My News FEBRUARY 2019
Welcome Central Coast Unity Bank
Good news for fees and charges
Protecting yourself from scams . . . and more! How to avoid ATM charges
How to avoid ATM charges Changes to usage of rediATM The way we access and use our money is changing. With Internet and Mobile Banking, the Mobile App, Tap and Pay, OSKO by BPAY ® and PayID, you can send and receive money within seconds and do your banking easily and securely anywhere, anytime. Unity Bank has withdrawn from the rediATM network. Members choosing to use a rediATM may incur a $2.50 usage fee. Where can I withdraw cash for free? If you are looking to withdraw money, you have access to over 20,000 ATMs Australia-wide owned and operated by the Banks listed below and you will not incur a Direct Charge for the transactions: NAB, Commonwealth Bank, Westpac, ANZ and BOQ. BOQ - will not apply Direct Charge on their branch ATMs. All their offsite ATMs like BP Service stations, etc, will incur a Direct Charge. Plus, the ATMs at our branches will be rebranded to a new-look and will continue to be fee-free. Members can still transact for free over the counter in some of our Branches. You’ll also have the following options: n Cash out at supermarkets like Woolworths and participating retailers with purchases. (Refer to our Relationship Rewards Program / Access Fees). n Join the thousands of our Members already using our latest digital services to manage their money on the go, by downloading our Banking App from the Apple or Google Play Stores or by loading your Visa Card into your digital wallet. n You may also notice there are newly branded branch ATMs. These are fee-free for all Members to use.
We have good news Important changes to our fees
Chair Message
A Successful First Year as a Member Owned Bank I would like to start this report by thanking our members, staff and partners for making our first year as a Mutual Bank one to remember. We recorded our best operating performance for several years, received a very strong endorsement from members through the survey we conducted in early 2018, and successfully
credit union was first formed, and our soon to be opened service centre within the exciting new development at Bankstown Sports Club is a clear demonstration of this. Reliance Bank Our Central West operations have recorded the strongest results since our merger with Reliance Credit Union in 2010. Membership continues to grow, our loans portfolio grew by over 15%, more members are trusting us with their hard earned savings, all of which has allowed us to increase our involvement in supporting community events and social causes. While the list of items we support is too long to mention they do include being the major sponsor of the Royal Bathurst Show, the Bathurst Memorial Entertainment Centre, Bathurst Community Transport, Bathurst Panthers Rugby League Team, the Bathurst Criterion Cycle Classic and the Penrith Panthers Children’s Football Clinic. We see ourselves as having a responsibility to work with community leaders in developing strategies to enhance the economic and social fabric of what is a wonderful region. Our participation in “Upstairs” a Start Up initiative between Bathurst Regional Council, Charles Sturt University, the NSW Department of Premier and Cabinet and ourselves is a great example of how we are fulfilling our responsibilities in this area. Our Partners Our success is built around collaboration and this can be best demonstrated through the partnerships we have with organisations that are also committed to serving the best interests of their members. Trade Unions, including the Maritime Union (who were responsible for the creation of the Bank), the Mining & Energy and Forestry, Furnishing and Products divisions of the CFMEU, and in more recent times the Electrical Trades Union of Victoria are organisations that play an important role in our success. We continue to work closely with Industry Super Funds Maritime Super and Mine Super in developing ways in which we can jointly enhance our service offerings to our respective members. In more recent times our merger with Bankstown City Credit Union has led to the creation of additional partnerships including with the Bankstown Chamber of Commerce and Bankstown Sports Club. Gratitude Any member owned organisation relies heavily on the support of members, staff and key partners to succeed in what is a very competitive and challenging financial services market. In the past twelve months we have seen reams of new regulations, the launch of a Royal Commission, the introduction of new payments systems and the maintenance of record low interest rates, all of which add to the cost of doing business. Our challenge, which we have met thanks to our members support, is to maintain the caring and professional service that stands us apart from the larger profit focused banks.
