Everyday Student

The issuer of this product is Illawarra Credit Union, a division of Community First Credit Union Limited ABN 80 087 649 938 AFSL and Australian credit licence 231204
Last Review Date: 30 September 2024

Description of Target Market

Retail clients who are aged between 12-23 and need a transactional bank account to manage their funds and facilitate payments.

Description of Product

This is an Everyday Student Account and the key features are:

  • at call funds
  • no minimum deposit of $1 is required
  • no interest
  • card access
  • internet banking
  • banking app
  • telephone banking available until 30 November 2024. Effective 1 December 2024 phone banking will be decommissioned.
  • no monthly account keeping fee
  • limited to 1 per membership

Distribution Conditions

This product is distributed by the issuer through the following channels:

  • Branch
  • Call Centre
  • Mobile lenders
  • Brokers as part of the loan application

Distribution conditions for this product include:

  • Ensuring that retail clients meet the eligibility requirements
  • Ensuring that distribution through our branch, call centre, and mobile lenders are by appropriately trained staff
  • Ensuring that distribution is through accredited brokers which are approved by Illawarra Credit Union
  • 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: This TMD is to be reviewed every two years and the next review is due on 30 September 2026.

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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