Manage your term deposit in CommBiz

Link a term deposit in CommBiz

To link a term deposit to CommBiz, your Administrator needs to complete a Maintenance Request. See Adding accounts.

Decide who can authorise

Authorisers can be decided when the term deposit is linked in CommBiz. If it's already been linked, choose Authorisers using one of these methods:

• Add an Electronic Account Authority (EAA)
• Edit an Electronic Account Authority (if the EAA is already added)

See Set-up Electronic Account Authorisers.

Note: Custom EAA with Method of Operation bands are not available for term deposits in CommBiz.

View transaction history

1. Select Accounts, then Transaction History
2. On the View Transaction History page, select the term deposit from the Account dropdown, then Show

See Viewing transaction history.

View account information

1. Select Accounts, then Account Information
2. Select the term deposit from the Account dropdown, then Show

Update maturity instructions on a term deposit

To complete these steps, you'll need permission to create service requests.

1. Log on to CommBiz. Select Functions, Service Requests, then Manage Term Deposit
2. On the Manage Term Deposit screen, select the term deposit from the Account dropdown, then Show
3. After entering the maturity instructions, read and acknowledge the terms by selecting the three boxes in the Terms & conditions section (not applicable for full withdrawal)
4. Submit the request. You can select Modify to navigate back to the Manage Term Deposit screen to update any details. Otherwise, Confirm. 

A Request ID will display. Service request status will remain Confirmed until authorisation has been completed.

Note: Maturity instructions can be submitted or changed any time before the term deposit matures. The last instruction will be processed on the maturity date.

Authorise the request

1. If you’re the Authoriser for the account, the Authorise and Reject buttons will appear. If you’re not an Authoriser, select OK
2. To authorise the service request, select Functions then Service Requests from the top menu. (You can filter requests by selecting Request Type then Manage Term Deposit.)
3. Select the service request and then Authorise. 

If Electronic Account Authority rule for the account is ‘many to authorise’, the service request status will be in a ‘Partially Authorised’ state until all required authorisers complete authorisation. Once authorised, the status will update to Submitted.

Notes: You won’t be able to raise a new service request to update maturity instructions if another request is being processed for the same term deposit. If the service request is not authorised in eight calendar days or if the term deposit reaches maturity, the request will expire.

Track the request

To track the status of your request, select Functions then Service Requests from the top menu. View details of the request by selecting the Request ID.

Once instructions are updated, the service request status will update to Processed.

Once the instructions have been processed, the updated maturity instructions can be viewed by loading the term deposit account on the Manage Term Deposit screen.

Term deposit in a holding facility or a grace period

A grace period of seven calendar days, starting on the maturity date, may be applicable. Any alternate instructions will take effect from the most recent maturity date. If you choose to withdraw funds during the grace period, no interest will be paid from the maturity date to the date of withdrawal.

A holding facility will give you more time to decide what to do with your maturing deposit. If you renew your term deposit at maturity, then change your mind, you’ll need to provide 31 days’ notice before funds can be released and you’ll incur prepayment costs.

When your maturity term deposit is in a grace period or holding facility, you’ll be able to select one of the following:

• Standard Term Deposit (1, 4, 8, 12 or 36 month terms)
• Custom Term Deposit (can specify maturity date)