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Standing By You In Uncertain Times

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In these uncertain times, one thing is for certain, we’re here to support you. It’s what we have been doing for 50 years and will continue to do so through thick and thin. Today, we introduce additional measures to support individuals who are doing it tough and increasing our help to keep small businesses open so that they can keep their staff employed.

Relationship Rewards Program

The COVID-19 outbreak continues to rapidly change our way of living. To support Members who are increasing the use of their debit cards to make payments, we are increasing the number of free excess transactions by FOUR across all relationship tiers which will commence immediately for 6 months.

Relationship Tiers Current Free
Excess Transactions
Additional
Free
New Free Excess
Transactions
Members with a balance $10,000+ 13 4 17
Members with a balance less than $10,000 5 4 9
Retired Members 58 year or older
(who are registered with us)
12 4 16
All in One Loans 20 4 24
All in One Package Unlimited - Unlimited

You can avoid exceeding your excess transaction limit by doing one of these two simple alternative payment methods:

  1. 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.

  2. 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.

Supporting Members with Deposits

We have increased our 12-month Term Deposit rate by 0.40% to 1.70% and our 6-month Term Deposit to 1.30% (for deposits between $50,000 and $300,000) in recognition that this low rate environment is hurting savers.

Supporting Businesses

We have reduced Commercial Loans rates by 0.20% and Overdrafts by 0.40%, effective from 1 April 2020. In addition, we are not charging any Monthly Service fees on any commercial loan for the next 6 months. These fee waivers will automatically be applied to all loans and are in addition to a range of measures below that are available to businesses facing difficulties.

Bankstown City Unity Bank's Financial Assistance Package

A reminder that we are providing a Financial Assistance Package to help Members who are impacted by the COVID-19 coronavirus. We are providing immediate relief on all types of home loans, personal or car loans, overdrafts or credit cards and all commercial loan repayments.

Defer you Loan Repayments
Should you need financial assistance at this time, you can defer your loan repayments for an initial three-month period with a further three months available if you require it. It is important to note that whilst payments are deferred, interest on your loan will continue to accrue and will effectively capitalise. This means that at the end of the support period, your required repayment amount will increase so that you repay the total balance over the remaining loan term (including interest and charges added to the balance during the support period).

It is important to remember that if you defer your repayments you will pay more interest than you otherwise would. If you can recommence payments sooner, or are able to make lower payments, then it is in your best interests to do so as soon as your financial situation improves.

Converting to Interest Only
Consider whether converting your loan to an interest only loan is more suitable. Members in need of assistance can convert their principal and interest repayment loan to an interest only loan for up to 12 months. However, because you are only paying the interest only portion of the loan, you are not reducing the loan balance, which means you will pay more interest over the life of the loan.

Reducing your Loan Repayments
Reducing your loan repayments by extending the term of your loan. Remember, because you are paying your loan over a longer term, you will pay additional interest. So please consider making the maximum repayment that you can afford.

Redraw Facility
Accessing any additional money, you may have available to redraw in your eligible loan. Simply use online banking to transfer funds from your eligible loan into your savings account.

How to Apply
If you wish to apply for financial relief, please complete our Financial Assistance application form and one of our friendly staff will contact you to assist.

Other Changes

We have made some other changes to savings and term deposit rates which can be found here. New rates for term deposits took effect on 26 March 2020 and savings rates are effective from 1 April 2020.

 

Savings Interest Rate Changes effective 1 April 2020

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We are increasing our 12-month Term Deposit rate to 1.70% and our 6-month Term Deposit to 1.30% across the board. 

We are reducing interest rates for our Savings accounts including the Bonus Saver Account (S7) interest rate decreased by 0.50% to 1.10% (inclusive of the base rate plus bonus rate).

For more details, please see below our latest interest rate schedules.

 

Chief Executive Transition Announcement

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Chief Executive Officer of Unity Bank, Mark Genovese, has announced that after 17 years of service he would be stepping down at the end of April. During his tenure, Mark has overseen the development of one of Australia’s most successful and innovative Member Owned Banks. 

Unity Bank’s Chair, Mick Doleman, said “Mark has led our organisation with great passion and a genuine care for our Members and staff. He has overseen the transformation of our Bank which has included several mergers and changing our name from a Credit Union to a Member Owned Bank. In addition, Mark played a key role in the introduction of the first regionally based “Tech Hub” in Bathurst, along with a community owned “Start-Up Incubator (Upstairs)”, which is also located in our premises at Bathurst. 

Mark has made a significant contribution to the broader Member Owned banking sector, serving as a Director of Cuscal and participating in several industry initiatives, including what was the first ever collaborative capital raising by credit unions”.

