BPAY terms and conditions

As a member of the BPAY Scheme and a subscriber to BPAY Payments, Netwealth offers BPAY Payments to our clients under our BPAY facility. The terms and conditions below govern your use of the BPAY facility.

These BPAY terms and conditions
You must comply with the terms and conditions applying to the account from which you request us to debit a Payment, to the extent that those account terms are not inconsistent with these BPAY terms and conditions.

These BPAY terms and conditions apply in addition to those account terms. If there is any inconsistency between the terms and conditions applying to the account and these BPAY terms and conditions, these BPAY terms and conditions will apply to the extent of that inconsistency.

Definitions

In these BPAY terms and conditions the following terms have the meanings given below:

Banking Business Day means any day on which banks in Melbourne or Sydney are able to effect settlement through the Reserve Bank of Australia.

Biller means an organisation that has agreed to receive Payments through BPAY Payments.

Biller Code means a unique numerical code for a Biller or codes for a product or service offered by that Biller (as the case may be) allocated to that Biller.

BPAY means BPAY Pty Ltd (ABN 69 079 137 518) of Level 1, 255 George Street, Sydney NSW 2000.

BPAY Participants means any person who participates in the BPAY Scheme in any capacity including as a Scheme Member, a Biller or a payer, a BPAY Service Provider or a Third-Party Service Provider.

BPAY Payments means the electronic payments service through which you can ask us to make payments on your behalf to Billers who tell you that you can make payments to them through the BPAY Payments payment service.

BPAY Scheme means the scheme operated by BPAY from time to time to provide payment services to end customers.

BPAY Scheme Documents means the rules, including the Business Rules and Operating Procedures (or BROP), which govern our participation in the BPAY Scheme.

BPAY Service Providers means a person engaged by BPAY to provide goods or services to BPAY in connection with BPAY Payments.

Customer Reference Number means a numerical identification code assigned by a Biller to a customer to facilitate the making and reconciliation of Payments to that Biller.

Insolvency Event means, in respect of a person, that the person becomes insolvent or an insolvent under administration (each as defined in the Corporations Act 2001 (Cth)), has a controller, receiver or administrator appointed, is placed into liquidation, is wound up, is subject to any arrangement or composition with creditors, is unable to pay its debts when they fall due, or something having a substantially similar effect occurs under the law of any jurisdiction.

Payment means a payment made using BPAY Payments.

Payment Cut Off Time means 12 midday (Sydney/Melbourne time).

Personal Information means personal information, as that term is defined in the Privacy Law, that is provided to, or obtained or accessed by, us in the course of providing BPAY Payments to you. 

Privacy Law means the Privacy Act 1988 (Cth) and any privacy legislation which applies to you from time to time in force in Australia.

Scheme Member means a person participating in the BPAY Scheme as defined under the BPAY Scheme Documents.

Third-Party Service Provider means a service provider engaged by a Scheme Member to perform one or more of that Scheme Member’s obligations under the BPAY Scheme Documents.

You means the account holder instructing us to make Payments from time to time.

We means Netwealth Investments Limited (ABN 85 090 569 109, AFSL 230975).

Valid payment directions

To make a Payment using BPAY Payments, you must provide us with a valid payment direction. When we receive a valid payment direction from you, we will debit your account with the amount of the payment specified in your payment direction.

We will treat your payment direction as valid if you provide us with the Biller Code, your Customer Reference Number, payment amount, details of the account to be debited and, for scheduled payments, the payment date, and you comply with the applicable security procedures set out in the terms and conditions for your Netwealth account. 

You acknowledge that we are not obliged to effect a Payment if you do not give us all of the required information, if any of the information that you give us is inaccurate, or if you do not comply with the applicable security procedures.

We may reject a payment direction if the Biller who is to receive the Payment has terminated their BPAY arrangements with their financial institution and has not entered into new BPAY arrangements with another financial institution.

Processing BPAY Payments

We will not accept an order to stop a Payment once you have instructed us to make that payment.

If we are advised that your Payment cannot be processed by a Biller, we will:
(i)    advise you of this;

(ii)    credit your account with the amount of the Payment; and

(iii)    take all reasonable steps to assist you in making the Payment as quickly as possible.

You should notify us immediately if you become aware that you may have made a mistake (except when you make an underpayment, for those errors see the last paragraph in this section below) when instructing us to make a Payment, or if you did not authorise a Payment that has been made from your account. The ‘Liability’ section below describes when and how we will arrange for such a Payment (other than in relation to an underpayment) to be refunded to you.

You acknowledge that the receipt by a Biller of a mistaken or erroneous payment from a third party does not constitute under any circumstances part or whole satisfaction of any underlying debt owed between you and that Biller.

You must be careful to ensure that you tell us the correct amount you wish to pay. If you instruct us to make a Payment and you later discover that the amount you told us to pay was less than the amount you needed to pay, you can make another Payment for the difference between the amount actually paid to a Biller and the amount you needed to pay.

