Term Deposit Accounts for QCU Simple Super

Transcription

1 Term Deposit Accounts for QCU Simple Super Product Disclosure Statement (PDS) This PDS is current from 12 December 2014 and includes this document, its terms and conditions and our current Interest Rate Brochure which will change from time to time. 1 Q745

2 This PDS This PDS provides information about Term Deposit Accounts for QCU Simple Super issued by Qantas Credit Union ( the Credit Union, we, our or us ), to assist in consideration of whether to open accounts included in this PDS, and also contains the terms and conditions of those accounts. It is general in nature and does not take into account financial needs, objectives or circumstances. This PDS includes: Product Summary, Terms and Conditions, Fees and Charges and Important Information; and The Interest Rate Brochure - setting out current interest rates, The Interest Rate Brochure is a separate document which forms part of this PDS. Statement of Advice By issuing this PDS, we do not give any financial advice or make any financial recommendation. If we ever give personal advice on term deposits/investment accounts, we will provide a Statement of Advice which sets out the financial needs and circumstances advised to us and the advice we have given on the product. About Us Qantas Staff Credit Union Limited is an Australian Authorised Deposit-Taking Institution (ADI) regulated under the Banking Act 1959 by the Australian Prudential Regulation Authority (APRA). As such, we are subject to the same prudential requirements, and depositors receive the same protection, as any other Australian bank, building society or credit union. We began in 1959, when a small group of Qantas Airways employees formed a financial co-operative for competitive loans and savings accounts. Today we have over 80,000 Members and provide a vastly expanded range of financial services. A copy of our latest Annual Report can be obtained at our website, or by calling Financial Services Guide For information on our full range of products and services, see our Financial Services Guide (FSG). Our FSG, together with our constitution and details of how to become a shareholding Member of the Credit Union, with access to our full range of products and services, are available at our website, or by calling Q745

3 Membership of QCU Simple Super QCU Simple Super is only available to Members with login access to our internet banking service. Membership eligibility and conditions of Membership are governed by our constitution, which is available at or can be inspected by arrangement at the Head Office of Qantas Credit Union. Member Care Statement Please read this PDS and other referenced documents carefully and consider obtaining independent expert advice about the suitability of these products before opening an account. Always retain a copy of all PDS documents for future reference. Term Deposit Accounts Product Summary A Term Deposit Account is a deposit account with a competitive interest rate. Subject to any approved emergency withdrawal (refer below), the interest rate is fixed for the term of the deposit. Term Deposit Accounts have the following features and benefits: Choice of 12, 24 or 36 month terms. Minimum term deposit is $10,000. The interest rate is fixed for the term of the term deposit. Interest is calculated daily and paid monthly with the final monthly payment made on the day of maturity. At maturity, the principal can, at the choice of the member, be automatically renewed for the same or closest term (subject to availability) at the interest rate applicable at the time of renewal, or if no member maturity instructions are provided at least 2 days before maturity, the principal and any remaining interest will be paid. If the term deposit matures on a weekend or public holiday, it will be extended to the next Business Day (interest will continue until the extended maturity date). Term Deposit Account Risks and Safeguards Term Deposit Accounts involve various risks, including: interest rates may rise or fall over the term of the term deposit; o term deposits cannot be accessed until expiry of the term, unless we approve an emergency withdrawal (partial early withdrawals will not be allowed), in which case an interest penalty of the greater of $10 or 2% per annum, calculated on the amount of the original deposit from the start of the current term until the date of the withdrawal. o If no maturity instructions are provided on application or at least 2 business days prior to the maturity date, the initial deposit and 3 Q745

4 interest will be disbursed into your other QCU Simple Super account. Before opening or renewing a Term Deposit Account: obtain independent financial advice; consider whether access to the deposit may be needed prior to maturity to select the appropriate term; and Emergency Withdrawals In an emergency or in the case of personal hardship, we may exercise our absolute discretion and allow a withdrawal of a Term Deposit early (partial early withdrawals will not be allowed). A request for an emergency withdrawal must be made in the relevant form at least seven days before the funds are required. As an emergency withdrawal represents a change to the original agreement, if approved, a break fee and an interest penalty will be incurred. The interest penalty will be the greater of $10 or 2% per annum, calculated on the amount of the original deposit from the start of the current term until the date of the withdrawal. In the event of the death, before the maturity date, and if requested, we will pay both the principal and interest, without penalty, on completion of the normal legal requirements. Interest Interest on Term Deposit Accounts is calculated on a daily basis and is fixed for the term of the deposit. Interest will be calculated from the date of lodgement of the deposit, but will not be paid for the day on which the deposit matures. Interest is paid monthly. Current Interest Rates are available in the Interest Rate Brochure, or from our website For example: If the Term Deposit is $10, for 12 months from 1/03/2013 to 1/03/2013 (total of 365 days), with an interest rate of 5.0%, the interest paid will be $ The example above is indicative only and uses rates and figures selected by us to demonstrate how the product works. Actual interest rates vary from time to time. Fees and Charges We may increase fees and charges.where this occurs; we will advise you in writing at least 30 days prior to the increase. Changes to this PDS 4 Q745

