ePayments code

The ePayments Code was released by the Australian Securities and Investment Commission (ASIC). This Code is an update and replacement of the Electronic Funds Transfer Code of Conduct (EFT Code of Conduct). As the EFT Code of Conduct does, the ePayments Code regulates electronic payments in Australia, including internet, mobile and telephone banking; ATM, eftpos; BPAY^®; credit and debit card transactions (not intended to be validated by a signature); and new technologies such as Visa PayWave.

From 20 March 2013, St.George Bank (including Bank of Melbourne, BankSA and Westpac) will comply with the updated Code.

The ePayments Code introduces the term 'mistaken internet payments' and a prescribed process for recovering these payments when made from a personal (consumer) transaction account via the ‘Pay Anyone’ feature in online banking.

A ‘mistaken internet payment’ is a payment made by a consumer through a "Pay Anyone" online banking facility where funds are paid into the account of an unintended recipient as a result of the user's error, or the user being advised of the wrong BSB number and/or account number.

The ePayments Code definition of “mistaken internet payments” does not include:

• Transfers between a customer's accounts at the same financial institution
• Use of BPAY^®
• Transfers you did not intend to make
• Transfers to an account that has changed account owners since you first advised us of the BSB and account number. (Westpac banking processes refer only to the BSB and account number in processing payments. You need to ensure that all details of the accounts to which you are making payment are current.)

You report your mistaken payment to the issuer of the account you have made the payment from. If you were using Internet Banking, Mobile or Tablet banking and you make a mistaken payment from your St.George Bank account, you need to report that mistaken internet payment to us.

It’s important that you report any mistaken internet payment to us, as soon as possible, after you become aware of it.

When you contact us, we will give you a notification number or some other form of acknowledgment which you should retain as evidence of the date and time of your report.

You can report a mistaken internet payment by calling:

St.George Bank Customer Call Centre:
Personal Banking 13 33 30
From overseas +61 2 9155 7800

You can also call or visit any St.George Bank branch.

A mistaken internet payment can be reported at anytime, however it is advisable to report a mistaken internet payment as soon as practical.

Where the sending institution is satisfied that the mistaken internet payment occurred and there are sufficient credit funds available in the account of the unintended recipient to the value of the mistaken internet payment, the process that will apply will depend upon when the report of the mistaken internet transaction is made:

Where the report of the mistaken internet payment is made within 10 business days of the payment:

• if the receiving institution is satisfied that a mistaken internet payment has occurred, it will return the funds to the sending institution within 5 business days of the request or any reasonably longer period up to a maximum of 10 business days.

Where the report of the mistaken internet payment is made between 10 business days and 7 months of the payment:

• the receiving institution will investigate the payment and complete the investigation within 10 business days of receiving a request;
• if the receiving institution is satisfied that a mistaken internet payment has occurred, it will prevent the unintended recipient from withdrawing the funds for a further 10 business days and notify the unintended recipient that they will withdraw the funds if that recipient does not establish they are entitled to the funds within that 10 day period;
• if the unintended recipient does not establish they are entitled to the funds within that time, the receiving institution will return the funds to the sending institution within 2 business days of the end of that period.

Where a report of the mistaken internet payment is made after 7 months of payment:

• If the receiving institution is satisfied a mistaken internet payment occurred, it must seek the consent of the unintended recipient to return the funds.

In each case where the receiving institution is not satisfied that a mistaken internet payment has occurred, it may (but is not required to) seek consent of the unintended recipient to return the funds.

Where the funds are returned to the sending institution, it will return the funds to the holder of the account from which the payment was made as soon as practicable.

Where:

(a) both the receiving and the sending institution are satisfied that a payment made to a consumer’s account is a mistaken internet payment; and

(b) sufficient credit funds are available in that account to the value of that payment; and

(c) the mistaken internet payment is reported 7 months or less after the payment; and

(d) for mistaken internet payments reported between 10 business days and 7 months of the payment, the receiver of the funds does not establish that they are entitled to the payment within the relevant 10 business day period,

the receiving bank will, without receiving the receiver’s consent, deduct from their account an amount equal to that mistaken payment and send that amount to the financial institution of the payer (the person who made the mistaken payment).

The Bank will use its best endeavours to recover the MIP funds from the unintended receiver of the funds including arranging repayment plans, as required.

Unfortunately, the recovery of the MIP funds may not always be successful. If this is the case, you will be advised of this.

Where the unintended recipient proves they are entitled to the MIP funds, the receiving bank is not required to return the MIP funds.

If there are insufficient funds in your account that received the mistaken internet payment, you must co-operate with us so you return the amount of the mistaken internet payment to the payer.

You will be sent a letter which will offer you options to repay the amount monthly for 3, 6 or 12 months. You will need to sign and return the attached repayment plan offer. You can set up a periodical payment to make these repayments.

We can prevent you from withdrawing funds which are the mistaken internet payment where we are required to do so to meet our obligations under the ePayments Code.

If you are the unintended recipient of a mistaken internet payment, it is preferable for you to send the amount back as soon as possible. However, if the person who made the payment reports it to their bank or financial institution, the amount can be taken out of your account up to 10 days from the date the mistaken payment was reported.

The process for recovering mistaken internet payments is regulated by the ePayments Code, where that Code applies to the payment. The process will differ depending on whether we are the sending or receiving institution, how promptly the mistake has been reported to the bank and if there are enough funds in the unintended recipient's account to enable the receiving bank to recover the mistaken payment. Generally, the process is faster if the mistaken internet payment is reported to the bank within 10 business days after payment. Your relevant account Terms and Conditions describe in detail processes that apply when mistaken internet payment is reported to the bank.

Please note that where a financial institution other than us is the receiving institution for mistaken internet payment, we cannot guarantee that it will follow the processes prescribed in the ePayments Code.

No, there is no fee to report a mistaken internet payment. Normal account fees and charges will apply for transactions and payments made from your account. Please check the Terms and Conditions applicable to your account.

• A mistaken internet payment is specific to payments made by a customer from a consumer account via the ‘Pay Anyone’ online banking facility which have been sent to the incorrect account, i.e. the incorrect BSB and/or Account number.
• A Trace and Recall is for all other incorrect transactions completed via any channel (i.e. ATM, Branch, Online, etc), including duplication of the transaction or incorrect amount
• A disputed transaction is when a transaction has been made (usually a withdrawal) and the owner of the account is questioning the transaction.

If you have reported a mistaken internet payment and wish to check the status of this report, you can do so by calling our Customer Contact Centre on 13 33 30 or by visiting a branch.

If you have recently reported a mistaken internet payment and now wish to cancel this report, you can do so by calling our Customer Contact Centre on 13 33 30 or by visiting a branch.

A ‘Mistaken Internet Payment Debit’ or ‘MIP Debit’ transaction on your statement indicates we are satisfied a mistaken internet payment has occurred and we have debited your account to return the money to the sending financial institution.