foreign currency accounts Our terms and conditions for Foreign currency accounts Including fee and rebate levels.
Contents PAGE 1 Definitions Fee and fee rebates Fees Other fees Fee rebates Fee and rebate levels 2 Credit interest 3 Authorised overdraft facility Unauthorised overdraft facility Debit interest rate Repayment on demand 4 Variation of terms General 5 Personal information Security and disclosure of information The Privacy Act 1993 BNZ s use of information Market research Credit agencies Please tell us Important information The possible exchange risk arising from conversion of currencies is the responsibility of the Account Holder(s). The Account Holder(s) will not hold BNZ responsible in any way for any loss which the Account Holder(s) may suffer as a result of BNZ converting currencies on the Account Holder(s) behalf. Terms and conditions 1 Definitions Account means the Foreign Currency Account in the name of the Account Holder(s), the terms and conditions of which are stated here. Account Holder(s) means the customer(s) of BNZ who operate an Account or Accounts. BNZ means the Bank of New Zealand, an incorporated company having its registered office at Auckland, New Zealand. Month for interest purposes refers to the period from the day after the last business day in a month up to and including the last business day of the next month. 2 Fee and fee rebates 2.1 Fees The Account Holder(s) agrees to pay all fees, charges, commissions and commitment fees as fixed by BNZ from time to time in connection with the Account and if applicable, the overdraft facility. It is hereby agreed that BNZ may debit the Account in the currency in which the Account is conducted, with charges from time to time. 2.2 Other fees BNZ s standard Cash Handling and Cheque Clearance fees will apply to Accounts used by business customers, or to Accounts used for business purposes. For information about Account and Service fees, please ask at your nearest BNZ store, or visit our website bnz.co.nz. 2.3 Fee rebates Details of the fee rebate for which the Account is eligible may be viewed on BNZ s website or may be obtained at your nearest BNZ store. Account fees, charges and rebates may be changed by BNZ at any time. For fee rebate purposes, average balances are calculated over the period from the last business day of the previous month until the penultimate business day of the current month. 1
2.4 Fee and rebate levels Current as at 20 March 2010 Monthly Foreign Currency Account Country Currency Maintenance Fee in Currency of Account* Currency Rebate Level* United States USD 6.50 65,000 Australia AUD 13.00 125,000 Great Britain GBP 5.00 45,000 European Monetary Union EUR 7.50 74,000 Japan JPY 850.00 8,500,000 Canada CAD 10.50 102,000 Hong Kong HKD 50.00 500,000 Switzerland CHF 11.00 110,000 Singapore SGD 12.00 120,000 Sweden SEK 67.00 670,000 Denmark DKK 55.00 550,000 Norway NOK 57.00 570,000 South Africa ZAR 71.00 710,000 * Subject to change from time to time. 3 Credit interest BNZ may, at its sole discretion, agree to pay interest on credit balances in the Account. Credit interest will only be payable on credit balances in excess of the minimum balance specified by BNZ for this purpose in respect of the currency in which the Account is conducted. BNZ may specify account balance bands above the minimum balance in respect of which different interest rates will apply. The minimum balance, currency bands and prevailing interest rates applying will be shown on each statement. The minimum balance, currency bands and indicative interest rates are otherwise available upon request from any BNZ store or on BNZ s website, bnz.co.nz. BNZ may vary the minimum balance, currency bands and interest rates or cease to pay interest on credit balances at any time without notice to the Account Holder(s). Where credit interest applies to the Account, gross interest will be credited in the currency of the Account to the Account monthly on the last business day of the Month. Any deduction, levy or withholding tax required under any applicable law will be charged separately to the Account on the last business day of the Month. Interest will be calculated daily based on a year of having 360, 365 or other number of days depending upon the accounting convention relating to the currency of the Account. 4 Authorised overdraft facility Without limitation to clause 5, if BNZ agrees, and provided that the Account Holder(s) has signed a Letter of Advice (Foreign Currency Overdraft), the Account Holder(s) may use the Account to borrow money on overdraft. The terms upon which the overdraft will be made available are set out in the Letter of Advice (Foreign Currency Overdraft). 5 Unauthorised overdraft facility If the Account Holder(s) has not signed a Letter of Advice (Foreign Currency Overdraft) and if for any reason there are insufficient funds available to meet debits from the Account, these will be paid at BNZ s discretion and honour/dishonour fees will be charged to the Account. 5.1 Debit interest rate Debit interest shall be payable in the currency of the Account by the Account Holder(s) to BNZ on the debit balance of the unauthorised overdraft facility at BNZ s current debit interest rate applying from time to time to that unauthorised overdraft facility. Debit interest will be charged monthly to the Account on the last business day of the month. If the Account is in debit when any interest is debited, then such interest shall be capitalised and form part of the unauthorised overdraft facility and bear interest in accordance with these terms and conditions. 2 3
