Term & Conditions Brochures for Savings Accounts

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1 Important Notice to Members Effective 1 March 2013, the Terms and Conditions brochures for Savings Accounts, Term Deposit Accounts & Payment Services, Visa Debit Card, Online Banking, Online Banking Conditions of Use, CUE Call and BPAY will be combined and replaced with the following brochures: Gateway Deposit Accounts and Access Facilities General Conditions of Use Summary of Deposit Accounts & Access Facilities Also, the Fees and Charges brochure will be replaced with the Fees & Charges and Transaction Limits brochure. What terms and conditions have changed? The EFT Code of Conduct is being replaced with the epayments Code the requirements are basically the same but there is a new mistaken payments regime Dormant Accounts Your Membership is deemed to be Dormant if you have not initiated any transactions for a period of 2 years previously 3 years. What this means for you: Simpler terms and conditions in the one brochure for all Gateway deposit products and access facilities Having the one General Conditions of Use enables you to open a new account or access facility under your Membership without having to complete additional paperwork. Download a copy of the new brochures at available from 1 February For further information, please call our Member Services Team on

2 Savings Accounts, Term Deposit Accounts & Payment Services TERMS AND CONDITIONS Effective from 8 November

3 INDEX Important Read Documents 1 Product Summary 2 Product Details 4 Terms & Conditions 14 General 14 Code of Practice 21 Additional Savings Accounts 22 ATM Withdrawals 23 Additional Term Deposit Accounts 24 Additional Payment Services 27 Privacy 29 Taxation Implications 35 Financial Claims Scheme 35 Concerns/Complaints/Information 36 Savings Accounts, Term Deposit Accounts & Payment Services This brochure contains information and terms and conditions for Gateway s Savings Accounts, Term Deposit Accounts and Payment Services. It should be read in conjunction with: The Fees and Charges Brochure; and The Interest Rate Schedule from time to time. Important Read Documents You should carefully read the information provided and retain this document for future reference. Professional financial planning advice is recommended. 1

4 Product Summary Product Summary Savings Accounts Everyday Savings Account The Everyday Savings Account is an on call savings account for your everyday use. emax Saver Account The emax Saver Account offers a competitive rate of interest and 24 hour on call access to your funds via our Online or Telephone Banking services. 100% Loan Offset Account The 100% Loan Offset Account is a special savings account designed to reduce the interest you pay on linked variable interest rate Home / Investment Home Loan Accounts. The balance of your 100% Loan Offset Account will, as the name suggests, be totally offset against an equivalent portion of your loan balance. Interest on the loan account will then be calculated and charged on the remaining loan balance. Christmas Club Savings Account The Christmas Club Savings Account is an account to help you save regularly for the Christmas season. Withdrawals are designed to be made between 1 November and 31 January. Dollaroo Savings Account The Dollaroo Savings Account is designed to encourage children (up to the age of 16) to save. Upon reaching the age of 16, accounts are converted to either an Everyday Savings Account or an emax Saver Account. Funeral Saver Account The Funeral Saver Account is designed to help you save for future funeral expenses. To encourage savings, withdrawals are generally only allowed on the account with 7 days notice. Product Summary Term Deposit Accounts A Term Deposit is a fixed term investment account. Terms range from 3 months to 5 years with a minimum investment amount of $1,000. The interest rate is determined by the interest payment frequency, interest payment method and length of term that you choose. The investment is fixed for that term, provided that the funds remain in your Term Deposit Account for the entire period. Interest may be paid to a separate account, forwarded to you by cheque, or added to the balance either monthly, semi-annually, annually or at maturity if the term is for 1 year or less. If the term you select is longer than 1 year, for example 3 years, interest earned on your Term Deposit must be paid to you at least annually. Please note that the interest payment frequency options available depend on the term chosen. Please refer to the table on page 9. Once your Term Deposit matures, the investment will be automatically renewed for the same term at the prevailing interest rate unless you provide us with instructions to the contrary. Product Summary Payment Services Gateway offers you a range of Payment Services designed to help you deposit and withdraw funds quickly, efficiently and economically. These include Online Banking, Direct Debits/Periodical Payments, Direct Credits, Electronic Transfers (including BPAY, CUE Call and ATM access), Encoded Bank Deposit Slips and Corporate Cheques. Please note that Online Banking, BPAY, Direct Debit, CUE Call and ATM access are subject to terms and conditions detailed in separate brochures available on request. Registered to BPAY Pty Ltd ABN

