CommInvest Term Deposits

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1 CommInvest Term Deposits Dated 01 June 2014 General Information & Terms and Conditions This brochure includes: General Information CommInvest Term Deposit Terms & Conditions You should read this brochure before making an investment. If you have an enquiry in relation to this brochure, you can: Contact your Adviser/Broker (where an Adviser/Broker is involved), or contact your Investor Directed Portfolio Service (where an Investor Directed Portfolio Service is used) Telephone the CommInvest Term Deposit Centre on between 9am and 5pm (Melbourne time), Monday to Friday Write to CommInvest Term Deposit Centre, GPO Box 2867, Melbourne VIC 3001 This product is issued by the Commonwealth Bank of Australia ABN AFSL

2 Contents 1 Part 1: General Information Features at a glance General Information What is a CommInvest Term Deposit (CommInvest TD)? Who is a CommInvest TD suitable for? What are the key features and benefits? What do you need to do at Maturity? How are interest rates determined? How is interest calculated? How is commission calculated? What are the key costs? What are the key risks? What are the tax implications? How do I apply for a CommInvest TD? What happens if I invest through an IDPS provider? What if I have a complaint? Customer information and privacy Additional Obligations Financial Claims Scheme 10 Part 2: Terms and Conditions About these Terms and Conditions Defi nitions Opening a CommInvest TD Joint accounts Your warranties Information we may send you Lodgement terms Payment of Interest At maturity Withdrawals in advance of maturity Refusal of Service Government charges Change of personal details Commission Severance 16 Part 3: Direct Debit Request (DDR) Service Agreement Direct Debit arrangements Your rights Your responsibilities Contact details for the CommInvest Term Deposit Centre Application form Important information: The information in this brochure is up-to-date as at the date stated on the cover and subject to change from time to time. You will be able to fi nd updated information by contacting your Adviser/Broker (if applicable) or contact your Investor Directed Portfolio Service (where an Investor Directed Portfolio Service is used), or you can call the CommInvest Term Deposit Centre on between 9am and 5pm (Melbourne time), Monday to Friday. At your request, the CommInvest Term Deposit Centre will send you a paper copy of the information.

3 General Information 1.1 Features at a glance Key features Key risks A CommInvest Term Deposit (CommInvest TD) is an investment where the interest rate is guaranteed not to change for the whole of the nominated term. It provides the security of knowing that interest income is protected from fl uctuations in investment markets. A CommInvest TD is usually only made available through your Adviser/ Broker or IDPS provider but can be offered directly by the Bank (or through any agent(s) appointed by us) in some circumstances. You may not be able to take advantage of interest rate increases should interest rates rise during the term of your investment. Minimum balance $5, (maximum $500,000.00) Terms available Payment of interest Interest rates Fees and charges Withdrawals in advance of maturity Opening through an Investor Directed Portfolio Service (IDPS) When you open your CommInvest TD through an Adviser/Broker choose terms in days or months, ranging from 30 days to a maximum of 60 months. When you open your CommInvest TD through an IDPS provider they will advise the terms available within a range of 30 days to 60 months. When you open your CommInvest TD without an Adviser/Broker or IDPS provider choose from 3, 6, 9, 12, 24, 36, 48 or 60 months. These terms are available as whole months only. Paid into your nominated account or compounded according to the interest payment option you choose see page 3 of this brochure. Indicative interest rates are available from your Adviser/Broker or IDPS provider or, where an Adviser/Broker or IDPS provider is not involved, from the CommInvest Term Deposit Centre. No account keeping fees. Prepayment administration fee $ For further information see page 5 of this brochure. A CommInvest TD for a term of 2 years or less At the discretion of the Bank. A prepayment interest adjustment and prepayment administration fee will apply see page 5 of this brochure. A CommInvest TD for a term of more than 2 years You may withdraw all or part of your CommInvest TD prior to the maturity date. A prepayment interest adjustment and prepayment administration fee will apply see page 5 of this brochure. This does not apply to deceased estates. If you obtain a CommInvest TD through an IDPS some of the Terms and Conditions outlined within this brochure may vary. For details on variances please consult with your IDPS. 1

