bank mecu - responsible banking

Saving and Investment frequently asked questions

• What is the difference between direct credits and direct debits?

  A direct credit is where a third party electronically deposits money into your account as per your authority. For example, you may provide authority to your employer to deposit your salary into your account or you may provide authority to Telstra to deposit your share dividends into your account.
  
  The benefit of direct credits is that funds can be accessed as soon as they are received into your account. If the payment was received by cheque, in most instances, you will have to wait for the funds to be cleared before being able to access them.
  
  A direct debit is where you give authority to a third party to withdraw funds from your accounts when a payment is due. For example you may give your insurance company authority to withdraw your premium amount from your account when it becomes due.
  
  Direct debits eliminate the need for you to physically make the payment by cash, cheque or BPAY each time it becomes due as you authorise the third party to automatically debit your account whenever your payment is due.
  
  You should ensure that you have enough funds to cover direct debit payments when they are due as some organisations charge a direct debit dishonour fee. bankmecu also charges a fee for any dishonours.
  
  Setting up direct credits and direct debits
  
  If you would like to set up a direct credit or direct debit, you will need to provide the relevant organisation with bankmecu's BSB number and your customer number (refer below for details). These transactions will automatically be made to/from the savings account listed first on your account. If you prefer the funds to be automatically debited or credited to a different account, simply contact bankmecu on 132 888 and provide the account details.
  
  To arrange direct electronic debiting or crediting to/from your account, simply provide the following details to the organisation involved with the payment (please read the following information carefully):

  • Provide the name of your financial institution: mecu Limited
  • Provide your customer name
  • Provide your customer number
  • Provide the following BSB number 803 - 140

  Please note that prior to merging our banking systems on 5th June 2005 some customers may have been required to quote a different BSB number. If this effects you don't forget to update the BSB number for any direct credits or debits you may have previously set up.
  
  (If you have any doubt about whether or not you need to update your BSB number contact bankmecu on 132 888 for clarification.)

• Foreign Exchange: What details do I need to provide to organise a Telegraphic Transfer?

  The following are details needed to process a Telegraphic Transfer

  • IBAN International Bank Account Number
  • The Currency required
  • The Foreign Amount or Local AUD Amount
  • Customer's Name
  • Customer's Address
  • Customer's Account Number
  • Customer's Contact Phone Number
  • A Swift Code (optional)
  • Bank Code or BSB (optional)
  • Bank Name
  • Bank Address
  • Bank Account Number
  • The Beneficiary's Name
  • The Beneficiary's Address
  • Any Further Instructions you may wish to send (optional)

  Address details for telegraphic transfers:

  bankmecu Limited
  C/- National Australia Bank
  330 Collins Street
  Melbourne VIC 3000
  BSB: 083 370
  A/C No: 01921 3532

  Include customer name & number in the transfer details.

  Address details for Swift Transfers (must be in Australian Dollars):

  C/- CUSCAL Limited
  1 Margaret Street
  Sydney, NSW 2000
  BIC CODE: AU // 803140

  Swift Code: CUSCAU2SXXX

  Include customer name & number in the transfer details.

• Will customers be charged to obtain a balance from an ATM?

  Customers may be charged for balance enquiries at non-rediATMs but not at a rediATM.

• How will customers find out about direct charging and the rediATM network?

  rediATM developed materials to provide information about direct charging and rediATMs to customers, including a new website with a rediATM locator. www.rediatm.com.au

• But you don’t have many ATMs?

  rediATM has an ATM network currently 3,800 strong. rediATM owners are looking to invest in building the network over the next 5 years making it one of the biggest in the country.

  This is why the rediATM network has been rebranded to create a stronger presence in the market place so all customers can withdraw cash without a direct charge.

  To assist customers to locate a rediATM a dedicated website with an ATM locator and SMS functionality is provided. The website optimised for mobile phones and PDAs too so no matter where customers are they can find the nearest rediATM.

• My Fixed Term Deposit is maturing, what do I do?

  Two weeks prior to maturity, customers are sent a Renewal Advice Letter, instructing them to contact bankmecu if they wish to alter the instructions on their maturing Term Deposit.

   

• How does Telephone Banking access work?

  With our Telephone Banking service you can transact on your accounts, take out insurance, purchase foreign currency or even apply for a loan - simply by picking up the telephone and calling 132 888 or +61 3 9854 4666 from outside Australia.
  
  The following services are available via Telephone Banking:

  • automated telephone banking - available 24 hours a day
  • listen to current account balances for your bankmecu accounts
  • listen to your account transactions
  • conduct one-off or future dated transfers of up to $50,000 per day to other bankmecu accounts
  • pay your bills (up to $50,000 per day) using BPAY and also set-up your bills to be paid at a future date
  • obtain interest earned on your accounts for the previous financial year
  • order statements for your accounts, and
  • obtain details of personal cheques presented

  To enjoy the convenience of our Automated Telephone Banking service, you will need an Access Code. This can be obtained by calling 132 888 and following the recorded instructions.

