The Privacy Act and the NPPs apply to the collection, use and disclosure of an individual"s personal information by private sector organisations.. Under the PrivacyAct, personal information is broadly defined. In simple terms it means any information related to an individual which is held in a record by an organisation such as Prime Select. It includes credit information obtained from an individual or a third party and, for individuals applying for home loans or guarantors, includes anything about credit worthiness, standing, history and capacity. In certain circumstances, we may also collect personal information about you which is sensitive. Sensitive information includes information about your health, religious or philosophical beliefs, membership of professional or trade associations, or a criminal record. Unless the collection of sensitive information is required or permitted by or under law, we will obtain your consent to its collection. The Privacy Act and the NPPs do not apply to the handling of information related to companies or to businesses.

There are a number of reasons why Prime Select may collect your personal information. One reason is to provide you with a particular financial product or service. A second reason is to provide you with further information about other Prime Select products and services - this is further outlined in Section 8, "Receiving information about our financial products and services". Thirdly, Prime Select has an obligation to identify customers under the Anti-Money Laundering and Counter-Terrorism Financing Act, 2006 (AML/CTF Act).

The collection of information can occur via our contact centre, when you complete an application form for a product or in response to a request for additional information. We collect such information as it is necessary for us to assess your application for a particular product and to manage and administer the product. If you do not provide us with the requested information we may not be able to provide you with Prime Select products or services.

We seek your consent to our handling of your personal information via our application forms, our administration processes and other methods by which we capture information.

2.1 Customer Surveys

Prime Select may also collect your personal information through customer surveys or questionnaires for the purpose of obtaining your feedback on our products and services and providing further information to you about Prime Select products or services. In this case, the completion of the questionnaire is entirely your choice and we will inform you of the purpose of the survey or questionnaire. The collection of such information will only occur with your consent. Survey information assists us in understanding your needs for financial products and services and in the development of future products and services.

2.2 Use of the internet

Many of our customers choose to use the Prime Select website to receive information about Prime Select products and services. Customers may also access their account or undertake certain transactions through the Prime Select website. All customers will receive a Client Number and Access Code to access their account and personal information online. Your Client Number and Access Code are unique identifiers for you and it is a condition of your account to keep your Access Code and any other codes confidential and secure at all times and that you do not disclose them to any other person. The complete terms and conditions relating to the use of the Prime Select website service are outlined in the relevant terms and conditions of your account.

If you believe or suspect that your codes may have been disclosed to another person or you want to change your Access Code, please contact us immediately at: help@primeselect.com.au

Prime Select, like most major websites, use cookies to record aggregated statistics on the number and source of visitors to our website. Cookies are files that web servers place on a user's computer and are designed to store basic information such as how you found our website. We never store any personal customer information in cookies.

If you have any concerns about this technology and do not wish to accept cookies, you can set the browser on your PC to not accept them or to prompt you every time they are about to be stored on your PC. The choice is yours.

The primary reason that we collect, use or disclose your personal information is to assess your application, including the verification of your identity (an AML/CTF Act obligation) and then administer and maintain your financial product or provide a financial service. For example, Prime Select maintains records of the products each client holds and provides account statements to each client.

Prime Select maintains the confidentiality and security of your personal information by restricting access to those staff and service providers required to provide management and administrative services.

A range of security measures are in place and are designed to prevent the misuse, unauthorised access, modification or disclosure of your personal information.

We may use your information to provide you with further information about other Prime Select products and services.

It may be necessary for Prime Select to disclose your personal information to certain third parties in order to assist us in providing, managing and administering the products you have with us. These include:

Other Financial Institutions: 

• other financial institutions, such as banks, credit unions, building societies and payment services such as VISA, in order to set up and manage your account and manage banking transactions.

Other Organisations:

• other Prime group entities in order to service other products you may have with us
• other Prime group entities located overseas for account administration and security purposes;
• Prime group entities for marketing purposes;
• mortgage intermediaries, your financial adviser, your power of attorney, or your appointed solicitor;
• organisations undertaking reviews of the accuracy and completeness of our information;
• our solicitors, valuers and insurers for loan products;
• organisations providing mailing services, document storage services, marketing bureau services (eg, telemarketing) and printing our standard documents and correspondence;
• organisations maintaining our information technology systems and providing information technology services;
• credit reporting or information verification agencies in order to obtain and provide details of credit history or status or to verify other information about you including your identity;
• organisations providing analysis and research regarding our products, services and customer relationships;
• organisations undertaking identity verification services to verify information about you including your identity;
• organisations involved in securitisation arrangements. These organisations include trustees of those arrangements, investors and their advisers; and
• organisations who perform services or functions on our behalf.

We only disclose your personal information to such organisations for the provision of the specified services. Organisations performing services on our behalf are required to comply with our confidentiality requirements and privacy law.

Personal information will only be disclosed to other third parties if we are permitted, authorised or required to do so by law, you have authorised us to do so, or it is necessary to assist with law enforcement.

4.1 Financial advisors and mortgage intermediaries

Many of our customers have sought the advice of a financial adviser or mortgage intermediary to select their financial products or services. The term "mortgage intermediary" also includes mortgage brokers and mortgage managers.

In this case, your initial application form may be completed in consultation with your financial adviser or mortgage intermediary. Information relating to your financial product will be provided to your financial adviser or mortgage intermediary where you authorise them to receive such information on your behalf. This sort of information may include account statements and other correspondence relating to your financial product.