5 This PDS can be changed by us at any time in accordance with the terms and conditions, any applicable law or code of conduct. Refer to the Schedule 1. Tax Implications Taxation is complex and professional advice should be obtained. Interest earned on deposit accounts must be declared for income tax purposes. If we are not provided with a tax file number, or exemption, we will deduct tax from interest earned at the highest personal income tax rate. Problems or Disputes We aim to resolve any problems as soon as possible. If we cannot resolve an issue immediately then we will: Advise who is handling a complaint; Provide updates on what is happening; and Aim to resolve the complaint within 21 days. Written complaints, will receive a written reply. If a dispute is not resolved in an acceptable manner, we will explain the reasons for the outcome and the further action that can be taken. We comply with the epayments Code and the Customer Owned Banking Code of Practice complaint investigation and resolution procedures in respect of those matters covered by those codes. Unresolved Complaints If dissatisfied with the outcome of a complaint, an independent review is available through the Credit Ombudsman Service Limited: Mail - PO Box A252 SYDNEY SOUTH NSW 1235; Phone ; Fax ; or Website - For further information a copy of our Dispute Resolution Brochure is available at our website, or call us on Privacy and Confidentiality Our Privacy Policy explains our commitment to the protection of personal information. You may obtain a copy of our Privacy Policy by: Going to Our Privacy Policy on our web site at Calling ; In addition to the Credit Union s duties under legislation, we have a general duty of confidentiality, except in the following circumstances: Where disclosure is compelled by law; Where there is a duty to the public to disclose; Where the interests of the Credit Union require disclosure; 5 Q745

6 Where disclosure is made with express or implied consent. Refer to Schedule 3 for more information. Credit Union Details These accounts are provided by: Qantas Staff Credit Union Limited trading as Qantas Credit Union ABN AFSL No Address 420 Forest Road, Hurstville NSW 2220 For further information please contact our Financial Services Department at any of the following: Phone Fax Mail - Locked Bag 6747, Hurstville BC NSW 1481 Terms and Conditions, Fees and Charges and Important Information 1. Terms and Conditions page 6 The terms and conditions applying to Cash Accounts and Term Deposit Accounts for Oasis Investors are contained in Schedule 1, which forms part of this PDS. 2. Fees and Charges page 9 The Fees and Charges applying to Cash Accounts and Term Deposit Accounts for Oasis Investors are contained in Schedule 2, which forms part of this PDS. 3. Important Information page 10 Important information is contained in Schedule 3, which forms part of this PDS. Schedule 1 Terms and Conditions Customer Owned Banking Code of Practice -The relevant provisions of the Customer Owned Banking Code of Practice apply to these accounts. Account Combination or Set Off - We reserve the right to use any credit balance in an account to repay any debt the account owner owes us. Account Opening The relevant application forms part of the contract between the Credit Union and the account owner and are to be read together with this PDS. We reserve the right to refuse to provide an account or related service. A Tax File Number (TFN) may have to be provided to avoid having tax taken out of interest payments. General Descriptive Information - Refer to the Important Information in Schedule 3. This includes information about: 6 Q745

7 account opening; our obligations in relation to management of personal information; complaints; our right to combine accounts; information checks; the importance of reading these terms and conditions. Information on current interest rates is available on request or in the Interest Rate Brochure. Business Day A business day means a day we are open for business in New South Wales and does not include a Saturday, Sunday or public holiday. Fees and Charges - We may charge fees and charges on these accounts. Refer to Schedule 2 of this PDS. Interest Calculation / Payment Method - We will calculate interest on the daily balance of these accounts and pay it monthly. The daily interest rate is the relevant annual rate divided by 365. We will not change the method of interest calculation or payment during the term of a Term Deposit. Interest will be calculated from the date of lodgement of the Term Deposit, but will not be paid for the day on which the deposit matures. Interest Rate -The interest rate on a Term Deposit Account will not change during the term of the deposit. If we quote an interest rate for a Term Deposit, the rate may differ if the deposit is not made on the same day. The interest rate for new Term Deposits may be varied without notice. We will provide information on current interest rates on request. Minimum Balance The minimum deposit for Term Deposit Accounts is $10, Maximum Balance Term Deposit Accounts over $1million are subject to approval. Variations - We may vary the PDS, including these terms and conditions and PDS at any time. If we vary the terms and conditions we will give notice of the change by notice in a newspaper advertisement, statement of account, a notice of our website or by letter. When we give notice will depend on the type of change. If we: introduce a new fee or charge, we will give at least 30 days notice; change a standard fee and charge, increasing the account owner s obligations, we will notify no later than the day we make the change; change a standard fee and charge, decreasing the account owner s obligations, we will notify the account owner in our next contact after making the change; make other changes, increasing the account owner s obligations, we will notify no later than the day we make the change; or 7 Q745

