Here at ExtrasJar, we strongly implement our core values in all aspects, one of which is fairness. And so, in this article, you will learn about our fees and costs for full disclosure and transparency to our customers.
Platform and Card Fee - an allowance for the cost of your ExtrasJar Mastercard® and the monthly use of the platform. This fee is $5 per month (equivalent to an annual fee of $60) and is deducted from your nominated direct debit account around the same date each month.
Funds Management Fee - an allowance for all the ordinary ongoing costs of the Fund—including Responsible Entity fees, investment administration fees, custodian fees, administration fees, and other expenses incurred by the Fund.
The Funds Management Fee will reduce the value of your ExtrasJar Extras Account. The Responsible Entity (Quay Fund Services Limited) also reserves the right to recover any additional expenses that it properly incurs in respect of the Fund (such as costs associated with Investor meetings, defending litigation or resolving disputes) from the Fund. The Responsible Entity may deduct your share of these expenses from your ExtrasJar Extras Account.
This fee is 1% p.a. and is deducted from your investment quarterly on or around the same date each quarter from your investments.
Fund Expense Fee - an allowance for all expenses associated with the establishment of the Fund and any extraordinary expenses the Fund incurs. The Fund Expense Fee will reduce the value of your ExtrasJar Extras Account.
This fee is 0.25% p.a. and is deducted from your investment quarterly on or around the same date each quarter from your investments.
Withdrawal Fee (from unauthorised transactions) - when you make a withdrawal from your investment in the Fund, other than through an authorised transaction using the ExtrasJar Card, a fee is charged for redeeming your Units. The fee is deducted from your investment in the Fund at the weekly unit price proceeding with the withdrawal.
We do not charge a fee for authorised transactions using the ExtrasJar Card. Certain merchants may charge an additional fee if the ExtrasJar Card is used to purchase goods and/or services. This fee is determined and charged by the merchant and is not retained by us.
ExtrasJar reserves the right to decide if the transaction should be authorised. If the transaction is deemed to be unauthorised, you will be charged a withdrawal fee of 2.5% of the transaction amount. This will be deducted as a withdrawal from your investment at the first weekly Unit price after we have deemed the transaction to be unauthorised.
All ExtrasJar Card transaction fees are charged at the time of transaction and are included in the total purchase price. Please read the Card T&Cs for further information: health extras card and pet extras card.
Commission - We do not pay commissions to financial services licensees or representatives (such as financial advisers). ExtrasJar may enter into marketing partnerships with other third parties. A referral program may be offered for existing unitholders from time to time.
Changes in Fees and Costs
The Fund’s fees and costs may change within limits allowed by its Constitution. We’ll notify you in writing of any increases in the fees and costs in accordance with the Corporations Act (for example, where there is a material increase in fees or charges, you’ll be notified at least 30 days before the increase takes effect).