Your application or instructions may include an authorisation permitting your financial adviser or mortgage intermediary to receive your personal information and to review your account through a website link.

You may appoint or change your financial adviser or mortgage intermediary, or change their authority by contacting Prime Select directly.

You may request access to information that we hold about you and your Prime Select financial products or services by contacting Prime Select at:

• Email: help@primeselect.com.au
• Phone:  1300 608 048
• Post: GPO Box 4050, Sydney NSW 2001 

Requests for access to your personal information may only be made by you.

We may seek reimbursement for providing access to this information to recover any expenses incurred in retrieving and collating the requested information. Please refer to your product documentation or contact Prime Select for details of any reimbursement costs. We may request that you specify the information you wish to access, to help us quickly identify and retrieve that information for you.

Prime Select will advise you at the time of your access request how long it will take to provide the information. This will usually be in less than 21 days.

We may exercise our right to deny access to particular information in certain situations, for example where access may involve commercially sensitive decision processes (eg, criteria for loan approvals) or where legal proceedings have commenced. If we deny you access to your personal information, we will explain the reason it has been denied.

We are committed to protecting your personal information from misuse and loss and from unauthorised access, modification or disclosure. We limit access to those staff and service providers who manage your financial product, provide you with a financial service, or supply you with further information on Prime Select products or services. We have in place a range of security measures designed to prevent unauthorised access or disclosure of your personal information.

Prime Select relies on the correctness of the information that you supply to us. Please assist us by contacting us if any of your personal information is incorrect or requires updating.

Your personal information is kept as long as the information is required to manage your financial product, provide you with a financial service, or to deal with your enquiry. It is generally kept for a further period of at least seven years.

Prime Select does not sell or rent its customer information to any unrelated third parties for the purpose of those third parties marketing their products or services to you.

Prime Select may supply customer information to marketing bureau services (e.g telemarketing) or other Prime group entities for the sole purpose of those companies contacting you about Prime Select products and services. Prime Select may also send you information about products and services provided by Prime Select or Prime group entities directly. You may notify the marketing bureau service of your decision not to receive any further contact at the time of their call or you may notify us directly.

Alternatively, you may place your phone number on the Do Not Call Register established under the Do Not Call Register Act, 2006. You may contact the Register on its website https://www.donotcall.gov.au/ or by calling 1300 792 958.

Prime Select is required to request the collection of your Tax File Number (TFN) under certain legislation. The handling of TFN’s is also regulated under the Privacy Act through Guidelines issued by the Federal Privacy Commissioner. The continued confidentiality and security of your TFN will be maintained in accordance with these Tax File Number Guidelines

We, or other Prime group entities, may provide you with further information about Prime group products and services.

If you have provided an e-mail address to us, we may contact you using that e-mail address, including to provide you with information about Prime Select or our products or services. You may elect not to receive further information about us, or our products or services, by contacting us online, calling or writing to us.

Prime Select continually strives to improve the standard of the service we provide to you, so from time to time we may update this policy.

If you wish to obtain further copies of this policy please contact Prime Select or download the policy from www.primeselect.com.au.

If you have any further questions about privacy at Prime Select, please contact us:

• By e-mailing us: help@primeselect.com.au
• By calling us on:  1300 608 048
• By writing to : Prime Select Privacy Officer GPO Box 4050 Sydney NSW 2001

Prime Select is committed to resolving your privacy complaint as quickly as possible and has procedures in place to help resolve any problems or complaints efficiently. Our aim is to assist you by reaching a satisfactory solution as soon as possible.

If you have a complaint or a concern about privacy at Prime Select, please contact us straightaway by emailing help@primeselect.com.au or calling 1300 608 048.

If you need to put your concern or complaint in writing, please address it to:

• Prime Select – Complaints Resolution GPO Box 4050 Sydney NSW 2001

In the unlikely event that your complaint cannot be resolved directly with Prime Select you can seek assistance from the Financial Ombudsman Service (FOS).

You can contact them by:

• calling  1300 608 048;
• going to www.fos.org.au;
• faxing 03 9613 6399; or
• writing to: Ombudsman Service GPO Box 3 Melbourne VIC 3001.

“Access Code” means the password used by Authorised Users to access your Online Term Deposit via the Website Service and includes your Temporary Password.

“account” means your Prime Select Online Term Deposit.

“Authorised User” means a person you nominate to us in writing to operate the account.

“business day” means a week day except an Australian national public holiday.

“Client ID” means the number we give an Authorised User to use with their Access Code.

“closing balance” means the amount in your account on the maturity date or the early termination date, as applicable, including any interest credited to your account.

"Codes" means an Authorised User's Access Code and Client ID.

“Direct Debit Request” means an authorisation provided by all the authorised signatories of your linked bank account to withdraw funds and credit them to your Online Term Deposit at the request of any Authorised User.

“early termination date” means the date your account is closed, if prior to the maturity date.

“linked bank account” means an account you have with an Australian financial institution which you nominate to use with your Online Term Deposit. This account needs to be acceptable to us and in the same name as your Online Term Deposit.

“maturity date” means the business day following the last day of the term of your Online Term Deposit when we close or renew your account, as applicable.

“Online Term Deposit” means an account with Prime Select opened under these Terms and Conditions.

“Prime Select” means Prime Select Pty Ltd ACN 154 187 523.

 "Privacy Policy" means Prime Select's policy on collecting, storing and using personal information and is available in full at our website.

