NAB BUSINESS FUNDAMENTALS
TERMS AND CONDITIONS
The NAB Business Fundamentals package is offered by National Australia Bank Limited (“NAB”).
NAB Business Fundamentals is NAB’s transactional banking package designed for business
customers or not for profit organisations.
This document sets out the terms and conditions for your participation in NAB Business Fundamentals. If you apply for new NAB
products to be included in your NAB Business Fundamentals, you will also receive the terms and conditions for the individual
products and these will also form part of NAB’s offer to you.
A reference in this document to “NAB Merchant Solutions” means an eligible NAB EFTPOS Solution (see the list of products
in section 2.5) and NAB eCommerce.
The Basics
The NAB Business Fundamentals package consists of two Basic products:
•Business Transaction Accounts (with optional Business Visa Debit Card): NAB Business Everyday Account,
NAB Farm Management Account (for rural producers
and farmers) or NAB Community Fee Saver Account (for not for profit organisations).
•Online Banking Channel: NAB Internet Banking or NAB Connect (NAB’s online banking service for business)
The Extras
Additionally, to be eligible for the NAB Business Fundamentals package you need to include at least one of the following
Extra products:
•NAB Business Cash Maximiser, (NAB’s electronic savings account for businesses)
•NAB Business Card or NAB Low Rate Business Card or NAB Rewards Business Platinum Card or NAB Qantas Business Card
or NAB Qantas Business Signature Card
•NAB Business Payment Card
•Merchant Solutions such as NAB EFTPOS, NAB eCommerce online capabilities and NAB Now (NAB Now only applicable to Internet
Banking users) to help facilitate payment for goods and services from your customers via debit, credit and charge cards
•Vehicle and equipment finance for business
•NAB BPAY®
•NAB Direct Debit
•NAB Super Pay (making superannuation contributions online for your employees)
NAB Business Fundamentals Terms and Conditions
1. Eligibility for package benefits
Unless we otherwise agree, to be entitled to the NAB Business Fundamentals Package Benefits:
(a)you must pay the monthly NAB Business Fundamentals Fee (not applicable for registered not-for-profit organisations); and
(b) you must hold each of the following NAB products (“Basic Products”):
(i)a NAB Business Everyday Account or NAB Farm Management Account or NAB Community Fee Saver Account (as applicable);
and
(ii) NAB Connect or NAB Internet Banking; and
(iii)at least one of the Extra products listed above
(c)each of the Products that you hold in your Business Fundamentals Package must be held in the same name.
Unless otherwise stated, the benefits set out in the table below (“the Package Benefits”) will apply to the products you hold in your
NAB Business Fundamentals. These benefits are not available in conjunction with other offers that may be available for a product.
Other standard fees and charges may apply to the products. These are described under the product terms and conditions.
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NAB Business Fundamentals package benefits
Basic NAB Business Fundamentals Products
Product
Fee description
Package benefit
NAB Business Fundamentals Fee
Monthly Fee
$10.00 per month
*Waived for not-for-profit organisations
NAB Business Everyday Account
Flat monthly account fee
$10 monthly account fee waived
NAB Connect
Payments Service Fee
$10 monthly fee waived1
Overnight domestic transactions
25c per transaction fee waived
BPAY payments
25c per payment fee waived
Extra NAB Business Fundamentals Products
NAB EFTPOS
Merchant Service Fee on additional turnover
Monthly Card Turnover Limit
A reduction of 0.375% monthly for the $40
A reduction of 0.394% monthly for the $100
monthly plan
A reduction of 0.3% monthly for the $190
and $240 monthly plan
A reduction of 0.2% monthly for the $310
monthly plan
Higher monthly card turnover limit:
An extra $300 for the $40 monthly plan
An extra $1,250 for the $100 monthly plan
An extra $3,000 for the $190 monthly plan
An extra $4,138 for the $240 monthly plan
An extra $5,000 for the $310 monthly plan
NAB eCommerce
Includes NAB Transact MOTO,
NAB Transact eCommerce and
NAB eCommerce Merchant Account
Merchant Service Fee
A reduction of 0.40% per month
Monthly Card Turnover
Higher monthly card turnover:
NAB Now
Merchant Service Fee
A reduction of 0.2% monthly
EFTPOS Debit Fee
Reduced to $0.25 per EFTPOS debit
An extra $420 per month
($0.15 saving per EFTPOS debit)
NAB BPAY
Merchant Establishment Fee
Fee discounted from $99 to $79
NAB Business Card
or
Monthly card fee
$9 monthly fee per card is waived for
up to 3 cards
NAB Low Rate Business Card
or
Annual card fee
$60 annual fee per card is waived
for up to 3 cards
NAB Rewards Business Platinum Card
or
Annual card fee
$175 annual fee per card is reduced
NAB Qantas Business Card3
or
Monthly card fee
$12 monthly fee per card is reduced
to $6 monthly fee per card for up to
3 cards
NAB Qantas Business Signature Card
Annual card fee
$295 annual fee per card is reduced
to $147 for up to 3 cards
Vehicle and equipment finance
for business
Settlement fee2
$475 settlement fee is reduced to $235 (GST
inclusive) on the establishment of your first
NAB Equipment Loan
to $87.50 for up to 3 cards
$522.50 settlement fee is reduced to $258.50
(GST inclusive) on the establishment of your
first NAB Finance Lease or NAB Hire Purchase
No additional benefits apply to NAB Internet Banking, NAB Business Cash Maximiser, NAB Business Payments Card 4,
NAB Direct Debit and NAB Super Pay when included in the package.
