Fees, Charges & Rewards
Schedule of Rewards Fees & Charges
Schedule of Rewards Fees, Charges & Rewards
- Transaction Accounts
- Savings Accounts
- Youth Accounts
- Business Accounts
- Non-Standard Fees and Charges
Effective 1st February 2023 Australian Financial Services Licence No 239446
This Fees Charges & Rewards Brochure document should be read in conjunction with our Products and Services Terms and Conditions and our Savings and Investment Interest Rate Schedule, before making a decision to acquire any financial product.
The fees and charges contained in this document are effective at the date of this document and subject to change. Fees, charges and interest rates relating to loan products are detailed on the relevant loan documentation.
Debiting of fees and charges
Monthly access fees and transaction-based fees and charges are debited to the account on the last day of each month. Non-standard fees and charges are generally debited to the account at the time of relevant activity.
Direct charging at third-party ATMs
If you use an ATM that is operated by a third-party (including international), you may see the charge for using that ATM on the screen before you decide whether to proceed with the transaction. This is not a CMCU transaction fee. If you decide to accept that fee, it will be separately debited to your account at the time of the transaction and will be shown on your statement.
Fee-free transactions
The following transactions are free across all of the accounts listed in this document (where the transaction is applicable to that account type):
- Online internal transfers (CMCU to CMCU)
- Online external transfers (CMCU to third parties) (excluding transfers setup as a future payment)
- Direct credits
- Over the counter deposits (excluding business accounts)
Clubs, Associations and Community Groups
Clubs, Associations and Community Groups are exempt from fees
Transaction Accounts
| S8 Everyday Account |
S10 Mortgage Offset |
S65 Single Pension Account |
S66 Joint Pension Account |
|
|---|---|---|---|---|
| Monthly Access Fee | $5.00 | $5.00 | $5.00 | $5.00 |
| Monthly fee for subaccounts (e.g. S8.1) | Free | Free | Free | Free |
| Fee free transactions per month | Unlimited^ | Unlimited^ | Unlimited^ | Unlimited^ |
^ transactions include EFTPOS, Visa, ATM cash transactions, BPAY, direct debit, OSKO/NPP Payments, cash withdrawals, staff assisted transfers, cheque presentment fees and online transfers.
Youth Accounts
S6 Under 18’s Account
Members under the age of 18 are eligible for the S6 account. This account has no monthly or transaction fees.
S8 Youth Account
Members over the age of 12 and under the age of 21 are eligible for the S8 everyday access account. This account has no monthly or transaction fees. Once a member turns 22 this account will revert to the fees applicable for the account types they have.
Savings Accounts
| Method | Member Rebate | S1 Savings | S4 Budget | S5 Xmas Club | S15 Notice of Withdrawal | |
|---|---|---|---|---|---|---|
| Cash Withdrawal | In branch per transaction | Yes | $2.50 | $2.50 | $2.50 | $2.50 |
| BPAY Transaction | In branch and future payment per transaction | Yes | $0.50 | $0.50 | $0.50 | $0.50 |
| Direct Debit | Per transaction | Yes | $0.20 | $0.20 | $0.20 | $0.20 |
| Electronic Transfers | In branch and future payment per transaction | Yes | $0.50 | $0.50 | $0.50 | $0.50 |
| OSKO | Future payment per transaction | Yes | $0.20 | $0.20 | $0.20 | $0.20 |
| Staff assisted transfers | In branch per transaction | Yes | $2.50 | $2.50 | $2.50 | $2.50 |
Business Accounts
| Method | S7 Premium Business Account | S11 Business Account | S12 GST Account (Member Rewards Apply) | |||
|---|---|---|---|---|---|---|
| Monthly Access Fee | $5.00 | $5.00 | Free | |||
| Monthly fee on sub accounts | Free | Free | Free | |||
| Fee free transactions | Unlimited^ | Unlimited^ | n/a | |||
| Cash withdrawal | Per Transaction | Free | Free | $2.50 | ||
| BPAY Fee | In branch and future payment per transaction | Free | Free | $0.50 | ||
| Direct Debit | Per Transaction | Free | Free | $0.20 | ||
| Electronic transfer | In branch and future payment per transaction | Free | Free | $0.50 | ||
| Osko | Future payment per transaction | Free | Free | $0.20 | ||
| Staff assisted transfer | In branch per transaction | Free | Free | $2.50 | ||
| Cheque presentment | Per Transaction | $0.40 Members Rewards Apply | $0.40 Members Rewards Apply | n/a | ||
| Cheque deposit fee | Per Transaction | $0.80 Member Rewards Apply | $0.80 Member Rewards Apply | $0.80 |
^ transactions include EFTPOS, Visa and ATM cash transactions.
