Terms and conditions
Important information about the use of the Netwealth website.
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 (“your Bank Feeds”) via your Netwealth login.
The Bank Feeds Service can be applied for and used via your online access to your Netwealth account.
Your Bank Feeds are updated in realtime when you access or refresh a Netwealth webpage that displays Bank Feeds.
Only a Netwealth accountholder may apply to access or modify their Bank Feeds. If you have authorised your financial adviser or another person to access and use our website in relation to your Netwealth account, they will be able to view your Bank Feeds but cannot change your Bank Feeds Service settings.
You are responsible for ensuring that illion (being the third party provider of the Bank Feeds service) has accurate login details at all times for each financial institution for which you want to receive Bank Feeds (“Bank Credentials”), and for giving illion updated Bank Credentials as required. If your Bank Credentials are incorrect or become outdated (for example, where you have changed your internet banking password), this may cause your Bank Feeds to display inconsistently with the understanding of yourself or others viewing your Netwealth account. 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 account is held.
Fees or costs may be charged in connection with accessing the Bank Feeds Service. You will be given reasonable prior notice of any new or changed fee or cost.
Before using or varying 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.
As Netwealth may not make or store complete records relating to your Bank Feeds, it is recommended that you create any records you require.
By giving illion your Bank Credentials, you are taken to authorise Netwealth to receive the corresponding Bank Feeds and display them via your Netwealth website login alongside your Netwealth account information. You can subsequently change or cancel your Bank Feeds at any time via your Netwealth website login.
When you provide Bank Credentials you will be taken to represent that each corresponding bank account is yours and in your name, and that any joint accountholder agrees to you receiving Bank Feeds for those accounts. You will be taken to give these representations every time you access Bank Feeds. Netwealth will not accept liability for any consequence of them not being true.
Netwealth may change, limit, suspend or terminate access to some or all of the Bank Feeds Service for any reason or no reason with or without notice. Netwealth’s arrangement with illion may terminate at any time with or without notice to you, and this would cause the Bank Feeds Service to be discontinued.