4 Part 1: General Information 1.2 General Information This brochure provides you with information to help you decide whether the product will meet your needs. It also helps you to compare the product with others you may be considering. This brochure provides information about a product called a CommInvest Term Deposit (CommInvest TD). If you decide to invest in a CommInvest TD, you should keep this brochure and all other documentation relating to your CommInvest TD for future reference. Information about the key benefi ts and risks of this product are set out in the section General Information. The Terms and Conditions that govern CommInvest TDs are set out in the Terms and Conditions section. When you lodge funds in a CommInvest TD you agree to the Terms and Conditions detailed in this brochure. 1.3 What is a CommInvest TD? A CommInvest TD is an investment where the interest rate is guaranteed not to change for the whole of the nominated term. It provides the security of knowing that interest income is protected from fl uctuations in investment markets. This product complements the range of investments available through your Adviser/Broker or IDPS provider (if applicable), which is why you will not fi nd CommInvest TDs at Commonwealth Bank branches or agencies. This product is usually only made available through your Adviser/Broker or IDPS provider but can be offered directly by the Bank (through its agent) in some circumstances. 1.4 Who is a CommInvest TD suitable for? A CommInvest TD may be appropriate for those who do not need immediate access to their money and are looking for a competitive interest rate that is guaranteed not to change for the whole of the nominated term. 1.5 What are the key features and benefits? When investing in a CommInvest TD, you agree to invest your funds for a set period of time, at a fi xed interest rate and interest payment option. This provides the security of knowing what the return will be, how frequently interest income will be paid and when the principal will be available. If we allow you to withdraw all or part of your funds prior to the maturity date, costs may apply (see Section 2.10 of the Terms and Conditions) 1.6 What do you need to do at maturity? Upon maturity you will have the choice to renew or redeem your CommInvest TD and we will seek your instructions. Where an IDPS provider is involved instructions will be sought from the IDPS provider. If you renew, the interest rate will depend on the amount, term and interest payment option you choose. For the latest rates available contact your Adviser/Broker or IDPS provider, or where an Adviser/Broker or IDPS provider is not involved, details of interest rates are available from the CommInvest Term Deposit Centre. Please note that the Bank offers higher rates on selected investment terms and these interest rates may be signifi cantly higher than for other terms. The Bank changes the term of its best rates from time to time. If your instructions for renewal or redemption of your CommInvest TD are not received prior to the date of maturity, the Bank will renew your CommInvest TD for the same term as before at the interest rate that applies on the day of maturity to that term (and on the Terms and Conditions then applying to the new CommInvest TD). Please note that, as a consequence of market rate movements and because the Bank changes the terms of its best rates from time to time, the interest rate applicable to your renewed CommInvest TD may be signifi cantly different, higher or lower, to the interest rate that you received in the previous term. 2

5 Part 1: General Information If you wish to change the amount, term or interest payment option that applies to your renewed CommInvest TD, you will have up to 6 calendar days after the maturity date for your instructions to be provided to the CommInvest Term Deposit Centre. Instructions can be provided through your Adviser/ Broker or IDPS provider, or where an Adviser/Broker or IDPS provider is not involved, by writing to the CommInvest Term Deposit Centre. If you give the CommInvest Term Deposit Centre instructions on or after the maturity date, you cannot subsequently change your instructions. Your renewed CommInvest TD: will be updated to refl ect your instructions which will apply effective from the date your CommInvest TD matured; and will be subject to the CommInvest TD Terms and Conditions and interest rates prevailing on the date of maturity. Terms available: Where an Adviser/Broker is involved in arranging the issue of the CommInvest TD, you may nominate a term in days or months, ranging from 30 days to a maximum of 60 months. Where an IDPS provider is involved in arranging the issue of the CommInvest TD, they will advise the terms available within a range of 30 days to 60 months. Where an Adviser/Broker or IDPS provider is not involved in arranging the issue of the CommInvest TD you may nominate a term in months of 3, 6, 9, 12, 24, 36, 48 and 60 months. These terms are available as whole months only. Interest payment options: Regular Interest is paid every 28 days and at maturity. Semi Annual Interest is paid every 6 months and at maturity. Semi Annual Compound Interest is added to your term deposit every 6 months and at maturity. Deferred Interest is paid at maturity (only available for terms, in days or months, up to and including 12 months). Annual Interest is paid every 12 months and at maturity. Annual Compound Interest is added to your term deposit every 12 months and at maturity. 1.7 How are interest rates determined? The rate of interest is based on the prevailing market interest rate. The market interest rate is adjusted by a margin that reflects: an allowance for the Bank s business costs, both fi xed and variable; any risks associated with the investment; the Bank s profit margin; and commission payable to your Adviser/Broker or IDPS provider (where an Adviser/Broker or IDPS provider is involved). The Bank s margin and any commission that may be payable to your Adviser/Broker or IDPS provider (and subsequently the interest rate) may vary from time to time due to changed market conditions, the timing of the transaction as well as the amount, term and interest payment option selected. Details of the amount of commission that may be payable to your Adviser/Broker or IDPS provider is available from your Adviser/Broker or IDPS provider. Also, the Bank offers higher rates on selected investment terms and these interest rates may be signifi cantly higher than the other terms. The investment terms giving the higher interest rates are periodically reviewed and changed by the Bank. 3

