Notification of changes to Terms and Conditions governing iBusiness Banking (iBB)

 

From 18 November 2016 some amendments to the Terms and Conditions governing iBusiness Banking (the Conditions) will take effect. These changes deal with the introduction of a new feature for iBusiness Banking, and enhancements Services.

 

Defined terms in this document have the meaning given to them in the Conditions unless otherwise defined below.  As additional conditions have been inserted in the Terms and Conditions, the numbering of conditions here reflects the numbering in the Terms and Conditions, as amended, unless indicated otherwise. 

Amended Text Conditions Amended and Reasons Why
8.2  You must not attempt to create an unauthorised debit balance on any Account or to extend an expressly agreed overdraft beyond an authorised limit approved by the Bank on any Account through the use of the Services. If you do so, the Bank has full authority, at its sole discretion, to take such action as the Bank deems necessary to prevent or remedy such a situation, including but not limited to rejecting the instruction or reversing any transaction. You may incur exchange rate losses should remedial action be necessary.  You irrevocably agree to take such action as the Bank may require to give effect to the provisions of this Condition.

This clause has been amended to reflect the Banks introduction of Live foreign exchange rates to iBB
9

Live Foreign Exchange rates for iBB Payments

 

  1. If you ask us to make a Payment on iBB which requires a foreign exchange rate, we will provide you with details of a live foreign exchange rate where available.  Our live foreign exchange rates are dynamic and change frequently based on global foreign exchange markets.

  2. Live foreign exchange rates are usually available during the times set out in the iBB International Payments page which can be found in iBB by selecting the Payment Information tab. You will be able to find the rate applied to the Payment in the Transactions Details within your Payment Logs.

  3. In some circumstances (other than those referred to in 9(ii) above), a live foreign exchange rate will be unavailable (including during times of system outage). In these instances, we will apply our standard exchange rate in line with your Account terms and conditions.  For more information, please refer to the iBB International Payments page.

  4. Where we provide you with details of a live foreign exchange rate, upon final authorisation you can ask us to make your Payment using that rate. If we are unable to make your Payment for any reason, including where a live foreign exchange rate is no longer available, you will not receive a confirmation. If we accept your request you will receive an on screen message that your payment has been successfully authorised.  You will be able to find the rate applied to the Payment in the Transaction Details within your Payment logs. Until we provide this confirmation to you, we have not agreed to make your Payment.

  5. If your Payment is returned to us for any reason, we will convert it back into the original currency using our relevant standard foreign exchange rate at the time we convert it back.  Our relevant standard foreign exchange rate may be different from the rate we originally applied to your Payment and may mean the amount added back to your Account could be less than the original amount of the Payment.  We are not responsible for any loss you might suffer.

This clause has been added to reflect the Banks introduction of Live foreign exchange rates to iBB

 

If you continue to use iBusiness Banking after these amendments take effect from 18 November 2016, you will be deemed to have accepted these changes and no further action is required by you. These changes do not in any way affect your entitlement to cease using iBusiness Banking.

 

Download a full copy of the revised Terms and Conditions.