Elders Finance, in conjunction with our banking partner Auswide Bank, are updating the Elders Finance Deposit Product Terms and Conditions effective 1 December 2025. Below is a summary of the changes by section.
Section: Investment Security and Peace of Mind
Updated with an explanation of how accounts are protected by the Financial Claims Scheme and including reference to MyState Bank Limited ABN 89 067 729 195 AFSL 240896.
Section: Elders Deposit Accounts
The following have been removed: Passbook account option, Bank Cheques, Cheque Book, and Dishonour Fee – Elders Instant Access Account.
Section: Banking Services Terms and Conditions
1.1 Changes to the Terms and Conditions
Section updated to give more detail about the conditions under which changes to the Terms and Conditions can be made. In addition, it sets out when and how the changes can be made, and how they can be communicated to you.
The following sections are new and have been added to the document.
Section: 1.4 Consumer Data Right
Section: 1.5 ePayments Code
Section: 1.7 Banking Code of Practice
Section: 1.8 Financial Claims Scheme
The last paragraph has been updated to reflect change of Auswide Bank from a single banking institution to being a division of MyState Bank Limited ABN 89 067 729 195 (AFSL and Australian Credit Licence Number 240896), a wholly owned subsidiary of MyState Limited ABN 26 133 623 962.
Therefore, combined deposits across Auswide Bank (including any Auswide Bank ‘white label’ brands) and MyState Bank will be covered up to a total of $250,000.
Section: 1.10 If you have a complaint
Section has been expanded to provide three levels of complaint escalation ie: Elders, Auswide Senior Manager, and Australian Financial Complaints Authority (AFCA). Contacts are given for each level and resolution at each level should be exhausted before escalating to the next level. In addition, contact details relating to Privacy or Consumer Data Right Complaints has been added.
The following two sections are new and have been added to the document.
Section 1.14 Communication
Section 2.4 Financial Abuse
In addition, Section 2.18 Bank Cheques has been removed as bank cheques are no longer available.
Section: 2.19 Direct Debits
Section 2.19.3 Recurring Payments has been added, giving a definition of a recurring payment and to contact the merchant or service provider to cancel these payments.
Section: 2.21 Electronic payments and automatic payments
Updated to remove minimum 3-day notice to set-up new payment and advising it is your responsibility to ensure all transfer details are correct. Auswide Bank is not liable for any loss arising from any error in instructions given by you or an authorised user.
Section: 2.24 Set-off
Sentence added that we will advise you of this occurring and that you will be able to see the transaction in your online banking.
Section: 2.26 Cheque books
As cheque books are no longer available, this section has been retitled as Cheque Dishonours (formerly Section 2.26.4) and the corresponding information placed at this level.
Section: 2.34 Account Closures
Updated to include an additional two reasons we may close your account.
For full details of these changes, please refer to the Elders Finance Deposit Terms and Conditions document, marked effective 1 December 2025.