1. NAB Business Fundamentals customers do not receive the 50 free batch SMS alerts that are available to Standard NAB Connect customers who pay the $10 Payments
Service fee. Customers on Business Fundamentals will be charged 11 cents for each SMS alert. Please note that there is no charge on email alerts on NAB Connect.
2. The reduced settlement fee does not apply to non standard documents and settlements such as private sale, sale and lease/hire back, and specialised documentation.
3. The NAB Qantas Business Card is no longer for sale. Existing NAB Qantas Business Card facilities can still be added to the NAB Business Fundamentals package and
receive the benefit described in the table above.
4. The NAB Business Payments Card is no longer for sale. Existing NAB Business Payments Card facilities can still be added to the NAB Business Fundamentals package.
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2. Additional terms and conditions
You must comply with the terms and conditions for each product you hold in your NAB Business Fundamentals.
2.1 NAB Business Everyday Account, NAB Farm Management Account and NAB Community Fee Saver Account
You must hold either a NAB Business Everyday Account, a NAB Farm Management Account or a NAB Community Fee Saver Account
(if you are a not-for-profit organisation), in your NAB Business Fundamentals. You cannot hold more than one of these products,
or more than one transaction account, in your NAB Business Fundamentals. The NAB Business Visa Debit Card does not count as
an Extra product towards your NAB Business Fundamentals.
2.2 NAB Connect and NAB Internet Banking
To be eligible for the Business Fundamentals, you must register for either NAB Connect or Internet Banking and abide by the Terms
and Conditions of these products.
2.3 NAB Business Card, NAB Low Rate Business Card, NAB Rewards Business Platinum Card, NAB Qantas Business Card or NAB Qantas Business
Signature Card.
Your application for a Card Facility is subject to a credit assessment and approval by NAB. If your application for a Card Facility is
approved by NAB, you will receive a separate letter of offer for that product. Your Business Fundamentals package benefit will only apply
to one Card Facility (i.e. NAB Business Card, NAB Low Rate Business Card, NAB Rewards Business Platinum Card, NAB Qantas Business
Card or NAB Qantas Business Signature Card) with up to three cards attached to this facility.
By accepting the Business Fundamentals Terms and Conditions, you authorise NAB to register the details of each card issued to you on
NAB Connect or NAB Internet Banking.
2.4 NAB Merchant Solutions
The Pricing Offer is available on NAB eCommerce and the following NAB EFTPOS Solutions (Integrated, mobile, countertop, MPOS
and NAB Now). To be eligible for the Business Fundamentals merchants pricing offer, the merchant must settle into a NAB business
transaction account.
Transactions carried out through your NAB Merchant Solution must be settled to your NAB Business Everyday Account or your NAB
Farm Management Account or NAB Community Fee Saver Account (whichever is applicable) that are a part of this package.
If you wish to include a NAB Merchant Solution as part of your NAB Business Fundamentals, NAB will contact you to discuss your
business needs and to provide you with a full itemised quote. If you have negotiated Merchant Pricing that is different to the Business
Fundamentals Pricing Offer, this will override the Business Fundamentals Merchant Pricing Offer.
You can choose to apply for a NAB Merchant Solution within 3 months after you become a NAB Business Fundamentals customer
and still be entitled to the Pricing Offer. Simply contact your Business Banker.
A NAB Merchant Solution is available provided you meet NAB’s standard merchant approval criteria. NAB is under no obligation to
commence supplying merchant services to you until NAB determines in its discretion that you have met those criteria.
If your application for a NAB Merchant Solution is approved by NAB, you will receive a separate offer. If you decide not to accept the
offer, you may continue to hold your NAB Business Fundamentals without a NAB Merchant Service on the terms of this document.
Depending on your circumstances, you may be entitled to an existing offer for a NAB Merchant Service. We will discuss this with you
before we make an offer to you. If you decide to take advantage of an existing offer instead of the NAB Business Fundamentals Package
Benefits, the NAB Business Fundamentals Package Benefits will not apply to your NAB Merchant Service.
