Student MOneY SAVeR EFFECTIVE FROM 01 JanuaRy 2013

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1 Student MONEY SAVER EFFECTIVE FROM 01 January 2013

2 About our Student Money Saver What is a Student Money Saver account? A Student Money Saver account is a savings account made just for you, our Members under the age of 18. Looking after the banking needs of our younger Members Please read this with your child to get them started on the right foot when it comes to learning the value of saving. Queensland Country have been providing a strong banking service for 40 years and in that time we have learned a lot about what people need from a bank. One important lesson we have learned is that banking needs of children and teenagers are very different to those of adults. Like most things when growing up, the banking needs of the younger generation change over time and grow as they grow. We have found that younger children only really need a savings account for things like birthday or Christmas money. And the sooner you get them started the more they learn to value the importance of saving. As students start high school they may prefer easy access to their savings so the need for a transaction account arises. And when teenagers start earning money from part time jobs they want the freedom to access their money easily when and where they want. With these things in mind we have developed an account for our younger Members which changes as their banking needs change. Why choose a Student Money Saver account? A Student Money Saver account is ideal for children and teenagers because it helps you save faster by: Paying your bonus interest each calendar month when you make a deposit of $5 or more and either no or only one withdrawal in that same calendar month. That means you make more money if you continue to deposit money into your account. Doesn t charge you monthly account service fees. That means you can have the account and not pay a fee each month to keep it running. When you open a Student Money Saver account, you get a piggy bank and your own deposit book. We ll also give you a deposit book wallet to keep your deposit book safe and to put your money in on your way to deposit it at Queensland Country. Your deposit book will also help you keep track of how much money you have saved. Student Money Saver features at a glance Great for How to access Account benefits Account owner Welcome pack Savings Rewards Children aged from 5 years of age to under 18 years of age. Deposits and withdrawals can be made at any Queensland Country Credit Union Branch and anyone can transfer funds directly into the account by direct credit, interim payments or online banking. From the age of 11, if children have an All Access account they are entitled, with consent of their parent or guardian, to order a CueCard to access their funds. You will need to discuss with your parents/guardian and organise with your local branch. As a bonus savings account the Student Money Saver is not designed for regular withdrawals. Our All Access account is more suited for this purpose. $0 monthly account service fee Unlimited free deposits Bonus interest rate One free withdrawal per month The account will be opened in the child s name with a parent/s or guardian/s as authorised signatory if the child is between the age of five and 13. When the child turns 13 the account will automatically be changed so that the child is the sole owner of the account. If the child is under the age of five the account must be opened in the name of an adult in trust for the child and different savings account type will be required. Speak to our friendly staff to find out what other savings account options we have for children under the age of five. Receive a welcome pack containing A piggy bank Deposit book Deposit book wallet You will have the opportunity to complete savings challenges and be rewarded with special gifts for achieving the set challenges. These challenges are set for two different groups: The Kidz Club which is for children who are aged between five and 12 years of age The Teens which is for our Members who are aged from 13years of age to under 18 years of age. QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER 1

3 What is the Kidz Club Queensland Country understands kids grow up quickly. What is important to a primary school aged child, may not suit a teenager. So we have developed a club for our younger Members to make their experience with the credit union a bit more fun. The Kidz Club is a club for primary school children aged 5-12 and features credit union characters Penny, Cash and Crackles the friendly pet piggy bank. The club offers kids the chance to earn stickers by visiting their branch, gives them some interactive things like colouring in sheets and rewards them for hitting savings targets which include things like Smiggles packs. Benefits of the Kidz Club Student Money Saver Kidz Club key benefits: Automatic free enrolment in the Kidz Club Free Crackles piggy bank, deposit book and deposit book wallet upon opening the account Opportunity to earn bonus interest on savings Opportunity to earn further rewards by completing the Kidz Club Savings Challenge Teaches children how to establish regular savings and how interest works No monthly account service fees. How old do I have to be? You need to be at least five years of age and under the age of 13 years to participate in the Kidz Club Savings Challenge. If you are 13 years of age or older, you should check out the Teens Savings Challenge section of this brochure. The Kidz Club Savings Challenge The challenge Between January 1 and December 31 of each calendar year, make at least one monthly deposit of $5.00 (or more) with no more than one withdrawal in the same month. You will need to this over a period of 6 months within the same calendar year (January to December). The reward If you can finish the Kidz Club Savings Challenge we will give you a special reward 1 (for example a Smiggles Pack or Queensland Country Football). You will receive your special reward at the start of the next calendar year in the month of January. You can start a new savings challenge each year, so don t feel sad if you don t make it on your first attempt. Important Information: You will have to start your savings challenge by June 30 each calendar year in order to be able to complete it by the end of December in the same year. If you open your account and find you don t have enough time to complete the challenge don t worry, use the remaining time of the year to practice saving so when the new year starts you are all ready to go. If you are turning 13 in the calendar year you commence the Kidz Club Savings Challenge, you will have to complete the Student Money Saver Teens Savings Challenge in order to qualify for a savings reward. Please refer to the Teens Savings Challenge section of this brochure for further details. 1 The savings rewards issued as part of the Kidz Club Savings Challenge are subject to withdrawal or change to an equivalent value item at the discretion of Queensland Country Credit Union Limited. In the event that savings rewards are withdrawn, all existing Kidz Club Members who fulfil the savings requirements will still receive a reward for the current calendar year but will not be eligible for savings rewards for future years. The prize is non-refundable, non transferable and non redeemable for other goods or services. So what are you waiting for get saving now! You could be kicking around your very own Queensland Country football with your mates at school or showing off a pack of the latest in Smiggles stationery to your friends, all because you learnt how to save money. 2 QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER 3

