Why Your Bank Is Asking to Re-Verify Your Identity:Even If You’ve Been a Customer for Years
All Australian banks and financial institutions are required to comply with Know Your Customer (KYC) obligations. These rules exist to ensure institutions can verify who their customers are and, where relevant, understand the source of their funds.
Offset vs Redraw: What’s the Difference — and Why It Matters More Than You Think
there are two primary tools that allow you to do this: the Offset Account and the Redraw Facility. Mathematically, they achieve the same result.Behaviourally, they are very different.