Mark said “it has been an honour and privilege to serve our Members and I hope that my team and I have been able to make our Members’ lives a little better through our efforts in assisting them with their financial needs. I have been extremely lucky to have been able to work with a tremendous team of staff and Directors who share my belief in looking after the best interest of Members at all times. In particular, I would like to thank the two Chairs I have served during my time at Unity Bank, firstly John Coombs, who always encouraged and supported me, and my current Chair, Mick Doleman, who is an inspiration to all and is someone that my team and I have great respect for”.

Chair Doleman, advised that Mark and the Board have agreed on a Transitional Plan that will provide the Board with sufficient time to appoint a successor with a smooth and effective transition.

 

Mick Doleman

Chair, Unity Bank

   

Bankstown City Unity Bank Response to COVID-19 Situation

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With the COVID-19 situation continuing to evolve in Australia, your Bank has been closely monitoring the situation and is taking the necessary actions to ensure we protect the health of our staff and our Members and to maintain the vital services we provide.

We will always place the welfare of our staff and Members at the forefront of every decision we make, and we clearly understand our responsibilities to the broader community and our Nation as a whole.

We have implemented plans that will allow us to continue to conduct our business and meet Members’ needs under any of the possible measures that may be taken to restrict the spread of the virus. Our staff are well equipped to work remotely, and we have a comprehensive suite of online solutions including mobile banking and internet banking. Our Call Centre is designed to continue to operate under the most severe conditions so you can be assured that all your needs will be met as usual.

We are also asking our Members to do the right thing – please do not come into a branch if you are required to self-isolate for any reason, or if you are feeling unwell with flu-like symptoms. We recognise these are uncertain times, but throughout the evolving situation we will continue to put our Members at the heart of our response.

For Members who are experiencing financial hardship due to the impacts of the current virus outbreak, we are ready to assist you and find options for your circumstances.

Please contact our hardship team at hardship@unitybank.com.au or speak to one of our friendly staff by calling 1300 65 4477.

 

How to Avoid COVID-19 (Coronavirus) scams

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Unfortunately, scammers are exploiting the fears and uncertainty surrounding the COVID-19 (coronavirus) in an attempt to scam people out of their money and digital security.

Scammers are using tactics such as falsely selling coronavirus-related products online, and using fake emails or text messages to try and obtain personal data.

Other scams include phishing emails and phone calls impersonating the World Health Organisation, government authorities, and legitimate businesses – including travel agents and telecommunications companies.

People are understandably concerned about the COVID-19 (coronavirus) and the scammers are using that to their advantage. The top tips below from Scamwatch could help you stay one step ahead, keeping your money and digital security healthy. If you come across any suspicious claims, you can report them by clicking here.

Common types of coronavirus scams

  • phishing emails and phone calls impersonating entities. These include the World Health Organisation, government authorities, people confirmed to have the coronavirus, and legitimate businesses such as travel agents and telecommunications companies
  • people receiving misinformation about the coronavirus, being sent by text, social media and email
  • products claiming to be a vaccine or cure for the coronavirus
  • investment scams claiming coronavirus has created opportunities

Protect yourself

  • Be aware of fraudulent emails claiming to be from experts saying that they have information about the virus. For the most up-to-date information about the coronavirus, visit the Department of Health and the World Health Organization (WHO).
  • Be careful of fake online shopping sites requesting unusual payment methods such as upfront payment via money order, wire transfer, international funds transfer, preloaded card or electronic currency, like Bitcoin. Information is available at: Online shopping scams.
  • products claiming to be a vaccine or cure for the coronavirus
  • The best way to detect a fake trader or social media online shopping scam is to search for reviews before purchasing. No vaccine or cure presently exists for the coronavirus.
  • Don’t let anyone pressure you to make quick decisions. Take your time and consider who you are dealing with.
  • Don’t click on links from sources you don’t know. They could download viruses onto your computer or device.
  • Don’t open attachments or click on links in emails, text messages or social media messages you’ve received from strangers — just press delete.
  • Never respond to unsolicited messages and calls that ask for personal or financial details — just press delete or hang up.
  • Always keep your computer security up to date with anti-virus and anti-spyware software, and a good firewall. Only buy computer and anti-virus software from a reputable source.
  • If you are planning to donate, do your research. If you are donating to crowdfunding requests, check the terms and conditions of funding platforms and ensure you are dealing with official organisations.
  • If you are donating to an established charity or not-for-profit organisation, ensure it is registered and that you are on its official website by searching the Australian Charities and Not-for-profits Commission Charity Register.
  • Stay up to date with latest consumer advice relating to COVID-19 (coronavirus) on the ACCC website at: www.accc.gov.au/covid-19.