4 Teens What s on offer for the Teens? If you have outgrown the Kidz Club and are now a teenager, we make it a bit more of a challenge. You are now able to take on the Teens Savings Challenge and receive the rewards for your dedicated savings effort. Benefits for the Teens Student Money Saver Teens key benefits: Automatic enrolment in the Teens group The option of a free Crackles the pig money box, deposit book and deposit book wallet upon opening the account The chance to earn bonus interest on savings Opportunity to earn further rewards by completing the Teens Savings Challenge Teaches young adults the benefits of establishing a regular savings plan and the importance of budgeting No monthly account service fees. What age do I have to be to get involved? You need to be at least 13 years of age and under the age of 18 years to participate in the Teens Savings Challenge. The Teens Savings Challenge The challenge Between January 1 and December 31 of each calendar year, make at least one monthly deposit of $5.00 (or more) with no more than one withdrawal in the same month. You will need to do this over a period of 9 months within the same calendar year (January to December). Calendar Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Remember: The reward If you can complete the Teens Savings Challenge we will issue you a special reward 2 at the start of the next calendar year in the month of January. You can start a new savings challenge each year, so don t get discouraged if you don t succeed on your first attempt. Important Information: You will have to start your savings challenge by March 31 each calendar year in order to be able to complete it by the end of December in the same year. If you open your account and find you don t have enough time to complete the challenge, you can use the remaining time of the year to sit down and establish a savings budget so when the New Year comes around you are all set to begin. If you don t know what a budget is or how to create one, we would love to explain it to you and show you how, so just give us a call or pop into your nearest branch. In the calendar year you turn 18 years of age, you will no longer be eligible to participate in the Teens Savings Challenge. 2 Reward is an itunes voucher to the value of $10.00 and is subject to withdrawal or change to an equivalent value item. In the event that savings rewards are withdrawn, all existing members who fulfil the savings requirements will still receive a reward for the current calendar year but will not be eligible for saving rewards for future years. The prize is non-refundable, non transferable and non redeemable for other goods or services. About to turn 18? At Queensland Country we have a number of additional products and services that can assist you throughout every life stage of your adult years. We have transactional accounts that can assist you with your dayto-day banking needs and savings accounts (including online savers) which will continue to help build your savings. We offer personal loans, car loans, home loans that can assist you when looking to purchase things like your first car or your first home. We are able to provide you with a debit card for times when you like to pay now or a credit card for those times when you would like to pay later the choice is yours. We can also provide other important products like car insurance, travel insurance, home and contents insurance, private health insurance and we offer a full suite of services such as online banking, ATM access and phone banking. 4 QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER 5

5 See how your savings grow Interest on your savings balance is calculated on a daily basis and paid into your account each month. Bonus interest Learning to save money is an important lesson in life. We encourage our young Members to practice saving from an early age and reward them for their effort by paying BONUS interest. You will receive a bonus rate when you deposit at least $5 each month and make one or no withdrawals in that same calendar month. Bonus interest is paid on top of the base interest rate. This means if you are saving well, you will earn more money each month helping your savings grow faster. To find what the latest interest rate is for our Student Money Saver account go to Saving tips Keep your money together Use your money box to store your coins and notes until you are ready to bank it. By keeping it together you will always know where your money is and you can watch how much it grows over time. Regularly bank your money Deposit the money from your money box regularly so you start earning interest on what you have already saved. That means setting a pattern in your banking. You might visit the bank to deposit your money every week, every two weeks or on the same day of each month, it is up to you. Check your statements Keep track of your savings by looking at your statements. Statements are the letters you get from your bank to show you how much money you have deposited into your account and how much interest you have earned on your savings. Budget If you make a plan for how you spend your money you will be much better at saving it. Know what you want to buy over a year and make sure you set aside money for those things separately from the money you would like to save for the long term. 6 QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER 7