5 Product Details Savings Accounts Everyday Savings Account Features and Benefits Tiered interest rates designed to reward you for saving Funds are available at call No minimum balance Visa Debit Card available Interest is calculated on the daily balance and paid to the account twice a year, on 31 May and 30 November. You must maintain sufficient cleared funds in your account to meet all Direct Debits and Transfers. You may incur fees if payments are dishonoured Always protect and regularly change your PIN and passwords for Online Banking and CUE Call access Do not reveal PINs or passwords to anyone. emax Saver Account Features & Benefits Higher interest rate for balances of $1,000 and above Funds are available at call Interest is calculated on the daily balance and paid monthly on the last day of the month No minimum withdrawal or deposit amount Withdrawals may be completed Online or via CUE Call. Reduced rate of interest if the balance falls below $1,000 You must maintain sufficient cleared funds in your account to meet all Direct Debits and Transfers. You may incur fees if payments are dishonoured Always protect and regularly change your PIN and passwords for Online Banking and CUE Call access Do not reveal PINs or passwords to anyone. 100% Loan Offset Account Features and Benefits The balance of your 100% Loan Offset Account is offset against an equivalent portion of your Home Loan balance. Interest on the loan account will then be calculated and charged on the remaining loan balance As the interest benefit on your balance is earned as a reduction to loan interest payable on the linked loan account instead of being physically paid to the savings account, no tax is payable (we recommend you seek professional advice for your individual taxation circumstances) Funds are available on call Visa Debit Card available The interest benefit from your 100% Loan Offset Account is shown monthly on your loan statement. 100% Loan Offset facilities are not available for variable rate Personal Loans (including Car Loans), Personal Lines of Credit, EquitiSmart Home Loans or Fixed Rate Home Loans No interest benefit will be earned on any portion of the 100% Loan Offset Account balance that exceeds the total balance of the linked Home Loan account. 4 5

6 Christmas Club Savings Account Features & Benefits An account to help you save regularly for the Christmas season A competitive rate of interest calculated on the daily balance and paid annually on 31 October No minimum balance Set up an automatic direct credit to your account to help you save. Withdrawals are generally only permitted between 1 November and 31 January You may withdraw funds on 7 days notice at any other time, but if you do so we may close the account and transfer the remaining balance to an Everyday Savings Account. Interest will then be paid from the date of transfer at the applicable savings account interest rate. Dollaroo Savings Account Features and Benefits Funds are available on call No minimum balance Interest is calculated on the daily balance and paid 31 May and 30 November When the child turns 16 years of age the account is closed and the balance is transferred to either an Everyday Savings Account (if the account balance is under $1,000) or an emax Saver Account which attracts a higher rate of interest (if the balance is $1,000 or greater). Account must be opened in the name of a child under 16 years of age Account may not be opened in joint names or as a Trustee Account If the child is too young to sign, the account may be opened in the name of the child with a parent or guardian authorised to operate the account The parent/s or guardian will retain authority over the Membership and associated accounts until the Member reaches 16 years of age, when the Member s authority and direction shall prevail over that of the parent/s or guardian authorised to operate the account/s The child s tax file number, or claim for exemption from quoting a tax file number, must be lodged with Gateway or tax may be withheld from the interest earned. Funeral Saver Account Features & Benefits An account to help you save for future funeral expenses and give you a sense of security that your savings will cover a part or all of your funeral costs A higher rate of interest for balances of $200 or more calculated on the daily balance and paid monthly on the last day of the month Set up automatic direct debits into the account to cover the required minimum payment per month to help you save. At account set up, an initial deposit of $200 is required Minimum deposit of $25 per month is required. If the minimum monthly deposit is not maintained for a period of three consecutive months, we may transfer the balance to an Everyday Savings Account. Interest will then be paid from the date of transfer at the applicable savings account interest rate 6 7

7 Reduced rate of interest if the balance falls below $200 You may withdraw funds when a funeral services related invoice is presented or on 7-days notice at any other time, but if you do so we may close the account and transfer the remaining balance to an Everyday Savings Account. Interest will then be paid from the date of transfer at the applicable savings account interest rate A Direct Debit or Periodical Payment cannot be paid from a Funeral Saver Account. Term Deposit Accounts Features and Benefits Minimum deposit of $1,000 Range of fixed terms from 3 months to 5 years Interest may be paid to a separate account, forwarded to you by cheque or added to the balance either monthly, semi-annually, annually or at maturity if the term is for 1 year or less. If the term you select is longer than 1 year, for example 3 years, interest earned on your Term Deposit must be paid to you at least annually The interest rate is determined by the interest payment frequency, interest payment method and length of term that you choose and is fixed for that term, provided that the funds remain in your Term Deposit Account for the entire period Once your Term Deposit matures, the investment will be automatically renewed for the same term at the prevailing interest rate unless you provide us with instructions to the contrary. The following table and information summarises the investment terms available. Term Interest Payment Frequency Interest Payment Method Months Monthly Semiannual Annual Maturity Cheque Transfer Compound 3 11 X X X X X 12 X X X X X X 15 X X X X 18 X X X X X 21 X X X X X X X X X X A Term Deposit is made on the understanding that it is not withdrawn prior to the maturity date Market interest rates may rise over the term of the investment. The interest rate is fixed for the term you select, therefore you cannot benefit from increases in interest rates that may occur during the term of the Term Deposit If you apply to redeem your Term Deposit before the end of its term and your application for early redemption is approved, you will be paid a reduced rate of interest You may not add funds to the principal until the Term Deposit matures. Payment Services Electronic Transfers Features and Benefits Gateway provides Online Banking, Telephone Banking (CUE Call) and BPAY services to enable you to access your account details and make payments and transfers A separate brochure for each of these services provides more detail. You must ensure that there are sufficient cleared funds available in your Gateway account on the 8 9

