The security of client funds and personal information is paramount to the success of the Term Deposit Shop. To ensure this security is not compromised we have developed stringent policies and procedures.
Your Personal Information
We take the privacy of your personal information very seriously. We collect this information to identify clients in accordance with the government’s anti-money laundering legislation. It is only used to provide the services as set out in our client agreement, such as opening accounts with different banks. The information is securely stored in our database. We employ multi-tiered security measures that cover both the storage and disclosure of that information.
All deposits are in the name of the client.
All deposits are treated individually and are in the name of the client. We do not aggregate funds for the purpose of placing deposits. Nor do we hold any monies on trust.
Our philosophy is that the outcome for clients be the same as if they were dealing with the bank themselves. If anything were to happen to the Term Deposit Shop, client funds would be unaffected.
All funds transfers are bank to bank in the name of the client.
We will only act to transfer funds to open a new deposit under instruction from the client. We do not have discretionary powers.
We will only act to transfer funds to another bank account where that account is in the same name as the client. We do not transfer funds to third parties.
Where we instruct a bank to direct debit an external account to establish a new deposit they will only do so if the external account is in the same name as the new deposit. That is why we require a bank statement for the account that the initial deposit is coming from. We provide a copy of the bank statement, showing the account name, BSB and account number to the bank doing the direct debit as proof.
TTDS only deals with banks, building societies and credit unions (ADI’s*) that are covered by the government guarantee.
A permanent guarantee cap of $250,000 has been in place since 1 February 2012. The cap applies per account holder, per ADI.
The Government Guarantee applies to deposits held by all types of legal entities, including individual and joint accounts, partnerships, businesses, trusts and government entities.*Authorised Deposit Taking Institutions (ADI’s) as permitted under the Banking Act 1959 (Cth) to take deposits throughout Australia.
The Term Deposit Shop holds an Australian Financial Services Licence (No. 344 582) regulated by the Australian Securities and Investments Commission (ASIC) and is required to hold Professional Indemnity Insurance to cover both civil and fraudulent actions.