“principal” means the opening deposit of your account.

"Terms and Conditions" means the terms and conditions applicable to your account as outlined in this booklet (or as amended from time to time by us).

“Temporary Password” means the initial Access Code we give each Authorised User to access your account using the Website Service until they have selected their own Access Code.

“unauthorised transaction” means any transaction on your account that’s not authorised by an Authorised User of your account.

“us”, “our” or “we” means Prime Select.

“Website Service” means the Prime Select website at www.primeselect.com.au, where you can access your account electronically using your Client ID and Access Code.

“Welcome Email” means the email we send to the you and each Authorised User once we open your account. It confirms your account number, initial deposit, interest rate, the commencement and maturity dates and maturity instructions. Each new Authorised User will also be provided with their own Client ID and Temporary Password.

“you”, “your” means the person or business that opens the account. If there is more than one, “you” means each of you separately and every two or more of you jointly. “You” includes an attorney (in the case of a sole trader or partnership) acting on your behalf and your successors and assignees.
 

What's involved in opening an Online Term Deposit?

1. Eligibility - firstly, let's check if you're eligible to open an account
2. Applying - you can complete the application online
3. Verifying - we then verify your account details, linked bank account and identify of each person you authorise to use the account
4. Account opens and is activated - we then give you details of your new Online Term Deposit

This section outlines how you open a Prime Select Online Term Deposit. Once you've read these Terms and Conditions and have decided that an Online Term Deposit is right for you, please make sure you provide all the details we need for your application.

If you're not sure of anything, please do not hesitate to contact us at: help@primeselect.com.au

Or get more information from our website: www.primeselect.com.au

Eligibility

You are eligible to apply for an Online Term Deposit provided you:

• have an existing relationship with Prime Select and we have pre-authorised you to apply for an Online Term Deposit.  This is not a public offer, and Prime Select will not accept funds from unknown parties.
• are making an initial deposit of at least $1 million; and
• are an entity registered in Australia, with an Australian registered address.

The account cannot be used in a personal, domestic or household capacity, or by bare/informal trusts, public companies, unincorporated associations or as a statutory account.

Applying

When completing an application form you need to supply the following information:

For your account holder:

• full name
• Australian street and mailing addresses
• your ABN or ACN
• country of establishment if not Australia
• original or certified copies of documents to verify your business and any other documents we require

For your linked bank account:

• account name (which must be the same name as your Online Term Deposit)
• BSB and account numbers
• documentation to verify your linked bank account eg. an original encoded deposit slip showing the full account number and name, or certified copy of bank statement

For each Authorised User:

• their full name
• Australian residential address
• Australian phone number
• mother's maiden name
• date of birth
• certified copy of identification documents
• any other documents we require

What is a linked bank account?

Your linked bank account is a bank account your have with an Australian financial institution which you nominate to link to your Online Term Deposit.

It is the account:

• from which we will transfer money, if instructed, to make a deposit to open or add funds when renewing your Online Term Deposit; and
• to which we will transfer money, if instructed, to withdraw money from your Online Term Deposit at the maturity date (or early termination date), in accordance with these Terms and Conditions.

It must be held in Australia and in the same name and capacity as your Online Term Deposit.

Your linked bank account must be kept open while it is linked to your Online Term Deposit. You must notify us if your linked bank account is closed or any details are changed.

Only one bank account can be linked to your Online Term Deposit at any one time.

What is an Authorised User?

You need to nominate between one and four Authorised Users to operate your Online Term Deposit. They must be at least 18 years of age and Australian residents for tax purposes.

In addition, the following entities must appoint at least:

• sole trader: the owner;
• partnership: at least two of the partners;
• sole director company: the sole director;
• company (including a company as trustee): at least two directors, or a director and a company secretary; or
• individual(s) as trustee(s): all trustees/appointers.

Any Authorised User can:

• view account information;
• change their Access Code;
• enquire about the account balance;
• view transaction history;
• change the maturity instructions;
• change personal contact details;
• change account holder contact details;
• open a new Online Term Deposit, in the same entity name, with a linked bank account that is acceptable to us (the Authorised Users remain the same on both accounts).

All Authorised Users must instruct us (using the appropriate documentation) if you wish to:

• add, delete or change any Authorised User;
• request early termination of the account;
• change the linked bank account;
• set up a Direct Debit Request; or
• change the name of the account.

Who has to sign the application?

There is a declaration on the Application Form where you accept these Terms and Conditions of the Online Term Deposit. We cannot open an account until this is signed.

The signatories are different for each entity:

• sole trader: owner of the business;
• partnership: all of the partners;
• sole director company: the sole director;
• company (including a company as trustee): at least two directors, or a director and a company secretary; or
• individual(s) as trustee(s): all trustees/appointers.

In addition all Authorised Users must sign to confirm their details supplied are true and accurate.

The Direct Debit Request service agreement must also be signed by all signatories to the linked bank account.

Verification

We cannot open or allow you to transact on your Online Term Deposit until we have verified your account identity, linked bank account, and the identity of the Authorised Users based on the information you provide in your application.

Sometimes we may be required to obtain additional information from you, such as the source or origin of funds in your Online Term Deposit, or how you plan to use the account.

We may use a third party provider to verify some or all of this information at anytime. If you do not provide any information we require within an acceptable timeframe, we may need to place a stop on your account.

