Why am I asked for bank details during the application process?

I am interested in investing in one of your managed funds after completing the Bootcamp course. During the application process for an InvestSMART Managed Portfolio I'm asked for my bank details. Why do you need my bank details? 

It's great to hear that you completed the InvestSMART Bootcamp course. 

Yes, during the application process, we ask you to please nominate a bank account to be used for future transactions as requested in your application. 

This includes facilities such as Regular Contribution & Withdrawal Plans along with Income Payments Plans.

We will also use this bank account to return proceeds from partial withdrawal requests and account closures.

We do ask for other sensitive information during the application process such as full name, address, date of birth, tax file number and so forth. Please be assured that we treat this sensitive information securely.

When you fund your InvestSMART account, we will provide you with unique BPAY details. You can make the BPay payment from your financial institutions BPay portal. 

InvestSMART will not draw funds from your nominated bank account(s) for the initial funding of your account.