6 Part 1: General Information As interest rates may vary signifi cantly over time, you should always check and confi rm the current rates at the time of opening or renewing a CommInvest TD. Details of interest rates are available from your Adviser/Broker or IDPS provider. Where an Adviser/ Broker or IDPS provider is not involved, details of interest rates are available from the CommInvest Term Deposit Centre. 1.8 How is interest calculated? Interest is calculated daily on your CommInvest TD using the simple interest formula: Interest = amount invested x rate % per annum x number of days/365 Interest is paid to you in accordance with Section 2.8 of the Terms and Conditions. Example 1* You have lodged a 6 month CommInvest TD of $25, on 1 June at an interest rate of 4.00% per annum with a Semi Annual interest payment option (that is, interest is paid every 6 months and at maturity). The interest is calculated as follows: Interest earned on a deposit lodged on 1 June to mature on 1 December (183 days) = $25, x 4.00% x 183/365 = $ Total interest earned at time of maturity is $ How is commission calculated? This section is not applicable where an Adviser/Broker or IDPS provider is not involved in arranging the issue of a CommInvest TD, or where your investment was opened anytime from and including 1 July 2014 for a balance of $500,000 or less. For investments opened before 1 July 2014 this section may be applicable if commission was already applied to your investment as at 30 June Commission up to a maximum of 0.50% per annum may be payable to your Adviser/Broker or IDPS provider for selling a CommInvest TD. Your Adviser/Broker or IDPS provider will deduct the rate of any commission payable to them prior to quoting an interest rate to you, that is: Customer interest rate % per annum = gross interest rate % per annum commission rate % per annum Example 2 * You have lodged a 6 month CommInvest TD of $510, on 1 June with a Semi-Annual interest payment option (that is, interest is paid every 6 months and at maturity). The interest rate available to your Adviser/Broker or IDPS provider is 4.50% per annum. From this your Adviser/Broker is entitled to receive a commission of 0.50% per annum. As such, an interest rate of 4.00% per annum is quoted on this investment. Commission is calculated as follows: Commission payable on a deposit lodged on 1 June to mature on 1 December = $510, x 0.50% x 183/365 = $1, Total commission payable to your Adviser/Broker or IDPS provider is $1, What are the key costs? When investing in a CommInvest TD you agree to invest your funds for a set period of time at a fi xed interest rate. There are no account keeping fees to maintain this account. Prepayment costs If we allow you to withdraw all or part of your funds prior to the maturity date, a prepayment interest adjustment and a $30.00 prepayment administration fee will apply (these do not apply to deceased estate accounts) (see Section 2.10 of the Terms and Conditions). The interest adjustment applied will depend on the percentage of the original term elapsed. Table 1 below details the adjustments to be applied to withdrawals in advance of maturity. * Example used for illustrative purposes only. 4

7 Part 1: General Information Table 1: Adjustment to be applied Percentage of term elapsed Adjustment to be applied as a % of your interest rate 0% to less than 20% 90% 20% to less than 40% 80% 40% to less than 60% 60% 60% to less than 80% 40% 80% to less than 100% 20% For example, if your funds are invested for 50% of the agreed term, the interest to date will be adjusted by 60%. In other words, if the agreed interest rate at lodgement date was 4.00% per annum, the interest rate that you will earn on the amount that you have withdrawn early will be 40% of the interest rate agreed at the start of the term. That is the interest rate you would earn on the withdrawal amount is: 4.00% per annum (4.00% per annum x 60%) = 1.60% per annum. Example 3 * On 1 June, you have lodged a 183 day (approximately 6 month) CommInvest TD of $25, at an interest rate of 4.00% per annum with a Semi Annual interest payment option (that is, interest is paid every 6 months and at maturity). On 30 August, after 90 days (approximately 3 months) you request to withdraw the entire $25, The percentage of the term elapsed is calculated as follows: Percentage of term elapsed = number of days deposited/number of days in term x 100 = 90 days/183 days x 100 = 49.18% As 49.18% of the original term has elapsed, an adjustment of 60% will apply (refer Table 1). Interest rate adjustment = adjustment x your interest rate = 60% x 4% per annum = 2.40% per annum Interest adjustment amount = amount invested x number of days deposited/365 x interest rate adjustment = $25, x 90/365 x 2.40% = $ Interest is calculated until the date of withdrawal (the 90th day) at your original interest rate of 4.00% per annum. This amounts to $ This amount is reduced by the interest adjustment amount of $147.95, making an interest payment amount of $ A prepayment administration fee of $30.00 is also payable. The amount paid to you on the date of withdrawal is $25, (i.e. the original lodgement amount of $25, plus the adjusted interest payment of $98.63 less the prepayment administration fee of $30.00). Note: When calculating interest adjustments, the Bank takes into consideration any interest already paid to you during the term. Interest already paid will have been calculated at your original interest rate. As an adjustment is now being made to your original interest rate, interest already paid to you must also be adjusted down. Rather than asking you to repay some of the interest already paid to you by the Bank, we simply deduct the interest adjustment amount from the amount being repaid to you on the date of withdrawal. Despite this, the sum of the amount paid to you on the withdrawal date, plus the sum of all * Example used for illustrative purposes only. 5