8 make other changes, decreasing the account owner s obligations, we will notify the account owner in our next contact after making the change. Withdrawal Restrictions - A Term Deposit is lodged on the understanding that it is not withdrawn before the maturity date. Early Withdrawal - Reduced Interest We may agree to repay all of a Term Deposit Account before the term is ended in the case of emergency or personal hardship. If we do, interest will be paid at a reduced rate from the date of the deposit to the date of the withdrawal. The reduced rate will be decided by us from time to time and can be much lower than the rate that would otherwise apply if the funds were in a savings account. Any interest paid at the higher rate on amounts withdrawn before maturity will be recalculated at the reduced rate and the difference payable on deducted interest on withdrawal, or if this is not sufficient, from the principal at the time of withdrawal. Maturity of Term Deposit You will be notified that your Term Deposit is due and up for renewal, 5 days prior to maturity. When a Term Deposit has matured, you will receive notification of the maturity date and amount. Schedule 2 Fees and Charges These fees and charges are applied by the Qantas Staff Credit Union for the various services we provide as at the date of this PDS. Early withdrawal fee $10 or 2% per annum As an emergency withdrawal represents a change to the original agreement, if approved, a break fee and an interest penalty will be incurred. The interest penalty will be the greater of $10 or 2% per annum, calculated on the amount of the original deposit from the start of the current term until the date of the withdrawal. Government Taxes and Duties Nil We currently absorb any government duties or taxes on accounts, but we reserve the right to change this policy from time to time. For other fees and charges that may apply to your Term Deposit please refer to QCU Simple Super Fees and Costs fact sheet. Schedule 3 Important Information We are subject to the Customer Owned Banking Code of Practice. This means that each relevant provision of the Customer Owned Banking Code of Practice will apply to accounts and that we are required to give certain general descriptive information. This schedule provides general descriptive information about: - Our accounts; 8 Q745

9 - Privacy; and - Identification requirements. Our Accounts Account Name -The law does not allow a person to open or maintain an account using a false name. However, if a person is commonly known by more than one name, that person can open an account in one of those names. A person must advise us of all the other names that the person uses and are known by. If you change your name, for example upon marriage, you will need to show us evidence of the change of name, for example a marriage certificate. We will give guidance with the procedure to change the name of an account. Identification - Credit Unions and all other financial institutions must apply procedures to prove identity when a person opens an account. We will need to complete a full identify check. Refer to the section below on identification requirements. Account Combination or Set Off -In certain circumstances, we may have the right to use any credit balance in an account to repay a debt owed to us. Our Terms and conditions reserve the right to do this. However, even if we do not reserve the right in the terms and conditions, the law sometimes permits us to do it anyway. We will give notice promptly after exercising any right we have to combine accounts. Terms and Conditions - Please read the terms and conditions before opening an account. The terms and conditions set out rights and obligations. It is important to understand these rights and obligations. Complaints - Please refer to the Problems and Disputes section of this PDS or our Dispute Resolution brochure, which contain information relating to the dispute resolution procedures we have put in place. These are available by calling Information is also available on our website, Privacy Confidentiality of personal information - Apart from any duty of confidentiality under legislation, we have a general duty of confidentiality except where: - disclosure is required by law; - there is a duty to the public to disclose; - our interests require disclosure; or - disclosure is made with express or implied consent. Subject to that, we may not disclose personal information to another person without consent. Correction of customer information - We will provide, on request, information about a person which is readily accessible to us and which may lawfully be provided. The information we are required to provide is limited to our record of 9 Q745

10 address, occupation, marital status, age, sex, accounts with us and balances and statements relating to those accounts. This is called Customer Information. We need not comply with a request unless the Customer Information has been identified as clearly as possible. We may charge a fee for our reasonable costs of supplying Customer Information. Refer to Schedule 2. We will correct Customer Information, upon request, if we are satisfied that the relevant information is incorrect. We will deal with requests for access to Customer Information, or requests for its correction, within a reasonable time. Other duties - We will not collect information by unlawful means. We will not collect, use or disseminate information about: - political, social or religious beliefs or affiliations; - race, ethnic origins or national origins; or - sexual preferences or practices; except to collect, use or disseminate this information in accordance with the Customer Owned Banking Code of Practice and Australia Privacy Principles. We will take reasonable steps to protect personal information we hold against loss and against access, use, modification or disclosure that is unauthorised. We will require all staff with access to personal information to maintain confidentiality concerning that information. We will comply with the requirements of the Australian Privacy Principles and any Privacy (Credit Reporting) Code. Please refer to our Privacy brochure for more information. Identification Requirements Credit Unions and all other financial institutions must apply procedures to prove a person s identify when a person opens an account. These procedures are part of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth), which is designed to help prevent people from using the financial system for tax evasion, terrorism financing and money laundering. We support this Australia-wide effort to fight crime and will do everything we can to make these procedures as smooth as possible for customers. 10 Q745

11 Qantas Staff Credit Union Ltd trading as Qantas Credit Union ABN AFSL / Australian Credit Licence BSB Q745