Manage Term Deposits online - if a Third Party has access to my Term Deposit, what can or can’t they do?
When you fill out the , you can choose between Value access and Non-Value access for that Third Party.
Value access means that you give account access to the Third Party to manage your Term Deposit or Farm Management Deposit online. They will have the ability, during the Variation Period1, to change the amount, term, interest rate, interest payment frequency and account/s for the payment of future interest (including to an account which may not be in your name) for the renewal of a maturing deposit online. They will further be able to add funds, withdraw any or all funds to a linked or other financial institution account (including an account which may not be in your name), and close the deposits (unless they are held as security).
Non-Value access means that you give access to the Third Party to view the deposit online ONLY. They cannot make changes to the deposit during the Variation Period.
Things you should know
1. 'Variation period' means 6 business days from the maturity date of the Term Deposit.