Everyday Transaction Account¶
| Product ID | PRD-001 |
| Launch tier | 1 |
| Jurisdiction | NZ + AU |
| Status | Planned |
| Regulations | AML/CFT Act 2009 · AML/CTF Act 2006 · Privacy Act 2020 · Privacy Act 1988 · NZ FMC Act · NCC Act 2009 (NCCP) |
The everyday transaction account is the bank's primary transactional deposit product — a fully at-call account denominated in NZD (NZ customers) or AUD (AU customers) with no minimum balance and real-time posting on every transaction.
Key terms¶
| Term | Value |
|---|---|
| Account type | At-call transactional deposit |
| Currency | NZD (NZ) / AUD (AU) |
| Minimum opening balance | None |
| Minimum ongoing balance | None |
| Overdraft | Not available on this account (see PRD-008 Revolving Credit Facility) |
| Monthly account fee | Per fee schedule (waiver conditions per fee schedule) |
| Transaction fees | Per fee schedule |
| Interest on credit balance | None |
| Direct debits | Supported |
| Card | Debit card available (card terms apply separately) |
| Statement frequency | Monthly |
System capabilities¶
- Account balance updated in real time on every transaction — no batch processing delay.
- Transaction notification delivered within seconds of posting.
- Account opening fully automated — identity verified via eIDV (MOD-009), account active within the same session; typical completion under 5 minutes.
- Fraud scoring on every transaction (MOD-023) — not periodic review.
- Direct debit cancellation effective immediately — no waiting period.
- Direct debit dispute lodged in-app; query hold placed on biller within 60 seconds.
Eligibility¶
Assessed automatically by MOD-105. Standard eligibility requires verified KYC (MOD-009), CDD tier assigned (MOD-010), no active sanctions match (MOD-013), and jurisdiction match (NZ or AU). No minimum income or credit score is required for this product.
Account opening¶
The customer completes identity verification (passport, driver licence, or national ID) via the app. MOD-009 verifies the document against government DVS/DIA services and performs a biometric liveness check. On a VERIFIED result, MOD-007 transitions the account from PENDING to ACTIVE automatically. No branch visit is required.
Fees¶
| Fee type | Amount |
|---|---|
| Monthly account fee | Per fee schedule (waiver conditions per fee schedule) |
| Dishonour fee (returned direct debit) | Per fee schedule |
| Paper statement fee | Per fee schedule |
Fee waivers are applied automatically by MOD-110 based on conditions configured in the institution's fee schedule. The customer does not need to apply.
Interest¶
None. There is no interest payable on a credit balance in a transaction account. The app surfaces an idle cash insight (MOD-077) to prompt the customer to move surplus funds to a High-Interest Savings Account (PRD-002).
Statements¶
Generated monthly by MOD-113 and delivered to the in-app document vault, where they are available as a PDF download. Statements are retained for 7 years. Paper statements are available at the fee per fee schedule.
Closing / exit terms¶
The account may be closed via the app or by contacting the bank. The outstanding balance must be zero before closure — MOD-007 enforces this gate. Any pending direct debit mandates are cancelled on closure. Debit cards linked to the account are cancelled. Closed accounts cannot be reopened. If the balance cannot be cleared by transfer, the bank will assist.
Regulatory¶
New Zealand: Banking (Prudential Supervision) Act 1989; Open Bank Resolution policy (RBNZ); AML/CFT Act 2009; Privacy Act 2020.
Australia: Banking Act 1959; Financial Claims Scheme (APRA); AML/CTF Act 2006; Privacy Act 1988.
Governing policies¶
- PAY-001 — Payment Operations Policy
- PAY-005 — Payment Fraud Prevention Policy
- CON-001 — Customer Fairness & Conduct Policy
- CON-004 — Product Disclosure & Sales Practice Policy
- CON-005 — Fee & Pricing Transparency Policy
- AML-003 — Know Your Customer (KYC) & Identity Verification Policy
- PRI-001 — Privacy Policy
- CON-006 — Product suitability and governance
Implementation modules¶
| Module | Name | Status |
|---|---|---|
| MOD-001 | Double-entry posting engine | Deployed |
| MOD-002 | Immutable transaction log | Deployed |
| MOD-003 | Real-time balance engine | Deployed |
| MOD-007 | Account state machine | Deployed |
| MOD-020 | Pre-payment validation suite | Deployed |
| MOD-021 | Payment limit & velocity controller | Deployed |
| MOD-022 | Payment audit trail | Deployed |
| MOD-023 | Transaction fraud scorer | Deployed |
| MOD-044 | JWT role-based access control | Deployed |
| MOD-049 | Open banking consent management | Deployed |
| MOD-068 | Authentication & session management | Deployed |
| MOD-105 | Product eligibility engine | Not started |
| MOD-110 | Fee engine | Deployed |
| MOD-113 | Statement generation | Not started |
| MOD-114 | Direct debit mandate management | Deployed |
Compiled 2026-05-22 from source/entities/products/PRD-001.yaml