Member Rewards
| Average aggregated balance | Benefit |
|---|---|
| $0.00 - $5,000 | $0.00 |
| $5,001 - $7,500 | $2.00 |
| $7,501 - $10,000 | $3.00 |
| $10,001 - $20,000 | $4.00 |
| $20,001 - $50,000 | $8.00 |
| $50,001 - $100,000 | $15.00 |
| $100,001 - $150,000 | $25.00 |
| $150,001 - $200,000 | $35.00 |
| $200,001 - $500,000 | $45.00 |
| $500,001+ | $60.00 |
The Member Rewards program is designed to reward those members who support CMCU by using CMCU products and services.
Each month members are allocated a Reward based on the total average balance of their loans, savings and investment accounts during the month, under a single membership number.
Members over the age of 65 receive $10.00 in extra Member Reward dollars.
The Reward automatically reduces the amount of fees you have incurred for the month. Only fees marked as Member Rewards are included in the Reward calculation.
When your fees exceed the amount of your Reward, your account will be debited only for the variance.
When your fees are equal or less than your Reward, you will pay no fees. Rewards are calculated on a monthly basis and are not redeemable or carried over to the next month.
Calculating your Member Rewards
Members receive a monthly Reward based on the total average daily balance of your loans, savings and investments over the month. This is called your Relationship with CMCU, see the example of Mr and Mrs Jones.
Example: Mr & Mrs Jones
| Accounts | Amount ($) | |
|---|---|---|
| Savings Account | 200 | |
| Home Loan | 150,000 | |
| Mortgage Offset | 2,000 | |
| Christmas Club | 300 | |
| Total Relationship | 150,500 |
| Transactions | Number | Account | Cost | Total | ||||
|---|---|---|---|---|---|---|---|---|
| Cash Withdrawal | 5 | Savings | $2.50 | $12,50 | ||||
| OSKO via online | 20 | Savings | Free | Free | ||||
| Bpay via internet | 10 | Mortgage Offset | Free | Free | ||||
| EFTPOS | 40 | Mortgage Offset | Free | Free | ||||
| Monthly Access Fee | Mortgage Offset | $5.00 | $5.00 | |||||
| ATM | 4 | Mortgage Offset | Free | Free | ||||
| Total Fees | $17.50 | |||||||
| Total Fees (Reward) | $12.50 | |||||||
| Reward Allocation | ($35.00) | |||||||
| Cost to Member | $5.00 |
The Member Reward that the member is entitled to is $35.00, the fees that are included in the rewards program is $12.50, so the total fees payable are the Monthly Access fee of $5.00.
Early Term Deposit Redemption
| % of time since lodgement | Rate Applied |
|---|---|
| < 10% of term | 10% of current interest rate |
| 10% - 30% of term | 25% of current interest rate |
| 31% - 50% of term | 40% of current interest rate |
| 51% - 75% of term | 60% of current interest rate |
| Over 76% of term | 80% of current interest rate |
| Within 5 days of maturity | Current interest rate |
This penalty applies to the interest rate earned on a term deposit, or portion thereof, that is redeemed before the maturity date.
Example:
if $5,000 was lodged on the 1st June @ 6.00% for six months and $2,000 was redeemed early on the 1st July, the $2,000 would earn interest @ 1.50% for the 30 days.
