ING - Terms and Conditions - Australia Post
ING - Terms and Conditions - Australia Post
ING - Terms and Conditions - Australia Post
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Time<br />
to read the<br />
fine print<br />
1<br />
Personal Term Deposits<br />
<strong>Terms</strong> <strong>and</strong> <strong>Conditions</strong><br />
Date: 13 February 2011
Do I<br />
really<br />
need<br />
to read<br />
this?<br />
Where to keep your hard earned money safe<br />
from temptation isn’t a snap decision - so grab<br />
a cuppa, put your feet up <strong>and</strong> once you’ve<br />
gone through this booklet keep it somewhere<br />
safe so you can refer back to it later.<br />
Contents<br />
1. It’s nice to feel welcome<br />
A snapshot view of an <strong>ING</strong> DIRECT<br />
Personal Term Deposit 5<br />
<br />
<br />
<br />
2. Open sesame!<br />
What’s involved in opening a Personal Term Deposit 10<br />
<br />
<br />
<br />
<br />
3. It’s all adding up<br />
Interest 14<br />
<br />
<br />
<br />
4. Money in, money out<br />
Operating a Personal Term Deposit 18<br />
<br />
<br />
<br />
<br />
<br />
<br />
5. No bank fees, no worries<br />
Fees <strong>and</strong> charges 27<br />
6. Who’s responsible?<br />
Who’s liable for unauthorised transactions 28<br />
<br />
<br />
<br />
<br />
<br />
<br />
2 3
7. Putting the brakes on<br />
Placing a stop on your Personal Term Deposit<br />
<strong>and</strong>/or closing it 31<br />
<br />
<br />
8. Things change<br />
Changes to conditions 34<br />
<br />
<br />
<br />
<br />
<br />
9. This is no time for decaf<br />
Other important information 37<br />
<br />
<br />
<br />
<br />
<br />
<br />
10. Do not disturb<br />
Privacy Statement 40<br />
11. R.E.S.P.E.C.T<br />
We welcome feedback, <strong>and</strong> resolving concerns 43<br />
<br />
<br />
<br />
12. It’s all there in black <strong>and</strong> white<br />
(<strong>and</strong> orange)<br />
Direct Debit Request Service Agreement 46<br />
1. It’s nice to feel<br />
welcome<br />
A snapshot view of an <strong>ING</strong> DIRECT<br />
Personal Term Deposit<br />
About this booklet<br />
Features at a glance<br />
Explaining words in plain English<br />
Thank you for considering an <strong>ING</strong> DIRECT Personal<br />
Term Deposit.<br />
<br />
please read this <strong>Terms</strong> <strong>and</strong> <strong>Conditions</strong><br />
booklet carefully <br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
ingdirect.com.au 133 464.<br />
<br />
at 13 February 2011.
Personal Term Deposit<br />
Features at a glance<br />
Significant<br />
benefits<br />
Significant<br />
risks<br />
Fees <strong>and</strong><br />
charges<br />
Interest<br />
rates<br />
Calculation<br />
<strong>and</strong> payment<br />
of interest<br />
Maturity<br />
options<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Statement<br />
of account<br />
Significant<br />
account<br />
conditions<br />
Taxation<br />
implications
Explaining words in plain English<br />
“Access Code” <br />
<br />
<br />
“account” <br />
“Anniversary Date” <br />
<br />
<br />
“attorney” <br />
<br />
“business day” <br />
“Client Number” <br />
<br />
<br />
<br />
“closing balance” <br />
<br />
<br />
“Codes” <br />
<br />
“daily balance” <br />
<br />
“Direct Associate” <br />
<br />
“Direct Debit Request” <br />
<br />
<br />
“early termination date” <br />
<br />
“EFT Code” <br />
<br />
“EFT institution’s equipment” <br />
<br />
<br />
<br />
<br />
<br />
<br />
“eligible <strong>ING</strong> DIRECT account” <br />
<br />
<br />
<br />
<br />
“enhanced security measure” <br />
<br />
<br />
<br />
<br />
<br />
“external bank account” <br />
<br />
<br />
<br />
<br />
“<strong>ING</strong> DIRECT” <br />
<br />
<br />
“Interactive Service” <br />
<br />
<br />
<br />
“linked bank account” <br />
<br />
“maturity date” <br />
<br />
<br />
“Personal Term Deposit” <br />
<br />
”principal” <br />
“Security Code” <br />
<br />
measures.<br />
“security device” <br />
<br />
”st<strong>and</strong>ard term” <br />
<br />
”Temporary Access Code” <br />
<br />
<br />
“unauthorised transactions” <br />
<br />
“us”, “our” <strong>and</strong> “we” <br />
“Welcome Letter” <br />
<br />
<br />
<br />
“you”, “your”
2. Open<br />
sesame!<br />
What’s involved in opening a Personal Term<br />
Deposit?<br />
Eligibility <br />
<br />
<br />
Applying <br />
<br />
<br />
<br />
Verifying <br />
<br />
Account opens <strong>and</strong> is activated <br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Requirements for opening<br />
an account<br />
Am I eligible to apply?<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Who can open <strong>and</strong> operate<br />
a Personal Term Deposit?<br />
<br />
<br />
Personal Term Deposits opened <strong>and</strong>/or operated by<br />
attorneys<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
identity.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
What about my adviser?<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
10 11
I need a linked account<br />