2.5 Vehicle and equipment finance for business
To be eligible for the vehicle and equipment finance benefits listed in section 1, you must add vehicle and equipment finance to your
NAB Business Fundamentals package no later than three months after the package is established.
Vehicle and equipment finance is for business purposes only and subject to asset eligibility criteria. Credit checks and other fees and
charges may apply.
The reduced settlement fee on your vehicle and/or equipment finance facility applies to your first NAB Equipment Loan, NAB Finance
Lease or NAB Hire Purchase established as part of a NAB Business Fundamentals package.
2.6 NAB BPAY
NAB BPAY solution is available provided you meet NAB’s standard merchant approval conditions. NAB is under no obligation to
commence supplying merchant services to you until NAB determines in its discretion that you have met those criteria.
If your application for a NAB BPAY solution is approved by NAB, you will receive a separate offer. If you decide not to accept the offer,
you may continue to hold your NAB Business Fundamentals without a NAB BPAY solution on the terms of this document.
2.7 Direct Debit
Your application for a Direct Debit facility is subject to a committed credit limit. If your application for a Direct Debit facility is approved
by NAB, you will receive separate letters of offer for that product.
3. Monthly NAB Business Fundamentals Fee
The NAB Business Fundamentals package fee is payable monthly, and will be debited to your nominated eligible NAB business
transaction account. The NAB Business Fundamentals Fee is inclusive of GST.
If there are insufficient funds in your nominated account, you authorise NAB to debit any other account you hold with NAB or with
another financial institution. If requested, you agree to sign all documentation and do all acts which will enable NAB to debit the fees
from a non-NAB account.
You remain liable to pay any fees or charges if NAB does not debit your nominated account for any reason.
The NAB Business Fundamentals Fee does not apply to customers who hold a NAB Community Fee Saver Account as part of their
NAB Business Fundamentals.
4. Changes to NAB Business Fundamentals
NAB reserves the right to vary the terms and conditions, including the Package Benefits and fees and charges, applicable to NAB
Business Fundamentals.
If we change the Package Benefits or these terms and conditions, we will notify you in writing or electronically of the changes
(including by providing to you a revised charging structure, if applicable) no less than 30 days before the relevant changes commence.
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5. Ending the NAB Business Fundamentals
5.1 Your and our rights to terminate your NAB Business Fundamentals
Unless we otherwise agree, you may end your participation in NAB Business Fundamentals by providing NAB with 30 days written
notice.
NAB may end your participation in NAB Business Fundamentals, or withdraw NAB Business Fundamentals, by providing you with
30 days prior written notice.
NAB may end your participation in NAB Business Fundamentals, or withdraw NAB Business Fundamentals, immediately if:
(a) in NAB’s opinion, NAB Business Fundamentals has become illegal in any jurisdiction;
(b) you no longer comply with the package terms and conditions;
(c)you, or any person that holds the benefit of a NAB Business Fundamentals product, is in default under any agreement that you
or they have with NAB; or
(d) you fail to pay any amount due to NAB.
5.2What happens if your NAB Business Fundamentals is terminated?
Unless we otherwise agree, NAB’s standard pricing will apply to your NAB Business Fundamentals products and you will no longer
be entitled to the Package Benefits if:
(a)at any time, you do not hold 2 Basic and 1 Extra Products
or
(b)NAB ends your participation in NAB Business Fundamentals or withdraws NAB Business Fundamentals in accordance with these
terms and conditions.
You will not be entitled to any refund of the NAB Business Fundamentals Fee.
6. Product Terms and Conditions
Your and our rights and obligations for each product you hold in your NAB Business Fundamentals are governed by the terms and
conditions for the relevant product. The terms of this Disclosure Statement prevail to the extent of any inconsistency with the product
terms and conditions.
7. Multiple NAB Business Fundamentals Holders
If NAB Business Fundamentals is held by more than one person, the liability of those persons is joint and several. This means each
and all persons are liable for the obligations that apply to you under these terms and conditions.
8. Electronic Communications
You agree that, unless you request otherwise, we may communicate with you about your NAB Business Fundamentals electronically
by sending information to your nominated electronic address, by making information available to you at NAB’s website or through
NAB Connect or NAB Internet Banking (in which case NAB will notify you electronically that the communication is available for review
at NAB’s website or through NAB Connect). You may change your nominated electronic address by notice to NAB. You may request a
paper copy of an electronic communication from NAB within 6 months of the communication being received or made available.
For more information call
13 10 12
visit us at nab.com.au
or ask at your local branch
Hearing impaired customers
with telephone typewriters
can contact us on 13 36 77
®Registered to BPAY Pty Ltd ABN 69 079 137 518
©2016 National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 A112353-0217
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