8 day of payment to allow any electronic transfer transaction to be made in accordance with your request If there are insufficient cleared funds in your Gateway account the transfer will not occur To enable you to transfer funds to an external financial institution using CUE Call, you must complete and return a Nomination of Accounts Form (available from Gateway) You may only transfer funds externally via CUE Call to one nominated account. This nominated account remains as the destination of transferred funds until you notify us of an alteration of instructions. Visa Debit Card You may withdraw cash from ATMs in Australia and overseas You can make purchases at all locations which have EFTPOS or Visa facilities Pay bills or make purchases over the phone, counter or Internet Obtain a cash advance over the counter from any bank that displays the Visa symbol Make deposits and withdrawals with Bank@Post Make instant purchases using Visa paywave at any retailer with a Visa paywave reader Change your allocated PIN at participating Cashcard ATMs. You must ensure that there are sufficient cleared funds available in your Gateway account on the day of payment to allow any Visa Debit Card transaction to be made in accordance with your request If there are insufficient cleared funds in your Gateway account the transfer will not occur Fees apply if certain ATMs in Australia and/or overseas ATMs are accessed. Direct Debits Features and Benefits Authorise a participating biller to debit amounts from your Gateway Savings Account, as and when you owe those amounts to the biller. The biller will provide you with a Direct Debit Request (DDR) Service Agreement for you to complete and sign. This will provide them with the authority to debit your Gateway Savings Account You must maintain sufficient funds in your Gateway account on the day of payment to meet the debit. You may incur fees if payments are dishonoured A Direct Debit cannot be made from a Christmas Club Savings Account or Funeral Saver Account To cancel a Direct Debit you can contact either the biller or us. If you contact us we will promptly stop the facility. We suggest that you also contact the biller If you believe a Direct Debit initiated by a biller is wrong you should contact the biller to resolve the issue. Alternatively, you may contact us. If you give us the information we require we will forward your claim to the biller. However, we are not liable to compensate you for your biller s error We can cancel your Direct Debit facility, in our absolute discretion, if three consecutive Direct Debit instructions are dishonoured. If we do this, billers will not be able to initiate a Direct Debit from your account under their DDR Service Agreement. Under the terms of their DDR Service Agreement, the biller may charge you a fee for each dishonour of their Direct Debit request

9 Direct Credits Features and Benefits Established by you with a third party such as your employer (provided that they participate in the Electronic Funds Transfer System). Direct Credit enables you to deposit funds automatically, either a one off or regular credits into your Gateway account/s. If the Account number and/or name provided by the third party in the electronic file or any other information provided by you is incorrect, we may reject the Direct Credit Funds will be directed to your nominated Account A request to cancel or alter a Direct Credit must be provided to the third party. Payments will be returned if you close your Gateway account. Periodical Payments External Features and Benefits Arrange to have regular payments or a one-off payment from your Gateway account to the external bank account of a nominated third party for any purpose. For transactions initiated by Gateway at your request, you will need to complete a Periodical Payment Authority Form (available from Gateway or our website at Periodical Payments Internal Features and Benefits Automatic transfer of funds between Gateway accounts for one off or regular payments. You will need to complete a Periodical Payment Authority Form (available from Gateway or our website at You should ensure that you have sufficient cleared funds in your Gateway account to make the payment or transfer. We do not advise you if an Internal Periodical Payment is not made The available balance does not include uncleared deposits, interest accrued, or deposits in transit If a Periodical Payment is dishonoured for two consecutive payments, the authority may be automatically cancelled by Gateway A request to cancel or alter an Internal Periodical Payment must be provided to Gateway at least 5 business days before the next payment is to be made. A Periodical Payment cannot be paid from a Christmas Club Savings Account or Funeral Saver Account You must maintain sufficient cleared funds in your account to meet the amount of the Periodical Payments on the day of payment. You may incur fees if payments are dishonoured