Timing of Payments

If you tell us to make a Payment by giving us a valid payment direction on a Banking Business Day before our Payment Cut Off Time, it will be processed on the same day.

Billers who participate in BPAY Payments have agreed that a Payment you make will be treated as received by the Biller to whom it is directed:
(i)    on the date you make that Payment, if you tell us to make the Payment before our Payment Cut Off Time on a Banking Business Day; or

(ii)    on the next Banking Business Day, if you tell us to make a Payment after our Payment Cut Off Time on a Banking Business Day, or on a non-Banking Business Day.

A delay may occur in processing a Payment, including if:
(i)    you tell us to make the Payment after our Payment Cut Off Time and the following day is not a Banking Business Day;

(ii)    you tell us to make a Payment either on a day which is not a Banking Business Day or after the Payment Cut Off Time on a Banking Business Day; 

(iii)    we do, or another financial institution participating in BPAY Payments does, not comply with any applicable obligations relating to BPAY Payments; or

(iv)    a Biller fails to comply with any applicable obligations relating to BPAY Payments.

While it is expected that any delay in processing under these terms and conditions will not continue for more than one Banking Business Day, any such delay may continue for a longer period. If we are aware that a delay may continue for a longer period, we will advise you.

Liability

ePayments Code
The ePayments Code is the industry code of practice for electronic payments, administered by the Australian Securities & Investments Commission.

If under this ‘Liability’ section you are liable for an unauthorised or fraudulent payment and the ePayments Code applies, then your liability is limited to the lesser of:
(i)    the amount of the unauthorised or fraudulent payment;

(ii)    the limit (if any) of your liability set out in our terms and conditions for the applicable product or service; and

(iii)    the limit (if any) of your liability imposed under the ePayments Code.

If (ii) or (iii) applies, we will be liable to you for the difference between the amount for which you are liable and the amount of the unauthorised or fraudulent payment.

Mistaken payments, unauthorised payments and fraud
We will attempt to make sure that your Payments are processed promptly by the participants in BPAY Payments, including those Billers to whom your Payments are to be made. You must promptly tell us if you:
(i)    become aware of any delays or mistakes in processing your Payments;

(ii)    did not authorise a Payment that has been made from your account (for clarity, this does not include where the payment was initiated by you or anybody with your knowledge or consent); or

(iii)    think that you have been fraudulently induced to make a Payment.

We will attempt to rectify any such matters in relation to your Payments in the way described in this ’Liability’ section. Except as set out in this  ‘Liability’ section, we will not be liable for any loss or damage you suffer as a result of using BPAY Payments.

You must provide us such assistance as may be reasonably necessary to conduct investigations in respect of any mistaken, unauthorised or fraudulent payments.

The longer the delay between when you tell us of the error and the date of your Payment, the more difficult it may be to perform the error correction. For example, we or your Biller may not have sufficient records or information available to us to investigate the error. If this is the case, you may need to demonstrate that an error has occurred, based on your own records, or liaise directly with the Biller to correct the error.

Mistaken payments
If a Payment is made to a person or for an amount which is not in accordance with your instructions (if any), and your account was debited for the amount of that Payment, we will credit that amount to your account. However, if you were responsible for a mistake resulting in that Payment (eg due to entering the wrong details as part of a payment direction) and we cannot recover the amount of that Payment from the person who received it within 20 Banking Business Days of us attempting to do so, you must pay us that amount.

Unauthorised payments
If a Payment is made in accordance with a payment direction, which appeared to us to be from you or made on your behalf but for which you did not give authority, we will credit your account with the amount of that unauthorised payment. This does not include a Payment where the payment direction was made by you or by anybody with your knowledge or consent. 

Further, in all cases, you must pay us the amount of an unauthorised payment if the payment was made as a result of you not complying with our prescribed security procedures.

If we are able to recover part of the amount of that Payment from the person who received it, you must only pay us the amount of that Payment that we are not able to recover.

If you tell us that a Payment made from your account is unauthorised, you must first give us your written consent addressed to the Biller who received that Payment, consenting to us obtaining from the Biller information about your account with that Biller or the Payment, including your customer reference number and such information as we reasonably require to investigate the Payment. If you do not give us that consent, the Biller may not be permitted under law to disclose to us the information we need to investigate or rectify that Payment.

Fraudulent payments
If a Payment is made as a result of you being fraudulently induced into making that Payment, and any other person involved in the BPAY Scheme committed, had actual knowledge of, or with reasonable diligence should have detected, the fraud, then that person should refund you the amount of the fraud-induced payment. However, if that person does not refund you the whole amount of the fraud-induced payment, you must bear the loss.

Resolution principles
If a Payment you have made falls within the type described in the ‘Unauthorised payments’ section and also the ‘Mistaken payments’ section or the ‘Fraudulent payments’ section, then we will apply the principles stated in the ‘Unauthorised payments’ section.

If a Payment you have made falls within both the types described in the ‘Mistaken payments’ section and the ‘Fraudulent payments’ section, then we will apply the principles stated in the ‘Fraudulent payments’ section.

