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Card Limit Changes

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Eftpos limits were applied when Redicards were introduced back in 1980’s. Since then we have transitioned to VISA Debit Cards and the daily limit has lost relevance. Effective 26 February 2019, we are making changes to our daily limits as shown below:

  • Eftpos daily limit change from $1,000 per day to the account balance.

  • ATM Cash daily limit change from $1,000 to $2,000.(Note, limits are per card per day.)

 

Bankstown City Unity Bank joins campaign to fight Australia Post’s unfair pricing policy

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Bankstown City Unity Bank has become one of many mutual banks that has been asked agree to an unfair pricing policy by Australia Post for customers to access Bank@Post.

Despite Australia Post CEO Christine Holgate publicly ruling out applying a Community Representation Fee (CRF) to smaller banking institutions in front of a Senate Estimates Committee in October, Bankstown City Unity Bank has been asked to agree to colossal new costs.

Under Australia Post’s proposal, customer owned banks will be forced to pay a substantial annual fee on top of increased transaction costs, or their customers will no longer be able to use Bank@Post to do their banking.

Australia Post has previously claimed the CRF is necessary to subsidise the losses from Bank@Post and make new infrastructure investments. The investments are said to be needed as a result of the increase in volumes of cash post offices are handling as bank branches close.

The Big Four are those primarily responsible for branch closures and handle banking for the vast majority of small businesses. Bankstown City Unity Bank is proud to have not closed any branches in the past year.

The CRF is so significant and disproportionate that for Bankstown City Unity Bank, Australia Post are asking for 20 per cent of annual profit. This is compared to approximately 0.3 per cent for the ‘Big Four’ banks.

Customers of Bankstown City Unity Bank and other customer owned banks are being urged to write to Australia Post CEO Christine Holgate and Communications Minister Mitch Fifield to demand that the CRF fee isn’t applied to smaller banking institutions. Customers can do this by visiting: http://www.fairbankingaustralia.com.au

The campaign asks the Government to intervene and demand Australia Post doesn’t charge fees that are disproportionate to the volume of transactions generated by each banking institution.

Chief Executive Officer of Bankstown City Unity Bank Mark Genovese said Bankstown City Unity Bank is willing to pay its fair share but should not be forced to cover costs created by the ‘Big Four’.

“We’re urging the Government to listen to our customers and the millions of others customers of credit unions, mutual banks and building societies to ensure we’re only paying our fair share.”

 

Protect Yourself From 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.

The ACCC’s Scamwatch website has recorded a significant spike in these types of scams, known as remote access scams, with more than 8000 reports recorded in 2018 so far and losses totalling $4.4 million. 

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 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.

 

   

Members support lead to fees being slashed.

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Due to the excellent support that our Members have provided us, we are in the fortunate position to reduce and eliminate a number of fees. As a Member Owned Bank, we are constantly looking for opportunities to provide benefits to our Members and these positive changes are a clear example of us putting our principles into action. The more our Members support our Bank the better position the Bank is in to support you and the communities that you live and work in.

From 1 January 2019, you will benefit from the following changes:

Excess Transaction Fees
Reduced to $1.20
All in One Rewards Package Annual Fee
Reduced to $350 per annum
Unsecured / Secured Personal Loan Service Fee 
Reduced to $5 per month
Periodical / BPAY / Direct Transfer Payment Fee (Staff Assisted)
Free
Banklink Establishment Fee
Free
Banklink Cancellation Fee
Free

 

 

 

 

 

As a reminder to Members, you can use over 20,000 ATMs owned and operated by Banks Australia-wide (listed below) and not incur a Direct Charge. We have withdrawn from the rediATM network of around 3000 ATMS and should you use this network, a Direct Charge of $2.50 will be charged by the ATM owner from 1 January 2019.

  • NAB
  • Commonwealth Bank
  • Westpac
  • ANZ
  • BOQ - will not apply Direct Charge on their branch ATMs. All their offsite ATMs like BP Service stations, etc, will incur Direct Charge 

We will be rebranding our ATMs in our Branches, which you will notice over the coming weeks. These ATMs remain free of charge and members can still transact for free over the counter in the Branch Network. You can also join the thousands of members that have taken up our digital services by downloading our Banking App from the Apple or Google Play Stores or by loading your Visa Card into your digital wallet.

Should you have any questions in relation to the changes or any of our Digital Services, please contact us during normal business hours on 1300 65 4477.

 

Osko by BPAY™

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Pay and get paid faster

Osko® is a new way to pay with Internet and mobile Banking that’s as fast as cash – without the hassle of cash. Whether you’re paying a tradie, splitting a bill or giving money to family for something urgent –the money will be there in minutes.  

Whats not to love about Osko®?

  • Faster payments across over 50 institutions - and more to come
  • Available all day, every day - even weekends
  • You can use a PayID to pay and get paid with something simple like a registered mobile, email or ABN. Or you can still use a BSB & account number.
  • It's backed by BPAY and us, so it's very secure
  • You can use 280 characters of text to describe who's getting paid and why

How to use Osko®

You will be able to use Osko via Internet and mobile banking. we will let you know closer to the launch date, in early 2018. 

Find out more about PayID

It’s a smart address for payments, created by linking a bank account to a recognisable and memorable piece of information used in everyday life, such as an email address or mobile number. While the PayID can only link to one bank account at a time, accounts can have more than one PayID. A PayID can be a mobile number, email address, ABN. A PayID provides greater convenience and peace of mind as a customer no longer has to disclose their BSB and account number to receive payments.

 

Want to know more about Osko®? visit osko.com.au