The Fund provides the following banking services:
Deposit & Investment Products:
- Cheque Account (S50) – cheque account facility which earns a low rate of interest, statements are issued monthly and bank fees are passed through from the NAB.
- Savings Account (S5) – interest bearing account which earns a higher rate of interest than a cheque account. Interest is payable annually, there are no bank fees and statements are issued annually.
- Sweep Account – used to transfers funds from S50 and S5 accounts when amount are in excess of a predetermined balance. The funds are invested into the short term money with the major banks. Interest is payable annually and paid into the S50 and S5 account.
- Call Account – used to invest deposits on a short term basis and allows immediate access to available funds. Interest is paid at a lower rate compared to a term deposit.
- Term Investment – used to invest deposits for periods up to 12 months earns a higher interest rate than the savings account. The product does not attract any fees. Depositors can redeem their funds at any time without penalty and receive a pro-rata allocation of interest on early withdrawal.
- Overdrafts – provides for immediate access to funds to meet short term requirements. Interest accrues daily on overdrawn amounts.
- Term Loans – used to fund projects in excess of $5,000 with flexible interest and principle repayment options. The product offers a variable interest rate.
- Bridging Finance – is a short-term loan to ensure (or bridge) a specific amount of cash to cover the amount of time between when funds are required and when an expected sum of funds is forthcoming. The product attracts fees and offers a variable interest rate which is higher than that of a term loan.
- The Fund provides account holders with access to an online facility called “CDF Online” which is an internet facility which enables clients to view account details, transactions & balances and transfer funds. This product is provided and supported by the Archdiocese of Melbourne Catholic Development Fund (“CDF Melbourne”). The costs of this service is absorbed in the operating costs of the Fund.
Over the counter deposits and withdrawals:
- This service is only offered on a limited basis.
- The Fund banks with the National Australia Bank (“NAB”) and is the operational arm for the Fund (i.e. banking and credit card facilities).