Q) When does it occur?
The fee change will be effective from September 1st 2019.
Q) What are the fee changes?
Members will incur a direct fee for Bank@Post transactions and it will no longer form part of the fee allowance structure. The fees are as follows:
• Bank@Post deposits: $1.00
• Bank@Post withdrawals: $3.50
Q) Why has there been a Bank@Post fee change?
Australia Post has introduced a new fee for Bank@Post services to all its business partners. This is on top of the transaction costs we already pay to Australia Post.
Due to the significantly increased cost, we have had to change the way we charge for Bank@Post transactions to continue to provide the Bank@Post service.
Q) What costs do we incur from Australia Post for providing Bank@Post?
Beyond Bank has always incurred a cost from Australia Post for providing Bank@Post services. This expense is purely based on a per transaction basis: every time a member uses Bank@Post, Beyond Bank incur a fee for that transaction.
Now Australia Post have introduced an annual fee that we are required to pay to continue to provide Bank@Post services.
Q) Why are we passing on the cost?
The new annual fee is significant, and we are unable to absorb this cost; some other banks have even stopped offering Bank@Post due to this fee. Following a review of how our members are using Bank@Post services, we determined it was more sustainable and equitable to pass on the increased cost to those using the service, rather than passing it on to all members.
Q) What does this mean if I have a fee allowance?
Both Bank@Post withdrawals and deposits will be removed from the fee allowance structure and direct charged. This will free up your allowance for other transactions e.g. over the counter, eftpos with cash out etc.
Q) What impacts will this have to Saving Accounts?
Members should not have cards linked to Saving Account products (i.e. monEsaver). However, if a card is linked to a saving account and that account is used to deposit or withdraw funds at Bank@Post, fees will be applicable.
Q) What about Package Customers (customers with an unlimited Fee Allowance)?
Package customers who receive an unlimited fee allowance through the Relationship Fee Allowance are also impacted by this change. As Bank@Post transactions are being removed from the fee allowance structure, these fees will no longer be waived as part of the benefits of that package and they will be charged the applicable fees.
This will predominantly impact Pinnacle Plus and Total Home Loan Package customer. Previous MYCU customers, who were provided with the ‘MY Pinnacle’ Fee Allowance at point of merger also will have the fee removed from their allowance and be charged the applicable fees.
Q) What does this mean for the Purple Transactor Account?
The same fees will apply to the Purple Transactor Account. We have identified the Purple Transactor account holders who use Bank@Post and there are not many!
Q) Will there be changes to Low Rate Visa Credit card fees?
Currently Bank@Post withdrawals on the credit card are treated as a cash advance and incur the applicable fee ($4.00). This is not changing.
Bank@Post deposits on the credit card are currently charged $3.00. This is being reduced to $1.00.
Q) How about Community Accounts?
The same fees will apply to Community Account holders.
Q) Why are the fees different for deposits and withdrawals?
The cost incurred from Bank@Post for deposits and withdrawals is equivalent. However, it is understood that members using Bank@Post for deposit services may not have as many alternate options as customers who are performing Bank@Post withdrawals. As a result, we have tried to keep this fee as low as possible.
Q) What can I do to avoid these fees?
Any withdrawal at an Australia Post Office is considered a Bank@Post withdrawal and will incur the fee. Here are some other ways to complete your banking and avoid this charge:
• Cash out with purchase when doing your grocery shopping, or at any other outlet that lets them withdraw cash.
• Use ATMs from major bank (Commonwealth Bank, NAB, ANZ or Westpac) or regional banks such as Bankwest, BankSA & St George Bank without getting charged.
• Use your phone for payments – Beyond Bank provides access to Apple Pay, Google Pay and Samsung Pay.
• Deposits can be made in branch over the counter or via Gloria teller machines at selected branches. These branch deposits remain fee free.
Q) Have we communicated this change?
All members were notified in their June statement (received in early July). We have also identified members who will be highly impacted by the change and are providing additional communications to them in the coming months.
Q) Are other Financial Institutions impacted by the Australia Post changes to the cost of Bank@Post?
Yes, the increased costs being imposed by Australia Post are applicable to all Financial Institutions. ANZ and BOQ have actually withdrawn from providing Bank@Post services as a result of the increased cost.