8 Part 1: General Information previous interest payments will always be equal to or more than your original investment amount (excluding the prepayment administration fee) What are the key risks? Product Risk All investments involve a certain amount of risk, however a CommInvest TD is considered to be a relatively low risk product offered by the Bank. Interest Rate Risk Because the interest rate of your CommInvest TD is fi xed, you are protected from decreases in interest rates during the term of your investment. However, you may not be able to take advantage of interest rate increases should interest rates rise during the term of your investment. If the CommInvest Term Deposit Centre has not received instructions for renewal or closure of your CommInvest TD before the maturity date, the Bank automatically renews your CommInvest TD for the same term as before at the interest rate which applies on the day of maturity to that term. This Interest rate may be signifi cantly different, higher or lower, to the interest rate that applied in the previous term, as a consequence of market rate movements. Also, the investment terms giving the best interest rates may change from time to time as the Bank periodically reviews and changes these terms based on market and business needs. Legal Risk The Bank may be prohibited by law from dealing with certain persons or entities. This means that if it appears that you are, or act on behalf of, a proscribed person or entity, then the Bank may be required to suspend, cancel or refuse you services or close or terminate any arrangement with you. We may also be required to freeze assets of yours. You could incur signifi cant costs as a result of these actions What are the tax implications? Interest you have earned on this account may be subject to income tax. You should discuss any taxation issues with your independent tax adviser. Unless advised otherwise, the Bank will apply the Tax File Number (TFN), TFN exemption, or Australian Business Number (ABN) that has been provided, including your non-resident status and apply this on all your CommInvest TD holdings with us. If you do not provide us with a TFN, TFN exemption, or an ABN, or you are a non-resident, we are obliged by law to withhold tax from the interest you have earned How do I apply for a CommInvest TD? Simply contact your Adviser/Broker or IDPS provider who will assist you with completing the application form and any customer identifi cation forms which may be required. In some circumstances, an Adviser/Broker or IDPS provider will not be involved in arranging the issue of a CommInvest TD. In these circumstances, the Bank (or through any agent(s) appointed by us) can contact customers directly to provide assistance in applying for a CommInvest TD and the completion of the application form and any identifi cation forms required What happens if I invest through an IDPS provider? When you invest via an IDPS provider you are investing indirectly and as such, you do not become a direct account holder in the CommInvest TD product. It is the IDPS provider that is the account holder. Certain features of the product may not be available to you if you invest through an IDPS provider. You should talk to your IDPS provider to understand what features of the product are available to you. These product features include: minimum and maximum deposit amount, investment terms, interest payment options, maturity options, 6

9 Part 1: General Information withdrawal in advance of maturity, information we may send you What if I have a complaint? We accept that sometimes we can get things wrong, and when this happens we re determined to make them right again. Talk to us Most problems can be resolved quickly and simply by talking with your Adviser/Broker or IDPS provider (if applicable) or by calling the CommInvest Term Deposit Centre on (between 9am and 5pm Melbourne time Monday to Friday) or writing to the CommInvest Term Deposit Centre, GPO Box 2867, Melbourne VIC Customer Relations If you need further assistance after your initial enquiries, you can contact the Bank s Customer Relations team as follows: You may contact Customer Relations by: telephone ; facsimile ; writing to the address below: Commonwealth Bank Group Customer Relations, Reply Paid 41, Sydney NSW 2001; or online at When you make a complaint to Customer Relations we will: acknowledge your complaint and make sure we understand the issues; do everything we can to fix the problem; keep you informed of our progress; keep a record of your complaint; give you our name, a reference number and contact details so that you can follow up if you want to; and provide a fi nal response within 45 days. If we are unable to provide a fi nal response to your complaint within 45 days, we will: inform you of the reasons for the delay; advise you of your right to complain to the Financial Ombudsman Service (FOS); and provide you with the FOS contact details. External dispute resolution We expect that our CommInvest Term Deposit Centre will resolve any issue you raise. If, despite our best efforts, you believe your complaint has not been satisfactorily dealt with, you may wish to contact an alternative dispute resolution scheme. The Financial Ombudsman Service (FOS) is an impartial, independent and free alternative dispute resolution scheme for customers of fi nancial institutions. The types of disputes which can be considered by FOS are set out in the FOS Terms of Reference which can be accessed on its website: 7

