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Financial Services

Savings Accounts

Interest is offered on savings accounts and depositors may withdraw funds at any time. The LLL holds an appropriate proportion of funds at call to facilitate withdrawals. During its history the LLL has maintained a low interest rate policy on loans thereby benefiting the Church and its ministries. The LLL has only made minor and infrequent changes to its deposit rate in the last thirty years.

The LLL uses an internet access facility, known as LLL@Home, through which depositors can access their funds by ordering cheques and / or transferring funds electronically. The LLL relies upon a number of third parties to deliver these services. The LLL maintains Australian Financial Services License 329339 in relation to its noncash
payment facility of LLL@Home as granted by ASIC on 12 February 2009.

The LLL does not provide EFTPOS or ATM facilities.
The LLL does not charge any fees to depositors for any mode of transaction.

Loans

Constitutionally, the LLL is restricted to lending funds exclusively to the LCA, and bodies under the umbrella of the Church, for various projects undertaken to facilitate their ministries. The LLL may not make loans to private individuals or to the general public.

The LLL cannot advance loans without the approval of the LCA. The LCA approves loans, directs the LLL to pay the funds on its behalf to particular Church organisations (borrowers), and those organisations in turn repay the loans. The LLL will not advance funds unless it receives a guarantee of repayment and an indemnity for loss, in the
event of default, from the LCA, embracing the recognised Districts of the LCA. This is a safeguard measure to protect the interests of depositors.