From 1 January 2019, you benefit from the following changes:
New Fees Effective 1 January 2019
Fee Types
Excess Transaction Fee
Reduced to $1.20
All in One Rewards Package Annual Fee Unsecured/Secured Personal Loan Service Fee
Reduced to $350 per annum Reduced to $5.00 per month
Banklink Establishment Fee
Free
transitioned our merger with Bankstown City Credit Union. In addition, we were extremely pleased to be selected by the Central Coast Credit Union as their preferred merger partner and we welcomed them to our growing mutual bank family in December 2018. Continuing on where I left off in my report last year we have witnessed extraordinary revelations emanating out of the Financial Services Royal Commission. While I do not intend to go into too much detail here, as there has been an enormous amount of comment and analysis, I would like to point out that the member owned banking sector that we are proudly part of has not been subject to the criticism and outrage that the large banks have rightfully attracted. The reason for this is simple, our sole purpose has been and will always be, to look after the best interests of our members. Innovation Our commitment to provide members with access to the latest developments in banking and payments continued during the year with the launch of the National Payments Platform (NPP) and our children’s financial literacy App, Chore Scout. The NPP became available in February 2018 and we were one of over 30 member owned banks/credit unions that were up and running on day one. Cuscal, our payment partner has been a major contributor to the development and roll-out of what is a significant change in the way people can transfer value and information between each other. No longer do you have to wait days to transfer funds between bank accounts, it now only takes seconds. Over 1500 of our members have already registered for this service and with the major banks slowly coming online we expect the take up to increase considerably in coming months. Bankstown City Unity Bank I am very pleased to be able to report that our merger with Bankstown City Credit Union, as predicted, has been a wonderful addition to our Bank and we have been delighted to be able to carry on with the proud tradition and legacy that those before us had developed. To ensure we were meeting member expectations we undertook a member survey in early 2018 with BCUB members and the results were very encouraging. Overall members were extremely satisfied with the service they were receiving and were also making good use of the additional services now available to them. Our commitment to Bankstown and the surrounding communities will remain as strong as it has been since the
Banklink Cancellation Fee
Free
Periodical/BPAY/Direct Transfer Payment Fee Staff assisted
Free
A second Bankstown City Unity Bank branch inside the new Flinders Centre in Bankstown will be opening soon. This branch will be the first of its kind in the Bankstown-Canterbury area. It will feature a specialised interactive hub, showcasing the latest technology for members of the community to browse and enjoy. This branch will also give Bankstown City Unity Bank Members a second fully functional cashless branch in the Bankstown Canterbury area. This branch will also feature an ATM that is Fee Free to BCUB Members and is accessible after hours through the Bankstown Sports Club. Stay tuned for the official opening date. Opening soon: Bankstown City Unity Bank first technology hub branch
Top Left: Unity Muswellbrook. Top Right: BCUB Bankstown. Bottom Left: Reliance Bathurst.
Mick Doleman Chair
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Card Limit Changes Eftpos limits were applied when Redicards were introduced back in the 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.)
BCUB Youth Off The Streets
Supporting our community
We love doing what we can for a range of different events, charities, organisations and causes and look forward to continuing this work into the new year. Above and below are some highpoints of our participation in 2018.
We always look for ways we can help and participate in creating a better community for everyone. Having a strong sense of social responsibility is central to our business philosophy through providing meaningful and relevant contributions to our community.
Protecting yourself from scams Is the Australian Taxation Office really calling you?
BCUB Bankstown Youth Awards
BCUB White Ribbon 2018
Reliance Bank Rally Team
Always remember, your Bank will: n Never ask for your Internet Banking login details or credit card details via phone or email n Never use email to send you a link to an Internet Banking login page n Never ask you to communicate your passwords to us in any form Unfortunately, scammers see opportunities whenever money is involved, and they will always seek new ways to steal and commit fraud. At Unity Bank, rest assured that your financial wellbeing is always our top priority along with the security and safety of your banking. There are more tips available to help you build a better defence against scammers. There are some good practices and simple actions that may reduce personal information being compromised. Check out www.scamwatch.gov.au for more tips to keep you and your family safe from scammers.
We are seeing an increased number of reports of scammers contacting Members pretending to be from the ATO and claiming that there are outstanding tax debts and threatening Members with arrest if the debt is not paid immediately. Scammers are impersonating your favourite businesses or even the police and the ATO. They want to gain access to your computer and steal money or banking information. It is important to remember that a legitimate caller will NEVER: n Threaten you with arrest n Demand immediate payment, particularly through unusual means such credit cards or accessing your bank account n Refuse to allow you to speak with a trusted advisor 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.
