BSB 806 015

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BSB 806 015

Notice of Change

Notice of change to Savings Accounts & Account Access Channels Product Disclosure Statement

Effective 13 February 2018 due to P&N Bank's Registered Participation in the New Payments Platform (NPP) via Cuscal, commencing on 13 February 2018.

Details of the changes to affected Definitions and clauses are as follow:

Changes to Definitions

Banking Business Day means any day we are open for business and in respect to BPAY and Osko means any day on which banks in Melbourne or Sydney are able to effect settlement through the Reserve Bank of Australia.
BPAY means the electronic payment scheme called BPAY, operated in cooperation between Australian financial institutions, which enables you to effect bill payments to Billers, either via telephone or internet access, and to effect Osko Payments.
Misdirected Payment means an Osko Payment made by a sender to one or more bank accounts where the funds are paid into the account of an unintended recipient because the recipient’s financial institution has made an error in recording
PayID information.
Mistaken Payment means a payment made by a sender to one or more bank accounts where the funds are paid into the account of an unintended recipient because the sender has entered or selected a Bank/State/Branch (BSB) number, PayID or any other identifier (such as an account number) that does not belong to the named and/or intended recipient (as a result of the sender's error, or the sender being advised of the wrong BSB number and/or identifier).
Osko means the Osko payment service provided by BPAY Pty Ltd.
Osko Payment means a payment made through Osko.
PayID means the identifier used to receive Osko Payments into an account.

Changes to General Terms & Conditions

Section 10 Changes to Terms & Conditions

10 f. In respect to BPAY and Osko, which are owned and operated by third parties, if the rules and regulations of BPAY or Osko require that these Terms & Conditions be changed, in any way at any time, (including without prior or full notice to you) then we will have the right to change these Terms & Conditions accordingly.

Changes to Special conditions of Savings Accounts

Section 33 & Transaction Account

22 h. Pay&Save does not operate in respect of BPAY Payments or Osko Payments from an & Transaction Account.

Changes to Account Access Terms & Conditions

Section 40 Access to Online Banking Services

40 a Depending on the functionality of the services you are using, Internet Banking and the P&N Bank Mobile Banking App can be used to access information about your account, change your personal details or preferences, or make a range of transactions 24 hours a day. (External transfers made by way of Osko Payments will be processed immediately if the recipient's financial institution is a participant in Osko. If the recipient's financial institution is not a participant in Osko then only payments made during business hours may be processed immediately. All others may be processed the next business day).

Section 40.1 Mistaken Internet and Misdirected Payments

Note: All references to 'Mistaken Internet' payments in Section 40.1 have been replaced with 'Mistaken' payments

40.1 a If you have made a Mistaken or Misdirected Internet Payment, you can report it to us by:

visiting your nearest P&N branch or calling us on 13 25 77 and providing us with the details of the Mistaken/Misdirected Payment; or
completing a Mistaken/Misdirected Payment Form available at pnbank.com.au and sending it to P&N.

  • If you make a report to P&N that an Osko Payment made from your account to an external bank account was a Misdirected Payment, we may request the recipient’s financial institution to identify and return the funds to P&N Bank.
  • If you make a report to P&N that an Osko Payment made from your account to another bank account held with P&N was a Misdirected Payment, we will use reasonable endeavours to determine whether a Misdirected Payment occurred and, if satisfied, return the funds to you within 10 business days.
  • P&N will inform you of the outcome of a reported Mistaken or Misdirected Payment in writing within 30 business days of the day on which the report is made.
  • If you have a complaint about how your Mistaken or Misdirected Payment report has been dealt with, you can make a complaint in accordance with clause 8.
  • It is possible that you may receive a Mistaken or Misdirected Payment into your account. If this occurs, we may be required to recover these funds and return the funds to the sender. P&N will notify you in writing if we do so. While we may, in some circumstances, seek your consent to return the funds, we will not always do so.

In addition, there may be situations where you will need to prove your entitlement to the funds. If this occurs we will notify you in writing of the steps you need to take to confirm your entitlement to the funds.

New section added.

Section 42. Osko Payments

a. P&N Bank subscribes to Osko.
b. We will advise you if we are no longer a subscriber to Osko.
c. Osko allows you to make or receive Osko Payments in near real-time. We will advise you if for any reason we are no longer able to transfer funds using Osko.
d. When you request us to make an Osko Payment, you must provide us with:
i. the payee's name;
ii. the payee's account number;
iii. the BSB of the financial institution where the payee's account is held; and
iv. the amount that you require to be transferred.
Alternatively, if available, you may provide us with the PayID supplied by the payee
e. You acknowledge that we are not required to effect an Osko Payment if you do not give us all of the information specified in clause 41 (d), or if the information you give us is inaccurate.
f. We will debit the value of each Osko Payment and any applicable fees to the account from which the relevant transfer has been made.
g. You acknowledge that Osko Payments may only be made to accounts within P&N Bank or other Osko participating financial institutions.

42.1 Processing of Osko Payments

a. An Osko Payment instruction is irrevocable. Once you have instructed us to make an Osko Payment, that Osko Payment cannot be stopped or reversed
b. We will treat your Osko Payment instruction as valid if, when you give it to us, you use the correct Access Method.
c. Osko Payment instructions may be lodged 24 hours a day, 7 days a week using Online Banking Services or the P&N Bank Mobile Banking App.
d. You acknowledge that completed instructions to transfer funds from your P&N account will result in the amount of the Osko Payment being immediately deducted from your account.
e. Funds are deposited to the recipient’s account in near real time. This will be the case irrespective of the time of day at which the Osko Payment instruction is made, and whether or not the Osko Payment instruction is made on a Banking Business Day.
f. If there are insufficient available funds in your account to make the Osko Payment, your instructions will not be accepted.
g. You should notify us immediately if you think that you have made a mistake when instructing an Osko Payment or if you did not authorise an Osko Payment that has been made from your account.
h. If we are advised that your Osko Payment cannot be processed by the recipient’s financial institution, we will:
i. credit your account with the amount of the Osko Payment; and
ii. advise you of this.

To facilitate the insertion of this new section the clause previous numbered 42 to 45 immediately following have been renumbered 43 - 46.

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