10 Part 1: General Information You can contact FOS by: telephone on ; facsimile ; website or writing to the address below: Financial Ombudsman Service, GPO Box 3, Melbourne VIC 3001 If your CommInvest TD is held within a superannuation product you may refer your complaint to the Superannuation Complaints Tribunal (SCT). The SCT is a Commonwealth body that deals with complaints about superannuation. You can contact SCT: by telephone on ; in writing to the address below: Superannuation Complaints Tribunal, Locked Bag 3060, GPO Melbourne, VIC Customer information and privacy What information we collect In this clause you includes our customer and any person who holds offi ce in an entity which is a customer. We collect information about you (such as your name, address and contact details), and information about your interactions with us, such as transactions on your account. We may also collect publicly available information about you. Why we collect your information and what we use it for We collect your information because we are required to identify you in accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and in order to comply with taxation laws, such as the Taxation Administration Act 1953 and the Income Tax Assessment Act We also collect it to administer our customer relationships and internal processes including risk management and pricing, to meet our obligations in relation to external payment systems and under our arrangements with government agencies, and to identify and tell you about products and services that may interest you (unless you tell us not to). If you don t want to receive marketing information you can tell us by calling , or speak to your relationship manager. If you give us your electronic and telephone details, you agree we may use this to communicate with you electronically, by phone or SMS, including providing updates, reminders and (unless you tell us not to) marketing information. You must give us accurate and complete information; otherwise you may be breaking the law and we may not be able to provide you with the products and services that you require. If you change your personal details (e.g. address, name or address) you must tell us straight away. Who we may exchange your information with We may exchange your information with other members of the Group who may use your information for any of the purposes we can. We may also exchange your information with others outside the Group, for example, your representatives, our service providers, other fi nancial institutions (for example, in relation to a mistaken payment claim), enforcement and government authorities, relevant public registers and payment system operators (for example, BPAY Pty Ltd). Sometimes it may be necessary to send your information overseas for example, where we outsource functions overseas, send information to Group members overseas, where we need to complete a transaction on your behalf or where this is required by laws and regulations in Australia or in another country. See our Group Privacy Policy for more information. 8

11 Part 1: General Information Our Group Privacy Policy Our Group Privacy Policy is available on our website at commbank.com.au (follow the Privacy Policy link) or upon request from any branch of the Bank and should be read in conjunction with the above. It contains further details about our information collection and handling practices including information about: other ways we may collect, use or exchange your information; how you may access and seek correction of the information; and how to make a complaint about a breach of your privacy rights, and our complaint handling procedures. We encourage you to check our website regularly for any updates to the Policy. How to contact us For privacy-related enquiries, please contact us by: at customerrelations@cba.com.au telephone , or writing to the address in our Group Privacy Policy Additional Obligations The Bank may be subject to laws or regulations in Australia or another country that affect your relationship with the Bank (eg. Laws that address taxation). So that we may comply with our obligations under these laws or regulations, we may: require you to provide information about you or your product; disclose any information we are required to concerning you (including sending your information overseas); withhold an amount from a payment to you if required to do so, and if we do, we will not reimburse you for the amount withheld; and/or take such other action as is reasonably required, including, for example, closing your account Financial Claims Scheme The Financial Claims Scheme, under the Banking Act, covers deposit amounts you hold in a bank in aggregate up to a statutory prescribed limit (please note that for the purposes of calculating this total joint accounts are considered to be held in equal shares).you may be entitled to a payment in some circumstances. Payments under the scheme are subject to a limit for each depositor. Information about the Financial Claims Scheme can be obtained from the APRA website at and the APRA hotline on (if calling from within Australia) or (if calling from outside Australia). If you are an investor investing indirectly via an IDPS, you do not become an account holder in the CommInvest TD. You will need to confi rm with your IDPS whether you will be covered under the Financial Claims Scheme. 9

12 Part 2: Terms and Conditions 2.1 About these Terms and Conditions These Terms and Conditions govern the Bank s CommInvest TDs. They do not include terms and conditions that may apply by operation of law, under for example, the Corporations Act You should read these Terms and Conditions carefully before lodging funds in a CommInvest TD, and keep them for your future reference. You can ask us any questions you have about the brochure including any of the Terms and Conditions. In addition, you should read the Bank s information booklet The Better Banking Book copies of which may be obtained by telephoning the Bank on , visiting our website at or from any branch of the Bank. The Better Banking Book contains useful information on a range of banking matters, including the rights and obligations that arise out of the banker customer relationship. The relevant provisions of the Code of Banking Practice apply to a CommInvest TD if the term deposit is held by an individual, either alone or jointly with another individual, or by a small business customer. A copy of the Code of Banking Practice is available at or any branch of the Bank. 2.2 Definitions Adviser/Broker means a registered fi nancial adviser or broker who has entered into an intermediary agreement with the Commonwealth Bank of Australia and through whom a CommInvest TD may be opened. the Bank; our; us; we means the Commonwealth Bank of Australia ABN BPAY means an electronic payment system registered to BPAY Pty Limited ABN through which a deposit can be made to your CommInvest TD. business day means any day that is not a Saturday or Sunday or a public holiday, or a specially legislated public holiday or bank holiday in the place in which any relevant act is done or may be done. Direct Debit Request means a form used to request the debiting of accounts under the Australian Payments Clearing Association Limited s Bulk Electronic Clearing System. Investor Directed Portfolio Service (IDPS) means an investment and reporting service operated by a master trust or wrap account operator. People who invest through an IDPS are indirect investors. Indirect Investor means when you invest via a master trust, IDPS, wrap account or superannuation fund, you are investing indirectly and as such, you do not become a direct account holder in the CommInvest TD product. It is the superannuation fund trustee, master trust, IDPS or wrap account operator that is the account holder. Proscribed Person means a person who appears to us either (a) to be a proscribed person or entity under the Charter of the United Nations Act 1945 (Cth); (b) to be in breach of the laws of any jurisdiction relating to money laundering or counter-terrorism; (c) to appear in a list of persons with whom dealings are proscribed by the government or a regulatory authority of any jurisdiction; or (d) act on behalf, or for the benefi t of, a person listed in subclauses (a) (c). you; your means the customer who is the person or persons or entity in whose name the CommInvest TD is held. 10

