Does ICFAL borrow funds from or keep funds in a traditional bank and take interest from the bank?

• ICFAL does not borrow any money from a traditional bank due to its interest bearing system. The operating funds are kept in Commonwealth Bank of Australia to help transactions such as those required to make payments for purchases and receive payments from members for ICFAL share purchase.
• The account is an interest free account therefore no interest is earned from the fund kept in the bank. By law, we must have a bank account and make transactions via an APRA authorized banking institute in Australia.