Celebrating 50 years by keeping more money in your pocket!
30 September 2020
Reduction in Transaction and General Service Fees
This year we think it’s more important than ever to celebrate when a bit of good news comes along. And while 2020 marks our own 50-year birthday milestone, as a valued customer we want to give you reasons to celebrate by letting you know what we’re doing to keep more money in your pocket.
Since we first opened our doors on 2 February 1970, we’ve been helping others and today that commitment remains as strong as ever. We are proud to offer a range of market leading products with our lowest ever home loan and car loan rates. Our goal to deliver a customer experience that is second to none is reinforced by achieving a near-perfect Customer Satisfaction Rating of 92.9%.
We recently completed a review of our fee structure to ensure we maintain a balance between remaining competitive and keeping unavoidable costs to a minimum. We are excited to announce that a number of our transaction and general service fees will be removed or decreased. If that’s not enough great news, we’re thrilled to say that there are no increases to any of our existing fees either!
Simplifying our fee structure is not just our way of showing thanks for your ongoing support – this is also a way we can continue to offer superior service every time you deal with us. We’re a community-based organisation and we think it’s our job to show real leadership during this period of uncertainty.
Changes from the review are outlined below and further simplify our fee structure whilst acknowledging that, this is not the time for customer focused organisations to be increasing costs or reducing access options.
So what’s changed? Well, we’ve:
- Removed the Internal Transfer fee and Cheque Encashment fee from the list of rebatable transaction fees, saving members $2.50 for each transaction. All staff assisted rebatable transaction fees have been removed completely,
- Removed staff assisted transaction fees for BPAY® withdrawals, iSavings withdrawals and Cheque Deposits for business accounts which means our members save up to $2.00 per transaction,
- Removed the Christmas Club Early Withdrawal, Signature Verification and Farm Management Deposit fees which saves members up to $20.00 for each transaction,
- Removed the Loan Administration fee, meaning impacted members save $10.00 per month, and
- Reduced honour and dishonour fees for direct debits, member cheques and QuickDebit transactions, saving members up to $3.00 per transaction.
While most of our members already use the convenience of staff-assisted or online banking transfers, any large cash withdrawals of $30,000 or more will incur a fee to recover costs associated with having increased security and cash orders. Customers will be able to avoid the fee by choosing alternate options including staff assisted transfers, Fast Payment transfers or Online Banking transfers which are fee free.
If you would like more information about fee changes or access channels, please visit your local branch or call our Contact Centre on 1300 131 844.