Account opens and is activated

Once the identity of your account name, linked bank account and Authorised User(s) have been verified and we have requested the funds for the opening deposit from your linked bank account, your account will be opened.

Your account will be activated once the funds for your opening deposit have cleared.

This section outlines how we calculate and pay interest on your Online Term Deposit.

Interest

The interest rate that applies to your Online Term Deposit is the interest rate that is current on the date the Online Term Deposit is opened or renewed. The interest rate is fixed for the term you choose.

Interest rates may vary according to the length of the term. Information about the current interest rates for Online Term Deposits is available on our website.

The interest rate applying to your Online Term Deposit will be shown in the Welcome Email we send you when we open your account and can also be viewed by logging into your account on our Website Service.

How we calculate interest

Interest begins to accrue on the day the opening deposit is made to your account.

Interest is calculated monthly in arrears, by using the interest rate applicable on the day we open your account to the amount of your deposit, using the following formula:

(Opening monthly balance x interest rate)/12

If you do not close your account during the term, interest will be credited to your Online Term Deposit on each monthly anniversary of the opening date.

Interest will then accrue in the following month on the new balance including the credited interest from the prior month.

You are able to access the total funds in your Online Term Deposit, including the interest credited to the account, on the maturity date.

Early termination

Your Online Term Deposit is fixed for the term you choose. We will consider any request you make for early termination, but may choose to accept or reject that request at our discretion. If we accept your request, we may offer you a reduced interest rate for early payment.

If your Online Term Deposit is closed during the term, the interest for the final month will be calculated on the number of full days the account was open in that month. Please note you may not make a partial withdrawal during the term.

Tax implications

Savings has tax and sometimes social security implications that are particular to your circumstances. Interest earned on your account is generally taxable and you should discuss this with your tax adviser.

You are not required by law to provide us with your Tax File Number/Australian Business Number. However if you don't provide your TFN/ABN or details of your available exemption we may be obliged to deduct withholding tax from the interest we pay into your Online Term Deposit. The withholding tax is calculated by applying the current highest marginal tax rate plus the Medicare levy to the interest earned on your account.

If you become a non resident for taxation purposes after your Online Term Deposit is opened you are required to notify us of your country of residence and we may be obliged to deduct the applicable non-resident withholding tax from the interest we pay on your Online Term Deposit.

This section explains important operating procedures for your Online Term Deposit, including depositing and withdrawing funds, as well as using our website.

Making deposits

Your Online Term Deposits require a minimum opening deposit of $1 million.

Opening deposits can only be made by completing a Direct Debit Request form which we will use to contact the financial institution with which your linked bank account is held, and debit that account with the principal to be credited to your Online Term Deposit.

If the Direct Debit Request is returned unpaid by the financial institution with which your linked bank account is held, we may close your Online Term Deposit.

We may not accept a deposit to your Online Term Deposit if it would result in the combined deposits of all your Online Term Deposit(s) exceeding $10,000,000.

We are unable to accept deposits of:

• cheques;
• international drafts, cheques or currency;
• money order;
• traveller's cheques; or
• cash.

You cannot make any additional deposits to the same Online Term Deposit during its term. You can open new Online Term Deposits at any time (provided your combined deposits do not exceed $10,000,000).

Making additional deposits

You can only invest additional money in your Online Term Deposit on maturity and when you have nominated to renew your term.

You cannot deposit additional funds into the account during the term. You need to instruct us, as part of your maturity instructions, to transfer cleared funds from your linked bank account to your Online Term Deposit.

Making withdrawals

Partial withdrawals

You may not make partial withdrawals from your Online Term Deposit during its term.

Full withdrawals

If you wish to close your Online Term Deposit and withdraw all of the balance, please complete the early termination form available at: www.primeselect.com.au

If you do this:

• we will consider your request, but we may choose to accept or reject the request at our discretion; and
• if we choose to accept your early termination request, the interest rate applicable to your Online Term Deposit may reduce (see section 3 of these Terms and Conditions).

You cannot nominate your Online Term Deposit to be used for direct debit requests or periodic direct deposits for accounts at any other financial institution or organisation.

Overdrawn accounts

We do not provide any credit on your Online Term Deposit. Authorised users must not withdraw any amount greater than the balance of your Online Term Deposit.

If the Online Term Deposit is overdrawn you must immediately clear your debt to us to ensure your account is in credit.

If we close your Online Term Deposit because it is overdrawn, the final statement for your account may show a zero balance, however you will still be required to clear any debt to us.

Maturity

You need to give us your instructions for when your Online Term Deposit matures. We can act on instructions given to us up to one week before the maturity date. You can tell us to:

• renew your Online Term Deposit for the same term again;
• renew your Online Term Deposit for a different term; or
• close your Online Term Deposit and transfer the closing balance to your linked bank account.

Your instructions will apply to the entire balance of your Online Term Deposit (both principal and accrued interest).

If you do not provide any maturity instructions, we will automatically renew your account (including any interest credited) for the same term as your maturing account.

If the end of the term falls on a day that is not a business day, your maturity date will automatically be extended to the next business day.

Where you have instructed us at maturity to transfer the closing balance to your linked bank account, and that account is closed, we will automatically renew your account (including any interest accrued) for the same term as your maturing account.

Changing your maturity instructions

You can contact us to provide or change your maturity instructions any time up to one week before the maturity date by logging on to your account at: www.primeselect.com.au

When renewing your account

If you instructed us to renew your Online Term Deposit on maturity, or if you did not provide maturity instructions, we will automatically renew your Online Term Deposit.

