Internet Banking Terms and Conditions

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Important

• Please read these Terms and Conditions carefully as they form a contract between you and SBS.
• These Terms and Conditions (as amended or replaced from time to time) apply in addition to SBS’s General Terms and Conditions and any specific Terms and Conditions applying to your account(s). Copies of the specific Terms and Conditions for your accounts may be obtained from our web site, from any of our branches or by ringing our contact centre on 0800 502 442.
• In the event that there is any inconsistency between these Terms and Conditions and any other Terms and Conditions applying to your account(s) or any SBS service, these Terms and Conditions will prevail to the extent of that inconsistency.
• By using the SBS Internet Banking Service you agree to comply with these Terms and Conditions.

User Directions

• Whenever you use SBS Internet Banking you must follow the Directions contained in the “SBS Guide to Internet Banking”.

Conditions of Use

• To access the SBS Internet Banking Service you must have been approved as an SBS Internet Banking Service customer and have been issued with a Password to:

  
  - set up new Bill Payments;

  
  - edit Bill Payments;

  
  - edit a pending Internet payment or suspend or restart regular Internet payments (whether authorised by phone, internet or in a branch);

  
  - make funds transfers to third parties (whether to an SBS account or an account with another bank); or

  
  - transfer funds to another of your accounts in excess of the SBS Internet Banking Service daily limit as notified on www.sbs.net.nz from time to time.

• You must have been approved as an SBS Internet Banking Service customer and been issued with a password and an SBS i-guard token.
• Please follow the guidelines below to guard against the unauthorised use of your Password and SBS i-guard token.These guidelines provide examples only of security measures and will not determine your liability for any losses resulting from unauthorised transactions using your Password.

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Your Password

• You will be asked to select your own Password. Passwords must be 8 to 32 characters in length, may consist of any combination of characters on your keyboard (excluding the characters < > and *) and must contain (in any order you choose) at least two numeric digits and at least two characters that are not numeric digits.
• Your Password should contain a word or phrase that you can easily remember but should not be easily identifiable by anyone else. For example, you should not use your birth date, phone number or other personal information or any sequential numbers (such as “1234”).
• Your Password identifies you and allows you access to your Account(s). SBS will not take any further steps to verify that the person using your Password is you, so anyone else using your Password will be allowed access to your Account(s) whether or not you have given your permission.
• If you forget your Password, contact us on 0800 502 442 and we will ask you to identify yourself before granting you access to the SBS Internet Banking Service.
  

You must take the following steps to guard against unauthorised use of your Password:

• You must not disclose your Password to anyone else (not even family members or SBS staff) nor should you write it down. We will never send you an email asking you to confirm your security information or asking you to disclose your password or other security information. You will contact us immediately if you receive an email purporting to be from SBS requesting your password.
• You must keep any records of your membership number and your Password separate from each other.

• You must change your Password the first time you use the SBS Internet Banking Service and at frequent intervals thereafter, for example, monthly.
• You have a responsibility to exercise reasonable care to prevent unauthorised access to the computer that you use to access the SBS Internet Banking Service. You must not leave your computer unattended while you are on-line to the SBS Internet Banking Service.
• Examine your periodical statement immediately upon receiving it to identify, as soon as possible, any instances where the SBS Internet Banking Service has been used without your authority and notify us immediately. We may ask you to provide further information.
• Check your last log-in details, which will appear every time you log into the SBS Internet Banking Service and notify us immediately if the last log-in details are incorrect.
• You should ensure that your computer contains up-to-date antivirus and security software before using the SBS Internet Banking Service or SBS Gold Internet Banking Service.
• We recommend that you shut down all the windows of the browser you have used to gain access to the SBS Internet Banking Service and then restart the browser in order to ensure that the “Back” function (or similar function in your browser) cannot be used to trace your activities.
• If you require assistance with clearing your browser’s cache, we suggest you review your browser help facility or contact a PC support or maintenance service for instructions on how to complete this process.

