Initial Deposit
Where possible we will instruct the bank you have selected to direct debit your client’s Linked Bank Account for the initial deposit. If the bank you have selected does not do direct debits, you or your client will need to arrange for the initial deposit to be transferred to the selected bank. We will provide you with the bank account details to transfer the funds to.
When you input a transaction via your portal you will be advised if the bank you select does direct debits.
Note: If you have chosen to use your client’s Linked Bank Account also as a Clearing Account, meaning that we are able to transact on it, we will transfer the funds to the selected bank on your client’s behalf if they do not do direct debits.
At Maturity
Where your client has a Clearing Account
Principal and interest payments are made to your client’s Clearing Account if they are not being reinvested with the same bank.
If you are reinvesting with a different bank we will instruct the bank to direct debit the funds from your client’s Clearing Account. If the bank does not do direct debits we will transfer the funds to the selected bank on your client’s behalf.
Either way, you or your client do NOT have to be involved in the transfer of funds. If you are redeeming the funds we will transfer them from your client’s Clearing Account to their Linked Bank Account.
If you have chosen to use your client’s Clearing Account also as their Linked Bank Account the funds will remain in the Clearing Account.
Where your client does not have a Clearing Account
Principal and interest payments are made to your client’s Linked Bank Account if they are not being reinvested with the same bank.
If you are reinvesting with a different bank we will instruct the bank to direct debit the funds from your client’s Linked Bank Account. If the bank does not do direct debits you or your client will need to arrange for the funds to be transferred to the selected bank. We will provide you with the bank account details to transfer the funds to.
When you input a transaction via your portal you will be advised if the bank you select does direct debits.