BCUB Bankstown Hospital Children’s Ward Christmas Visit
Unity, Reliance & BCUB City to Surf
Reliance Bank Carols By Candlelight
Maritime Super is the largest industry fund for the maritime industry
Helping members make the most of their super with: Profit-for-members philosophy, run only for the benefit of members Competitive fees
Range of investment options with solid long-term investment performance Financial advice provided on a fee-for-service basis and no commissions Range of pension options
The mining community’s super fund, for over 75 years. Visit mine.com.au
1800 757 607 www.maritimesuper.com.au
Refer to our PDS for more information
Issued by Maritime Financial Services Pty Limited ABN 16 105 319 202 AFS Licence No. 241735
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Supporting our Unions
Upcoming events 2019
MUA CFMEU 2019 West Coast State Conference From 26 Feb to 1 March 2019, delegates from the MUA and CFMEU WA branch are holding a conference in Fremantle titled ‘One Strong Union’. As always, this conference is attended by trade unionists from around Australia and the world. Our staff will be there to provide support and assistance to the delegates.
Central Coast Regional Show Central Coast Regional Show runs from 4 to 5 May and is held at the Gosford Showgrounds. Central Coast Unity Bank is proud to be a blue ribbon sponsor for this event. Live Well Central Coast Festival Held at Gosford Waterfront, the Live Well Festival is a celebration of the lifestyle on offer to us all on the Central Coast, and will bring business and community together by focusing on all aspects of healthy living, nutrition, food, wellness and happiness. The event will be held on April 7 2019, from 10am - 4pm, to coincide with World Health Day. Royal Bathurst Show Reliance Bank is proudly the principal sponsor of the Royal Bathurst Show again this year. It’s going to be another action packed 3 days. In 2018 we had the “Cash Machine” where patrons from the show could get in and grab as much “cash” as they could and win up to $100 into their new Reliance account. This was a fantastic opportunity for kids to start their savings! Don’t worry this year we will be even bigger and better, we’re taking virtual reality to the next level and have awesome way to win free prizes. Mark your calendars, the show will be on 3, 4, 5 May 2019 at the Bathurst Showgrounds.
We’re here for you, always. Our name Unity Bank, reflects where we come from, what we stand for and where we are headed as a Member Owned bank, serving and supporting the workers and communities across Australia. Below are some highpoints of our participation with our Unions in 2018.
ETU Rally
Unity Bank MUA Veterans Bowls Day
Unity Bank Collie Show 2018
Reliance Bank Royal Bathurst Show
We’re changing the way we calculate credit card interest The new Federal Government Credit Card legislation came into effect from 1 January 2019 that changes how you can change and cancel your Credit Card limit and also how interest is calculated on your Credit Card/s. How these changes may affect you:
May Day March Sydney 2018
Unity Bank ETU Picnic Day 2018
CFMMEU National Conference 2018
We would like to welcome Central Coast Credit Union members who are now part of the Central Coast Unity Bank family. Members will now have access to 27 branches nationwide including two extra branches on the Central Coast, located at Budgewoi and Gosford. The merged entity will continue to provide a compelling Customer Owned Banking alternative to Members and we look forward to supporting the Central Coast Community in 2019 and beyond. Welcome Central Coast Unity Bank
From 1 January 2019*, if you do not pay the full closing balance as shown on your statement, interest for purchases will start being calculated from the day after the payment due date. *Note: Due to IT system constraints, the implementation of law reforms relating to charging of interest on Credit Card accounts has been delayed until 1 June 2019. To ensure that you have not been adversely affected, we may refund some interest charged from 1 January 2019 to 1 June 2019. This refund is to ensure that you are not charged more interest than if the law reforms had been implemented from 1 January 2019. For more information, please visit our website or call and speak to one of our Member Services Officers.
Credit Card limit reductions and cancellations You now have the option to reduce or cancel your Credit Card/s online via our website in the Visa Credit Card page. Calculating Credit Card interest charges Banks and Credit Card providers can no longer retrospectively charge interest on credit card balances. Currently, when you do not pay the full closing balance as shown on your statement, interest charged on purchases is calculated from the date the purchase was made. This is changing.
