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Upcoming changes to fees and charges

Friday, 30 August 2019 13:00

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From 1 October 2019, several changes and updates will be applied to the SERVICE ONE Alliance Bank Schedule of Fees and Charges (the Schedule).

We’re applying these changes to make SERVICE ONE Alliance Bank even more competitive when it comes to transactional banking needs and reduce the overall amount of fees SERVICE ONE Members pay. While Members are encouraged to take the time to go through the new Schedule (a copy of which is available in-Branch or online at serviceone.com.au/fees), the key changes have been summarised below:

Fee title/description of change Current structure New structure from 1 October 2019
Definitions: Business Withdrawal Fee (defining the free fees business Members receive per month) Includes over the counter cash withdrawals, business cheque withdrawals and EFTPOS transactions. Removed as business Members will receive a monthly Fee Allowance that can be used to offset all fees contained in Section 2.1 Transaction Fees of the Schedule.
Definitions: Withdrawal Fee (defining the fees the monthly Fee Allowance will offset) Includes over the counter cash withdrawals, EFTPOS transactions, rediATM cash withdrawals, BPAY transactions, direct debits and electronic transactions.  Removed as all fees contained in Section 2.1 Transaction Fees of the Schedule can be offset using the monthly Fee Allowance.
1.3 Fee Allowance: A business membership moving from a set number of free withdrawals per month to a monthly Fee Allowance. 10 free withdrawals per month (as per Business Withdrawal Fee) and then $0.95 per extra withdrawal. $20 monthly Fee Allowance that can be used to offset all fees contained in Section 2.1 Transaction Fees of the Schedule. Once Fee Allowance is exhausted, fees as detailed in Section 2.1 apply.
2.1 Transaction Fees: rediATM cash transaction $1.25 $0.10
2.1 Transaction Fees: Enquiry made at a rediATM $0.75 (first five free per month) Nil
2.1 Transaction Fees: BPAY transaction – approved or declined (through eLink or phoneLink) $0.50 Nil
2.1 Transaction Fees: BPAY transaction (staff assisted) N/A - new $0.50
2.1 Transaction Fees: eLink transfer to another financial institution $0.50 Nil
2.1 Transaction Fees: Bank@Post transaction $3.00 $4.00
3.4 Business Overdrafts: Section details fees applicable to overdraft facilities attached to business accounts. As per Section 3.4 of current Schedule. Removed as these fees are now detailed in the Business Lending Fees and Charges schedule.
Section 4 Business Accounts: Business Withdrawal Fee $0.95 (first 10 free each month) Removed as this has been replaced by $20 monthly Fee Allowance.
5.1 Account Related Services: Electronic periodical payment to another financial institution account $0.50 Nil
5.2 Cheques: Issue Fee - bank cheque $7.50 $8.00
5.2 Cheques: bank cheque (third party) $12.00 N/A - removed
5.2 Cheques: Postage and handling of SERVICE ONE mailing a bank cheque $0.60 N/A – removed (part of Issue Fee – bank cheque if mailing is required).

In addition to these changes, we’ve also broadened the age range younger Members can enjoy fee waivers (from 18 years to 24 years) as they get themselves established financially and as SERVICE ONE has a vested interest in seeing other socially-conscious businesses in our region grow and prosper, we’re offering eligible social businesses an unlimited monthly Fee Allowance. And for SERVICE ONE borrowers, the Default Fee has been reduced and other fees scrapped completely.

Members are reminded of the extra services that are available such as the dedicated App, Osko and PayID, Alert services, SMS Banking, digital pay solutions like Apple Pay and/or eStatements to not only monitor account activity, but facilitate more efficient payments and transfers.

To discuss any of these changes in more detail, call us on 1300 361 761 or visit us in-Branch. Alternatively, more information can be found on our website at serviceone.com.au/fees, including a copy of the existing Schedule, the new Schedule and additional explanatory information. In addition, any Member interested in restructuring accounts differently (perhaps to encourage accelerated savings), again, our staff are more than happy to assist.