13 Part 2: Terms and Conditions 2.3 Opening a CommInvest TD Opening a CommInvest TD is conditional upon you providing the Bank with the necessary identifi cation information it requires and the Bank carrying out any necessary verifi cation check(s). When you apply to lodge funds in a CommInvest TD, you agree to these Terms and Conditions. The Bank reserves the right to refuse any application. Funds received in respect of any application not accepted by the Bank will be returned within 14 calendar days. No interest will be paid on funds returned in this manner. A minimum opening balance of $5, is required. A maximum opening balance of $500, per CommInvest TD applies. CommInvest TD applications for amounts greater than $500, are subject to acceptance by the Bank and will be subject to these Terms and Conditions. You may obtain indicative details of interest rates being offered for CommInvest TDs by contacting your Adviser/Broker or IDPS provider or, where an Adviser/Broker or IDPS provider is not involved, by contacting the CommInvest Term Deposit Centre. Funds are to be lodged via BPAY, Direct Debit Request or electronic funds transfer. Where an Adviser/ Broker is not involved in arranging the issue of the CommInvest TD, funds are to be lodged via Direct Debit Request or electronic funds transfer only. Funds lodged via Direct Debit Request must be from an Australian bank account in your name. The funds transferred must be for the full amount of the CommInvest TD. The applicable rate will be determined upon receipt of funds by the Bank. If the indicative interest rate quoted to you is no longer available, the money may be returned to you by crediting a nominated Australian bank account in your name (by electronic transfer) upon your request within 14 calendar days of the application being lodged. Interest is not paid on the returned amount. 2.4 Joint accounts If you conduct a CommInvest TD jointly with another person: each of you may operate the CommInvest TD independently of the other; if one of you dies, title to the CommInvest TD passes to the survivor(s). 2.5 Your warranties Each time you use a CommInvest TD you warrant to us that: your personal details (including your full name, address and date of birth) previously provided to us are true; and you are the owner of the account to or from which Direct Debit Request payments are to be made and are absolutely entitled to operate on that account. You authorise us to verify any of your personal details which you have provided to us. 2.6 Information we may send you The Bank issues an acknowledgment on acceptance of your CommInvest TD. The acknowledgment is valueless for the purpose of transfer or negotiation. The Bank may require you to surrender the acknowledgment at maturity or in the event of withdrawal in advance of maturity. Statement of Account The Bank does not issue you with a Statement of Account. CommInvest TD Maturity Notice The Bank issues a CommInvest TD Maturity Notice approximately one week prior to your CommInvest TD maturing. This notice will seek your instructions for renewal or redemption. CommInvest TD Reinvestment Notice The Bank will issue you a CommInvest TD Reinvestment Notice confi rming the details of your CommInvest TD should your funds be reinvested at maturity. 11

14 Part 2: Terms and Conditions CommInvest TD Closed Account Notice If you choose to fully redeem your CommInvest TD, the Bank will issue a CommInvest TD Closed Account Notice detailing the closure, including interest earned. End of Financial Year Notice The Bank will issue a notice shortly after the end of a fi nancial year detailing the amount of interest paid on your CommInvest TD in the previous fi nancial year. You may need these details for tax purposes. Withdrawal in Advance of Maturity If we allow you to withdraw all or part of your funds prior to the maturity date, the Bank will issue a Withdrawal in Advance of Maturity Notice detailing the amount withdrawn and prepayment interest adjustments made. Investing through an IDPS provider When opening a CommInvest TD through an IDPS provider the Bank may not issue the above correspondence to you. Where this applies, details of your CommInvest TD will be provided to you by your IDPS. 2.7 Lodgement terms Where an Adviser/Broker is involved in arranging the issue of the CommInvest TD, you may nominate a term in days or months, ranging from 30 days to a maximum of 60 months. Where an IDPS provider is involved in arranging the issue of the CommInvest TD they will advise the terms available within a range of 30 days to 60 months. Where an Adviser/Broker or IDPS provider is not involved in arranging the issue of the CommInvest TD you may nominate a term in months of 3, 6, 9, 12, 24, 36, 48 and 60 months. These terms are available as whole months only. Subject to these Terms and Conditions, you may nominate a specifi c maturity date. If the date you nominate is not a business day, payment of your deposit will be made the next business day. 2.8 Payment of interest The Bank may vary the interest rates on offer for new CommInvest TDs at any time without notice. The interest rate applying to your CommInvest TD is fi xed at the time of lodgement for the whole of the nominated term. Interest is calculated daily on the balance of the CommInvest TD. Unless specifi cally directed by the Bank, you may choose one of the following interest payment options: i) interest credited to a nominated Australian bank account in your name by electronic transfer every 28 days and at maturity; ii) interest credited to a nominated Australian bank account in your name by electronic transfer every six months and at maturity; iii) interest credited to a nominated Australian bank account in your name by electronic transfer annually and at maturity; iv) interest credited to your CommInvest TD every six months and paid at maturity; v) interest credited to your CommInvest TD annually and paid at maturity; or vi) interest credited to a nominated Australian bank account in your name by electronic transfer at maturity only (available for terms, in days or months, up to and including 12 months). When you invest in a CommInvest TD through an IDPS provider they may restrict the interest payment options available to you. Interest payments to your nominated Australian bank account at another fi nancial institution may not be received until the other fi nancial institution processes the transaction. Should an interest payment be due on a day which is not a business day, and interest is to be paid to a nominated Australian bank account, interest may be paid on the next business day. 12

