Legal
The deposit account agreement that governs how your Optus Bank account works day to day — plain language first, full legal detail underneath.
At a Glance
Most deposits are available the next business day; some holds may apply.
You choose whether overdrafts are covered, and every option is disclosed upfront.
Delivered monthly, with a clear window to report any errors you find.
A defined process and timeline for investigating disputed transactions.
This Service Agreement governs the checking, savings, and money market deposit accounts you hold with Optus Bank. It works alongside — and doesn't replace — our Terms & Conditions, your account's rate sheet, and any disclosures provided when you opened your account.
Where a specific account disclosure conflicts with this agreement, the account disclosure governs for that account.
We offer individual, joint, and business deposit accounts. Ownership type determines who can access the account and what happens to it in certain circumstances.
| Ownership | Who can transact | On the owner's death |
|---|---|---|
| Individual | The named account holder only | Passes per estate or named beneficiary |
| Joint, with survivorship | Any joint owner, independently | Passes to the surviving owner(s) |
| Business | Authorized signers on file | Governed by the business's operating documents |
We credit deposits to your account as of the business day we receive them, subject to our funds availability schedule:
Cutoff time: deposits made after our posted daily cutoff, or on a non-business day, are treated as received the next business day.
You can withdraw or transfer available funds by check, debit card, ATM, wire, or through our online and mobile banking tools, subject to any daily or per-transaction limits shown in your account materials.
We may decline a transaction that would overdraw your account, exceed a posted limit, or that we reasonably believe to be fraudulent, and we'll notify you when that happens.
An overdraft occurs when a transaction posts for more than your available balance. You choose how we handle this for everyday debit card and ATM transactions:
We may cover the transaction, and an overdraft fee applies as shown on your fee schedule.
The transaction is declined at no charge if funds aren't available.
Checks and recurring payments may be covered and charged a fee regardless of this choice, as permitted by law and described in your fee schedule.
We provide account statements monthly, electronically or by mail based on your preference. Review each statement promptly.
You may close your account at any time by contacting us, once any outstanding balance is settled and any pending transactions have cleared. We'll return any remaining balance by check or transfer to another account you designate.
We may close an account for inactivity, a negative balance left unresolved, or misuse, and will provide notice as required by law before doing so.
We may amend this agreement from time to time to reflect changes in our services, technology, or legal requirements. We'll post the updated agreement here with a new "last updated" date and, where required, notify you directly before a material change takes effect.