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As 2018 drew to a close, the Upstairs team was able to reflect on a strong year since our launch in April. Upstairs ‘Kicks Goals’ for business in the Central West A major event held was the ‘Pitch for $1 Million’ competition on partnership with Right Click Capital. Bathurst was 1 of only 2 regional venues selected in Australia. Thirteen entrepreneurs “pitched” their innovative startup idea for their chance to compete in Sydney for the big prize! A successful TV campaign advertising our Regional Finals event meant that everyone in Bathurst and the Central West knew of the Upstairs Hub. We attracted new member entrepreneurs who pitched for the money and then signed up to join our Upstairs community. By February 2019 we will have over 15 full time members who are working on such diverse businesses as Indigenous pilot training school, hydroponics feeding systems to assist farmers, a high performance electric motor bike, online management systems and many other ground breaking ideas. We now have virtual members from Parkes, Gilgandra and Oberon! Jobs for NSW very generously funded an expansion in the business of the Upstairs and a new ‘Head of Community’ was
Mozo Experts Choice
For the fourth consecutive year, Unity Bank’s Low Rate Visa Card has been named one of Australia’s best value credit cards in the Mozo Experts Choice Awards – Credit Cards.
The Mozo Experts Choice Awards are judged by senior and experienced Mozo experts, focusing on the value that products deliver to customers. We are delighted to win this award again. It’s a testament to our ongoing commitment to serve our Members with products that help them save money and add value. LOW RATE VISA CREDIT CARD
Our team from Upstairs with the Premier of News South Wales, Gladys Berejiklian.
recruited, Julia Learson. With the increased funding, Julia and the team will deliver to the Central West an innovative virtual incubator training programme that will inspire entrepreneurs in the west. Other highlights towards the close of the year included a visit from David Koch, a visit from a Silicon Valley Venture Capitalist and heaps of networking events. Upstairs approaches its first year of operation confidently and with a great and continued sense of excitement and possibility. Upstairs is a community based initiative supported by the Bathurst Regional Council, Charles Sturt University, The NSW Government and Reliance Bank.
SWITCH TO US AND SAVE! 7.99 LOW INTRODUCTORY RATE for purchases and balance transfers for the first 6 months APPLY HERE
3 After the 6 months the rate reverts to our standard low rate of 10.12% 3 Up to 55 days INTEREST FREE on purchases 3 NO ANNUAL FEE for the first year 3 Use your card with Google Pay, Apple Pay and Samsung Pay *Eligibility criteria, terms and conditions, fees and charges apply. Interest rates are current as at 01/01/2019 and are subject to change without notice.
*
1300 36 2000
1300 65 4477
13 24 40
The team at Gunthers held more than 40 events for the public throughout the past year, including: kids movie screenings on the big 9-screen, womens’ networking group meetings, personalised lessons on how to use different technology and software, a special coffee fundraiser for farmers affected by the drought and their own Biggest Morning Tea. The staff at Gunthers is taking tech help to the next level by partnering with Be Connected, an Australian government initiative focusing on teaching older Australians how to use some of the latest technologies. By holding a special Be Connected event 2018 was another busy year for our experiential tech hub, Gunthers Lane!
each month on different subjects, Gunthers Lane is hoping to empower older members to feel comfortable with technology, rather than be worried they’ll break something. In October, the team celebrated with the Bathurst community the second anniversary of Gunthers’ opening with coffees and a sausage sizzle for all. Members of Reliance Bank, the greater Bathurst region and recently visitors from around the world have been able to enjoy the technology and a treat from the café in Gunthers Lane. Gunthers Lane is a great demonstration of how Reliance Bank continues to invest in and support the community we live in.
02 8263 3277
02 8263 3277
02 8263 3277
mail@unitybank.com.au
mail@bcub.com.au
mail@reliancebank.com.au
unitybank.com.au
bcub.com.au
reliancebank.com.au
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BankstownCityUnityBank
Level 7, 217 Clarence St Sydney NSW 2000 PO Box K237 Haymarket NSW 1240
203-209 Russell Street Bathurst NSW 2795 PO Box K237 Haymarket NSW 1240
64 Kitchener Parade Bankstown NSW 2200 PO Box K237 Haymarket NSW 1240
Reliance Bank and Bankstown City Unity Bank are divisions of Unity Bank Limited. | ABN 11 087 650 315 | AFSL/Australian Credit Licence 240399.
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