|
What
is the Current Interest Rate?
|
The
interest rate on the hmcdirect
Options Account is 0%
pa. but that is not to say that there
is no benefit.
The
daily balance of your hmcdirect
Options Account is deducted from
your hmcdirect Options Mortgage
before interest is calculated on the
mortgage. In this way you are
effectively earning 8.05% pa tax free
on your hmcdirect Options Account.
|
|
Am
I Eligible?
|
As a member of hmcstaff
and if you have your transaction account at another financial
institution you are eligible to apply for a hmcdirect Options Mortgage.
With your hmcdirect
Options Mortgage you are entitled to establish a hmcdirect
Options Account.
During
the term of your hmcdirect Options Mortgage you will not be able to hold or operate a
transaction account, VISA Card, Redicard or cheque book at H.M.C. Staff
Credit Union.
|
|
What
can I use my hmcdirect Options Mortgage Account
for?
|
Your
hmcdirect Options Account provides a way
for you to reduce the interest you pay
on your hmcdirect Options Mortgage
whilst still maintaining control over your
investment funds.
Should
you require all or part of your savings
you can transfer funds to your linked
transaction account with another financial
institution.
|
|
Is
there a minimum balance requirement for
my hmcdirect Options Account?
|
No,
you can open your hmcdirect Options
Account with any amount you choose,
and there is no need to maintain a minimum
balance.
|
|
How
do I deposit to my hmcdirect Options Account?
|
You
can deposit to your hmcdirect Options account using
QuickDebit
to draw on your account at the other financial institution or by direct salary
credit. Dividends and rental income may also be arranged to be deposited to your
hmcdirect Options Account. |
|
Is
there a minimum term for deposit of funds in my hmcdirect Options Account?
|
There is no fixed term however
funds deposited using
QuickDebit
will take three (3) working days to clear. Funds deposited via salary credit are
cleared upon the due day of the salary and may be drawn at any time.
Funds transferred from your
hmcdirect Options Account are transferred as cleared funds.
|
|
How
can I access my hmcdirect Options Account?
|
Your hmcdirect Options
Account is linked with your transaction account at another financial institution
and you can transfer funds to that account using Online Banking at anytime.
You can also make a bill payment
via BPay directly from your hmcdirect Options Account using Online or
Phone Banking.
|
|
Can
I set up a Direct Debit to access my hmcdirect Options Account?
|
No,
Direct Debits initiated by or through another financial institution are not
allowed on your hmcdirect Options Account and these transactions will
be returned to the initiating institution. |
|
Can
I overdraw my hmcdirect Options Account?
|
You
may not overdraw your account or make a withdrawal or transfer funds for an
amount greater than the balance of your account. If your account does become
overdrawn you must immediately clear your debt and ensure that your account is
in credit. |
| How
do I apply? |
Application
Form to print.
your Credit Union office. |
|
Can
I have any other accounts in conjunction with my hmcdirect Options Account?
|
Yes, members with a hmcdirect
Options Account may hold Christmas Club, Targeted Savers, a hmcdirect
High Rate Savers Account, hmcdirect
loans, a Personal, Car or Mortgage Loan or Term Deposits with hmcstaff.
The only preclusion is to holding
a transaction account with hmcstaff and you will not be able to hold or operate
a transaction account, VISA Card, Redicard or cheque book at H.M.C. Staff Credit
Union whilst you have your hmcdirect Options Mortgage and Savers
Accounts.
|
|
What
fees and charges apply to my hmcdirect Options Account?
|
There
are no fees applying to your hmcdirect Options account. |
|
How
often will I receive information on my hmcdirect Options Account?
|
Account statements will be sent
to you quarterly.
You can check the details of your
hmcdirect Options Account at any time using Online or Phone Banking
facility.
|
