Term Deposits with Interest Paid at Maturity
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:
- need the certainty of a fixed rate of interest on their savings
- do not need the ability to withdraw funds at call prior to maturity of the deposit
- need to maximise the interest rate payable and will accept interest at maturity
Description of Product
This is a Term Deposit Account with Interest Paid at Maturity and the key features are:
- fixed interest rates for the selected term
- minimum and maximum deposit amounts
- available terms
- interest rate tiers
- interest paid on maturity
- automatic roll over available
- internet banking
- banking app
- telephone banking
Distribution Conditions
This product is distributed by the issuer through the following channels:- Branches
- Call Centre
- Online
- Mobile lenders
- 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.
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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