Member Services GuideSavings Accounts/Transaction Accounts Cairns Penny Savings & Loans Limited |
How to Contact UsIf you have any questions or need more information, please contact us by: Mail:PO Box 5272 Email: info@cairnspenny.com.au |
Your Cairns Penny Savings & Loans Limited MSG
This Member Services Guide (MSG) is designed to help you decide whether to use the Cairns Penny Savings & Loans products.
| Your MSG contains information on: | ||
Product Details and Advice
We have a range of product brochures available to you including:
* Booklets describing the product terms and conditions;
* A Fees and Charges brochure setting out costs relating to each product;
* An Interest Rate brochure listing current interest rates.
Terms and conditions will also be made available to you before taking out other Cairns Penny Savings & Loans products including home loans and special purpose loans.
About Cairns Penny Savings & Loans
Cairns Penny Savings & Loans exists to meet Members' needs and help them achieve their goals by building financial relationships for mutual benefit. Our shareholders are not private investors, they are our customers as part of a mutual structure. We are regulated by the Australian Securities and Investment Commission (ASIC) and Australian Prudential Regulatory Authority (APRA).
Instead of a cash dividend we offer our shareholders (or Members as they are more commonly known) a mutuality dividend.
Our mutuality dividend is a bit like a promise. A promise to:
| * Always offer competitive interest rates; | * Keep you up to date; |
| * Never charge excessive fees; | * Ask you what you want and listen to your response; and |
| * Make sure our product range meets your needs; | * Give you a range of choices when it comes to accessing our services. |
Our Products & Services
We can provide advice on and offer you a range of basic deposit products including:
* Savings Accounts/Transaction Accounts;
* Term Investments; and
* Payment facilities such as cheque accounts, direct debits and direct credits, BPay and Internet Banking.
Our Business Partners and Commissions
We refer members to Joe Vella Insurance Brokers Pty Ltd ACN 074 970 540 for any General Insurance needs. The Cairns Penny Savings & Loans has a referral agreement with Joe Vella Insurance Brokers. We receive commission for any insurance products that are referred to and written by Joe Vella Insurance Brokers. The amount of commission payable to us depends on the type of policy that is acquired by the member.
House Insurance
10% of annual premium on new business - (e.g. If premium is $100 commission is $10). 5% of annual premium on renewable business (e.g. If premium is $100 commission is $5)
Private Motor
50% of annual premium on new business (e.g. If premium is $100 commission is $50). No commission is received on renewable business.
Commercial
10% of premium on new business (e.g. If premium is $100 commission is $10). 5% of premium on renewable business (e.g. If premium is $100 commission is $5).
Life
50% of premium on new business (e.g. If premium is $100 commission is $50). No commission is received on renewable business.
For any Financial Planning needs our referral partner is Professional Investment Services (Walden Financial Services - local representative). Cairns Penny Savings & Loans has an agreement with Professional Investment Services that we will receive commission for any new clients that are referred by us. This commission is based on 20% of any commission received by Walden Financial Services from Professional Investment Services Pty Ltd when providing you with initial advice. (For Example, for every $100 we receive $20.) We do not receive trailing commission payments.
All commissions are paid to us by our business partners when you take out or use the product or service.
We do not take part in providing any Insurance or Financial Planning related services to our members.
Our Fees and Other Payments
We charge the service fees applicable to our products and services as set out in our Fees and Charges brochure.
Our salaried employees are representatives of Cairns Penny Savings & Loans Limited and it is advised that no payments are received by our staff that would influence the advice they provide you on our financial products and services.
If You Have a Complaint
Contact the General Manager direct on (07) 40314460. If the complaint is in connection with Insurance products or Financial Planning services then we recommend you contact the provider of those products or services.
Cairns Penny Savings & Loans is a participant in the Financial Co-Operative Dispute Resolution Scheme (FCDRS) and is happy to offer its Members an internal dispute resolution procedure that is:
* readily accessible; and
* free of charge
What is a dispute?
A dispute arises if you make a complaint to us about a Cairns Penny Savings & Loans product or service and you are not satisfied with the response that you receive.
You should be aware that:
* Our Dispute Resolution System has been established with the aim of resolving problems and enhancing the quality of service provided to our Members.
