Notice to members –

As a result of the recent interest rate cut by the RBA we have changed our savings interest rates. Click here to find out more.

According to news.com.au consumers who use non-network ATMs paid six hundred and sixty million dollars in mostly unnecessary fees last year.

As a Mutual ADI (Credit Union, Building Society or Mutual Bank) we are owned by our members, therefore our members’ financial wellbeing is very important to us. For our members’ convenience we are partnered with RediATM, one of Australia’s largest ATM networks. The RediATM network has over 3,400 ATMs nationwide which members can access for free.

Here are some tips to avoiding paying ATM fees:

• Find out where your local ATM’s are by visiting our website and use these whenever possible
• Avoid withdrawing small amounts of cash when using an ATM
• Prepare a budget and plan for the cash you will need in advance so you can reduce the amount of ATM withdrawals you make
• Withdraw cash when making EFTPOS transactions where possible
• If you have a debit card purchase items using the Credit function instead of cash to avoid paying transaction fees
• Understand the features of your transaction account so that you are aware of any monthly ATM transaction limits (you can find this information on our website or give us a call).
• Take advantage of RediATM’s SMS service or IPhone application to locate ATMs on the go

If you have any questions about fees and charges or require further information please contact us on 1300 885 480.

Due to Public Holiday the Macquarie Credit Union branch will be closed on Wednesday 25th April 2012.

All Internet and telephone banking will be as normal and members whom have Periodic Payments coming out on Wednesday will now be on Tuesday.

If you have a Visa Debit card issue by Macquarie Credit Union you could be in the running to win one of 25 trips to the London 2012 Olympic Games!

For automatic entry, simply use your Macquarie Credit Union Visa Debit card in-store, online, overseas or over the phone until 12 May 2012. And, when using your Visa Debit in store, don’t forget to press the “Credit” button to be eligible.

Prize package includes: return Economy flights for two, accommodation, tickets to pre-selected Olympic events and a Visa Olympic themed merchandise pack!

Every transaction until 12 May 2012 will give you one entry into the draw, so the more times you use your Macquarie Visa Debit card, the bigger your chance of winning.

Visit: visa.com.au/olympicgames for full terms and conditions.
 

An article released by the Sydney Morning Herald online this week has praised Mutual ADIs (credit unions, building societies and mutual banks) saying some of the best deals on credit cards, term deposits and mortgages are available from Mutuals. “In the key category of mortgages, RateCity says credit unions, building societies, mutuals and smaller banks have an average standard variable home loan rate of 6.77 per cent compared to an average rate of 7.34 per cent for the four big banks,” writes John Collett from SMH online. In addition to praising Mutuals for consistently lower rates than competitors, the article also identified Mutuals as ahead of the big banks when it comes to customer service. The article referred to an external study conducted by Roy Morgan last year which showed that Mutuals scored almost 90 per cent in customer satisfaction in comparison to the big banks that all scored less than 80%. The article went on to say that 4.5 million Australians are currently members of Mutuals and they have a strong presence in regional areas. “One of the biggest misconceptions about mutuals is that they are not as safe as banks. But the mutuals - like the banks - are authorised deposit-taking institutions (ADIs) and regulated by the Australian Prudential Regulation Authority in the same way. Deposits of up to $250,000 with ADIs are guaranteed by the federal government,” writes Collett. Despite being superior in value and service it was also identified that Mutuals don’t have as much market traction in Australian cities because they can’t compete with the huge advertising budgets that the big banks have. “It doesn’t help that the combined marketing budget of the whole mutual sector doesn’t come anywhere near that of even one of the big banks,” writes Collett.