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Support for Australia's Small and Medium-sized Businesses

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Bankstown City Unity Bank has today responded to the Australian Government's Coronavirus SME Scheme with the following measures added to support Australian small and medium-sized businesses.

During the unprecedented COVID-19 pandemic, we understand the distressing times for businesses. We are always here to support you and your business, and in consultation with the Australian Government, we are pleased to announce a stimulus package that can help put the wind back in your sails.

Read more: Support for Australia's Small and Medium-sized Businesses

 

Delivering Safe Banking Services to our Members and Staff

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For 50 years, the wellbeing of our Members and staff have always been our top priority. As we face unprecedented responses from the COVID-19 (coronavirus) outbreak, our support and commitment to our Members and staff will not change. And as a mutual bank and a member of the Australian community, it is important we come together to support each other.

Read more: Delivering Safe Banking Services to our Members and Staff

 

Standing By You In Uncertain Times

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In these uncertain times, one thing is for certain, we’re here to support you. It’s what we have been doing for 50 years and will continue to do so through thick and thin. Today, we introduce additional measures to support individuals who are doing it tough and increasing our help to keep small businesses open so that they can keep their staff employed.

Relationship Rewards Program

The COVID-19 outbreak continues to rapidly change our way of living. To support Members who are increasing the use of their debit cards to make payments, we are increasing the number of free excess transactions by FOUR across all relationship tiers which will commence immediately for 6 months.

Relationship Tiers Current Free
Excess Transactions
Additional
Free
New Free Excess
Transactions
Members with a balance $10,000+ 13 4 17
Members with a balance less than $10,000 5 4 9
Retired Members 58 year or older
(who are registered with us)
12 4 16
All in One Loans 20 4 24
All in One Package Unlimited - Unlimited

You can avoid exceeding your excess transaction limit by doing one of these two simple alternative payment methods:

  1. Use one of our Mobile Pay Apps – Google Pay, Apple Pay or Samsung Pay. Just like how you use your Visa payWave debit card, you can use your smartphone for instant everyday transactions. It's easy to set up. Just download the app from your mobile app store and link your Visa debit card. Paying with your smartphone is secure and convenient. To find out more about our Mobile Pay apps, click here.

  2. Slot your Visa debit card into the EFTPOS machine and select 'Credit'. By choosing 'Credit,' your payments will be processed via the Visa network and will not be counted as an EFTPOS transaction.

Supporting Members with Deposits

We have increased our 12-month Term Deposit rate by 0.40% to 1.70% and our 6-month Term Deposit to 1.30% (for deposits between $50,000 and $300,000) in recognition that this low rate environment is hurting savers.

Supporting Businesses

We have reduced Commercial Loans rates by 0.20% and Overdrafts by 0.40%, effective from 1 April 2020. In addition, we are not charging any Monthly Service fees on any commercial loan for the next 6 months. These fee waivers will automatically be applied to all loans and are in addition to a range of measures below that are available to businesses facing difficulties.

Bankstown City Unity Bank's Financial Assistance Package

A reminder that we are providing a Financial Assistance Package to help Members who are impacted by the COVID-19 coronavirus. We are providing immediate relief on all types of home loans, personal or car loans, overdrafts or credit cards and all commercial loan repayments.

Defer you Loan Repayments
Should you need financial assistance at this time, you can defer your loan repayments for an initial three-month period with a further three months available if you require it. It is important to note that whilst payments are deferred, interest on your loan will continue to accrue and will effectively capitalise. This means that at the end of the support period, your required repayment amount will increase so that you repay the total balance over the remaining loan term (including interest and charges added to the balance during the support period).

It is important to remember that if you defer your repayments you will pay more interest than you otherwise would. If you can recommence payments sooner, or are able to make lower payments, then it is in your best interests to do so as soon as your financial situation improves.

Converting to Interest Only
Consider whether converting your loan to an interest only loan is more suitable. Members in need of assistance can convert their principal and interest repayment loan to an interest only loan for up to 12 months. However, because you are only paying the interest only portion of the loan, you are not reducing the loan balance, which means you will pay more interest over the life of the loan.

Reducing your Loan Repayments
Reducing your loan repayments by extending the term of your loan. Remember, because you are paying your loan over a longer term, you will pay additional interest. So please consider making the maximum repayment that you can afford.

Redraw Facility
Accessing any additional money, you may have available to redraw in your eligible loan. Simply use online banking to transfer funds from your eligible loan into your savings account.

How to Apply
If you wish to apply for financial relief, please complete our Financial Assistance application form and one of our friendly staff will contact you to assist.

Other Changes

We have made some other changes to savings and term deposit rates which can be found here. New rates for term deposits took effect on 26 March 2020 and savings rates are effective from 1 April 2020.

   

Savings Interest Rate Changes effective 1 April 2020

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We are increasing our 12-month Term Deposit rate to 1.70% and our 6-month Term Deposit to 1.30% across the board. 

We are reducing interest rates for our Savings accounts including the Bonus Saver Account (S7) interest rate decreased by 0.50% to 1.10% (inclusive of the base rate plus bonus rate).

For more details, please see below our latest interest rate schedules.

 

Tap and Pay limit increased to $200 to help reduce COVID-19 transmission

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In a bid to reduce the spread of the coronavirus (COVID-19), the Australian Payments Network has temporarily increased the contactless card payment limit from $100 to $200 to reduce the need for you to enter your PIN on EFTPOS machines.

The increased limit is pragmatic and an important response to a changing environment. Consumers are buying more when shopping for essentials, less often. The new $200 contactless limit will mean fewer people need to enter their PIN on the payment terminal.

The new limit of $200 is expected to be progressively introduced across certain cards and at certain retailers, with major supermarkets expected to be among the first. It is also expected to apply for a three-month period, and will be extended, if needed.

For more information on the extra measures that’s currently in place to support Members, please go to bcub.com.au/standing-by-you-in-uncertain-times.html