– what does that mean?<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
What do I have to provide when I apply?<br />
You need to provide your:<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
And if you are applying by paper <strong>and</strong> linking to an<br />
external bank account, either:<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
What does verification mean?<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Account opens <strong>and</strong> is activated<br />
<br />
<br />
<br />
<br />
<br />
<br />
12 13
3. It’s all<br />
Interest<br />
adding up<br />
<br />
<br />
<br />
Interest<br />
How we calculate interest<br />
Tax implications, Tax File Numbers <strong>and</strong><br />
Withholding Tax<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Loyalty Bonus<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
How we calculate interest<br />
<strong>Terms</strong> of one year or less<br />
<br />
<br />
<br />
<br />
<br />
<br />
Daily balance x interest rate (as a percentage)<br />
<br />
365<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Early Termination – terms of one year or less<br />
<br />
<br />
<br />
<br />
<br />
Type of Term<br />
Term – if you selected<br />
your own maturity date<br />
St<strong>and</strong>ard<br />
Term<br />
<br />
Interest<br />
rate<br />
reduction<br />
Less than 64 Days 30 Day 0.25% p.a.<br />
65 - 99 Days 90 Day 0.50% p.a.<br />
100 - 149 Days 120 Day 0.75% p.a.<br />
150 - 199 Days 180 Day 0.75% p.a.<br />
200 - 249 Days 210 Day 1.00% p.a.<br />
250 - 299 Days 270 Day 1.00% p.a.<br />
300 - 349 Days 330 Day 1.00% p.a.<br />
350 - 365 Days 1 Year 1.00% p.a.
The following example is for illustrative purposes only.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<strong>Terms</strong> of more than one year<br />
<br />
<br />
<br />
<br />
<br />
Daily balance x interest rate (as a percentage)<br />
365<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
maturity date.<br />
Early Termination - terms of more than one year<br />
<br />
<br />
<br />
<br />
<br />
Term Interest rate reduction<br />
2 Years 2.00% p.a.<br />
<br />
<br />
<br />
The following example is for illustrative purposes only.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
End of financial year maturities<br />
<br />
<br />
<br />
<br />
Tax implications, Tax File Numbers<br />
<strong>and</strong> Withholding Tax
4. Money in,<br />
money out<br />
Operating a Personal Term Deposit<br />
Making deposits<br />
Making withdrawals<br />
Maturity <strong>and</strong> reinvestment<br />
Statement of account<br />
The nitty gritty of using an Interactive Service<br />
Your security <strong>and</strong> Codes<br />
<br />
<br />
Operating a Personal Term Deposit<br />
<br />
<br />
Joint account holders<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Making deposits
Making withdrawals<br />
Partial withdrawals<br />
<br />
<br />
How to make a withdrawal prior to maturity<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Overdrawn accounts<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Maturity <strong>and</strong> reinvestment<br />
Six options for maturity<br />
<br />
<br />
<br />
us to:<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Making additional deposits<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
20 21
Changing your maturity instructions<br />
<br />
any time up to one business day before the<br />
maturity date by:<br />
ingdirect.com.au <br />
<br />
133 464.<br />
When renewing your Personal Term Deposit<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Maturity instructions<br />
<br />
<br />
<br />
<br />
Statement of account<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
The nitty gritty of using an<br />
Interactive Service<br />
Your Client Number <strong>and</strong> Access Code<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Transactions via an Interactive Service<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
22 23
Confirmation of transactions<br />
<br />
<br />
<br />
<br />
Deposit discrepancy<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Keeping track of transactions<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Your instructions<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
System failures <strong>and</strong> maintenance<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Your security <strong>and</strong> Codes<br />
Enhanced security measures<br />
<br />
<br />
<br />
<br />
<br />
you may:<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Keeping your Codes secret
situation.<br />
<br />
<br />
<br />
you do so.<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
5. No bank fees,<br />
no worries<br />
Fees <strong>and</strong> charges<br />
<br />
<br />
<br />
There are no <strong>ING</strong> DIRECT fees<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Government Charges
6. Who’s<br />
responsible?<br />
Who’s liable for unauthorised transactions?<br />
When you’re not liable<br />
When you’ll have limited liability<br />
When you’ll be liable<br />