6 What you need to open your account Kids we will need you and your parent/s or guardian/s to come into a Queensland Country branch. To open your account we ideally need to see your birth certificate. For your parent/s or guardian/s, a photo ID like an Australian driver s license or Australian passport are the best. If these identification items are not available the best thing to do is to call your local branch and they will tell you what other things you can bring so you can be identified. If your parent/s or guardians are already Members of Queensland Country, then they will already be identified, so there will be no need for this to happen again. Remember though, we will still need to see your birth certificate if we do not already have it. How can you access your money? If you are looking for an account where you can withdraw money regularly, you will need to sign up for a transaction account. The Student Money Saver is really for those of you who are keen to learn about how you can make your money grow. To make deposits into your Student Money Saver account, simply bring your savings in to your nearest Queensland Country branch with your deposit book. If people would like to transfer money into your account you can give them your Membership and BSB number and they can transfer the money in electronically or by coming in to the branch. If you are under 13 years of age and want to withdraw money from your account, you and at least one parent or guardian, will need to come into your nearest Queensland Country branch. Two signatures are needed to withdraw money from accounts where the child is under 13 years of age. This means that you and your parent or guardian will need to sign your name on the withdrawal slip. When you turn 13 years of age, the account will change so that you are the sole owner. This means that you can sign for withdrawals yourself and you can sign up for online banking. Until you turn 18 years of age, your online banking access will be restricted to being able to view your account balances and transaction history, and transferring of money between your own Queensland Country accounts. You can still choose to have your parent/s or guardian/s on the account as signatories from this point if you like; you will just need to let us know. Once you turn 18 years of age you will be eligible for full online banking access. When you become a teenager, you may start working and your banking needs may change. When you are earning money you will probably find that you start to spend a bit more and will need an account that gives you better access to your funds. To help manage your new earning and spending needs we have an everyday transaction account that is designed for every day use. Our All Access account 3 can be used for all your day-to-day banking needs and it comes with an EFTPOS/access card to give you easier access to your money. This All Access account is different from the Student Money Saver. This account is set up for you to make regular transactions, which is both depositing and withdrawing money. This account does not earn bonus interest rates. It is important to discuss this type of account with your parent/s or guardian/s and then come into your nearest branch to talk about how you can best use it so that you can keep earning your bonus rate on the Student Money Saver account. For more information on transaction accounts, please go online or visit your nearest Queensland Country branch. What happens to my Student Money Saver account when I turn 18 years of age? Once you turn 18 years of age, your Student Money Saver account will convert to a Bonus Saver account 3. The Bonus Saver account will continue to offer you the same interest rates as the Student Money Saver account, but you will be required to deposit at least $20 in a calendar month and make no withdrawals in the same calendar month to receive the bonus rate of interest. 3 Fees and charges apply. For further details on the All Access account and the Bonus Saver account please refer to our personal savings and transaction accounts product information brochure and our fees and charges brochure. For the current interest rates on these accounts please refer to our Deposit Interest Rates Schedule which can be found on our website or you can request a copy from any Queensland Country branch. 8 QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER 9

7 Frequently asked questions Q. My Grandma wants to make regular deposits into my account to help me save for my future. How does she do it? A. All you have to do is give her your Member number and BSB which you will get when you first sign up. She can then organize to deposit money into your account. Q. What is a BSB number? A. A BSB number is a six digit number that is given to a Credit Union or bank to identify that institution, Queensland Country s BSB is Q. What if my Parent/Guardian or I are unable to come into the branch to be identified? A. Please contact your branch to find out how we can verify your identification. Q. Can the account be opened in my name? (The child s name) A. Yes, the Student Money Saver account is opened in your name providing you are five years of age and over. If you are under the age of five years your account will need to be opened as an informal trust with your parent or guardian acting as trustee for your account. If your parent or guardian is aged 18 years of age or over, they will not be eligible to open a Student Money Saver account as trustee for you as this account is only eligible to persons under the age of 18 years. Q. How do I take money out of the account? A. Two signatories to the account are required to perform withdrawals on the account when you are under the age of 13 years (for example: you and your mum) this account is designed as an ongoing savings account however so if you plan to withdraw money regularly you may want to talk about opening an everyday transaction account. Q. Can I have a look at my savings account online? A. You can have access to view your account online when you turn 13 years of age. At that stage you will only be able to view your details online and transfer between your own accounts under the same Membership. Full online accessibility is restricted to people over the age of 18 years. You can still watch your savings grow in your deposit book or just come into the branch to ask. We will also send you a statement every three months to help you keep track of your savings. REMEMBER: Save regularly and be rewarded! Calendar Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Remember: 10 QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER 11