* You are not obliged to pursue a dispute with us using our Internal Dispute Resolution procedure. If you do not use the Internal Dispute Resolution procedure, you may commence legal proceedings before, after or at the same time as using the Internal Dispute Resolution Procedure.
* Our participation in the Internal Dispute Resolution procedure is not a waiver of any rights we may have under the law, or under any contract between you and Cairns Penny Savings & Loans.
* An example of a contract between you and Cairns Penny Savings & Loans may be a loan contract, a mortgage, a guarantee, the terms and conditions of an account. This brochure itself is not a contract between you and Cairns Penny Savings & Loans and is not enforceable against Cairns Penny Savings & Loans.
How to request resolution of a dispute:
If you are not satisfied with the result of your complaint you should write to Cairns Penny Savings & Loans asking for the matter to be reviewed. The matter will be referred to our General Manager for consideration and you will be advised of the outcome accordingly.
If the General Manager is able to resolve the dispute, they will promptly notify you in writing of, and give reasons for, the outcome. The General Manager will normally deal with a dispute within one month of receiving a complaint.
Where you are still not satisfied with the result of your dispute, you may seek further consultation through external facilities available from the FCDRS. They may be contacted by telephone on 1300 139 220.
We care about your Privacy
At Cairns Penny Savings & Loans we acknowledge the importance of your privacy and the safeguarding of your personal information along with maintaining your trust in the credibility and ability of our systems and staff to satisfy these important mutual needs.
Your personal information is necessary for us to provide the service that you have requested. If you do not provide your information on an application, we may be unable to process your application or provide you with the relevant service. Our aim is to protect and maintain your personal information in a manner that ensures its privacy, security and accuracy.
All personal information provided to Cairns Penny Savings & Loans is subject to the standards set out in the National Privacy Principles for the handling of personal information. We will only collect information that is relevant to our ability to provide service in the delivery of our products and services, to administer our business or to fulfil our legal requirements.
The personal information collected and maintained by Cairns Penny Savings & Loans comprises your name, address, contact details and information specific to your product preference. Loan applications will seek information about you that is needed to assess your application. Other products and services may require additional information to enable provision of those products and services. On loan applications we require you to provide personal information and contact details of third parties. By submitting that application you agree to obtain those persons' consent to the disclosure and to inform those persons of the following:
* That we may use that information to contact them, but for no other purpose;
* Of the identity and contact details of the Cairns Penny Savings & Loans;
* Of the type of organisations that may be handling their information in providing services to us; and
* That he or she may gain access to their personal information held by the Cairns Penny Savings & Loans.
The information requested allows us to assess risks and administer your Cairns Penny Savings & Loans membership and accounts.
We will conduct business with you discreetly and confidentially ensuring your privacy whether you deal with us over the telephone, personally or electronically.
Your personal information may be shared with other businesses and organisations that deliver services on our behalf. Although these organisations may be subject to the Privacy Act 1988 in their own right, we require them to conform to our privacy standards as well as comply with the Act. They will not be permitted to retain any personal information about you unless you have expressed interest in their products or services.
We use appropriate technology and documented employee procedures to ensure that your personal information is secure. Only Cairns Penny Savings & Loans employees and others authorised to handle personal information on our behalf have access to your personal information.
We will, with your help, aim to keep our customer records accurate, complete and up to date. We will remove identification from any information that we no longer require.
You can notify us at any time if you do not wish to receive an offer or product information and we will ensure that your wishes are respected.
We do not and will not sell personal information about our members.
You have a right of access to any of your personal information held by the Cairns Penny Savings & Loans. There is generally no charge for access to your personal information unless provision of the information that you are seeking requires significant resources. We will provide the information within a reasonable timeframe and advise you if costs will be incurred.
We strive to provide a high level of service to our members and review our processes regularly. Handling any issues and resolving them promptly is important to us.
If you require more information, if you have an issue or if you have any suggestions on how we can improve our service please contact us on Ph (07) 40314460, email us at info@cairnspenny.com.au or write to us at PO Box 5272, Cairns QLD 4870.
About this MSG and Updates
All details are current as at the date of this MSG. We will update the MSG if there are material adverse changes.