10 Terms and Conditions Savings Accounts, Term Deposit Accounts and Payment Services Terms and Conditions General You should carefully read these Terms and Conditions. In this section of the brochure we, us, our(s) and Gateway refers to Gateway Credit Union Ltd, and you or your(s) refers to a Member or account holder. Account Opening Your Membership Application explains how to open an account with us as well as the laws for proof of identity and information regarding quoting your tax file number. You must complete our Application for Membership to establish an account with us. An account will only be opened if all signatories have been satisfactorily verified. When you open an account you may have to quote your tax file number to avoid having tax taken out of your interest payments. We will confirm in writing the opening and closing of any account. Gateway Discretion We reserve the right not to provide any account/s or related service(s). Operation of Joint Accounts The credit balance of a joint account is held jointly by all account holders. Each account holder has the right to all of the balance, jointly with the other account holder/s. If a joint account holder dies, the remaining account holder holds the credit balance and if more than one, those remaining account holders hold the credit balance jointly. A joint account holder may only make a withdrawal in accordance with the chosen method of operation for the account. This may be: Any account holder or signatory to sign (i.e. operate) All account holders and signatories to sign Another method you specify and which is acceptable to us. If you do not nominate one method of operation on the account, it will be deemed all must sign and will remain in force until we receive a written request from all account holders to change the method of operation. Where the method of operation on the account is anyone to sign, any one account holder may request to change the method of operation to all must sign. If there is a dispute notified to us between joint account holders, we may change the method of operation to all must sign until we receive a written request signed by all account holders to vary the method of operation to any one may sign. Each joint account holder is liable for the whole of the debit balance on the account. Legal action can be taken against all or any account holder/s for an amount owing on the account. We may accept a cheque into a joint account which is payable to any one or more of the joint account holders. Authority to Operate (for third parties) You may nominate a person to operate on your account by completing an Authority to Operate Form, which is available upon request. By signing an Authority to Operate you instruct us to allow a person or persons to be authorised to operate on your account/s and to conduct any transactions on the account/s that you could, including: To place money on deposit with Gateway and to withdraw such money, including any interest thereon Give instructions regarding the disposal, renewal, conversion or breaking of the period of any deposit in your name/s, or as to any other matter relating to it 14 15

11 Request Gateway to repay the amount paid up on any Gateway Member share held by you Cancel cheques Authorise periodical payments Obtain account statements and general account/s information. The Authority to Operate will state the method of operation for the account/s. This may be: Any account holder or signatory to sign (i.e. operate) All account holders and signatories to sign Another method you specify and which is acceptable to us. If you do not nominate one method on the signing authority the method of operation on the account will be deemed all must sign. An Authority to Operate will remain in force until we receive a request to cancel the authority from any one of the account holders or written notice of the death of the person granting the authority, and that request/written notice has been processed by us. We may require a new Authority to Operate before we allow further operation on the account. If there is a dispute notified to us about an Authority to Operate by the owner/s of an account, we may refuse to allow operation on the account until all parties concerned have signed the necessary authority. We will not allow a person to operate on an account until his or her identity has been verified in accordance with procedures prescribed by the Financial Transaction Reports Act and/or the Anti-Money Laundering and Counter Terrorism Financing Act, and any other identification procedures we require. We are not liable for any loss or damage caused to you by persons authorised to operate on your account/s, except where it arises from fraudulent conduct by our agent or employee, or if we are liable under the Electronic Funds Transfer Code of Conduct (EFT Code). We are not liable for any loss or damage caused by any delay in processing a cancellation of an Authority to Operate. Fees and Charges In keeping with our current policy, Gateway does not charge account keeping fees, or fees based on the number of transactions when using savings account/s and related services. However, a fee applies for any staff assisted transactions. For details, refer to the Fees and Charges brochure. We will provide to you a Fees and Charges brochure at the time you open an account, and anytime upon request. A copy is available by contacting Gateway on or by visiting Charges we may debit to your savings account/s include: Withdrawal transaction fee (cheque or transfer) staff assisted Overdrawn savings account charge if you overdraw your account BPAY Payment staff assisted Request to stop payment on a corporate cheque Copying fee for a list of transactions or account statement/s from previous statement periods A fee for a dishonoured payment Annual Dormancy fee when no transactions have been made on your Membership for 3 years Retrieval of document/s fee if you request any document/s we have to retrieve from our files, computer systems or archives If you use your Visa Debit Card to access your accounts overseas, outside the fee-free ATM network or at Bank@Post outlets, there may be additional fees payable to process your transaction. Refer to our Fees and Charges brochure for details

