People with cash saved in term deposit accounts are forced to wait up to one month to access their own money if they try and withdraw funds early.
Customers may only now withdraw funds if they give their bank at least 31 days’ notice if they wish to access their money before the maturity date.
There are of course exceptions such as financial hardship but some people may not find this suitable as they require funds more urgently rather than having to wait a month. Which is why it is important to assess your options and have your money held somewhere more suitable to your needs and circumstances.
If you have any questions in relation to investment accounts and term-deposits please contact your adviser for further information.
Wahlstrom Financial Services
Level 5, 128 Bundall Road, Bundall QLD 4217
P: 07 5574 0667
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Wahlstrom Financial Services Pty Ltd, ABN 43 078 015 988, is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 an Australian Financial Services Licensee number 244252. Millennium3 Financial Services Pty Ltd and Wahlstrom Financial Services Pty Ltd are not responsible for the advice given regarding lending. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. The views and opinions expressed within this letter are those of the author and do not necessarily reflect those of Millennium3 Financial Services Pty Ltd.