No “chargebacks”
Except where a Payment is a mistaken payment referred to in the ‘Mistaken payments’ section, an unauthorised payment referred to in the ‘Unauthorised payments’ section, or a fraudulent payment referred to in the ‘Fraudulent payments’ section, Payments are irrevocable. No refunds will be provided through BPAY Payments where you have a dispute with the Biller about any goods or services you may have agreed to acquire from the Biller. This is the case even where your Payment has been made using a credit card account or a charge account card, no chargeback rights will be available for BPAY. Any dispute must be resolved with the Biller.

Indemnity
You indemnify us against any loss or damage we may suffer due to any claim, demand or action of any kind brought against us arising directly or indirectly because you acted negligently or fraudulently in connection with these terms and conditions.

Consequential damage
This section does not apply to the extent that it is inconsistent with or contrary to any applicable law or code of practice to which we have subscribed. If those laws or that code would make this section illegal, void or unenforceable or impose an obligation or liability which is prohibited by those laws or that code, this section is to be read as if it were varied to the extent necessary to comply with those laws or that code or, if necessary, omitted.

We are not liable for any consequential loss or damage you suffer as a result of using BPAY Payments, other than due to any loss or damage you suffer due to our negligence or in relation to any breach of a condition or warranty implied by law in contracts for the supply of goods and services and which may not be excluded, restricted or modified at all or only to a limited extent.

Suspension and termination 

Suspension and Termination events
We may suspend or terminate your right to participate in BPAY Payments at any time in the circumstances set out in this section. Where possible, we will give you advance notice of any suspension or termination of your right to participate.

We may suspend or terminate your right to participate in BPAY Payments if:
(i)    we, or BPAY, suspect on reasonable grounds that you or a person acting on your behalf is:

• being fraudulent;

• in breach, or will cause you to be in breach, of these terms and conditions;

• using BPAY Payments in a manner that will, or is likely to, adversely affect the integrity, stability or reputation of BPAY Payments, the BPAY Scheme, or the quality of services offered to you or other customers;

• using BPAY Payments in connection with any activities which are unlawful; or

(ii)    we are required to do so under the BPAY Scheme documents or otherwise are requested to do so by BPAY or any regulatory authority;

(iii)    our membership to the BPAY Scheme or our subscription to BPAY Payments is suspended, ceases or is cancelled for any reason;

(iv)    you breach any obligation under these BPAY terms and conditions which is capable of remedy and do not remedy that breach within 20 Banking Business Days of receipt of a notice from us specifying the breach and requiring the breach to be remedied;

(v)    you breach any obligation under these BPAY terms and conditions which is incapable of remedy; or

(vi)    you suffer an Insolvency Event.

Consequences of termination
Termination or suspension of your right to use BPAY Payments does not:
(i)    prejudice any claims either party may have against the other in respect of any then subsisting breaches of these terms and conditions; or

(ii)    otherwise affect the accrued rights or remedies of either party.

Account records
You should check your account records carefully and promptly report to us as soon as you become aware of any Payments that:
(i)    you think are errors;

(ii)    you did not authorise or you think were made by someone else without your permission; or

(iii)    you think you were fraudulently induced to make.

Dispute resolution
If you have a complaint about BPAY Payments or a Payment, please contact us using the details set out in our complaints process at Netwealth - Complaints & Contact. We will handle your complaint in accordance with our internal dispute resolution procedures. If you are not satisfied with our response, you may refer your complaint to the Australian Financial Complaints Authority (AFCA).

Privacy 

General
Your privacy is important to us. We only collect, use or store your Personal Information in accordance with the requirements of the Privacy Law and our Privacy Policy.

We will keep any information you provide to us confidential. We will make reasonable efforts to keep any such information that we have about you secure and to ensure that any of our employees or agents who have access to information about you do not make any unauthorised use, modification, reproduction or disclosure of that information.

In order to provide you with access to BPAY Payments, we may need to disclose information relating to you, which may include your Personal Information, to BPAY and/or other BPAY Participants. If we do not disclose information relating to you, including your Personal Information, to BPAY or other BPAY Participants, we will not be able to provide you with services under BPAY Payments.

Accordingly, you agree to our disclosing to BPAY, BPAY Service Providers and such other participants involved in BPAY Payments such information and Personal Information relating to you as is necessary to facilitate the provision of BPAY Payments to you.

You must notify us if any of your Personal Information changes.

You can request access to your Personal Information held by us by contacting us in accordance with the procedures set out in our Privacy Policy. This policy also contains information about how you may complain about a breach of the Privacy Law, and the process by which your complaint will be handled.

Changes to these terms and conditions

We may change these terms and conditions at any time by giving you at least 30 days’ written notice before such change takes effect, if we believe the change is unfavourable to you. We may change these terms and conditions in order to comply with changes in the law, accommodate changes in the operation of BPAY, accommodate changes in our operations or systems, or for security reasons. We will tell you about any changes by publishing the updated terms on our website.

As a result of any change we may make, or for any other reason, you may choose to no longer use BPAY Payments.