12 Cheque Deposits Cheques deposited to your account/s will be credited conditionally. Amounts credited will be deducted from your account if we do not receive payment for the value of the cheque. Credits may not be available until we have been advised that the cheque has been cleared usually this takes 3 working days but may be varied at Gateway s discretion. A dishonour fee may be payable when a cheque or other payment credited to your account is dishonoured by another financial institution (refer Fees and Charges brochure). All cheques for deposit can only be accepted if they are in the name of the account holder, unless endorsement by the payee to the account holder is evident on the reverse side of the cheque, and there is satisfactory evidence of the identity of the endorser. Variations We may change any of the terms and conditions which apply to your account/s. If we do so, we will notify you: At least 30 days before we introduce new fees or charges, increase existing fees or charges, change the method of interest calculation or frequency of interest payment or make a change that will increase your liability for losses relating to EFT transactions, or impose, remove or adjust a periodic transaction limit Before or no later than the day we change other terms and conditions which reduce interest rates, increase your obligations or decrease your return (unless it is necessary to make the change immediately to restore or maintain the security of the access system of an individual account) In our next contact with you after increasing interest rates, or making any other change. We will notify you of the introduction or variation of any applicable Government charge, unless it is publicised by the Government, a Government agency, or a representative body. We will give you written notice if we introduce a new fee or charge, or vary the method by which interest is calculated or the frequency with which it is credited. You agree that we may give you notice of all other changes by written notice, by an advertisement in a national newspaper, by a notice in your account statement or by a notice in our newsletter. You will be deemed to have received notice on the day on which the newspaper advertisement is published, or on the second day after the mailing of the letter, , newsletter or account statement. For joint accounts we will provide one copy of the notice addressed to the primary joint Member. Account Combination We may offset your Member share/s and /or credit balance/s of any of your deposit accounts against any debt you may owe us. We will notify you promptly after doing so. Making Withdrawals We may not allow a withdrawal from an account unless we have proof of identity of the Member/s making the withdrawal. We may require you to complete a withdrawal form and forward it to our registered office. Written authorisation from the account holder is required to enable a third party to collect a Gateway cheque on your behalf. Subject to the availability of cleared funds, you may request that the amount of your withdrawal up to the available balance be remitted by any of the following methods of payment: Online Banking Gateway cheque CUE Call Direct Debit / Periodical Payment ATM access (subject to the daily maximum limit) BPAY (via both CUE Call and Online Banking)

13 We will endeavour to process your withdrawal in a diligent manner. However, we are not liable for any negligence, delay or error in transit or transmission caused by our actions or the receiving bank. It remains your responsibility to ensure that the withdrawal is correctly completed and that you allow sufficient processing time for the recipient to receive the funds. Dormant Accounts / Unclaimed Moneys A Membership is deemed by Gateway to be Dormant if you have not initiated any transactions for a period of 3 years. In such circumstances we will give you prior notice that after 30 days your Membership: Will be classified dormant; and We will redeem your Member share and pay the amount into your Everyday Savings Account. No interest will be paid on the amounts held in a Dormant Account. You may, within the notice period, provide us with written advice that you wish your Savings Account to remain active. If you do not advise us that the account is to remain active, we will commence charging, an annual Dormancy fee (refer Fees and Charges brochure). You may also request us to re-instate your Savings Account/s the amount/s of which may be net of Dormancy fee/s at any time before we deal with the funds in the Savings Account/s in accordance with the relevant Unclaimed Money legislation. If the account remains dormant for a further 4 years, we have a legal obligation to remit balances $500 and over to the Australian Securities and Investments Commission as unclaimed money. Unclaimed Money for account balances under $500 are retained by Gateway. Statements Gateway s e-statement service allows us to provide you statements for your savings, term deposit and loan accounts using electronic communication. If you register for this service you will receive a notification at the nominated address when an e-statement is available to view via Gateway s Online Banking facility. Savings account/s statements will be sent to you quarterly. More frequent or duplicate statements can be requested at any time. However, a fee may apply for copies of list/s of transactions or account statements. You agree to notify us without delay of any change of address or any errors or unauthorised transactions shown on your statement. If you are a joint account holder living at the same address as another joint account holder of the same account, we will only send one statement of account to that address. In the case of a loan held in joint names, a statement will be sent to all account holders unless a Service Nomination (available upon request) has been completed by all account holders. If the joint account holders live at different addresses notified to us, on request we will send statements to up to 2 different addresses. Change of Name or Address Unless otherwise agreed, we may give any written notice to you at the mailing address that was last recorded with us. We require you to notify us promptly of a change to your name or address. Code of Practice The relevant provisions of the Mutual Banking Code of Practice apply to these Terms and Conditions of Savings Accounts, Term Deposit Accounts & Payment Services. A copy of the Mutual Banking Code of Practice is available on request. If you believe we have breached the Mutual Banking Code of Practice, you can make a complaint to us. If we are not able to resolve the complaint to your satisfaction and the complaint involves a claim that you have suffered loss or detriment, you may then refer the matter to our External Dispute Resolution scheme. If the complaint does not involve a claim that you have suffered loss or detriment, you can report it to the Code Compliance Manager: Code Compliance Committee on