After Renewal

Following renewal, the new Online Term Deposit will:

• be subject to the interest rate applicable on the day the new term commences, which may not be the interest rate available now or the best rate available at that time;
• be subject to the Terms and Conditions of Prime Select Online Term Deposits applicable on the day the new term commences;
• have the same linked bank account as the maturing Online Term Deposit;
• have the same account number; and
• have the same Authorised Users.

Statement of account

Prime Select is an online business, and your Online Term Deposit is web based service. Accordingly we will not issue paper statements on your account.

You can access your account, and print statements, at any time day or night, by logging into your account at: www.primeselect.com.au

We also recommend you log into your account regularly and check your transactions carefully. If you believe there is a mistake, or a transaction wasn't authorised by an Authorised User, please tell us straight away at: help@primeselect.com.au

Using our Website Service

Your Client ID and code

To access your Online Term Deposit via the Website Service an Authorised User needs to use their own Client ID and Access Code.

An Authorised User who is an existing Prime Select customer will need to use their existing Client ID and Access Code. We will give new Authorised Users a Client ID and Temporary Password.

If an Authorised User is given a Temporary Password, the first time they use the Website Service, they'll be required to select the own personal Access Code. We will explain how to do this when they log on.

Transactions via the Website Service

Using the Website Service any Authorised User can:

• view account information;
• change their Access Code;
• enquire about the account balance;
• view transaction history;
• change the maturity instructions;
• change personal contact details;
• change account holder contact details;
• open a new Online Term Deposit, in the same entity name, with a linked bank account that is acceptable to us (the Authorised Users remain the same on both accounts).

The following activities cannot be done via the Website Service and require a form which must be signed by all Authorised Users:

• add, delete or change any Authorised User;
• request early termination of the account;
• change the linked bank account;
• set up a Direct Debit Request; or
• change the name of the account.

Keeping track of transactions

Transaction records are available 24 hours a day, 7 days a week from our website. Authorised users should check transaction details available when logging into the account at: www.primeselect.com.au

If they believe there is an error, or have any concerns, they should let us know straight away at: help@primeselect.com.au

Your instructions

We have authority to act on an Authorised User's instructions in relation to any transaction. If for any reason it is not possible to carry out these instructions:

• the transaction may not be processed;
• we may defer processing the transaction;
• we may seek further information before carrying out the instructions.

Instructions can only be cancelled or changed in accordance with these Terms and Conditions. You are responsible for ensuring that each Authorised User has the authority to issue instructions and provides us with correct instructions.

System failures and maintenance

You acknowledge there may be times when Authorised Users are temporarily unable to access the Website Service due to systems failure or maintenance.

The Website Service belongs to us. This service is for Authorised Users only and restricted by the provisions of this Terms and Conditions booklet.

Your security and codes

It is important for each Authorised User to take all reasonable precautions to ensure their Codes and Client ID are not misused, and remain secure and confidential. Authorised users must not:

• tell anyone their Codes, including any member of their family;
• let anyone else, whether acting as your agent or not, access our Website Service using their Client ID and Codes; or
• select an Access Code that consist of repeated, ascending or descending numbers, or numbers that are associated with their date of birth, Client ID or an alphabetic code which is a recognisable part of their name.

As soon as an Authorised User realises or suspects anyone else knows their Codes they should contact us immediately at: help@primeselect.com.au

You will then be asked to select a new Access Code using the Website Service. If you do not select a new Access Code when asked, a stop may be placed on your Online Term Deposit until a new Access Code is selected.

If we know or suspect that anyone else knows an Authorised User's Codes, we may place a stop on your Online Term Deposit. In that event, an Authorised User can contact use for a new Access Code and have the stop removed.

Where we hold an email address for you, or an Authorised User, we may send an email to confirm transactions.

No fees

There are no Prime Select fees charged on your Online Term Deposit.

However, if you have an externally linked bank account, you may incur fees from the other financial institution for transferring money between that account and your Online Term Deposit.

To find out whether any such fees apply, please contact the financial institution where your external linked bank account is held.

Government charges

Any applicable government charges will be debited from your Online Term Deposit.

At the date of this document, there are no government charges associated with the Online Term Deposit. However, the government may introduce charges in the future.

If things don't go according to plan it's good to be prepared for what happens next. By the time you've read this section at least you'll know what happens if someone accesses your Online Term Deposit without authority.

When you're not liable

You're not liable for losses you incur or suffer that:

• relate to any Authorised Users' Codes that are faulty, expired or cancelled;
• arise from transactions made through our Website Service that require the Authorised User's Codes before they've received new or reissued Codes;
• are caused by fraudulent or negligent conduct of our employees, agents or those of companies involved in networking arrangements with us;
• result from the same transaction being debited more than once to the same Online Term Deposit by us;
• result from an unauthorised transaction that occurs after an Authorised User has notified us that the security of their Codes has been breached; or
• result from an unauthorised transaction if it's clear you or an Authorised User hasn't contributed to the loss.

When you'll have limited liability

If it's not clear whether you or an Authorised User contributed to the loss caused by an unauthorised transaction that required your Codes, the amount of your liability will be limited to the lesser of:

• the actual loss at the time we're notified that the security of the Codes was breached; or
• the balance of the Online Term Deposit from which the value was transferred in the unauthorised transaction.