  • speak to an bankmecu Consultant - available from 8:00am to 6:00pm (AEST), Monday to Friday.
  • general account enquiries
  • obtain a quote or purchase insurance
  • purchase foreign currency, and
  • apply for a loan

  To transact on your accounts with the help of an bankmecu Consultant, you will require a Passcode. To nominate your personal Passcode, simply download and complete the telephone banking passcode application. Without a Passcode, your access will be restricted to making general enquiries.
  
  To access bankmecu Telephone Banking, simply call 132 888 (cost of a local call; higher costs may apply for mobile phones) from anywhere in Australia or +61 3 9854 4666 from outside Australia.

• I've made a mistake transferring funds. What do I do?

  If the account details are incorrect the funds will be rejected by other Financial Institution and re-credited to your account.

• Will the direct charge fee be included as part of the customer rewards package?

  No. The fee is charged directly by the ATM owner and debited to the customers account on the same day.

• How does the Redicard PLUS work?

  Redicard PLUS is a debit card that is linked to the funds available in your account. Using Redicard PLUS, you can withdraw cash at any ATM in Australia and you can also make purchases via EFTPOS terminals at supermarkets and retail stores.
  
  Redicard PLUS also allows you to withdraw and deposit money into your account at over 2,900 Australia Post outlets via the Bank@Post network.
  
  A unique Personal Identification Number (PIN) will be allocated to your Redicard PLUS so that you can securely access funds using ATMs, EFTPOS terminals or Bank@Post
  
  There are no annual or ongoing fees attached to a Redicard PLUS, however transaction-related fees may be payable.
  
  To obtain Redicard PLUS linked to your account, download and complete the access services application form.

• How does it work?

  Each time a customer makes an online purchase with a participating merchant, the Verified by VISA program assesses the risk level of the transaction. Certain activity may seem out of the ordinary - maybe because it's a high dollar value transaction, or a retailer they have never bought from before.

  In these instances the customer may be asked to confirm some simple personal details. In doing so bankmecu can be sure that the card isn't being used without the customers permission.

  Privacy is our priority - the information is used only to verify the customers identity.

  Once this process is complete, the purchase will be authorised and the transaction will be processed as normal.

  Unless Verified by VISA detects a certain degree of risk with the transaction, the customer won't even notice it working behind the scenes to protect the card while shopping online and there won't be any interruptions on the way to the ‘checkout'.

• How can customers avoid the direct charge fee?

  Easy! Use any other rediATM. Alternatively, get cash with EFTPOS as it’s a cheaper way to withdraw (only $0.60). And maximise your Customer Reward by supporting bankmecu with more of your banking.

• What should I do if I lose my VISA card (or if it's stolen)?

  If your VISA card is lost, stolen or retained by an ATM, contact bankmecu on 132 888 (during business hours), or the VISA hotline (Australia:1800 224 004) immediately.

• What does 'no minimum balance requirements' mean?

  There are no minimum balance requirements for the Access account and there are also no fees charged for dropping below a certain balance.

• What do your service centres offer?

  You can make general enquiries on your accounts at any of our service centres across Australia. You can also deposit cash and cheques into your accounts at most centres, request fund transfers and change the Personal Identification Number, (PIN) on your bankmecu VISA cards or Redicards. For specific information regarding each service centres access services, please click here and check under service centre details.
  
  A Deposit Box is located in some of our service centres so you can quickly deposit cheques into your account or arrange a transfer. Our Deposit Boxes are secure and are cleared on a regular basis, so you can be assured that your transaction will be completed as quickly as possible.
  
  For a complete listing of all our service centres, including locations, opening times and services offered, click here.

• How does the VISA Access card work?

  A VISA Access card is a debit card that is linked to the funds available in your account. Using a VISA Access card, you can withdraw cash at any ATM in Australia and at any ATM worldwide displaying the VISA logo. You can also make purchases via EFTPOS terminals at supermarkets and retail stores and wherever VISA is accepted.
  
  A VISA Access card also allows you to withdraw and deposit money into your account at over 2,900 Australia Post outlets via the Bank@Post   network.
  
  A unique Personal Identification Number (PIN) will be allocated to your VISA Access card so that you can securely access funds using ATMs, EFTPOS terminals or Bank@Post .
  
  A monthly fee is applicable to VISA Access card and transaction related fees may be payable. Merchants may choose (but are not required) to include a surcharge for this payment method.
  
  To obtain a VISA access card linked to your account, download and complete the access services application form.

• How do you know Verified by VISA is available?

  Look for the Verified by VISA symbol as a sign the merchants value your business and your security. Throughout the world a growing number of merchants, currently more than 200,000, are offering Verified by VISA.

• Why is direct charging being introduced?

  Seeking to improve competition in payment systems, the Reserve Bank of Australia has required abolition of interchange fees - what participants charge each other for their customers using each other’s ATMs. To ensure pricing transparency and improve competition, financial institutions will have to directly charge ATM users instead of charging each other. Direct charging was introduced in March 2009.

  bankmecu participates in the rediATM network offering customers access to 3800 rediATM's in Australia

• How does Internet Banking access work?

  Internet Banking offers you the convenience of having your accounts at your fingertips. You can view and actively transact on your accounts from the comfort of your home, workplace or anywhere you can get Internet access.
  
