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Questions & Answers - Transaction Bank Account


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+ What is a Transaction Bank Account?

A SMSF must have a Bank Transaction Account to receive deposits and pay outgoings. The Preferred Bank Transaction Account for ESUPERFUND Clients is the Commonwealth Bank Accelerator Account ("CBA transaction account"). Documentation to establish a CBA transaction account is included with the documentation forwarded to you when you submit your online application to establish an SMSF. By using the CBA transaction account as the preferred Transaction Account for your SMSF, ESUPERFUND is able to electronically access the transactions made by your SMSF in order to attend to the SMSF Annual Compliance Requirements. No Bank records are required from you each year as we already have the data. It is important to understand that only electronic data files are provided to ESUPERFUND. We have absolutely no access to your CBA transaction account and cannot actually login to your Bank Account to access the required data.

+ Can my SMSF use Other Bank Accounts?

You are permitted to establish as many additional Bank and Savings Accounts for your SMSF as desired in addition to the CBA transaction account.

+ How is Transaction Bank Account established?

Documentation to establish a Commonwealth Bank Accelerator Cash Account is included with the documentation forwarded to you when you submit your online application to establish an SMSF. The account acts as the Transaction Account for your SMSF allowing you to Rollover your existing super, make contributions, make investments, receive income and pay expenses including the accounting and taxation fees. The Transaction Bank Account typically takes 1 to 2 weeks to establish from the time the signed application is returned to our office. Once the account is established, the Commonwealth Bank will forward to you directly your SMSF Bank Account details including login and password. For full details of the SMSF Setup Process which includes the SMSF Bank Account establishment click here.

+ Do all my SMSF Transactions flow through the Transaction Bank Account?

To simplify the annual compliance process it is preferred that all Investments made by your SMSF are made directly from the Transaction Bank Account. However this is not compulsory and Investments can be made from any of your SMSF Accounts as desired.

+ Is the Transaction Bank Account Government Guaranteed?

Yes. Deposit accounts with the Commonwealth Bank of up to and including A$250,000 in total are guaranteed by the Federal Government without charge. The guarantee applies to the total balance held in one or more CBA deposit accounts by each legal entity, up to a maximum amount of A$250,000. For further information please refer to the Financial Claims Scheme.

+ How can I make Deposits into my Transaction Bank Account?

Deposits into your Commonwealth Bank Accelerator Cash Account can be made in any of the following ways:

At any Commonwealth Bank Branch
Mailing deposit cheques to: CBA Cash Services, Locked Bag 34, Australia Square NSW 1214
Internet Transfers

+ How can I make Withdrawals from my Transaction Bank Account?

Withdrawals from your Commonwealth Bank Accelerator Cash Account can be made in any of the following ways:

Telephone access via CBA Phone Banking - Phone: 13 22 21
Internet Transfers
BPAY
Direct Debit
Fax Request using our online fax authority that can be found here.

+ How can I avoid the Transfer Limits associated with the Transaction Bank Account?

It is important to understand that electronic transfers have transfer limits that can limit transferring monies to other accounts. To avoid the "Limit" issue you should use Fax Authority option  to transfer monies. This option has no transfer limits allowing you to transfer SMSFs as required and for any amount.

+ What is the Interest Rate payable on the Transaction Bank Account?

The Commonwealth Bank Accelerator Cash Account Interest Rate can be found here.

+ What are the Fees payable on the Transaction Bank Account?

The Commonwealth Bank Accelerator Cash Account has no monthly fees.

+ What if I have a query about my Transaction Bank Account?

If you have any queries about your Commonwealth Bank Accelerator Cash Account please contact the Commonwealth Bank directly on 1800 252 351. Please do not contact ESUPERFUND directly in relation to queries about your SMSF Commonwealth Bank Accelerator Cash Account as unfortunately we will be unable to assist you with your queries.

+ How safe are my monies in the Transaction Bank Account?

Completely safe. The Commonwealth Bank Accelerator Cash Account is established in the name of your SMSF. This is a very important point and gives you total peace of mind that your SMSF is the direct owner of cash that is maintained in that account. ESUPERFUND do not have any access to this account either directly or indirectly. So in the very unlikely event we cease to operate or become insolvent all your SMSF assets including cash maintained in your Transaction Bank Account with the Commonwealth Bank are totally protected and secure because your SMSF is the direct owner of the Assets.

+ Can ESUPERFUND access my Transaction Bank Account?

No. ESUPERFUND has absolutely no ability to enter or transact on your Commonwealth Bank Accelerator Cash Account. Only you as the SMSF Trustee can login and transact on the Transaction Bank Account. This gives you peace of your mind your Super monies are totally secure. Please note that the Commonwealth Bank will send to ESUPERFUND an annual data file of all your SMSF Bank transactions to enable us to attend to your SMSF's annual compliance obligations.

+ How do I change to a Commonwealth Bank Accelerator Cash Account?

If you are currently a client of ESUPERFUND and are looking to change Transaction Bank Accounts for your SMSF, please complete the Add Bank Application via the ESUPERFUND Client Portal. Please note that when you submit an application to add a Bank account your current Bank Account will not be closed.

+ Can ESUPERFUND provide advice about my Transaction Bank Account?

No. ESUPERFUND cannot provide you with any advice about your Transaction Bank Account.

If you require advice about your Transaction Bank Account, you should seek professional advice from a financial adviser.

+ Can my SMSF invest in Online Savings Accounts to earn additional interest for my SMSF?

Yes. Clients of ESUPERFUND are permitted to invest in any Bank and Savings Account in addition to the CBA transaction account. To simplify the Online Savings Account Application Process ESUPERFUND has established direct arrangements with ING Direct allowing clients to easily apply for an Online Savings Account through our website. By using the ING Online Savings Account ESUPERFUND is able to electronically access the transactions made by your SMSF in order to attend to the SMSF Annual Compliance Requirements. No bank records are required from you each year as we already have the data. It is important to understand that only electronic data files are provided to ESUPERFUND. We have absolutely no access to your ING Account and cannot actually login to your Bank Account to access the required data. It is not compulsory to use the ING Savings Account and you are permitted to invest in as many additional Bank and Savings Accounts for your SMSF as desired in addition to the CBA transaction account. However if you establish additional Bank and Savings Accounts for your SMSF with Non Preferred Providers, data will not be accessible by ESUPERFUND and you will need to source and provide this data to ESUPERFUND annually. More can be found here.

 

No financial product advice or recommendation

ESUPERFUND does not provide financial product advice or recommend any financial products: This applies equally to any financial products which are established for your SMSF when you become a client of ESUPERFUND, such as your Commonwealth Bank Accelerator Cash Account. If you require advice about your Commonwealth Bank Accelerator Cash Account, you should seek professional advice from a financial adviser before making any decision about whether to acquire the product.