When you will be liable

If we can prove on the balance of probability that you or an Authorised User contributed to the loss caused by the unauthorised transaction:

• through your or an Authorised User's fraud;
• by an Authorised User voluntarily disclosing Codes to anyone, including a family member or friend;
• by an Authorised User keeping a record of their Code without making a reasonable attempt to protect the security of that record(s) on one or several articles, so that the Codes may be lost or stolen;
• by an Authorised User using a birth date or an alphabetic code which is a recognisable part of their name as their Access Code; or
• by an Authorised User acting with extreme carelessness in failing to protect the security of the Codes or security device in any other way.

You're liable for actual losses which occur before we're notified that the security of an Authorised Users Codes has been breached, except for:

• that part of the total losses incurred on your Online Term Deposit which is more than the balance of the account;
• losses incurred on any Online Term Deposit which we haven't agreed with you could be accessed using the Website Service;
• losses incurred as a result of conduct we expressly authorised you or an Authorised User to engage in; or
• losses incurred as a result of an Authorised User disclosing, recording or storing Codes in a way that is required or recommended by us for the purposes of the Authorised User using an account access service implied or expressly promoted, endorsed or authorised by us.

Account aggregation services

Some companies provide account aggregation services that allow you to view account information from different institutions on the one webpage. To use an account aggregation service you're usually required to give the service provider your account details and your Codes.

We do not endorse, promote or authorise using account aggregation services in connection with your account(s) or the Website Service.

Remember, if any Authorised User discloses their Codes to another person you'll be liable for any transactions that person makes on your account(s) using these Codes.

Unreasonably delaying notification

If we can prove on the balance of probability that you or any Authorised User contributed to a loss caused by an unauthorised transaction by unreasonably delaying notification that the security of an Authorised User's Codes has been compromised after an Authorised User becomes aware of the loss, theft or breach, you will be liable to us for the actual losses incurred between:

• the time an Authorised User first became aware of any of these events; and
• the time we are actually notified of the relevant event;

except for:

• that part of the total loss incurred on an account which is more than the balance of the account; and
• all losses incurred on any accounts which we haven't agreed with you could be accessed using the Website Service.

Sometimes we may need to put a stop on your Online Term Deposit. This could be to protect you, your Online Term Deposit and/or us. There may also be a time when you, or we, decide to close your Online Term Deposit. The following explains how this may occur.

We may stop your account

We may place a stop on your Online Term Deposit if:

• you don't provide information to us when requested;
• an Authorised User doesn't provide additional information to verify their identity when asked to do so;
• mandatory security details are not provided by an Authorised User;
• you haven't conducted your account in a satisfactory manner to us for any other reason we consider appropriate;
• we are required to do so by court order or the law;
• your linked bank account is closed and your new linked bank account is not satisfactory to us; or
• we have received returned mail or email for your accounts because you haven't notified us of a change of address.

No Authorised User will be able to access or transact on your Online Term Deposit until the stop is lifted.

We may stop an Authorised User from accessing your Online Term Deposit if:

• you or another Authorised User notifies us that they are to be removed as an Authorised User, eg. if they are no longer an employee;
• an Authorised User does not select a new Access Code when asked to do so;
• we know or suspect that an Authorised User's Codes or security devices are no longer secure and confidential; or
• we have received returned mail or email because you haven't given us a change of address.

How your account may be closed

An Authorised User may close your Online Term Deposit at any time by providing us with written and signed instructions.

Your account will be automatically closed if you instruct us to:

• transfer the funds to your linked bank account on the maturity date. The closing balance will be transferred to your linked bank account on the maturity date, in accordance with your instructions; or
• make any withdrawal during the term, which is accepted by us. The closing balance will be transferred to your linked bank account (see How We Calculate Interest). Please note we may accept or refuse any request for early withdrawal at our discretion.

We may close your account immediately or refuse to process any transactions if:

• we cannot verify an Authorised User's identify;
• we cannot verify your linked bank account;
• your linked bank account is closed and you haven't nominated a new linked bank account that is satisfactory to us; or
• we suspect fraudulent activity or a breach of the law.

Before your account is closed, any amount you owe us must be paid, including any unauthorised overdrawn amount.

You remain liable for all transactions and/or government charges made before or at the time of closing the account.

On the date your account is closed, we'll transfer any credit balance of the account, including any accrued interest, to your linked bank account.

Change is inevitable, whether it's a change in your life, the weather, interest rates or the law. If there are changes to your Online Term Deposit, you will want to know what they are and what is going to happen.

We may change these conditions

We may change any of these Terms and Conditions for your Online Term Deposit for one or more of the following reasons:

• to comply with any change or anticipated change in any relevant law, code of practice, guidance or general banking practice;
• to reflect any decision of a court, ombudsman or regulator;
• to reflect a change in our systems or procedures, including for security reasons;
• as a result of changed circumstances (including any addition of benefits or new features);
• to respond proportionately to changes in the cost of providing your Online Term Deposit, including changes in our funding costs and changes to the official cash rate; or
• to make them clearer.

However we won't make any changes:

• that introduce fees or charges to your Online Term Deposit, other than government charges; or
• to the interest rate, the method of calculating interest or frequency of crediting interest during the term of your Online Term Deposit.

We will give you notice of any changes

We will give you at least 30 days prior notice in writing (longer if required by legislation or any other code of conduct we subscribe to) of any change that increases your liability for losses due to using the Website Service to transact your Online Term Deposit.

