Dormant Account Policy
1. Objective / Intent
The objective of this policy is to set out the approach to managing CDF Community Fund Dormant Accounts.
2. Definition of Dormant Accounts:
Dormant monies are those that are held within CDF Community Fund accounts where there have been no deposits (credit interest accrued is not considered a deposit) or withdrawals for 7 years.
3. Process for handling Dormant Accounts:
Where an account becomes ‘dormant’ based on the above definition, the process for handling these monies is as follows:
i. CDF will attempt to contact you once an account becomes dormant,
ii. Accounts identified as dormant and with balances less than $20 will be closed,
iii. Accounts identified as dormant and with balances $20 or greater will be charged:
a) A $20 dormant account fee; and
b) Accounts will be marked as ‘dormant’ and treated in accordance with the Unclaimed Monies Policy,
c) No interest will be paid on monies held within dormant accounts.
If you contact CDF Community Fund after your account has been identified as ‘dormant’ you can ask for:
- The account to be re-established or, where this is not possible, a new account established, or
- The balance of your monies paid to a nominated account, and
- The dormant account fee refunded.
CDPF Limited, a company established by the Australian Catholic Bishops Conference, has indemnified the CDF Community Fund ABN 94 380 397 118 (the Fund) against any liability arising out of a claim by investors in the Fund. In practice, this means your investment is backed by the assets of Catholic Archdiocese of Melbourne. The Fund is required by law to make the following disclosure: Investment in the Fund is only intended to attract investors whose primary purpose for making their investment is to support the charitable purposes of the Fund. Investor’s funds will be used to generate a return to the Fund that will be applied to further the charitable works of the Catholic Church. The Fund is not prudentially supervised by the Australian Prudential Regulation Authority nor has it been examined or approved by the Australian Securities and Investments Commission (ASIC). An investor in the Fund will not receive the benefit of the financial claims scheme or the depositor protection provisions in the Banking Act 1959 (Cth). The investments that the Fund offers are not subject to the usual protections for investors under the Corporations Act (Cth) or regulation by ASIC. Investors may be unable to get some or all of their money back when the investor expects or at all and investments in the Fund are not comparable to investments with banks, finance companies or fund managers. The Fund’s identification statement may be viewed here or by contacting the Fund. The Fund does not hold an Australian Financial Services Licence. The Fund has entered into an intermediary authorisation with CDFCF AFSL Limited ABN 49 622 976 747, AFSL No. 504202 to issue and deal in debentures.
