For your convenience, we have listed the most notable updates to the Account and Access Facility Conditions of Use. Updated wording is noted in italics.
Term Deposits:
New heading “Term Deposits”.
Additional information added to this section:
"1. A minimum of $5000 will apply to all new deposits."
"2. Your Term Deposit is lodged for a fixed term as specified in your Certificate of Investment. Subject to clause 6, the interest rate is fixed, and is not subject to variation, during the term. Interest is calculated on the daily closing balance. The annual interest rate applying to your Term Deposit is specified in your Certificate of Investment."
"3. Interest is paid at maturity. For terms greater than 12 months, interest is also paid annually (unless paid more frequently). Where available, you may at the time of application select fortnightly or monthly interest payments, which may be subject to lower interest rates (refer to the Bank’s Deposit Interest Rate brochure for current rates). Interest will only be compounded to the principal at maturity. Interest payments made other than on maturity will be credited or paid to your nominated account at the Bank or other ADI. If you do not nominate an account, interest will be credited to an account you hold at the Bank."
"4. We will follow the instructions received from you when the Term Deposit account was established as to how it will be treated at maturity. You may change these instructions by providing notice to us before the maturity date. However, if you have not provided any instructions to us before the maturity date of your Term Deposit, we will renew the Term Deposit for the same term (or most similar term then available), at the standard interest rate then payable by the Bank on deposits for that amount and term."
"5. When you re-invest your Term Deposit, you should be aware that higher interest rates may be available for other terms. Before making your decision, you should review the Bank’s Deposit Interest rates (currently available at www.australianmutual.bank)."
"6. On closure of the Term Deposit, including at maturity, the principal and any unpaid accrued interest will be paid to your nominated deposit account. Amounts payable on closure prior to maturity are subject to clauses 7 & 8."
"7. You may withdraw part or all of the Term Deposit before maturity. A reduced rate of interest will be paid on the amount withdrawn for the period from the Deposit Date to the date of early redemption. We may waive this condition for cases of emergency and financial hardship. Refer to the Bank’s Deposit Interest Rate brochure for current early redemption rates."
"8. If interest has been previously paid at the certificate rate and part or all of the Term Deposit is redeemed prior to maturity, the interest previously paid will be recalculated at the early redemption rate. The difference will be deducted from the interest payable at the time of redemption, or if this is not sufficient, an adjustment of the withdrawn principal amount will occur."
"9. Term Deposits of $1,000,000 and over are subject to acceptance by the Bank and rates are by negotiation."
"Would you like more information?
Please visit the Bank’s website to find further information on your accounts and to see how we manage your personal information www.australianmutual.bank."
Withdrawals using our corporate cheques:
Removal of section "Withdrawals using our corporate cheques (Ceased on 1 February 2024)"
Additional information removed from this section:
"This is a cheque the Bank draws payable to the person you nominate."
"If a corporate cheque is lost or stolen, you can ask us to stop payment on it. You will need to complete a form of request, giving us evidence of the loss or theft of the cheque. You will also have to give us an indemnity – the indemnity protects us if someone else claims that you wrongfully authorised us to stop the cheque."
"We cannot stop payment on our corporate cheque if you used the cheque to buy goods or services and you are not happy with them. You must seek compensation or a refund directly from the provider of the goods or services. You should contact a Government Consumer Agency if you need help."
While we've highlighted the changes that we think are the most relevant to our members, we recommend you review the full document here.
If any member would like more information on these changes, please contact us on 13 61 91.
