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31 day notice for withdrawals

24 June 2015

As a result of new regulations that are being implemented following the Financial Services Inquiry conducted by the Australian Prudential Regulation Authority (APRA), from the 30th June 2015 W&D Finance will no longer be able to offer “At Call” products that allow for immediate withdrawal of funds from your account. From this date, you will be required to give a minimum of 31 days’ notice for withdrawals.

In response to this change, W&D Finance will now offer a 31 Day Notice Account.

The 31 Day Notice Account combines a competitive interest rate with some flexibility, offering the option to withdraw funds after a 31 day notice period.

  • Interest rate 2.00%
  • No fees
  • No minimum balance
  • Additions can be made at any time utilizing our BSB system
  • Withdrawals will be processed a minimum of 31 days after you provide notice (interest continues to be earned on these funds until the withdrawal is processed)
  • Interest is paid twice yearly (15th May & 15th November) and capitalised to the account or paid to a nominated bank account
  • Half yearly statements

W&D Finance will continue to offer Fixed Term Investment accounts with terms ranging from 31 days to 3 years. Fixed Term Investment accounts are not affected by these changes.

Existing “At Call” accounts must be converted by the 31st December 2015 by which date a minimum of 31 days notice for withdrawals will apply to all “At Call” accounts. We understand that this change may mean alterations are required to your financial arrangements and we will work with you to assist in this transition.

If you have any questions or would like to discuss your requirements further please do not hesitate to contact us by phoning 1300 928 881 or visiting either of our offices.