Non-Standard Fees and Charges
| Type | Application | Fee |
|---|---|---|
| Cheques | ||
| Corporate Cheque Fee | Payable when you ask to raise a bank cheque | $15.00 |
| Stop payment corporate cheque | When you ask us to stop a bank cheque and the cheque is then presented | $50.00 |
| Special cheque clearance | Special request for priority clearance on a cheque deposited to your account | $20.00 |
| Cheque Book Order | When you order a cheque book on your account |
25 pages - $3.00 200 pages - $12.00 |
| Stop payment on member cheque | When you stop a cheque and the cheque is then presented | $50.00 |
| Dishonour fee – personal or business cheque | Insufficient funds in your account, cheque returned to drawer | $50.00 |
| International Transactions | ||
| International ATM withdrawal | When you withdraw cash at an ATM overseas | $5.00 |
| Currency conversion fee (Visa Debit) | Charged on any foreign currency transaction converted into Australian dollars, payable at the time the currency conversion is made | 2.75% |
| Direct entry | ||
| Direct debit posted via Member Chequing | When a direct debit comes through on the cheque book details | $5.00 |
| Dishonour fee | When there is insufficient funds to process a direct debit and the payment is returned | $10.00 |
| Other | ||
| Replacement card | When you request a replacement Visa Debit Card | $15.00 |
| Replacement card (overseas) | When you request a replacement Visa Debit Card when overseas | $250USD |
| Card Dispute (CMCU owned ATM) | When you lodge a ATM dispute on a ATM owned by CMCU | $10.00 |
| Card Dispute | When you lodge an ATM dispute on other non-CMCU ATM | $25.00 |
| Visa transaction dispute | When you lodge a dispute for a Visa or Eftpos transaction | $35.00 |
| Duplicate deposit book | Business account duplicate deposit book | $5.00 |
| Overdrawn account | When you have overdrawn funds and your account is in debit | $20.00 |
| Overdrawn account transfer | When your account is in debit and CMCU transfers funds to fix the account (min transfer $10.00) |
$5.00 |
| Dishonoured cheque inward | When a cheque you deposit is dishonoured | $20.00 |
| Inter-Credit Union withdrawal | When we process a withdrawal from another Credit Union | $10.00 |
| Dormant accounts | When your account has not been transacted upon and CMCU have transferred it to dormancy | $30.00 per quarter |
| Statement request | A request to provide a copy of your statement | $5.00 per statement |
| Business searches | When CMCU is required to do a search on a business for account opening or lending purposes | $20.00 |
| Archive search feed | Retrieval of archived account information | $35.00 |
| Returned mail | When CMCU have to resend mail that has been sent to CMCU as returned mail | $5.00 |
| Audit confirmation | When you ask us to complete a Bank Audit Certificate | $50.00 |
| Recall of electronic transfers | When you ask us to recall funds sent via EFT, BPAY or OSKO | $20.00 |
| Member payment referral | When CMCU contact you to pay in to allow a cheque or direct debit to be honoured | $20.00 |
| Bulk coin | When you ask for bulk coin (amounts over $1,000) | $0.30 per $100 $8.00 per bulk bag |
| Coin counting | When you bring in coin not bagged | 10% of value |
| Non-member coin/note exchange | When non members bring in notes/coins to be exchanged | $5.00 |
| Photocopying | When you ask CMCU to do photocopying (>50 sheets) | $0.20 per sheet |
| Telegraphic transfer | SWIFT – outward transfer | $20.00 |
Central Murray Credit Union Head Office
58 Belmore Street, Yarrawonga Vic 3730
tel: 03 5744 3713 | fax: 03 5744 1926 | email: info@cmcu.com.au
BSB 803-188 | ABN 69 087 651 812 | AFSL/Australian Credit Licence 249446
Internet Banking
www.cmcu.com.au
Visa Hot-line
1800 648 027
24 hour service for lost or stolen cards
Internal Dispute Resolution
Complaints Officer
58 Belmore Street, Yarrawonga Vic 3730
email: info@cmcu.com.au
External Dispute Resolution
Australian Financial Complaints Authority
GPO Box 3 Melbourne Vic 3001
tel: 1800 931 678 | email: info@afca.org.au | web: afca.org.au
