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Banking App Update

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Android 10 is officially released. It's chock-full of new features, has a renewed focus on privacy, and for the first time in Android history, doesn't have a tasty dessert name to accompany it, a significant shift from Android Pie.

In response to this upgrade, we have released an updated version 4.1.1 of our Banking App to ensure we are compatibility to Android's latest operating system. The updated version of our Banking App is now available in the Google Play store.

If you are experiencing any issues updating our Banking App, please give us a call at 1300 65 4477, and one of our Member Service Officer will be able to help you.

 

Unity Bank Interest Rate Changes Effective 1 November 2019

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With the Reserve Bank of Australia making a third reduction of the cash rate by 0.25%, Unity Bank has undertaken another comprehensive review of rates on our variable rate loans and savings/deposit products. With this being the third consecutive rate reduction and home loan rates already at historic lows, our priority is to implement equitable rate changes that strike a fair balance between the competing needs of our borrowing and depositing Members.

While this extremely low rate environment is good news for variable home loan borrowers, we are very mindful that the vast of our Members do not have a home loan.

We have looked at various options with a view to passing on as much of a reduction to our home loan products, whilst limiting reductions on our savings accounts to minimise the impact on savers. Many members are still saving to fund a deposit for their first home, while others who are already in retirement or semi-retirement are earning reduced income due to the unprecedented falls in interest rates.  

To accommodate these competing needs, we are announcing that all new and existing Owner Occupied and Investment variable home loans to be reduced by 0.11% p.a. effective from 1 November 2019. Details of your reduced rates will be advised on your next statement.  

Although it has been necessary to lower the rates on some of our deposit products in order to cover the cost of the loan rate reductions, our popular Bonus Saver account remains attractive compared to similar products available from other banks. New savings rates are available from 1 November 2019 on our website.

It is important to note that after these changes are implemented, our interest margins will still be lower than in the past and our surplus for the year will be negatively impacted. If you require any further information about the impact of the above rate changes, please give us a call on 1300 65 4477.

 
 

Coles and Wesfarmers make software changes affecting Visa payWave debit card transactions

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From 1 October 2019, Coles and Wesfarmers have started to roll out software changes to update transaction routing capabilities on their EFTPOS machines where contactless payments are accepted. This software change will affect our Visa payWave debit card transactions.

What is changing, and how does it affect you?

When you tap to pay with your Visa debit cards, the EFTPOS machine will automatically process the payments via the EFTPOS network instead of the Visa network. If you currently shop at popular merchants like Coles, Coles Express, Liquorland, Target, Kmart, Officeworks or others where you tap to pay with your Visa debit card frequently, you may potentially exceed your current fee-free transactions.

Therefore, to avoid getting charged with excess transaction fees, here are two simple alternative payment methods:

  1. Slot your Visa debit card into the EFTPOS machine and select 'Credit'. By choosing 'Credit,' your payments will be processed via the Visa network and will not be counted as an EFTPOS transaction.
  2. Use one of our Mobile Pay Apps – Google Pay, Apple Pay or Samsung Pay. Just like how you use your Visa payWave debit card, you can use your smartphone for instant everyday transactions. It's easy to set up. Just download the app from your mobile app store and link your Visa debit card. Paying with your smartphone is secure and convenient. To find out more about our Mobile Pay apps, click here.

Need help?

If you need to speak to someone further about the changes or if there is an issue with your transaction fees, please give us a call on 1300 65 4477, and one of our Member Service Officers will help you.

   

Changes to our Fees & Charges and Transaction Limits document

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As of 1 September 2019, we will begin the process of limiting Internet Banking transactions to $1,000 per account per day for members not registered for SMS Verification Codes. You can access the updated Fees & Charges and Transaction Limits document here

 

Vulnerable consumers lose record amounts to scammers.

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Australians love technology. We are spending more time online shopping, entering our personal details and accessing the internet on our devices. Some of us even have an auto-memory software in place in case we forget our passwords.

Anybody using the internet and electronic devices needs to be aware of the increasing threat of scammers. Recently, scammers have been impersonating your favourite businesses or even the police and the Australian Taxation Office. They want to gain access to your computer and steal money or banking information.

Australians who are older, Indigenous or have disability reported record losses in 2018 according to the ACCC's annual Targeting Scams report released last week. Older Australians looking to grow their nest eggs but who instead get caught up in investment scams reported losses of $7.6 million, and those misled through fake relationships reported losses of $5.8 million to dating and romance scams.

“Scammers will start with a cold call to their victim promising low-risk investments for high returns. They may spend months grooming their victims and once a victim invests, they’re quickly convinced to put more and more money in. As soon as the victim tries to cash in on their investment, the scammer quickly disappears,” ACCC Deputy Chair Delia Rickard said.

You can avoid becoming a victim of scammers by knowing how to protect your information and your devices. Learning more on the scams that are being used can empower you to avoid being caught. Some of the scams are as follows:

  • Hoax messages: emails, text messages or internet pop ups that direct you to fake websites which prompt you to reveal personal information.
  • Malware: software that can monitor where you go online and record your keystrokes which means it can record your confidential passwords, logins and other personal information.
  • Fake phone surveys:  contact you and ask questions to try and trick you into revealing personal information.
  • Website scams: targeting many people by running a scam that sounds “too good to be true”.
  • Phone porting: switching your phone to another provider without permission to gain access to your calls and text messages.

Please note:  The Bank will:

  • Never ask for your Internet Banking login details or credit card details via phone or email
  • Never use email to send you a link to an Internet Banking login page
  • Never ask you to communicate your passwords to us in any form

 

Security tips

There are some good practices and simple actions that may reduce personal information being compromised.

  • Lock it – set a password on your device so that no one else can use or view the information. Also store your device in a secure location.
  • Contact your bank if you lose your phone or tablet – call your bank immediately to tell staff about the loss and provide your new number.
  • Be careful what you send via text message – never send personal information via message.
  • Only use official internet banking apps – those from your bank.
  • Install and keep up to date anti-virus and firewall software purchased from trusted suppliers.
  • Protect your passwords – keep your PIN and passwords confidential. Avoid using the same password for multiple websites. If your banking app allows a PIN, make sure it’s different than the one you use to unlock your mobile device. Make sure your password or code is hard for others to guess but easy for you to remember.
  • Read privacy policies – before you provide personal information to any website, understand how your information will be used and how long it will be retained. To view Bankstown City Unity Bank’s privacy policy click here
  • Be wary of free downloads, programs, software or screensavers – sometimes malware and spyware can be hidden in free offers.
  • Check your bank statements – contact your bank if you find any unusual or suspicious transactions.
  • Always log out of internet banking.

Unfortunately, scammers are becoming more sophisticated and see opportunities whenever money is involved, and they will always seek new ways to steal and commit fraud. At Bankstown City Unity Bank, rest assured that your financial wellbeing is always our top priority along with the security and safety of your banking. These tips are here to help you build a better defence against scammers.

Don’t forget to check out www.scamwatch.gov.au for more tips as they become available.