Terms and Conditions for hmcdirect Options Account (S27)

• H.M.C. Staff Credit Union Ltd ("your Credit Union") reserves the right to vary these Terms and Conditions without prior consent.
• When changes of Terms and Conditions or Fees and Charges occur, your Credit Union will provide written notice of the change to each affected member at least 30 days before it takes effect.
• Changes in Interest Rates are subject to movement of rates in the market and may alter without notice. Information on current rates may be obtained using phone banking, the Credit Union's web site (http://www.hmcstaff.com.au) or by regular advice in your Credit Union's Newsletter. 
• General descriptive information is available for all products and services.
• hmcdirect Options Account (S27) is available to all members who hold their transaction account at another financial institution and who conduct a hmcdirect Options Mortgage.
• Interest is calculated on the daily balance of the account and will be credited to the account at the end of each month.
• The account is not to be overdrawn.
• Your Credit Union may appropriate the credit balance of the account towards repayment of any debt, owed by you to your Credit Union.
• Restrictions apply to this account, as follows:
  - Members with a hmcdirect Options Account are precluded from holding or operating a transaction account, VISA Card, Redicard or cheque book at H.M.C. Staff Credit Union.
  - 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. 
  - Deposits may only be made via QuickDebit or direct credit. Direct credit encompasses any form of electronic deposit and these may include, salary credits, company dividends, rental income or internet transfers, providing that they are received electronically by your Credit Union.
  - Funds deposited using QuickDebit will take three (3) days to clear.
  - Members with a hmcdirect Options Account that:
  
  1. are found to be holding or operating a transaction account, VISA Card, Redicard or cheque book at H.M.C. Staff Credit Union,
  2. have set up a Direct Debit facility that attempts to draw on the account on a regular or irregular basis, and/or
  3. are found to be depositing funds other than by Quickdebit or direct credit.

will have the interest rate on the hmcdirect Options Mortgage adjusted to the standard rate (i.e. .25% pa. higher than the hmcdirect rate). This rate may be reviewed by the Credit Union subject to the terms and conditions being satisfied and upon application by the member.
- Members who overdraw the account will have the facility withdrawn.

• Features of this account include:
  - 100% balance offset with the hmcdirect Options Mortgage for daily interest calculation purposes.
  - No minimum balance. 
  - No fixed term.
  - Funds transferred from your hmcdirect Options Account are transferred as cleared funds.
  - Withdrawals can be made by directing funds to your transaction account at another financial institution using Online Banking or by payment of bills using BPay.
• Statements will be sent each quarter (at least).
• Fees and charges are not payable on this account.
• Current interest rates on all facilities are available on request.