WITHDRAWALS AND MATURING INVESTMENT
WITHDRAWALS
Withdrawals can be made at any time from an All-In-One or At-Call Premium Account.
Withdrawals from an All-In-One Account can be
effected by personal cheque, internet transaction, telephone contact or in writing.
Withdrawals from an At-Call Premium Account can be
effected by internet transaction, telephoning contact or in writing.
Under current policy:
(i) Internet withdrawals by 4pm will generally be paid on the same business day. Internet withdrawals received after 4pm will generally be paid on the next business day. For further details, please refer to Glebe Internet Terms and conditions.
(ii) Telephone and written notification of a withdrawal received by 11am will generally be paid on the same business day, to the nominated account. Telephone and written document notification withdrawals received after 11am will generally be paid on the next business day.
Glebe reserves the right to change this policy by
providing one month's written notice to investors.
For Term Accounts, funds are only available at maturity.
Investors should also refer to the notes on early
repayment.
Telephone notified withdrawals are only permitted from At-Call Accounts where the method of operation is "one to sign". Withdrawals from personal accounts will only be paid to the bank account in the name of the investor nominated on the original application. Changes to the nominated bank account can be made in writing.
Payment by cheque is not available through telephone notified withdrawals.
For security purposes, under no circumstances will telephone notified withdrawal payments be made to parties other than the investor. Cash withdrawals are not permitted under any circumstances.
For Term Accounts, funds are only available at maturity. Investors should also refer to the notes on early repayment.
Approximately two weeks before your Term Account matures we will seek your instructions and advise you of the interest rates GAB is then offering. In the absence of your written instructions, GAB will reinvest your money in the Term Account for the same term and on the terms and conditions and interest rate then applicable.
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All withdrawals and instructions must be signed in accordance with the method of account operation. For more information please refer to Joint Account.
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Requests for early repayment of Term Accounts will attract an interest adjustment. The interest adjustment amount will depend on the original term, the term remaining to maturity and current interest rate conditions.
When an application is received, GAB will apply the current interest rate on offer. Investors will be notified of the actual interest rate applied. Should the investor then request withdrawal of the application monies within 14 days of that notification, GAB will repay the application monies. An interest adjustment may apply.
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Upon the death of a sole investor, GAB will on request, and subject to fulfilment of any legislative and administrative requirements, pay to the estate part or all of the funds invested in Glebe Income Accounts. Upon the death of a joint investor, GAB will on request and subject to fulfilment of any legislative and administrative requirements, either:
(i) transfer the account to an account in the name(s) of the other joint investor(s); or
(ii) pay to the estate, part or all of the funds invested in Glebe Income Account.
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