We will give you notice of other changes by:

• writing to you by email;
• advertising in a national or local newspaper; or
• any other manner allowed by law.

If a government charge is introduced or varied and is not advertised by a government, government agency or representative body, we may give you notice by:

• writing to you by email; or
• advertising in a national or local newspaper.

If we need to restore or maintain the security of our systems or an account immediately, we may change your use and access to our Website Services without advance notice. This is subject to satisfying applicable legislative requirements.

Change of name or address

Account name details

Before you change your account name you need to:

• provide written instructions to us, signed by all Authorised Users; and
• a certified copy of evidence satisfactory to us.

After you've changed the name of your linked bank account to your new business name, you need to give us details of that account.

Authorised User details

An Authorised User can change their name by:

• providing written, signed, instructions to us along with certified copies of relevant supporting documents.

To change their address they can:

• log on to primeselect.com.au to change their personal details; or
• provide written, signed, instructions to us.

Changing an Authorised User

If you wish to add or remove an Authorised User, please visit our website.

A person nominated as an Authorised User will remain an Authorised User until we receive all the appropriate documentation. You are liable for any losses as a result of a transaction made by that person.

Notices and returned mail

We will send notices to your nominated email address, except for some confidential information which we may send to your registered business address for security reasons.

If you change your address and don't tell us, we can still give notice to you to the address last recorded with us.

If we receive returned mail or email because you haven't advised us of a change of address, we may place a stop on your account.

Change of linked banked account

If you wish to change your linked bank account or any details of that account, please visit our website and we'll let you know what to do.

Your new linked bank account or requested changes will not take effect until verified by us. This may take up to 10 days.

We will process any instructions Authorised Users give us to cancel a Direct Debit Request on a linked bank account as quickly as possible and in accordance with the Direct Debit service agreement.

Although all Authorised Users must instruct us to set up a new Direct Debit Request, any Authorised User may cancel it.

If an Authorised User cancels your Direct Debit Request, no Authorised User will be able to transfer funds between your linked bank account and your Online Term Deposit until you provide a replacement Direct Debit Request.

If your linked bank account is closed, you won't be able to transfer funds between your linked bank account and your Online Term Deposit until:

• all Authorised Users nominate a replacement linked bank account; and
• you provide a replacement Direct Debit Request.

This section includes various information which is important you understand.

When we may act

If we are obliged to act on a day that is not a business day, we may act on the next business day.

Privacy and confidentiality

At Prime Select we recognise that privacy and security of personal information is important to our customers. We respect the confidentiality and security of your personal information and we are committed to protecting it at all times.

We have a general duty under the Privacy Act to keep information about you confidential except in certain circumstances (for example, where the law requires us to disclose information about you or where you agree to us disclosing your information).

For more information on our commitment to privacy, please see our Privacy Statement in this booklet or visit the Privacy Policy section of our website.

Australian Financial Services Licence

Prime Select has applied for an Australian Financial Services Licence issued by the Australian Securities and Investments Commission.  Prime Select will not take deposits until that application is approved by ASIC.

Prime Select will only accept deposits from sophisticated investors as outlined in the Corporations Act 2001. If you are not a sophisticated investor, we are unable to provide you with an Online Term Deposit.

Financial Claims Scheme

Under the Financial Claims Scheme administered by APRA, the Australian Federal Government has provided a guarantee of certain deposits subject to a limit for each account holder.

The Financial Claims Scheme does not apply to your Online Term Deposit with Prime Select.

Information about the Financial Claims Scheme can be obtained from the APRA website at www.apra.gov.au or by calling the APRA hotline on 1300 13 10 60.

At Prime Select, we are committed to ensuring the confidentiality and security of your personal information. We are bound by the Privacy Act and National Privacy Policy Principles (NPPs) regulated by the Federal Privacy Commissioner to guide us in our responsible handling of personal information.

This Prime Select Privacy Statement provides an overview of the key aspects of our Privacy Policy in relation to your personal information including:

Collecting personal information

Prime Select only collects such personal information as is necessary to manage your account and to communicate with you about Prime Select and the products and services we offer. We will also collect any information necessary for the purposes of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

By accepting the Terms and Conditions of your Prime Select Online Term Deposit or transacting on the account, you consent to our use and disclosure of your personal information as outlined in this Privacy Statement.

Use and disclosure of personal information

There may be occasions where we need to disclose your personal information to:

• Other financial institutions:
  • other financial institutions, such as banks, credit unions and building societies, in order to set up and manage the account and manage banking transactions.
• Other organisations:
  • any entity related to Prime Select;
  • mortgage intermediaries, your financial adviser, your power of attorney, or your appointed solicitor;
  • organisations undertaking reviews of the accuracy and completeness of our information;
  • our solicitors, valuers, insurers and advisors;
  • organisations providing mailing services, document storage services, marketing bureau services (eg, telemarketing) and printing our standard documents and correspondence;
  • organisations maintaining our information technology systems and providing information technology services;
  • credit reporting or information verification agencies in order to obtain and provide details of credit history or status or to verify other information about you including your identity;
  • organisations providing analysis and research regarding our products, services and customer relationships;
  • organisations undertaking identity verification services to verify information about you including your identity;
  • organisations involved in securitisation arrangements. These organisations include trustees of those arrangements, investors and their advisers; and
  • organisations who perform services or functions on our behalf.