14 Electronic Funds Transfer Code of Conduct We warrant that we will comply with the requirements of the Electronic Funds Transfer Code of Conduct where it applies. A copy of the EFT Code is available on request. Additional Terms and Conditions Savings Accounts Interest Calculation and Payment Interest is calculated by multiplying the daily balance by the annual interest rate divided by the number of days in a year. Interest payment frequency is as specified in the Product Details section of this brochure. The interest rate/s applicable to each account (including tiered rates) are contained in our Interest Rate Schedule or are available upon request. No savings interest is payable on balances in 100% Loan Offset Accounts. emax Saver Account balances of $1,000 and above will receive a higher rate of interest than those below $1,000. Rates of interest are shown in our latest Interest Rate Schedule. Funeral Saver Account balances of $200 and above will receive a higher rate of interest than those below $200. Rates of interest are shown in our latest Interest Rate Schedule. Account Opening To open an emax Saver Account you must complete a Savings Account Application form or apply online at An emax Saver Account will only be opened in the account holder/s name/s, and we will not change the account holder/s name/s while the account remains open. Fees and Charges We may debit your savings account/s the fees set out in our Fees and Charges brochure. Direct Credit Reversal We may reverse a Direct Credit to any Savings Account that we have received on your behalf if we, for any reason whatsoever, do not receive value for the Direct Credit. Overdrawn Accounts We do not provide any credit in relation to your Savings Account/s. You agree not to overdraw your account. If your account becomes overdrawn for any reason, immediate repayment is required and we may charge you a fee and interest at the then current Personal Loan rate on the overdrawn amount, as well as any reasonable legal fees we incur in obtaining the amount from you. ATM Withdrawals Gateway Visa Debit Card Link Your Visa Debit Card to either your Gateway Everyday Savings, 100% Loans Offset Account or line of credit/overdraft products. Access your linked account fee-free at any Westpac, St.George, Bank SA or Bank of Melbourne ATM, as well as at Cashcard ATMs around Australia. Account Closure We may close a savings account even though the account may have a credit balance. We will give you reasonable notice before doing so and will repay to you any credit balance. We reserve the right to cancel any Commonwealth Bank of Australia ATM linked access to your Savings Account. We will upon your request, close your account that is in credit, subject to the terms and conditions of any relevant Gateway product or service

15 Additional Terms and Conditions Term Deposit Accounts Instructions A Term Deposit Account will only be opened in the account holder/s name/s. Applications to establish a Term Deposit Account must be in writing an application form is available from Gateway s website ( or from us on request. Unless you specify alternative requirements on application, deposits will be automatically reinvested at maturity (and on each subsequent maturity) for the same period as the maturing deposit, and at the interest rate applicable at the time of maturity. To alter the instructions on a Term Deposit Account you must notify us. We will not change the account holder/s name/s during the term selected. All Term Deposit Account withdrawals are subject to Gateway being satisfied as to the authority and identity of the instructing party. Investment Terms We may set maximum and minimum deposits and terms for Term Deposit Accounts. Presently, they are: Minimum lodgement term of 3 months Maximum lodgement term is 60 months (five years) Minimum deposit amount of $1,000 Whilst there is no maximum deposit amount, investments of $500,000 or greater may be subject to acceptance by Gateway and we reserve the right to negotiate applicable rate(s) before you invest. You may not add funds to the principal until the Term Deposit matures. For further details please refer to our current Interest Rate Schedule. Certificates Term Deposit Certificates will be issued on establishment of the Term Deposit. The Term Deposit Certificate includes information such as: Maturity date Instructions for principal at maturity Interest frequency and payment instructions Interest rate. Subsequent Certificates will only be issued if the investment term changes. Interest Payment Frequency Interest may be paid monthly, semi-annually, annually or at maturity (if maturity is 1 year or less). The interest payment methods available depend on the term chosen as summarised in the table on page 9. Interest Payment Methods Compound interest monthly, semi-annually, annually or at maturity (if maturity is one year or less); or Transfer interest to another Gateway account or a nominated account at another financial institution; or Cheque payable to the same name(s) nominated for your account. Note: For terms > 12 months, interest is paid at least annually. Interest Rate The interest rate on a Term Deposit Account will not change during the term of the deposit. If we quote you an interest rate for a Term Deposit Account, the rate may differ if the deposit is not made on the same day. The interest rate(s) applicable to each account including tiered rates are contained in our Interest Rate Schedule available upon request or at Interest Calculation Interest is calculated by multiplying the daily balance by the annual interest rate divided by the number of days in a year. We will not change the method of interest calculation or payment during the term of the deposit. However, we may change the terms and conditions for early withdrawals

