Variation to all basic deposit product Product Disclosure Statements
Bendigo Bank customers will notice a few changes next time they visit their local branch.
Revised product brochures will be available in branches from 1 November – they will provide more information on product features and benefits, and will be easier to follow.
In addition, Product Disclosure Statements for basic deposit products, like everyday transaction accounts, business accounts and term deposit accounts, will be replaced with Terms and Conditions documents. Customers with an existing PDS covered by these changes will have their terms and conditions automatically updated to the new Terms and Conditions documents.
These documents will be issued to customers when they open a new account or by request.
The changes come as a result of Federal Government amendments to laws, which eased some of the disclosure and compliance requirements for basic deposit products and related non-cash payment facilities.
Bendigo Bank Chief General Manager Solutions Marnie Baker said Bendigo Bank had taken the opportunity to identify some benefits and opportunities to enhance customers’ banking experience.
“These changes allow our staff more flexibility to do what they do best – building strong relationships with our customers,” Ms Baker said.
All changes will come into place from Wednesday 1 November. More information on the new Terms and Conditions is available here.