Strata Term onboarding steps for Strata Managers

Below is the process for setting up (at a manager level) with Strata Term, just so it’s clear.

Process for setting up with Strata Term:

Lodging responsible strata manager identification (AML) with cash platform
Lodging individual strata management contracts for each plan/scheme who would like to invest
Once the initial paperwork has been lodged, there are no additional requirements for each new term deposit for that plan/scheme.

Once the above is done, new term deposits can be applied for without any additional paperwork, and Strata Guardian will complete the administration.

Updated certified ID for the Strata Manager or an updated bank statement will be required should they expire or change prior to requesting a new term deposit.

Some of the current Deposit Issuers available through the Strata Term service:

Process for applying for a term deposit once the above is completed.

Current rates are supplied to the manager/committee for a requested amount to invest.
Once agreed upon, Strata Guardian will complete the application process and forward the issuing bank account details to the manager/committee to transfer the funds and start the term, usually within 1 – 3 business days. The rate applied to the term deposit is the rate on the day the funds are received.
The issuing bank will provide a ‘Certificate of Term’ which will be forwarded to the manager/committee for their records, usually within 5 business days after the transfer is received.
Within 4 weeks of the term ending, Strata Guardian will contact the manager/committee for instructions to either:

Have the capital and interest paid directly into the Scheme/Plan bank account, or
Roll the capital (or capital and interest) into another market-leading term deposit

We look forward to working with you and your clients to achieve the most from their accumulated strata savings.