Effective 30 May 2025, the following changes apply to these terms and conditions:
We’re simplifying our General Terms
- We’ve removed some sections from the General Terms where it was no longer relevant, or it was better covered in FAQs on our website.
- We’ve redesigned and rewritten our General Terms to make them clearer, simpler and easier to navigate. This includes more accessible language, less legal jargon and examples to help you make sense of your account and our responsibilities to each other. Also, a new table of contents as well as links throughout the document to help make things easier to find.
- We’ve created new sections so that information on the same topic is all in one place.
- We’ve added a section at the beginning with key things to know, which highlights some important areas to look out for.
What’s changing?
We’ve set out the main changes below.
Please note that the following is not a list of all of the changes that we’ve made. It is therefore important that you take the time to read the updated General Terms here, so that you understand the Terms that will apply effective 30 May 2025. If you want to see your existing terms, you can find them here.
We have created a new consolidated section setting out when, and how, we can restrict your banking access
This section sets out when we can suspend, block, or cancel your access to the app and online banking, your account and/or your ability to perform certain transactions. There are some new examples of when these restrictions can apply.
Please see “When your access can be restricted”.
Our right to change the General Terms
We’ve updated our right to make sundry changes to the General Terms.
Please take a moment to read the “Changes we can make” section.
Changes to allow for different authentication methods
Over the past year or so, we have introduced new authentication methods for how you access your banking to help keep your accounts secure. As available technology changes, and in light of customer feedback, new authentication methods may be adopted. We have made some changes to our terms to allow for greater flexibility in the authentication methods we can offer, and removed some of the detail about specific options that is already covered in FAQs. The changes we have made to cover new authentication methods are in various places throughout the new General Terms.
The main changes are in the section ‘’The Ubank app & online banking’’.
We’ve updated the information about mistaken internet payments
The new General Terms include a new section about mistaken internet payments. This change doesn’t affect how mistaken internet payments are handled in practice, and we have always been required to manage mistaken internet payments in accordance with the ePayments Code – but we think the new section provides more relevant information for you.
Please see the section “Who is liable for mistaken payments?”.
We’ve updated the section about who is liable for unauthorised transactions
The new General Terms include a new section about liability for unauthorised transactions. This change doesn’t affect when you are, or are not, liable in practice, and we have always been required to determine liability in accordance with the ePayments Code – but we have simplified the section so it is easier to understand.
Please see the section “Unauthorised transactions”.
When we can close your account
The new General Terms allow us to close your account for more reasons. Please note though, that we will only close your account when it is fair and reasonable for us to do so, and we have provided any prior notice that we are required to provide.
Please see the sections “When we can close your account” and “When we’ll tell you we’re closing your account”.
Digital wallets
We have made some changes to the General Terms relating to digital wallets, including some new provisions about digital tokens, removing your card from a digital wallet, what transactions are unacceptable (i.e. illegal transactions) and more information about digital wallets and your personal information.
Please see the sections “Debit cards & digital wallets” and “How we protect your privacy”.
We’re getting ready for Confirmation of Payee
Confirmation of Payee is a new industry wide service which will help you check if you are paying money to the right person. It’s not live yet, but we have included an extra section under “How we protect your privacy” so that we are ready when it launches.
Please see the section “How we protect your privacy”.