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i-guard Authentication

• Your SBS i-guard token must be used in conjunction with your existing member number and password.
• When entering the SBS Internet Banking Service you will be prompted to enter your member number and password. You will be asked to use your i-guard when:

  - adding new Bill Payments;

  
  - editing Bill Payments;

  
  - editing a pending Internet payment or suspending or restarting a regular Internet payment (whether authorised by phone, internet or in a branch);

  
  - making a transfer to a third party’s account (whether an SBS account or an account with another bank); or

  
  - transferring funds to another of your accounts in excess of the SBS Internet Banking Service daily limit as notified on www.sbs.net.nz from time to time.

• When the prompts appear for use of Factor 2 Authentication, you must enter the 6 digit number that appears on your SBS iguard token to proceed with the nominated transaction. If the 6 digit number is not entered correctly, then you will not be authorised to make the relevant transactions using the SBS Internet Banking Service. If you make 3 unsuccessful attempts to enter the 6 digit number on your SBS i-guard token, your SBS Internet Banking Service membership will be blocked until such time as you contact SBS to re-register.
• You will be charged for use of your SBS i-guard token each time you use your SBS i-guard token on the SBS Internet Banking Service at the rate shown at www.sbs.net.nz. You authorise SBS to deduct that amount from your account.
• You must protect your SBS i-guard token at all times. You must not:

  - leave it anywhere where it may be susceptible to theft or unauthorised use;

  
  - allow anyone else to use it, including family members, friends and staff of SBS.

• SBS will replace your SBS i-guard token if it is faulty. In all other circumstance SBS may charge you for any replacement or additional SBS i-guard token it issues. In addition you must notify SBS when you change your address, so that replacement SBS i-guard tokens are sent to the correct address.
• When you cease to be an SBS customer or no longer wish to use the SBS Internet Banking Service you must return your SBS i-guard token to SBS. In circumstances where you cease to be an SBS customer you must return your SBS i-guard token to SBS within 7 business days of closing your accounts with SBS.

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Restrictions and Termination of Access to SBS Internet Banking Service

• We reserve the right to restrict your access to the SBS Internet Banking Service.
• You may cancel your access to the SBS Internet Banking Service at any time by giving us written notice. You will remain responsible for any transactions made on your accounts via the SBS Internet Banking Service up until the time of cancellation.
• We may suspend or withdraw your access to the SBS Internet Banking Service at any time without prior notice if:

- you have breached these Terms and Conditions or have acted fraudulently;


- we learn of your death, bankruptcy or lack of legal capacity or that you have committed an act of bankruptcy or that a bankruptcy petition has been presented to you;


- there are insufficient funds to cover payments or payment instructions given;


- we consider that we have other reasonable grounds to do so (in which case all reasonable efforts will be made to advise you of the circumstances of withdrawal or suspension);


- we are complying with a Court Order;


- we are notified by any party of a dispute over either the ownership of funds or the operating account;


- we are protecting one of all of the parties to the account, us or a third party who has reasonably claimed an interest in the account;

• When operation of an account is suspended, we will advise all account holders as soon as possible.
• We may terminate your use of the SBS Internet Banking Service for any other reason, by giving you 14 days notice in writing. The notice does not have to specify the reasons for cancellation.
• Transactions for which you have given us instructions and which are scheduled to be made after your access to the SBS Internet Banking Service is terminated or suspended may not be effected by us.

Notification of Loss, Theft or Unauthorised use of your Password or SBS i-guard token

You must notify SBS immediately if:

• You know or suspect that someone else knows your Password; or
• Your SBS i-guard token has been lost or stolen; or
• You discover or suspect an unauthorised use of your Password or SBS i-guard token has occurred; or
• Your periodical statement contains any instances of unauthorised use or errors.
• We will investigate your complaint, following the processes set out in the SBS General Terms and Conditions covered by your Account Operating Authority.
• We recommend that you record all receipt numbers, payment or transfer reference numbers that are issued to you by the SBS Internet Banking Service to assist in checking transactions against your statements.
• Outside of SBS business hours, cancel your Internet Banking access online through the Other Services tab. Suspension is permanent until SBS are contacted by you and normal
  identification procedures are satisfied.

Within New Zealand you should telephone SBS on freephone 0800 502 442. Outside New Zealand telephone +643 2110 700.