  The following functions are available via Internet Banking:

  • view account balances
  • update personal details
  • list and download transactions
  • transfer up to $50,000 a day to other bankmecu accounts and up to $10,000 to accounts at other financial institutions
  • view interest earned on accounts
  • set-up, modify and delete periodical payments, recurring transfers and recurring BPAY payments
  • pay bills using BPAY
  • view salary and direct credits
  • Apply for a loan or credit card securely and conveniently

  To access your accounts via Internet Banking, simply download and complete the Internet Banking application form.

• What if the transaction is declined?

  Customers no longer incur charges for declined transactions. One of the RBA’s rules for direct charging is that the current interchange fees charged for declined transactions are no longer permitted. No cost for bankmecu; no declined transaction fee for customers.

• How do I register my VISA debit or credit card?

  All existing and new VISA debit and credit cards are automatically registered for this service.

• What is BPAY?

  BPAY is a network of over 12,000 billers who allow you to pay your bills via bankmecu Internet Banking or Telephone Banking. You can pay most of your bills using BPAY, including council rates, telephone, gas or water bills. Just look for the distinctive BPAY logo and references on the bill.
  
  To use BPAY, you need to be a registered user of bankmecu 's Internet Banking or Telephone Banking services. Paying a bill via BPAY is free and does not attract any bankmecu fees or charges .

• Can I transfer money to another account/ financial institution?

  Yes

• How does cheque book work?

  You can link a cheque book to your account which will allow you to write personal cheques for purchases or payments. Your cheque amounts are withdrawn from your linked account when they are presented.
  
  If you are making regular cheque payments for bills and purchases, we suggest using a VISA card or BPAY.
  
  To obtain a cheque book on your account, download and complete the access services application.

• What is direct charging?

  Direct charging will be a charge determined by the ATM owner for a successful transaction conducted at that particular ATM. Currently ATM owners and institutions negotiate fees and charge each other (interchange fees). Interchange fees are no longer permitted. ATM owners must direct charge the customer.

  The ATM owner can charge what they like and who they like. They can vary the charge depending on cardholder, locality or time of day if they choose.

  Where the ATM owner and the card issuer are the same institution, no direct charge will usually apply as an institution chooses not to direct charge its own customers. So the charge will only usually apply to cardholders that do not bank with the particular ATM owner.

  For example, Joe the Plumber is a bankmecu customer and uses a CBA ATM to withdraw $200. CBA as the ATM owner imposes a direct charge of $2 at that ATM on transactions, so $202 is withdrawn from Joe’s account when he receives $200 out of the ATM. The ATM owner keeps the $2.

• What does 'funds available at-call and there are no fixed terms' mean?

  You can withdraw funds from your account as soon as they are deposited (except for cheque deposits which are held until cleared).
  
  There are no fixed terms or minimum time that funds need to be deposited before you can get access to your money.

• What if you wish to dispute the direct charge?

  You will be advised of the fee at the ATM before you conduct the withdrawal. You will have an opportunity to stop the transaction. If there is further dispute you will need to take it up with the ATM owner.

• How does automatic salary crediting work?

  You can have all or part of your salary automatically paid and distributed to your various bankmecu accounts.
  
  To arrange for your salary to be credited to your bankmecu accounts, simply download and complete a payroll authority application form. This application allows you to instruct your employer to electronically send all or part of your salary to your bankmecu account and also allows you to nominate the distribution of funds to your individual bankmecu accounts.

• What does 'no monthly or account keeping fees' mean?

  There are no monthly or account-keeping fees associated with the Access account. This means that your savings are not diminished by monthly or account-keeping related fees.

• What is Verified by VISA?

  Verified by VISA (or VbV) is an online service designed to make Internet transactions safer at participating merchants through the authentication of the cardholder's identity at the time of purchase.

  It provides reassurance to both the cardholder, and to the merchant that they are each engaging in a genuine transaction. All existing and new VISA cards are automatically registered for this service.

• How will direct charging impact fees? 

  bankmecu no longer applies a transaction fee for customer withdrawals using non-rediATMs. Customers will pay the direct charge. Regular transaction fees subject to our Customer Reward will continue to apply for rediATM transactions. Customers using other ATMs will be directly charged by the ATM owner.

• Have the VISA card conditions of use changed as a result of implementing Verified by VISA?

  Yes. As a result of implementing Verified by VISA, the VISA card conditions of use have changed. To download a copy of the Verified by VISA Terms and Conditions brochure please click here. Alternatively, you can call bankmecu on 132 888 and request a copy.

• I would like to apply for an overdraft?

  To ensure that you have enough money when you need it, you can apply for an Overdraft on your account. Once approved by bankmecu , your Overdraft can automatically be used at anytime, up to the available approved limit.
  
  To apply for an Overdraft, simply complete the Secure Online Loan/Overdraft application or download the loan/overdraft application form.

savings and investment FAQ forms
access services (VISA Access/Redicard Plus) application
payroll authority application
Internet Banking application
telephone banking passcode application
loan overdraft application form