8 Complaints Handling Procedures Internal Dispute Resolution Queensland Country has an internal dispute resolution scheme established to resolve any complaints or disputes relating to our products and services or the complaints handling process itself, where a response or resolution is expected. The expression complaint, for the purpose of this document means both complaint and dispute as defined under the relevant laws and regulatory requirements. Process Overview 1. Wherever possible we will resolve your complaint at the time it is received. You should direct any complaint concerning the Credit Union, or its authorised representatives, to the person you are dealing with at Queensland Country, or their Manager, in the first instance. 2. If the issue is not resolved, we encourage you to lodge a formal complaint by completing a Complaint Notification Form (QCM0033) at any Queensland Country branch, although such notification is not required to be provided in writing. 3. You will receive acknowledgement of receipt of your complaint, in writing or orally, within three business days of its receipt and will be advised of the procedure for investigating and handling the matter. 4. We will write to you within 21 days of receiving your complaint, unless a different timeframe applies at law, to advise you of the outcome. Alternatively, we will advise you that a further period of time, not exceeding 24 days, will be required to conduct further investigations, with our formal proposal to resolve the matter being provided in writing to you no later than 45 days from when your complaint was first received. External Dispute Resolution If we have made a formal proposal to resolve your complaint and you have told us that the proposal is not acceptable to you; or at least 45 days has elapsed since you made your complaint (whichever occurs sooner), you are entitled to have your complaint considered by the Credit Ombudsman Service Limited (COSL) ABN com.au. This is an external dispute resolution scheme of which Queensland Country is a member. We will provide you with information about how you can access this scheme, which is a free service. If your complaint relates to services provided by third parties or our business partners (including insurers or service providers) we encourage you to make direct contact with them in the first instance. Please contact Queensland Country if you experience any difficulty in the handling of your third party complaint. Branches BEAUDESERT 8 William Street BOWEN 37 Williams Street BRISBANE Koala House Cnr Adelaide & Creek Street CAIRNS Smithfield Shopping Centre EARLVILLE Mulgrave Road CHARTERS TOWERS Town Plaza Shopping Centre COLLINSVILLE 13 Stanley Street GLADSTONE Gladstone Central Shopping Centre GLENDEN Glenden Shopping Centre JIMBOOMBA Jimboomba Shopping Centre MOUNT ISA 70 Camooweal Street STANTHORPE 3 Maryland Street TIERI Tieri Shopping Centre WEIPA Cnr Kerr Drive Point Drive & Commercial Avenue TOWNSVILLE AITKENVALE 296 Ross River Road DEERAGUN Woodlands Shopping Centre TOWNSVILLE HOSPITAL Main Foyer, Douglas MAGNETIC ISLAND 98/100 Sooning St, Nelly Bay KIRWAN Willows Shopping Centre MOBILE LENDING SERVICE BURDEKIN AYR 186 Queen Street HOME HILL 76 Eighth Avenue MACKAY Caneland Central Shopping Centre MOUNT PLEASANT Mount Pleasant Shopping Centre HEAD OFFICE 85 Patrick Street, Aitkenvale Post: PO BOX 679, Aitkenvale QLD 4814 Phone: Fax: info@qccu.com.au Contact centre QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER QUEENSLAND COUNTRY CREDIT UNION STUDENT MONEY SAVER 13

9 Student MONEY SAVER Read with This document is to be read in conjunction with; Fees and Charges brochure, Membership and Deposit Conditions of Use, and Deposit Interest Rates Schedule. How to contact us If you have any questions or need more information, please contact us by: Branch Visit our website for a listing of all our branches. Post PO Box 679 Aitkenvale Qld 4814 Website info@qccu.com.au BSB Queensland Country Credit Union QCD V Queensland Country Credit Union Limited ABN AFSL