Fixed Term Deposit Accounts

Types of Term Deposits

Your Fixed Term Deposit(s) at Karpaty Ukrainian Credit Union is signified by your member number, followed by the suffix "I" and a number. The "I" and the number represent the following type(s) of fixed Term Deposit:

• I 20 3 month term;
• I 21 6 month term;
• I 22 12 month term.
• I 23 Special Terms that may be negotiated from time to time.

Click here to download a Term Deposit application form.

Along with your application form, you must also submit and sign the Privacy Acknowledgment and Consent Form. Click here to download.

Click here to view the Fixed Term Deposit Rates


Instructions

You must complete an application form and account instructions to establish a Fixed Term Deposit (FTD) account. A FTD account will only be opened in the account holder/s name/s. Written notice is required to alter the instructions on a Fixed Term Deposit account.


Interest Rate

The interest rate on a Karpaty Credit Union Term Deposit account will not change during the term of the deposit, unless there is a mutual agreement between you and us, to make such a change. If we quote you an interest rate for a "Karpaty" FTD, the rate may differ if the deposit is not made on the same day.


Interest Calculation

Interest is calculated on closing daily balances. The daily interest rate is the relevant annual rate divided by the number of whole days in the year. We will not change the method of interest calculation or payment during the term of the deposit.


Term Deposit and Interest Payments

The amount on deposit in a Karpaty Credit Union Fixed Term Deposit account can only be increased on maturity. The minimum required deposit, frequency or interest payment, method of interest payment, and duration of a term deposit vary according to the particular term deposit arrangement agreed by the member, prior to the making of the term deposit. They are based upon the rates contained in our Interest Rates brochure which, is available upon request.
Once a term deposit is made however, the agreed minimum deposit balance and minimum term requirements are fixed and not negotiable.
Interest will be paid on the first working day on or after the maturity date or after the agreed frequency date as specified.


Withdrawal Restrictions

Where funds are withdrawn from a Karpaty Credit Union Fixed Term Deposit account prior to maturity, reduced rates of interest shall apply. Primarily, this will be based on the recalculation of interest for the period from the deposit date to the date of withdrawal. The rate of interest that shall apply shall be the rate of our S1 Passbook Savings account rate applicable at the time of the withdrawal.
You acknowledge that any Karpaty Ukrainian Credit Union Term Deposit account deposit is lodged on the understanding that it is not withdrawn before the maturity date.
We may agree to repay your deposit before the term has ended. Any interest paid at the higher rate on amounts withdrawn before maturity will be recalculated at the reduced rate and the difference payable on deducted interest on withdrawal, or if this is not sufficient, from the principal at time of withdrawal.
Any funds remaining in the Term Deposit will continue to earn the rate originally agreed, provided that the remaining funds satisfy the minimum requirement of the term agreement. If the remainder falls below the minimum requirement, the Term Deposit must be closed.


Certificates

Fixed Term Deposit Certificates will be issued for all Karpaty Ukrainian Credit Union FTD accounts within 7 days of the deposit being made or the renewal of the FTD.


Maturity of Term Deposit Accounts

We will send you a letter of maturity approximately two weeks prior to the maturity date for you "Karpaty" Fixed Term Deposit account. You may then nominate to have the principal on maturity renewed, transferred to a nominated account or paid by cheque.
The Credit Union allows 7 days after maturity in which the Term Deposit may be released, varied or transferred to another account type without penalty. If you do not nominate how the principal is to be repaid, or how the interest is to be paid, we will pay principal and interest in accordance with the account instructions we received from you when you established your Fixed Term Deposit account.
If the Fixed Term Deposit account is renewed by us, the interest rate and other conditions will be those applicable to any other similar Karpaty Credit Union Fixed Term Deposit account made on that day for the same period, terms, and conditions.


OPENING YOUR ACCOUNT

We will need proof of your identity
Under the Financial Transactions reports Act (FTRA) we will need proof of your identity before you can open your first account or become a signatory to an existing account. This applies to all financial institutions and is designed to assist in the detection of criminal activity and tax evasion.

To meet this requirement, you will need to provide certain documents that add up to 100 points of identification. For example, your passport (current or expired within the last two years - but not cancelled), citizenship certificate or birth certificate plus at least one other document may well make up your 100 point score. Karpaty Credit Union has a special brochure with all the details.

Special provisions also apply to recent arrivals in Australia, non-residents and certain recipients of social security benefits.

When you have provided sufficient identification to gain the required 100 points, you will need only to provide additional identification to open an account where you have not held an account with the Credit Union for more than three years.

We will need some personal details from you.
After you have been successfully identified we will need to obtain some additional personal information from you in order to open your account(s).

The Credit Union will ask you to provide your:

  • name, address, date of birth, and similar details;
  • occupation, and the name of your employer – or alternative vocation.

If you wish to open additional accounts in the future we will simply verify and, if required, update the information that you have previously provided.

Personal Details -Confidentiality
The Credit Union is obliged, under the law, to keep information about you confidential, except in certain situations, such as where the disclosure is:

  • required by law (eg. disclosure to the Australian Taxation Office); or
  • made with your consent.
  • Your consent can be express (eg. a letter signed by you).


The Credit Union's duty of confidentiality extends to information such as:

  • the balance(s) in your account(s);
  • details of transactions on your account(s).

However, under the Credit Union Code of Practice, the Credit Union may disclose to a related entity (eg. a company that the Credit Union owns):

  • information necessary to enable an assessment to be made of your total liabilities to the Credit Union and the related entity, and
  • unless you instruct the Credit Union not to do so, information concerning you if the related entity provides financial services related to those provided by the Credit Union.

An example of a related financial service is life insurance.
In the latter case, you may instruct us whether or not to disclose information to a related entity by advising us in writing at the time of opening your account.

The Credit Union is also required by the Privacy Act not to disclose certain information about you unless the disclosure is allowed under a specific exception in the Act. The protected information is, broadly, information about