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Accessing Your Accounts

• In order to access this SBS Internet Banking Service you must be a member of SBS; and hold an account with us or be a signatory to an account with us.
• We will advise you from time to time of the transactions that the SBS Internet Banking Service will enable you to perform.
• You may only use the SBS Internet Banking Service to perform transactions on those Accounts you have nominated. If the Terms and Conditions of a Nominated Account such as, but not limited to, a fixed term deposit or loan account provide a transactional restriction then that restriction will apply equally to the SBS Internet Banking Service.
• If you are a signatory to a Nominated Account that can be operated on the instructions of any one signatory to the account, you may access the account through the SBS Internet
  Banking Service.
• You acknowledge and agree that we are authorised to act on instructions given by you (or your Nominee) through the SBS Internet Banking Service using your Password and that we are not obliged to make any further enquiries.
• If any Nominated Account is in the name of more than one person, the liability of all account holders under these Terms and Conditions will be joint and several for any transactions carried out on that account in accordance with these Terms and Conditions.

Fees/Charges

• You agree to pay all fees and charges relating to the SBS Internet Banking Service in addition to any applicable account and transaction fees. Fees and charges will vary depending whether you elect to utilise i-guard Authentication for your Internet Banking. All current fees and charges will be displayed on www.sbs.net.nz.
• SBS may deduct such fees and other charges from your Account(s) in accordance with the “Deductions” section of the SBS General Terms and Conditions contained within the Account Operating Authority.

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Transactions

• In the absence of any daily or other periodic transaction limit arrangements between you and SBS, you can only withdraw, transfer funds or make payments up to the available balance of your selected Nominated Account (including the unused portion of any credit limit relating to that account).
• You agree that aggregation of any available balance or credit limit on Nominated Accounts is not possible when determining the available balance or credit limit for the selected Nominated Account.
• You acknowledge that third parties such as merchants or other financial institutions may impose additional restrictions on the amount of funds you may withdraw, deposit or transfer.

Transfers of Funds

• When you complete an instruction for a transfer to another of your accounts or an account with a bank other than SBS, you authorise us to debit your account immediately with the amounts to be paid to the requested account/person.
• Transfers of funds from one of your SBS accounts to another of your SBS accounts will be debited or credited immediately.
• Transfers authorised after 7pm or on weekends to non SBS accounts, may not be processed by the receiving bank until the next business day.
• It is your responsibility to ensure that the detail you complete in respect of a transfer of funds is accurate in all respects. We accept no responsibility in the event of a transfer to an incorrect account as a result of your provision of an incorrect account number.
• A transfer is irrevocable once the instruction to transfer funds has been completed in our Internet Banking Service.
• It is your responsibility to ensure that there are enough funds in your Account(s) to meet any transfers that you require. Instructions for the transfer of funds will not be actioned if there are insufficient funds available in your Nominated Account either at the time you confirm the transfer instructions or when we attempt to perform the transfer in the course of our normal business procedures.
• You will not be able to draw on any cheques and/or deposits until they are cleared.

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Bill Payments

• Bill Payments are “Transfers of Funds” and in addition to the provisions set out below the provisions under the heading “Transfers of Funds” apply to Bill Payments.
• Payments authorised after 7pm or on weekends to non SBS accounts, may not be processed by the receiving bank until the next business day.
• When you set up a Bill Payment, you authorise us to debit your SBS Nominated Account with the amounts you request to be paid to a specific person from time to time.
• It is your responsibility to ensure that there are enough funds in your Account(s) to meet any Bill Payment. A Bill Payment will not be made if there are insufficient funds available in your Nominated Account when we attempt to process the Bill Payment.
• Subject to compliance with these Terms and Conditions, payments can be requested to be made on the same day or on a future date when you enter the payment details. When a future date is chosen, the payment will be automatically debited from your SBS Nominated Account on the date requested in accordance with your instructions.
• We will endeavour to make the payments you request, although we accept no responsibility or liability for any refusal or omission to make any or all of the payments, or for late payment or omission to follow your instructions. In particular, we accept no responsibility or liability for the accuracy of the information you supply to us when setting up, changing, or deleting Bill Payment Authorities, or when issuing or processing payment instructions.
• All Bill Payment instructions received from you will be subject to any other arrangements you may have with us in relation to your accounts.
• In the event of a payment not being made on due date for any reasons referred to in these Terms & Conditions, we will attempt to complete that payment request once more within 24 hours. Following that period arrangements for that payment will become your sole responsibility.  
• We may in our absolute discretion conclusively determine the order of priority of payments requested pursuant to any Bill Payment instruction or any other payment instruction or cheque drawn on your account. A limit of $50,000 per customer per day applies to all Bill Payments, unless you use an SBS i-guard token for your Internet Banking and have elected to have the benefit of a higher limit. Payments in excess of your daily limit may not be actioned by us.
• Any Bill Payment Authority given by you will remain in effect for all Bill Payments made in good faith, notwithstanding your death, bankruptcy or other revocation of this authority, until actual notice of such event is received by us.
• We are authorised to advise your nominated payees of your full name and address if requested by them in respect of a Bill Payment authorised by you.

