 |
|
|
 |
| We have made many changes to the Terms and Conditions document that frame the formal relationship between Westpac and our Online Banking Customers. The purpose of the changes has been threefold: |
|
| |
1. |
make the document more friendly to Westpac customers, |
|
| |
2. |
make the document compliant with our established stance over not imposing challenging conditions on our Online Customers, and |
|
| |
3. |
clarify our commitment to replacing any money fraudulently taken from customers’ accounts. |
|
|
| |
 |
Significant tracts of conditions have been removed and the language simplified where possible. No changes have been made that increase the liability placed on the customer - all such amendments are against the bank. |
|
|
| |
|
There has been some concern that, because the new Code of Banking Practice contains provisions that Westpac does not employ in our Terms and Conditions, Westpac might sneak these more onerous conditions into our document without customers noticing, so: |
| |
|
|
| |
We have added a new obligation on Westpac to promote that changes have occurred to the T&C’s within Online Banking by giving customers a notice of the change, and access to a summary of changes as well as the revised document, when they next sign on. |
|
|
| |
|
It has also been pointed out that our provisions over password management are onerous and do not recognise the realities of password management. Consequently we have: |
| |
|
|
| |
Added a provision that allows customers to store passwords in a secure password storage vault and deleted a number of requirements over password selection choice. |
|
|
| |
|
There was a view that it was unfair to apply our previous $50 liability limitation only after that point in time when a customer advises us of fraud, so: |
| |
|
|
| |
We have dropped both the $50 liability limitation and we have lowered customer exposure to fraud loss to $0, and
There is no change in this positive stance based on when the bank is notified, provided – as per the current version – the customer notifies us as soon as they become aware of the fraud. |
|
|
| |
|
There has been significant discussion in the Media over just how onerous it is for the average person to maintain a full collection of up-to-date and properly tuned PC security applications. |
| |
|
|
| |
Westpac T&C’s have never contained a detailed account of security applications and related processes. Our stance remains reasonable in that the related condition only requires that customers must not use online banking knowing their machine is infected with malicious software, and that the customer must cover the costs of removing such malware. |
|
|
| |
|
There has also been significant media concern over a provision in the NZBA’s Banking Code of Practice that banks can request access to a customer’s computer in order to establish the conditions of Code were being met in the event of a fraud. |
| |
|
|
| |
We have never detailed this requirement in our Terms and Conditions, and by removing the mention of the Banking Code of Practice we hope that customers will be more confident that we do not intend to change our Terms and Conditions to employ this provision. |
|
|
|
| |
|
Westpac’s previous Terms and Conditions undertook to replace money stolen through online fraud with the customers’ exposure being limited to only the first $50 lost prior to the time they notified the bank. We want to take a strong and clear position on replacing stolen funds, so: |
| |
|
|
| |
We have altered the Terms and Conditions to state that we will replace the entire amount taken from an account in the unlikely event of online fraud. |
|
|