We only disclose your personal information to such organisations for the provision of the specified services. Organisations performing services on our behalf are required to comply with our confidentiality requirements and privacy law.

Personal information will only be disclosed to other third parties if we are permitted, authorised or required to do so by law, you have authorised us to do so, or it is necessary to assist with law enforcement.

Access to your personal information

You may request access to information that we hold about you by contacting us at: help@primeselect.com.au

Requests for access to your personal information may only be made by you.

Receipt of further information

We may provide you with further information about our products or services.

If you have provided an email address to us, we may contact you using that email address, including to provide you with information about Prime Select or our products or services.

You may elect not to receive further information about us or our products or services, by contacting us at: help@primeselect.com.au

Updating your personal information

Prime Select relies on the accuracy of information that you supply to us. If any of your personal information is incorrect, has changed or requires updating, please assist by contacting us at: help@primeselect.com.au

Use of internet cookies

Prime Select, like most major websites, use cookies to record aggregated statistics on the number and source of visitors to our website. Cookies are files that web servers place on a user's computer and are designed to store basic information such as how you found our website. We never store any personal
customer information in cookies.

More information

Our Privacy Statement may be updated from time to time, as we strive to improve the standard of service we provide to you.

If you would like further information regarding privacy, you can review the Prime Select Privacy Policy online at our website.

We welcome feedback and resolving your concerns.

What to do if you have a concern

Please contact us straight away at help@primeselect.com.au if you:

• suspect an error on your Online Term Deposit; or
• you have experienced any other problem concerning your Online Term Deposit.

To help us resolve your concern or complaint it's important to give us all the information you have, such as:

• Account information - your account name and number;
• Contact details - your phone number;
• Detailed information - what your concern is about and when it happened; and
• Resolution - how you'd like your concern or complaint to be resolved.

Once we receive everything, we'll be able to investigate your concern or complaint and work towards a resolution.

If we are unable to resolve your concern or complaint at the first point of contact you can escalate it for further review. Or we may need to escalate complaints that are complex or need a more detailed investigation.

We have a process for managing escalated complaints. Once escalated, we'll keep you informed of its progress. We'll contact you if we need more information to help with our investigation.

Details of what we'll do

Within 21 days of receiving the relevant details of your complaint we will let you know in writing:

• the outcome of the investigation;
• that we need more time to complete our investigation; or
• we are awaiting further information from you.

If there are exceptional circumstances where we can't complete the investigation within 45 days, we will:

• inform you of the reasons for the delay;
• give you monthly updates; and
• let you know when a decision can reasonably be expected, unless we are waiting for a response from you.

Once we've completed our investigation we'll confirm the outcome and the reasons for the outcome.

Who Else To Contact

In the unlikely event that your complaint cannot be resolved directly with Prime Select, you can seek assistance from the Financial Ombudsman Service (FOS). The FOS provides a free and independent dispute resolution service. You can contact them by:

• calling: 1300 780 808
• going to: www.fos.org.au
• faxing: 03 9613 6399
• writing to: Financial Ombudsman Service, GPO Box 3, Melbourne Vic 3001

If you want to deposit money from your linked bank account into your Online Term Deposit, you'll need to give us authority to make these requests according to your instructions. This section outlines how the Direct Debit Request works.

If you have any concerns concerning the Direct Debit Request service agreement please contact us at: help@primeselect.com.au

Drawing arrangements

The details of your drawing arrangements are shown in your Direct Debit Request service agreement. These arrangements may include the right to draw funds from your linked bank account for deposit into your Online Term Deposit. We will give you written notice of any changes to your drawing arrangements at least 14 days before those changes occur.

If a drawing date falls on a date which is not a business day, the drawing will be made on the next business day.

We reserve the right to cancel your drawing arrangements if two or more drawings are returned unpaid by the financial institution with which your linked bank account is held and to arrange an alternative payment method with you.

We will keep your direct debit records and account details confidential, except where the disclosure of certain information to your financial information is necessary to enable us to act in accordance with your drawing arrangements.

Your rights

You can cancel, alter or suspend your drawing arrangements at any time by logging in to your account(s) at least two business days before the cancellation, alteration or suspension is to take effect. You can also stop of defer an individual drawing by contacting us at least two business days before the date that drawing is to be made.
If you consider that a drawing has been initiated incorrectly, you should contact us immediately at: help@primeselect.com.au

We will investigate your concerns and endeavour to respond to you within 21 days. If we conclude that a debit has been made in error, we will arrange for your financial institution to adjust your linked bank account and advise you accordingly. If we conclude that a debit has not been made in error, you will be informed of this conclusion and the reasons for it.

Your responsibilities

It is your responsibility to:

• ensure that your linked bank account can accept direct debits. Direct debiting may not be available on all accounts, please check with your financial institution before completing the Direct Debit Request if you are uncertain;
• check the account details for your linked bank account against a recent statement from the financial institution where it is held;
• ensure that there are sufficient clear funds in your linked bank account by the due date to enable drawings to be made in accordance with the drawing arrangements. If there are insufficient funds in your linked bank account to enable a drawing to be made, any amount debited to your linked bank account in anticipation of that drawing being made will be reversed;
• ensure that the authority given to us to draw on your linked bank account is consistent with the account authority or signing instructions held by your financial institution for that account;
• advise us if your linked bank account is transferred, closed or any other account details change;
• arrange a suitable payment method if your drawing arrangements are cancelled; and
• ensure that your attorney does the above if you do not.