Elders Finance Deposit Product Terms and Conditions

Elders Finance, in conjunction with our banking partner Auswide Bank, are updating the Elders Finance Deposit Product Terms and Conditions effective 1 July 2025. We explain the changes in detail below. 

Amendments - effective 1 July 2025

Electronic Banking Terms and Conditions

Section 11. Confirmation of Payee (added) 

11.1 Confirmation of Payee 

The Confirmation of Payee service allows you to confirm the account name of the BSB and account number you want to make a NPP Payment to. 

11.2 Conducting a Confirmation of Payee Lookup 

For a payment using a BSB and account number, it is your responsibility to ensure the BSB and account number you want to pay to is correct. The Confirmation of Payee Service may provide you with a view on the likelihood that the account name you enter matches the account. If the Confirmation of Payee Service response indicates that the details do not look right, you should check the account details with the intended recipient before proceeding with the NPP Payment. 

You must not misuse the Confirmation of Payee Service in breach of these terms and conditions. We may limit or suspend your use if we believe it is reasonably necessary to protect you or us from possible fraudulent activity, scams or other activities that might cause you or us to lose money. 

11.3 Privacy 

We will ensure your account details are accurately recorded by us for the use of the Confirmation of Payee service. 

You acknowledge and authorise: 

• us to use and disclose your account details in the Confirmation of Payee service; and 
• the payers' financial institutions to use your account details for the purposes of the Confirmation of Payee service and prior to making NPP Payments to you.  

To the extent your account details and the use of your account details constitutes disclosure, storage and use of your personal information within the meaning of the Privacy Law, you acknowledge and agree that you consent to that disclosure, storage and use. 

You may opt-out of the Confirmation of Payee service in some circumstances. Please contact us using the information in section 1.4 of this Guide. 

Notwithstanding opt-out of the Confirmation of Payee service, you acknowledge and authorise us to confirm, disclose, store and use your account details through the Confirmation of Payee service to government agencies for the purposes of making a NPP Payment to you by government agencies. 

You may provide alternative names to be recorded on your account in some circumstances. Please contact us using the information in section 1.4 of this Guide. 

Definitions (added) 

• Confirmation of Payee service – means the service which enables you to confirm the account name of the BSB and account number you want to make a payment to. 
• “We”, “us”, “our” and Auswide Bank – means Auswide Bank Pty ABN 40 087 652 060. 
• Privacy Law – means the Privacy Act 1988 (Cth) and regulations made under that act.