Daily Limit

Transactions undertaken using the SBS Internet Banking Service are subject to a cumulative daily limit of $50,000. Your daily limit may be changed, subject to SBS’s agreement if you are registered to use an i-guard token. Alteration of your daily limit may attract a fee. All current fees and charges will be displayed on www.sbs.net.nz.

Reversing Transactions

• You cannot cancel a Bill Payment instruction except where the instruction relates to a future dated payment and you instruct us to stop the payment prior to the stipulated date for payment.
• If a request for reversal of a Bill Payment or transfer is made in writing within 24 hours of a payment error being made, we will attempt to recover the payment. As transactions are irrevocable once authorised, there is no guarantee that we will be able to recover the payment.
• If funds are paid to an incorrect account in error, those funds will not be recoverable unless the owner of the account to which the funds were transferred consents to the recovery.
• You agree to meet SBS’s fees and costs in respect of any attempted reversal of a Bill Payment or transfer, whether or not the attempt is successful. You agree to SBS debiting any such fees and costs from your account.

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Changes to the SBS Internet Banking Service & Terms and Conditions of Use

• We may change these Terms and Conditions from time to time or vary the SBS Internet Banking Service provided to you.
• We will notify you by notice in our newsletter or statement or by an individual notice at least 30 days before the effective date of change if it will:

- impose or increase charges for the use of the SBS Internet Banking Service or for issuing additional or replacement Passwords;


- increase your liability for losses; or


- impose, remove or adjust daily or other periodic transaction limits applying to the use of the SBS Internet Banking Service, your Nominated Accounts or the Ancillary Equipment.

• If the change reduces your obligations to SBS we will notify you when we next correspond with you, either by a notice in our newsletter or in your statement of account.
• We will notify other changes no later than the day the change takes effect by advertisement in national or local media, notice in our newsletter or your statement of account, or individual notice sent to you.

Changes to the SBS Internet Banking Service & Terms and Conditions of Use

• We are not obliged to give you advance notice if an immediate change to these Terms and Conditions is deemed necessary for the security of the SBS Internet Banking Service or individual accounts.
• You authorise us to give information about you and any Nominated Account to others in order to execute your instructions to us via the SBS Internet Banking Service or where we reasonably think it necessary for the provision of that service. However, you may instruct us not to share your information by giving us written instructions to that effect.
• From time to time we may advertise financial products or services on the website through which you access the SBS Internet Banking Service. You consent to receiving such advertising material when accessing our website or the SBS Internet Banking Service.

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Our Liability

• Once you have notified SBS that your SBS i-guard token has been lost or stolen or used by an unauthorised person or your password has been disclosed to someone else, or you suspect that one of these events has occurred, either in New Zealand or overseas, you will not be liable for any unauthorised transactions carried out after that time unless you have acted fraudulently or negligently. You will only be liable to pay up to $50.00 for any unauthorised transaction that have taken place before you notified SBS unless you have:

  
  - been unreasonably delayed in notifying SBS;

  
  - selected an unsuitable passwor;

  
  - disclosed your password to anyone else, either deliberately or inadvertently, such if you failed to take reasonable step to prevent disclosure of your password when keying in your password;

  
  - failed to reasonably safeguard your SBS i-guard token or failed to retrieve your SBS i-guard token after use;

  
  - allowed someone else to use your SBS token or written your password down.