5.2 Repayment on demand The unauthorised overdraft facility is repayable on demand at any time as requested by BNZ. On demand the Account Holder(s) will pay to BNZ at the address of BNZ s office where the Account is held all monies which may now or hereafter be owing or unpaid, including but not limited to: > usual charges for keeping accounts, transaction fees, base fees, overdraft facility fee and other fees, charges and expenses payable or chargeable in accordance with the customary usage of BNZ, all of which are subject to amendment from time to time at BNZ s discretion; > all legal and other costs, charges and expenses which BNZ may pay or incur in connection with these terms and conditions or the recovery of any monies owing hereunder; and > all outstanding interest on all such monies calculated until the time of payment. 6 Variation of terms BNZ reserves the right to change, add to, delete, or replace at any time any of these terms and conditions by giving you notice, either in writing or by public advertisement, a reasonable time before the changes take effect. 7 General This Account is subject to BNZ s standard account terms applicable to the relationship between BNZ and the Account Holder(s) and/or operation of accounts. Where there is any inconsistency between these terms and conditions and BNZ s standard account terms and conditions, these terms and conditions shall prevail. BNZ reserves the right to decline an application to open an Account, or to require an Account to be closed. The Account Holder(s) and BNZ are legally bound by a transaction from the time a transaction is agreed between the parties. If in relation to an outstanding transaction BNZ is prevented for any reasons beyond our control from making or receiving a payment in the place or manner agreed, BNZ may terminate the transaction immediately and notify the Account Holder(s) accordingly. For the purposes of this clause only, reasons beyond our control includes disruption in a market in which BNZ normally deals, disruption in the means by which we usually communicate, and a change in any law affecting these terms and conditions or a transaction under it. If there is more than one Account Holder these terms and conditions bind the Account Holder(s) jointly and each of them severally. BNZ shall be entitled to debit any account of the Account Holder(s) (or any of them) with BNZ with any monies at any time owing in respect of this Account. Any demand on or notice to the Account Holder(s) shall be made in writing addressed to the Account Holder(s) (or any of them) and signed on behalf of BNZ by any officer of BNZ and shall be deemed to have been served if delivered to the Account Holder(s) (or any of them) personally or addressed to the Account Holder(s) (or any of them) and left at or posted to the last known place of business or residence of the Account Holder(s) (or any of them) in New Zealand. BNZ may, except to the extent precluded by legislation from doing so, recover from the Account Holder(s), whether by debiting to the Account or any other account of the Account Holder(s) or otherwise, all or any government duties, taxes, levies or charges now or hereafter applicable to the Account. 8 Personal information This statement relates to information about the Account Holder(s) which the Account Holder(s) has provided or will provide to BNZ and/or its related companies (as defined by the Companies Act 1993) ( BNZ Group ) or which the BNZ Group may hold now or in the future. Any member of the BNZ Group may rely on this clause pursuant to the Contracts (Privity) Act 1982. 8.1 Security and disclosure of information The BNZ Group will ensure that information about the Account Holder(s) is protected by security safeguards as required by the Privacy Act 1993. No member of the BNZ Group will disclose the information to any person, except for the purposes described below or as authorised by the Account Holder(s) or when required or authorised by law. 4 5
8.2 The Privacy Act 1993 Pursuant to the Privacy Act 1993, if the Account Holder(s) is an individual, the Account Holder(s) has the right to see and correct personal information about the Account Holder(s) held by the BNZ Group. 8.3 BNZ s use of information The information the BNZ Group holds will be used primarily to administer the Account Holder(s) account(s). In particular, this may involve BNZ sharing information with other members of the BNZ Group in relation to data processing, data storage or when it is proper to do so. This information may be used by the BNZ Group to advise the Account Holder(s) of products, services, promotions or other information that may or may not be related to the Account Holder(s) Account; and/or develop or begin a relationship with the Account Holder(s). This may involve, amongst other things, contacting the Account Holder(s) via email, text message or an online facility (without an unsubscribe facility), or by telephone or post. 8.6 Please tell us If the Account Holder(s) does not wish to provide all the information requested on an application form, then please tell the BNZ officer dealing with the Account Holder(s). If the Account Holder(s) does not provide all the information requested on the application form, BNZ may restrict the products, facilities and/or services available to the Account Holder(s). Full details including BNZ s standard account terms and conditions and BNZ s current disclosure statement may be obtained from any BNZ store or agency or viewed on BNZ s website at bnz.co.nz. 8.4 Market research To seek the Account Holder(s) views on its services and the products it offers, the BNZ Group may provide the Account Holder(s) name, address and telephone number to reputable market research organisations. The information is selected at random and places the Account Holder(s) under no obligation to take part in the market research. The information is supplied in strict confidence to the research organisation, which will not be authorised to use it for any other purpose. However, if the Account Holder(s) does not wish to be involved, please advise BNZ. 8.5 Credit agencies In respect of opening accounts, loan applications and reviews, the Account Holder(s) authorises the BNZ Group to make credit references and other enquiries within its normal procedures. For this purpose, the BNZ Group may seek from any such source information concerning the Account Holder(s). In the event that the Account Holder(s) is in default under any loan or facility from the BNZ Group, the BNZ Group is authorised to disclose all relevant personal information to and for the use of credit reference agencies, debt collection agencies and law firms. 6 7
Notes Notes 8 9
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