Christmas Account

The issuer of this product is Illawarra Credit Union Limited ABN 14 087 650 771 AFSL/Australian credit licence 245576
Date of creation: 5/10/2021

Description of Target Market

Retail clients who are able to and intend to make regular deposits and need the ability to withdraw funds at call without penalty between 1 November to 31 January.

Description of Product

This is a Christmas Account and the key features are:

  • at call funds
  • minimum initial deposit of $1 is required
  • tiered variable rate of interest
  • internet banking
  • banking app
  • telephone banking
  • early withdrawal fee payable when a withdrawal is made outside of the penalty free period (1 November to 31 January)
  • limit of 1 account per membership

Distribution Conditions

This product is distributed by the issuer through the following channels:
  • Branches
  • Call Centre
  • Online
  • Mobile lenders
Distribution conditions for this product include:
  • Ensuring that retail clients meet the eligibility requirements
  • Ensuring that distribution through branches, call center, online and mobile lenders are by appropriately trained staff
  • There are no other distributors of this product

Review Triggers

The review triggers that would reasonably suggest that the TMD is no longer appropriate include:
  • A significant dealing of the product to consumers outside the target market occurs,
  • A significant number of complaints are received from customers in relation to their use of the product that reasonably suggests that the TMD is no longer appropriate,
  • A material change to the product or the terms and conditions of the product occurs which would cause the TMD to no longer be appropriate.
The Product Governance Framework which includes the Product Policy and related policies includes regular consideration of whether there has been a review trigger following each distribution information report.  That consideration is by reference to paragraphs 154 to 156 of RG 274 Product Design and Distribution Obligations published by ASIC.

Review periods: First Review Date: 05/04/2022 Second Review Date: Every two years after the initial and each subsequent review.

Distribution reporting requirements

The following information must be provided to Illawarra Credit Union by distributors who engage in retail product distribution conduct in relation to this product: *
*Type of Information Description Reporting Period
Complaints Number of complaints Every 6 months
Significant Dealing(s) Date or date range of the significant dealing(s) and description of the significant dealing (eg, why it is not consistent with the TMD) As soon as practicable and in any case within 10 business days after becoming aware
Customers outside the target market The number of customers who have an account but are not within the target market Every 6 months

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