16 Early Withdrawal Interest Penalties Apply We may upon receipt of a written request agree to repay part or all of your deposit before the term has ended. If we do so, interest will be paid on the amount withdrawn at a reduced rate from the date of deposit to the day prior to withdrawal. Unless we agree otherwise, the applicable interest rate will be the interest rate at the time of lodgement less a penalty of 2.00% per annum. Please note that in some instances where interest payments have been made prior to early withdrawal, the interest adjustment applied may result in a deduction from your principal investment. Any funds remaining in your Term Deposit will continue to earn the original fixed interest rate. Notice Period Gateway may require you to provide 7 days notice of early withdrawal. Remaining balance below $1,000 If you withdraw part of the Term Deposit early and the balance of the deposit falls below $1,000, the remaining balance will be deposited to your Gateway Savings Account unless you advise us otherwise. We reserve the right to close the account and transfer the Term Deposit to your Savings Account should you require an early withdrawal from a Term Deposit. When Your Term Deposit Matures We will send you a letter of notification of maturity approximately two weeks prior to the maturity date for your Term Deposit. Unless instructed otherwise, we will reinvest your Term Deposit on maturity for the same period, on the same terms and conditions, and at the interest rate applicable on the day the Term Deposit matures. Account Closure We may close a Term Deposit Account should the balance of that deposit fall below the minimum balance requirements applying at the time of the withdrawal. We may close any of your Term Deposit Accounts even though the account may have a credit balance if at the same time we close your Membership. We will give you reasonable notice before doing so and will repay any credit balance and accrued interest. Additional Terms and Conditions Payment Services A Payment Service may be established on any Gateway Everyday Savings Account at the discretion of Gateway. To establish a Payment Service you must complete an application if requested. If you request more than one payment we will determine the order in which payments are paid. You can cancel any Payment Service on request at any time. We are not liable to you if you request a transaction be stopped or altered but we have already debited the amount. We and our agents and contractors are not liable for any negligence, delay or error in transit or transmission of a Payment or Related Service unless we are liable under the EFT Code. We will pay you the deposit funds only if you instruct us in writing to do so when opening the account, rolling over the account, or before the day a particular deposit matures

17 Encoded Bank Deposit Slip Encoded bank deposit slip booklets are available on request and a fee may apply. You can deposit funds into your Gateway Savings or Loan Accounts using personalised encoded bank deposit slips at any Commonwealth Bank branch or at Gateway. Your encoded bank deposit slips are linked to a nominated account within your Membership. You cannot use them to transfer funds to any other account/s. You must obtain a separate booklet for each account from Gateway. Gateway Cheque You can withdraw funds from a Gateway account by completing a withdrawal application or similar signed directive, requesting a Gateway cheque be drawn in favour of any party you wish to nominate. A Gateway corporate cheque is one that is issued and paid by us, on your behalf. Payment of cheques will only be stopped if written evidence is provided by the Member who was issued with the cheque, that it has been lost or stolen, and he/ she indemnifies Gateway against all legal liability, costs and expenses incurred by Gateway in this action. We will dishonour a corporate cheque which has been fraudulently and materially altered. We will cooperate with any holder of a cheque or person who is about to receive it, who may want to verify that the cheque is valid. Privacy Gateway recognises the importance of your privacy and is committed to protecting any personal information about you held by us. The Privacy Policy describes how and what personal information Gateway may collect and how it is managed to safeguard your privacy. Gateway is bound by the Privacy Act 1988 and the ten National Privacy Principles set out in the Act. Personal Information We May Need To Hold Gateway will only ask for, and hold, the personal information from you that is needed to provide its products and services, to offer new products and services, and to fulfil any legal and regulatory requirements. If you do not provide the information we request from you, we may not be able to provide the product or service requested. The information we collect may include your name, home address, date of birth, mailing address, occupation, telephone and contact, and tax file number. The Anti-Money Laundering and Counter- Terrorism Financing Act may require us to collect and hold additional personal information in order to meet our obligations under this Act. Gateway also outsources some of its functions and we may disclose information about you to the service providers. This information is only provided in accordance with our Privacy Policy and is not for the personal use of the service provider. Service providers we currently use include solicitors, auditors, statement mailing house, mercantile agents and our bankers. Financial information, such as your financial position may be collected by us. If this information is obtained by conducting a credit check it will only be done so if you have first authorised us to carry out such checks

