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| Cash Management Account (CMA)
Questions |
Q.
What is a Cash Management Account?
Q.
Do I have to open a CMA?
Q.
What is the interest rate on the CMA?
Q.
Is there a minimum amount required to open an account?
Q.
How do I get funds out of my Cash Management Account or Share
Trading accounts?
Q.
What are the Fees and Charges on the Cash Management Account
(CMA)?
What is a Cash
Management Account (CMA)?
A cash management account is a bank account we open on your
behalf with National Australia Trustees, a subsidiary of the
National Australia Bank Limited. This CMA is for trading purposes
only and facilitates funds to be debited from and credited
to that account. We can not direct debit from any other bank
accounts. You can view the balance of this account online.
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Do I have to open
a CMA?
Yes, a CMA is compulsory in order to trade. When you have
completed and signed the application form, we will then organise
to have a CMA set up on your behalf with National Australia
Trustees. Funds held on deposit in the CMA are not covered
by the ASX National Guarantee Fund.
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What is the interest
rate on the CMA?
Please phone 1300 658 860 and speak to a customer service
officer to find out the current interest rate earned on the
CMA.
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Is there a minimum
amount required to open an account?
There is a minimum opening deposit of $500 to establish a
Cash Management Account. Thereafter a minimum balance of $100
must be maintained in the CMA.
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How do I get funds
out of my Cash Management Account or Share Trading accounts?
Funds will be released upon your written request. Just fill
out the Funds Transfer
Request Form, which can be found on the members' forms
page and fax/send that back to us. We will electronically
transfer the funds directly into the account nominated on
your original application forms. Should you wish to change
your nominated bank account details, just complete the change
of nominated bank authority form. You can post/fax this back
to us and we will update your records. Please allow a minimum
of 48hrs for funds transfers to be processed.
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What are the Fees
and Charges on the Cash Management Account (CMA)?
Standard government charges such as Financial Institution
Duty (FID) apply. CMA's linked to Sanford do not have a cheque
facility and so do not attract Bank Accounts Debit Tax (BAD).
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