Bank Feeds Service terms and conditions
Important information about the use of the Netwealth website.
Publication date: 17 November 2023
Netwealth Investments Limited (ABN 85 090 569 109, AFSL 230975) (“Netwealth") has an arrangement with illion Open Data Solutions Pty Ltd (ABN 89 166 277 845) (“illion”) for delivery of a service whereby you can nominate accounts you hold with third party financial institutions and have the account balance and other details for those accounts displayed on Netwealth webpages and reports (“the Bank Feeds Service”).
The Bank Feeds Service enables you to nominate one or more accounts you hold at third party financial institutions and have read-only access to those account balances and related information (“Bank Feeds”) via your Netwealth account.
Access and use
The Bank Feeds Service can be applied for and used via online access to your Netwealth account on either Netwealth’s web or mobile application. Your Bank Feeds are regularly updated and will be displayed when you access your Bank Feeds on either Netwealth’s web or mobile application.
Only a Netwealth account holder may apply to access or modify their Bank Feeds. If you have authorised your financial adviser or another person to access your Netwealth account on either Netwealth’s web or mobile application, they will be able to view your Bank Feeds but cannot change your Bank Feeds Service settings.
You are responsible for ensuring illion has accurate login details at all times for each financial institution for which you want to receive Bank Feeds (“Banking Credentials”) and for giving illion updated Banking Credentials as required. If your Banking Credentials are incorrect or become outdated (for example, where you have changed your internet banking password), this may cause your Bank Feeds to display outdated or incorrect information. As such, it is recommended that when deciding whether to buy, hold or sell a financial product, you use account information provided directly by the financial institution with which the underlying account is held.
Before using the Bank Feeds Service, you should consider any adverse impact that providing your Banking Credentials may have on your rights under your financial institution’s terms and conditions regarding unauthorised transactions. Netwealth will not be liable for any unauthorised transactions or fraudulent activity that results in a financial loss from a bank account that you have nominated as part of the Bank Feeds Service, except (i) where, and to the extent, any such loss was caused by Netwealth's negligence, fraud or misconduct or (ii) to the extent any liability implied by law cannot be excluded.
As Netwealth may not make or store complete records relating to your Bank Feeds, it is recommended you create any records you require.
By giving illion your Banking Credentials, you are taken to authorise Netwealth to receive and store the corresponding Bank Feeds and display them in your Netwealth account upon logging into either Netwealth’s web or mobile application. You can subsequently change or cancel your Bank Feeds at any time by logging into your Netwealth account via either Netwealth’s web or mobile application.
When you provide Banking Credentials to illion, you will be taken to represent that each corresponding account is yours and in your name and that any joint account holder or signatory agrees to you receiving Bank Feeds for those accounts. You will be taken to give these representations every time you access Bank Feeds, and Netwealth will not accept liability for any consequence of them not being true.
Suspension or Termination
Netwealth may change, limit, suspend or terminate access to some or all of the Bank Feeds Service with, or without, notice, though we will act reasonably in doing so having regard to our legitimate business interests. Netwealth’s arrangement with illion may terminate at any time and this would cause the Bank Feeds Service to discontinue.