18 We will not collect, use or disclose sensitive information about you unless we are legally required to do so or it is necessary to provide a product and service and we have obtained your permission to collect it. Sensitive information includes religious affiliation, criminal record and ethnicity. Use of Your Personal Information We will advise you of the main reasons for asking for your personal information. The main reasons may relate to providing you with a product or service you have requested and the information collected may be used to/for: Determine your eligibility for the product or service Provide you with the product or service Assist you with managing the product or service and answering any queries you may have Contact you about our products and services (unless you ask us not to) Prevent fraud and other criminal activity in relation to your accounts Audit, risk management, staff training, record keeping, systems and product development and testing Credit scoring if you apply for a loan with us Regulatory reporting and compliance. Online Banking Usage We may also collect some information about you when you use our website Your usage of the facilities and information available on the website will help determine what (if any) information is collected. Visits to our website are anonymous however when you access the Online Banking site a small data file called a cookie is attached to your hard drive for record keeping purposes. It assists us in determining how our Members use the website. No information is stored by us inside a cookie and it is not linked back to any other information you have provided us. Usage patterns are tracked on an aggregate basis and your identity can not reasonably be ascertained from this information. Each time you visit the Online Banking site, a web server records your visit and this includes the date and time of your visit, internet provider s address and pages accessed. If you visit the website to conduct an online transaction, complete an online form or send us an we will record the information you provide including your address. Your address will not be added to a mailing list, provided to a third party or used for any purpose without your consent. Storage and Security of Your Information We store your information with a strong emphasis on its security and the protection of your privacy. Some of the measures include: All files containing personal information are held in secured areas that use devices such as swipe cards to restrict entry to authorised personnel only Personal information which is obsolete or no longer required is destroyed by means of a secure destruction service. The Anti-Money Laundering / Counter-Terrorism Financing Act may require some of this information to be held for seven years or longer before it can be destroyed Information about closed accounts and other archived information is held at a secure off-site facility prior to destruction. The length of time it is held prior to destruction will be determined by the various legislative requirements which must be met We do not provide information until we are satisfied that the person seeking information has the authority to do so and their identity has been verified 30 31

19 Access to our computer network is by user identification and password only. Passwords are changed regularly All users can be identified and security logs are regularly reviewed Deletion and purging of files no longer required by us is undertaken on a system wide basis Our network has the necessary security measures including firewall, virus protection and encryption Back up files are stored at a separate secure site Staff are only given access to information necessary to perform their role with the appropriate security clearance All our staff are bound by confidentiality clauses in their employment agreements relating to the appropriate use of Members information. Your Access to Your Personal Information We will handle your requests for access to your personal information in accordance with the National Privacy Principles. In most cases you can gain access to personal information held about you and you can ask for any corrections to be made. Requests can be made in person, by letter, telephone or and will be acted on once we have authenticated the request. Generally we will amend any personal information that is inaccurate, incomplete or out of date. There may be a fee for the provision of personal information depending on the complexity of the request and the age of the records required. These are detailed in our Fees and Charges brochure. Some of these circumstances include: An unreasonable affect upon the privacy of other Members The access would provide you with material that would not be available by the process of discovery in existing or anticipated legal proceedings It would reveal a commercially sensitive decision making process Reveal our intentions in relation to any negotiations with you which may prejudice those negotiations We are prevented by law from doing so An enforcement body performing a lawful security function asks us not to do so as it may interfere with the protection of the security of Australia We consider the request to be vexatious or frivolous Likely to prejudice detection, prevention, investigation or prosecution of criminal offences, confiscation of the proceeds of crime or the investigation of improper conduct by an enforcement authority (e.g. ASIC, ICAC). Direct Marketing Gateway may from time to time use the personal information we have collected to identify products and services which may be of interest to you. We may contact you to inform you by mail and / or of these products and services. Your consent to our providing this information will be implied unless you notify us that you do not wish to receive this information. There are circumstances under the National Privacy Principles whereby we may refuse to give you personal information held about you. In the event of refusal we will provide you with the reasons for our decision

20 To Complain About a Breach of Privacy If you are concerned that we may have breached your privacy and wish to make a complaint you may write to: The Privacy Officer Gateway Credit Union Ltd GPO Box 3176 SYDNEY NSW 2001 Or you can call If you are not satisfied with our response to your complaint you may follow the guidelines contained in our Dispute Resolution Scheme brochure. Should this not resolve your complaint satisfactorily, you may contact the external dispute resolution scheme or the Federal Privacy Commissioner on External Dispute Resolution Scheme Credit Ombudsman Service Limited (COSL) Taxation Implications As interest is income, tax may be applicable on the interest earned on funds deposited in your Gateway savings account/s. Quotation of your tax file number is not compulsory but if you do not quote your tax file number, or claim an exemption from quoting a tax file number, tax may be deducted from your interest earned at the highest marginal rate. Financial Claims Scheme The Financial Claims Scheme established under the Banking Act protects you, as a depositor, by providing you timely access to your deposits, up to a defined amount, in the unlikely event that the credit union becomes insolvent and is placed into liquidation. You may be entitled to payment under the Financial Claims Scheme. Payments under the scheme are subject to a limit for each depositor. For further information about the Financial Claims Scheme: Visit the APRA website at Phone the APRA hotline