• If any of the above apply you will be liable for all transactions up until you notified SBS up to the maximum amount that you yourself could have transferred from your accounts
  electronically during that time
• If you have, in SBS’ sole discretion, contributed to cause the unauthorised transactions, you may be responsible for some or all of the actual losses occurred before notification of the loss of your password or SBS i-guard token to SBS except for:

  
  - Any amount that exceeds any applicable transaction limit;

  
  - Any portion that exceeds the balance of your account;

  
  - Fraudulent or negligent conduct by an SBS employee or agent or other party involved in the SBS Internet Banking Service Internet Banking;

  
  - Unauthorised transactions before you have received your SBS i-guard token or any other unauthorised transactions where it is clear that you could not have contributed to the loss.

• SBS will not be liable for any unauthorised use of the SBS Internet Banking Service in circumstances where you have failed to take reasonable steps to ensure that protective systems such as virus scanning, firewall, anti-spy ware, operating system and anti-spam software on your computer are up to date or where you have failed to take reasonable care to safeguard any other device that is used by you to access the SBS Internet Banking Service. You agree to allow SBS access to your computer and relevant related equipment to enable SBS to determine whether you have taken all reasonable steps to protect the security of your computer and its systems.
• If you incur a direct loss that is due to a security breach of the SBS Internet Banking Service and caused as a result of our failure to take reasonable care and that loss is not caused or contributed to by you, then we will reimburse you for that loss.

• We will reimburse you for any losses caused by transactions not authorised by you and completed before you had access to the SBS Internet Banking Service or during any period where you did not have access to the SBS Internet Banking Service including, if applicable, before you have selected your password and, depending on the transactions you wish to undertake using the SBS Internet Banking Service, before you have received
  your SBS i-guard token, provided you have notified us of your correct address. In the event that there is any dispute as to whether you have received your SBS i-guard token,we will not rely on proof of posting to your correct address as proof that you have received your SBS i-guard token.

• Subject to the exceptions set out in the proceeding bullet points under the heading “Our Liability”, to the extent permitted by law SBS will not be liable to you or any other person and accepts no responsibility for any claim, loss, damage, cost or expense whether direct or indirect, consequential or economic which arises in connection with any one of the following:

  
  - your use of the SBS Internet Banking Service;

  
  - any unauthorised use of your Password or SBS i-guard token; or

  
  - any system or telecommunications link failure; or

  
  - any default, error or defect in design or engineering of the SBS Internet Banking Service or any delay, fault, malfunction, unavailability or loss of access to the SBS Internet Banking Service.

• Although the SBS Internet Banking Service will normally be available 24 hours a day, maintenance of the system will be required from time to time with the result the SBS Internet Banking Service may not be available.

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Disputes

• If any dispute arises concerning any transaction carried out using the SBS Internet Banking Service you should call our Contact Centre on freephone 0800 502 442 or contact your local SBS branch during normal business hours.
• Our staff may ask you to put the details of your dispute in writing.
• If the matter cannot be resolved immediately our staff will investigate and report back to you within 21 days or, if there is likely to be a delay, will advise you of the reason for this delay.
• If you are still not happy as a result of SBS’s investigation you can contact the Secretary of the SBS at:

Secretary of SBS
51 Don Street
PO Box 835
Invercargill
Phone: 03 211 0700

OR

The Executive Director
Financial Services Federation (Inc)
6th Floor, Wakefield Avenue
90 The Terrace
PO Box 10053
Wellington
Phone: 04 472 1731

Indemnity

• You agree to indemnify and hold SBS harmless for any loss or damage suffered by SBS, our customers, or a third party or for any claim or action brought against us resulting from your misuse of the SBS Internet Banking Service.

Severability

• If any of these Terms and Conditions are held to be invalid, illegal or unenforceable that condition will be severed and the remaining conditions will be enforceable.

Waiver

• No delay or failure to act will be construed as a waiver or will in any way prejudice the rights of SBS under these Terms and Conditions.
  

Governing Law

• These Terms and Conditions are governed by New Zealand law and the New Zealand Courts shall have jurisdiction to hear and determine disputes in respect of these Terms and Conditions.
  

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