Changes to Accelerator Cash Account disclosure documents

From 11 March 2022, there will be some important changes to the Accelerator Cash Account (ACA) Terms and Conditions, and the Accelerator Cash Account General Information Statement.

There will be two issues of the ACA Terms and Conditions. The first issue of the Terms and Conditions will be on 11 March 2022 and is valid till 18 March 2022. The second issue of the Terms and Conditions will take effect on the 19 March 2022. Changes include removal of adviser functionalities through CommSec Adviser Services (CAS) and removal of CAS as a support and service channel for the ACA from 19 March 2022. ACA will continue to be supported through CommBank channels including NetBank, CommBank branches and phone banking.

Changes effective from 11 March 2022

Summary of changes to the ACA Terms and Conditions:

  • Clause 9 Deposits. Inserted the following text “For over the counter cash deposits and cash transactions, you may be required to be identified at our CommBank branches before the deposit or transaction will be accepted”.

You can find the updated ACA Terms and Conditions from 11 March 2022, located in the forms section on this website, click here for access.

Changes effective from 19 March 2022

Summary of changes to the ACA Terms and Conditions:

  • Removed references to “CommSec Adviser Services”.
  • Replaced CAS contact details with CommBank contact details
  • Removed references to advisers, adviser related functionality and adviser referral fees/commission.
  • Clause 6 Account Operating Authority removed.
  • Clause 24 Customer Information and Policy. Removed the following text “Australian Investment Exchange Limited (AUSIEX) continues to provide certain services in relation to the CommSec Adviser Services Investment Loan; noting that effective 1 May 2021 AUSIEX is no longer a member of the Commonwealth Bank Group”.
  • Clause 28 Instructions via fax and email removed.
  • Information regarding interest rates moved to the Transaction, Savings and Investment Account Interest Rate flyer found here.

Summary of changes to the ACA General Information Statement:

  • Decommissioned as of 19 March 2022.
  • Information regarding interest rates moved to the Transaction, Savings and Investment Account Interest Rate flyer found here.

You can find the updated ACA Terms and Conditions from 19 March 2022, at www.commbank.com.au.

Should you have any questions about these changes, please contact us.

Published: 4 February 2022

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