Warning: Account Aggregation Services<br />
Liability for unreasonably delaying notification<br />
Liability caused by equipment malfunctions<br />
<br />
<br />
<br />
<br />
When you’re not liable<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
When you’ll have limited liability<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
When you’ll be liable
Warning: Account Aggregation Service<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Liability for unreasonably delaying<br />
notification<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Liability caused by equipment<br />
malfunctions<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
7. Putting the<br />
brakes on<br />
Placing a stop on your Personal Term Deposit<br />
<strong>and</strong>/or closing it<br />
We may place a stop on your Personal Term<br />
Deposit<br />
.<br />
<strong>and</strong>/<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
30 31<br />
<br />
How your Personal Term Deposit may be closed<br />
We may place a stop on your<br />
Personal Term Deposit if:
How your Personal Term Deposit<br />
may be closed<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Your account will be automatically closed if you instruct us to:<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
“ <br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
32 33
8. Things<br />
Change to conditions<br />
change<br />
We may change these conditions<br />
We’ll give you notice of any changes<br />
Change of name <strong>and</strong> address<br />
Notices <strong>and</strong> return mail<br />
Change of linked bank account<br />
<br />
<br />
<br />
<br />
We may change these conditions<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
We’ll give you notice of any changes<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Change of name <strong>and</strong> address<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Notices <strong>and</strong> return mail
Change of linked bank account<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
your attorney:<br />
<br />
<br />
<br />
<br />
9. This is no time<br />
for decaf<br />
Other important banking information<br />
When we may act<br />
The Code of Banking Practice<br />
The EFT Code<br />
Privacy <strong>and</strong> confidentiality<br />
<strong>Australia</strong>n Financial Services Licensees<br />
Financial Claims Scheme<br />
<br />
<br />
When we may act<br />
<br />
<br />
The Code of Banking Practice
The EFT Code<br />
<br />
<br />
<br />
<br />
Privacy <strong>and</strong> confidentiality<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<strong>Australia</strong>n Financial Services Licensees<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Financial Claims Scheme
10. Do not<br />
disturb<br />
<br />
<br />
<br />
Privacy Statement<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Collection of your personal information from you or<br />
other sources;<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Use <strong>and</strong> disclosure of your personal information;<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<strong>and</strong><br />
<br />
<br />
<br />
identity.<br />
<br />
<br />
<br />
<br />
<br />
<br />
Access to your personal information;<br />
<br />
<br />
<br />
<br />
<br />
be made by you.
Receipt of further <strong>ING</strong> Group information;<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Updating your personal information;<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Use of internet cookies;<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
11. R.E.S.P.E.C.T<br />
We welcome feedback, <strong>and</strong> resolving concerns<br />
What to do if you have a concern<br />
Details of what we’ll do<br />
Who else to contact
What to do if you have a concern<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
address it to:<br />
<br />
<br />
<br />
Details of your concern<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Escalating a concern<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Details of what we’ll do<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Who else to contact
12. It’s all there<br />
Direct Debit Request<br />
Service Agreement<br />
in black <strong>and</strong><br />
white<br />
(<strong>and</strong> orange)<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
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1. Drawing arrangements<br />
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2. Your rights<br />
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3. Your responsibilities
Hey, you made it to the end. Well done!<br />
Just in case you want to make any notes, or jot down<br />
some questions – here are a couple of blank pages.<br />
Remember, we’re here to help – <strong>and</strong> we’re only a<br />
phone call away, 24 hours a day, 7 days a week.
Visit our website at<br />
ingdirect.com.au<br />
Mail us (no stamp required) at:<br />
<strong>ING</strong> DIRECT<br />
Reply Paid 2682<br />
Sydney NSW 2001<br />
Call 133 464<br />
24 hours a day, 7 days a week