account is in the same name as the account signing the instruction held by the Bank;
  - to advise us if the account you have nominated to debit is transferred or closed;
  - to ensure that suitable arrangements are made if the Direct Debit is cancelled;
    – by yourself; or
    – for any other reason.
NOTICES
1. Notices given or made under this Agreement must be in writing, and may be:
  1. given personally (if they are for the Bank) to one of its employees at the branch or office where you arrange the Agreement or any other branch or office that the Bank tells you;
  2. left at the address last notified;
  3. sent by prepaid post to the address last notified;
  4. sent by facsimile transmission to the facsimile number last notified; or
  5. given in any other way permitted by law.
2. Notices take effect from the time they are received unless a later time is specified in them.
3. If notices are sent by post, they are taken to be received on the day they would be received in the ordinary course of post.
4. If notices are sent by a facsimile machine, which produces a transmission report, they are taken to be received at the time shown in a transmission report, which indicates that the whole facsimile transmission was sent.
5. You must tell us as soon as possible if you change your name or address.
The Bank reserves the right to add new products to the Package Agreement and change the conditions of the Agreement at any time.
PRIVACY

Collection of personal information

The Bank collects personal information (including Clients’ full name, address and contact details) so that it may administer its Client relationships and provide Clients with the products and services they request as well as information on the Commonwealth Bank Group’s (‘the Group’) products and services. If we have your email or mobile phone details, we may provide information to you on the Group’s products and services electronically. Where it is necessary to do so, the Bank also collects information on individuals such as company directors and officers (where the company is its Client), as well as Clients’ agents and persons dealing with the Bank on a "one-off" basis.

The law can also require the Bank to collect personal information, eg, Commonwealth legislation requires the Bank to identify persons who open or operate accounts. The Bank may take steps to verify the information it collects; eg, a birth certificate provided as identification may be verified with records held by the Registry of Births, Deaths and Marriages to protect against impersonation, or the Bank may verify with an employer that employment and remuneration information provided in an application for credit is accurate.

You need to provide the Bank with accurate and relevant information

If you provide the Bank with incomplete or inaccurate information, it may not be able to provide you with the products or services you are seeking.

Other members of the Group

The Bank is permitted by the Privacy Act to disclose personal information to other members of the Group. This enables the Group to have an integrated view of its Clients.

Other disclosures

Personal information may be disclosed to:
- brokers and agents who refer your business to the Bank;
- any person acting on your behalf, including your financial adviser, solicitor or accountant, executor, administrator, trustee, guardian or attorney;
- if you have borrowed from the Bank to purchase property: valuers and insurers (so that the Bank can obtain a valuation of your property, and confirm that it is insured);
- if you have life insurance: medical practitioners (to verify or clarify, if necessary, any health information you may provide), claims investigators and reinsurers (so that any claim you make can be assessed and managed), insurance reference agencies (where the Bank is considering whether to accept a proposal of insurance from you and, if so, on what terms);
- if you have superannuation or managed investments: external product providers into which you might direct some of your investment, other product providers to which your investment might be transferred;
- organisations, including overseas organisations, to whom the Bank outsources certain functions.
In all circumstances where the Bank’s contractors, agents and outsourced service providers become aware of personal information, confidentiality arrangements apply. Personal information may only be used by our agents, contractors and outsourced service providers for the Bank’s purposes.

The Bank may also disclose personal information to other financial institutions and organisations at their request if you seek credit from them.

The Bank may be allowed or obliged to disclose information by law, eg, under Court Orders or Statutory Notices pursuant to taxation or social security laws.

Access

You may (subject to permitted exceptions) access your information by contacting: Customer Relations, Commonwealth Bank Group, Reply Paid 41, Sydney NSW 2001. The Bank may charge you for providing access.

Further information

For further information on the Bank’s privacy and information handling practices, please refer to the Bank’s Privacy Policy Statement, which is available at www.commbank.com.au or upon request from any branch of the Bank.