15 Part 2: Terms and Conditions Any changes to your nominated Australian bank account must be provided to the CommInvest Term Deposit Centre in writing and must be received at least 7 calendar days prior to your next interest due date. 2.9 At maturity The Bank will seek your instructions for renewal or redemption of your CommInvest TD approximately one week prior to the maturity date. If you renew your Comminvest TD with us, your renewed CommInvest TD will be subject to the CommInvest TD Terms and Conditions prevailing at the date of maturity and the interest rate then applicable to the term selected. If the CommInvest Term Deposit Centre has previously received instructions that all or part of your deposit is to be withdrawn and paid to a nominated Australian bank account on maturity, those instructions cannot be changed or cancelled on or after the maturity date. Should your CommInvest TD mature on a day which is not a business day, and principal and interest is to be paid to a nominated Australian bank account, payment may be made on the next business day. Repayment of funds will only be credited to a nominated Australian bank account in your name by electronic transfer (any changes to your nominated Australian bank account must be provided to the CommInvest Term Deposit Centre in writing and must be received at least 7 calendar days prior to the maturity date). Payments to your nominated Australian bank account at another fi nancial institution may not be received until the other fi nancial institution processes the transaction. If your instructions for renewal or redemption of your CommInvest TD are not received prior to the date of maturity, the Bank will renew your CommInvest TD for the same term as before at the interest rate that applies on the date of maturity to that term (and on the Terms and Conditions then applying to new CommInvest TDs). The interest rate applicable to the renewed CommInvest TD may be signifi cantly different, higher or lower, to the interest rate applied in the previous term as a consequence of market rate movements. If the Bank renews your CommInvest TD (because your instructions for renewal or redemption were not received prior to the date of maturity), you can change the amount, term and interest payment option that applies to your renewed CommInvest TD by providing the CommInvest Term Deposit Centre with your instructions no later than 6 calendar days after the maturity date. Instructions can be provided through your Adviser/Broker or IDPS provider, or where an Adviser/Broker or IDPS provider is not involved by writing directly to the CommInvest Term Deposit Centre. If the CommInvest Term Deposit Centre receives your instructions in this period, either in writing from yourself or through your Adviser/Broker or IDPS provider, those instructions cannot subsequently be changed again. Your renewed CommInvest TD will be updated to refl ect the instructions provided to the CommInvest Term Deposit Centre and these instructions will apply effective from the date your CommInvest TD matured. Your renewed CommInvest TD will be subject to the CommInvest TD Terms and Conditions and interest rates prevailing on the date of maturity. If the Bank renews your CommInvest TD (because instructions for renewal or redemption were not received prior to the date of maturity), you can also choose not to continue with the renewal and to withdraw all or part of your CommInvest TD. You can do this by providing the CommInvest Term Deposit Centre with your instructions no later than 6 calendar days after maturity. Instructions can be provided through your Adviser/Broker or IDPS provider or where an Adviser/Broker or IDPS provider is not involved by writing directly to the CommInvest Term Deposit Centre. You will not receive interest for the period from the date your CommInvest TD matured to the date of withdrawal, on the amount that is withdrawn. 13

