We have updated a number of Terms and Condition clauses in our disclosure documents

Australian Financial Complaints Authority
We have made changes to our Financial Services Guide (clause 1, effective 3 December 2018), Complaints and Handling Resolution Guide (effective 1 November 2018) and Visa Credit Card Conditions of Use (clause 21.7, effective 1 November 2018) to reflect the update of the External Dispute Centre – Financial Ombudsman Service Limited (FOS) to the Australian Financial Complaints Authority (AFCA).

Visa International Fee
Schedule of Fees and Charges (in the Visa Debit/Credit Card and Redicard fees section, effective 31 October 2018), Schedule of Fees and Charges – Equity Maximiser (in the Visa Card Fees section, effective 3 December 2018), Visa Credit Card Conditions of Use (clause 4.6, effective 1 November 2018) and Access Methods Terms & Conditions (clause 9.5.2, effective 1 November 2018) now include updated information about the Visa International Fee. If you are using your Visa Card overseas and the transaction is in a foreign currency, the transactions are converted to Australian dollars and are subject to this fee equal to 3% of the value of the transaction. A proportion of the fee may be retained by Bank of Heritage Isle.

Financial Services Guide (effective 3 December 2018)
We have updated some information in our Financial Services Guide which impact child accounts in clause 4 and 5.5.

A child 12 years of age and under may now be an Authority to Operate on the account in their name, providing they have the permission of the adult concerned and can register an acceptable signature. If the child has been given permission to be an Authority to Operate on the account by the adult concerned they may also be issued a Visa Debit Card to their account in their name (this can be issued in the name of the parent or guardian acting as Authority to Operate at any time). Payment Facilities are also now available to children under 12 providing the permission of the adult concerned.

A child 13 years and over can now open and personally operate their account, including obtaining access to a Visa Debit Card and appointing or removing an Authority to Operate on their account.

In addition, we made changes to our business partners and commissions in clause 1. We now receive up to 10% commission based on the premium paid for each policy, and up to 10% for renewals for Life Insurance provided by Allianz Australia Life Insurance Limited ABN 27 076 033 782, AFS License No. 269559.

Complaints and Handling Resolution Guide (effective 1 November 2018)
The Complaints Handling & Dispute Guide has been updated to state that when you lodge a complaint, we will provide a written response within a maximum timeframe of 45 days.

Schedule of Fees and Charges (effective 31 October 2018)
In the Payment Services section, the International Inward Funds charge has been updated in the Schedule of Fees & Charges from $10 to At Cost.

Access Methods Terms & Conditions (effective 1 November 2018)
The Access Methods Terms & Conditions clause 7.1.6 has been updated with new restrictions for Redidial Services. Parental consent is required for Members aged twelve years and under.

We have also now introduced a new Visa Debit Card and this information has been provided in the updated document. Bank of Heritage Isle now offers two Visa Debit Cards.

One Visa Debit Card restricts the account from being overdrawn and is suitable for under 18s and those who wish to avoid overdrawing on their account (parental consent is required for Members aged twelve years and under). The other Visa Debit Card has no restrictions and is available to Members 18 years and older.

Internet and Mobile Banking and BPAY Terms and Conditions  (effective 31 October 2018)
The Internet and Mobile Banking and BPAY Terms and Conditions clause 2.8 has been updated with new restrictions to Internet and Mobile Banking. Parental consent is now required only for Members aged twelve (12) years and under.

The latest versions of all of our Terms & Conditions documents are available here.