Important notice of changes to Accelerator Cash Account (ACA) Terms and Conditions

In order to simplify our documents and support upcoming industry and functionality changes we have updated our terms and conditions.

Effective from 1 November 2018, the CommBank Cash Management Services Terms and Conditions dated 9 August 2018 will be amended. The new terms and conditions will be available on our website on the effective date and are amended as follows:

  • Page 4
    • Clause 1 “About these terms and conditions”.

      Strike out “In addition, you should read the Bank’s information booklet “The Better Banking Book”, copies of which may be obtained by telephoning the Bank on 13 2221 (24 hours a day, 7 days a week), contacting your adviser, visiting our website at, or from any branch of the Bank. The Better Banking Book contains some useful information on a range of banking matters. These include the rights and obligations that arise out of the banker and customer relationship, account opening procedures, the Bank’s obligations regarding confidentiality of your information, complaint handling procedures, bank cheques, the advisability of you informing the Bank promptly when you are in financial difficulty and the advisability of you reading the terms and conditions applying to any banking service provided to you or in which you are interested.”

      Replace with “Other terms and conditions
      You'll also need to read these other documents if you wish to use NetBank, the CommBank app or services set out below; or you want to know your current interest rates. These documents are available at or from your local CommBank branch except where stated otherwise.”

  • Page 8
    • Clause 12 “Agency opening hours”. Clause deleted. All subsequent clauses and associated references have been renumbered to account for this deletion.
    • Clause 14 ‘Cheque facility” becomes clause 13. Bullet point 4, replace “Clause 16” with “Clause 15”.
    • Clause 16 “Debit Balances” becomes clause 15. Bullet point 2, sub point 4, replace “Other Charges” with “Account and Transaction Fees”. Bullet point 3 “the ‘Standard fees and charges’ document for this product” becomes “Account and Transactions Fees”
  • Page 9
    • Clause 17 “Statements of Account” becomes clause 16.
    • Bullet point 1 “refer clause 20” becomes “refer clause 19”
    • Bullet point 2 insert the words “logging onto Netbank” after “You may request a statement to be issued at any time by”
    • Bullet point 3

      Delete “When the account is conducted jointly with another person and where the joint account holders live at the same address, the Bank sends one statement of account addressed to both account holders. When the joint account holders live at different addresses, one statement of account is sent to the nominated postal address”

      Replace with “We provide statements and notices electronically where:
      • you have not told us that you don't want to receive your statements and notices electronically. You can let us know at any time that you don't want to receive your statements and notices electronically by updating your preferences on Netbank or calling 13 22 21 or;
      • these terms and conditions do not otherwise provide that your statements will be provided in another way.

    Where applicable we will give you your statements and notices electronically through

    (a) Netbank - We'll let you know the information is there by;

    • Email to an email address you have given us for contacting you
    • SMS messsage to a mobile telephone number you have given us for contacting you; or
    • Push notification from the CommBank app that the information is available for retrieval by you

    To receive your statements electronically, you must give us a current email address and you must register for Netbank. If you don't we may switch your delivery method to paper, and you may incur a paper statement fee.

    (b) any other means we agree with you.

    You can change your electronic address at any time on Netbank or by calling us on 13 22 21

    We record that you received an electronic statement or notice on the day that our notification enters the first information system outside of CommBank (e.g. the server of your email address).

    Even if we normally provide electronic notices, we may occasionally send you a paper statement or notice instead (e.g. if we are unable to provide the information electronically)

    If you have a joint account, and the same email or postal address, we will send one statement or notice addressed to all of you at that address."

  • Clause 18 “Electronic Banking” becomes clause 17.
    • In bullet 1 replace “from any branch of the Bank. When opening your account, you will be given a copy of the Electronic Banking Terms and Conditions document” with “online at or from any branch of the bank.” Delete bullet point 2.
    • In bullet point 3 replace “clause 18” with “clause 17”.
    • Bullet point 3 under the heading “Functionality available to advisers using the adviser services website”, replace “Our notification will be sent to the preferred contacts email address recorded on file” with “We will attempt to send notification to all account holders via email and SMS using the details recorded on file.”
  • Page 10
    • Clause 19 “Bank charges” becomes clause 18 “Fees and charges”.
      • Delete the first 4 bullet points under “Account and Transaction Fees” and replace with table of fees as shown below


      • Under the heading “Other charges” delete bullet point 2. In Bullet point 3 replace “schedules of standard fees and charges” with “documents listed below as set out in section 1 of these terms and conditions.” Insert the following table


    • Clause 22 “Variation of terms and conditions” becomes clause 21. Paragraph six reference “clause 15” becomes “clause 14”.
  • Page 11
    • Clause 23 “Change of name or address” becomes clause 22. Delete “or address” and replace with “, address or any of your other contact details such as mobile and email address.”
  • Page 13
    • Contact Us


      “The Financial Ombudsman Services (FOS) is an impartial, independent and free alternative dispute resolution scheme for customers of financial institutions.

      The types of disputes which can be considered by FOS are set out in the FOS Terms of Reference which can be accessed on its website:

      You can contact the Financial Ombudsman Service using the following details:

      Phone: 1300 78 08 08
      Fax: 03 9613 6399
      Mail: GPO Box 3 Melbourne Victoria 3001”

      Replace with

      “The Australian Financial Complaints Authority (AFCA) is an impartial, independent and free alternative dispute resolution scheme for customers of financial institutions.

      The type of disputes which can be considered by AFCA are set out in the AFCA Terms of Reference, which can be accessed on its website:

      You can contact the Australian Financial Complaints Authority using the any one of the following details:

      Phone: 1800 931 678
      Mail: Australian Financial Complaints Authority
      GPO Box 3
      Melbourne VIC 3001”

Published: Monday, 22 October 2018