16 Part 2: Terms and Conditions 2.10 Withdrawals in advance of maturity If you have a CommInvest TD with a term of 2 years or less, you may apply to the Bank through the Adviser/Broker or IDPS provider through whom you opened your CommInvest TD or, where an Adviser/ Broker or IDPS provider is not involved, through the CommInvest Term Deposit Centre, to request the withdrawal of all or part of your funds prior to the maturity date. The Bank may, in its discretion, approve a request for early withdrawal, in which case a prepayment interest adjustment and $30.00 prepayment administration fee will apply. If you have a CommInvest TD with a term of more than 2 years, you may apply to the Bank through the Adviser/Broker or IDPS provider through whom you opened your CommInvest TD or, where an Adviser/ Broker or IDPS provider is not involved, through the CommInvest Term Deposit Centre, to withdraw all or part of your funds prior to the maturity date subject to payment of a prepayment interest adjustment and $30.00 prepayment administration fee. The prepayment interest adjustment and prepayment administration fee do not apply to CommInvest TDs held in the name of a deceased account holder or in the name of a deceased accounts holder s legal personal representative. The amount of the prepayment interest adjustment is calculated by the Bank taking into account the amount withdrawn, the length of time since the deposit was lodged as a percentage of the original term, and the application of an adjusted rate of interest. If you withdraw funds prior to maturity, payment is effected on the next business day. Payment of funds withdrawn prior to maturity will only be credited to a nominated Australian bank account in your name by electronic transfer. Any changes to your nominated Australian bank account must be provided to the CommInvest Term Deposit Centre in writing and must be received at least 7 calendar days prior to the date of withdrawal. A minimum balance of $5, must be maintained at all times Refusal of Service Despite any right contained in these Terms and Conditions, in the event that you or a signatory appears to us to be a Proscribed Person, then we may immediately refuse to process or complete any transaction or dealing of yours; suspend the provision of a product or service to you; refuse to allow or to facilitate any of your assets held by us to be used or dealt with; refuse to make any asset available to you to any other proscribed person or entity; or terminate these arrangements with you. We will be under no liability to you if we do any or all of these things. If we exercise our rights under this clause you must pay us any losses, costs or reasonable expenses that we incur in relation to any action taken under this clause, including interest adjustments and/or the administrative fee under these Terms and Conditions Government charges Whilst you are not required to provide us with your Tax File Number (TFN) or Australian Business Number (ABN) in relation to an account, the Bank is obliged by law to withhold tax from interest where a TFN, TFN exemption or ABN has not been quoted on a CommInvest TD, and where interest is payable to a non-resident. The Bank notifi es you of the introduction or variation of any Government tax or charge either in writing or by an advertisement in the national media or local media, unless the Government, Government agency or representative body has already publicised the introduction or variation. 14

17 Part 2: Terms and Conditions 2.13 Change of personal details You are required to notify your Adviser/Broker or IDPS provider, or where an Adviser/Broker or IDPS provider is not involved, notify the CommInvest Term Deposit Centre in writing, promptly of a change to your name, address or contact details Commission Where an Adviser/Broker or IDPS provider is involved in arranging the issue of a CommInvest TD, the Bank may pay, and your Adviser/Broker or IDPS provider is entitled to accept, a commission paid by the Bank Severance If any provision of these Terms and Conditions is found to be illegal, void or unenforceable for unfairness or any other reason (for example, if a court or other tribunal or authority declares it so) the remaining parts of these Terms and Conditions will continue to apply to the extent possible as if the void or unenforceable part had never existed. 15

18 Part 3: Direct Debit Request (DDR) Service Agreement If you choose to make an opening deposit and/or a top up contribution to your CommInvest TD by Direct Debit, you should ensure that you read the following terms and conditions. If you have any queries concerning this agreement or any drawings made under it, please contact the CommInvest Term Deposit Centre. If you wish to stop or cancel your drawing arrangements or dispute a payment, please direct your query to us initially in accordance with Section 3.2 of this agreement. If you dispute a payment we will respond to your dispute within 5 business days of receipt. 3.1 Direct Debit arrangements Your signature on the Direct Debit Request form allows us to debit your nominated Australian bank account for the amount specifi ed to open your CommInvest TD, and any subsequent top up amounts that you advise to us. We will give you written notice of any changes to your drawing arrangements at least 14 days before those changes occur. Any drawings under this agreement will be made on a business day. Funds transferred by direct debit from another institution, whilst credited to your account, are subject to clearance We will keep your direct debit records and account details confi dential, except where the disclosure of certain information to your fi nancial institution is necessary to enable us to act in accordance with your drawing arrangements. We may disclose the information in the event of a claim or relating to an alleged incorrect or wrongful debit or otherwise as required by law. 3.2 Your rights You can cancel, alter or suspend your drawing arrangements at any time by sending written instructions or calling the CommInvest Term Deposit Centre at least 2 business days before the cancellation, alteration or suspension is to take effect. You can also stop or defer an individual drawing by sending written instructions or calling the CommInvest Term Deposit Centre at least 2 business days before the date that drawing is to be made. If you consider that a drawing has been initiated incorrectly, you should call the CommInvest Term Deposit Centre. 3.3 Your responsibilities It is your responsibility to: Ensure that your nominated Australian bank account can accept direct debits (direct debiting may not be available on all accounts, please check with your fi nancial institution); Check that you have fi lled in your correct account details in the Direct Debit Request section of the CommInvest TD application form (you should confi rm the account details against a recent statement or check with your fi nancial institution); Ensure that there are suffi cient cleared funds in your nominated Australian bank account by the due date to enable drawings to be made in accordance with your instructions. If there are insuffi cient funds in your nominated Australian bank account to enable a drawing to be made, any amount debited to your account in anticipation of that drawing being made will be reversed. In these circumstances the debit user (the Commonwealth Bank) will not charge a dishonour fee, but your fi nancial institution (which may also be the Commonwealth Bank) may do so; Advise us in writing if your nominated Australian bank account is transferred, closed or any other account details change; Arrange a suitable payment method if your drawing arrangements are cancelled. 16

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