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Merger Update - Central Coast Credit Union Votes Yes

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The Board of Directors of both Unity Bank Limited and Central Coast Credit Union (CCCU) are very excited to announce that CCCU members have voted in favour of the motion to merge. On 5 October 2018, CCCU members overwhelmingly voted (97%) “YES” to merge with Unity Bank on 1 December 2018.
As from this date Central Coast Credit Union will be re-branded "Central Coast Unity Bank". CCCU members will have access to 27 branches nationwide including two branches on the Central Coast, located at Budgewoi and Gosford. A wider range of products and services will also be available including NPP and a Credit Card. 
The merged entity will continue to provide a compelling Customer Owned Banking alternative to members. There will be no change to the mutual structure of the merged entity with the focus to remain on serving the interests of members.       
We are very are excited to welcome CCCU members to our family.

 

 

2018 Annual General Meeting

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Members are advised that the 2018 Annual General Meeting of Unity Bank Limited will be held as detailed below.

Date

28 November 2018

Time

3:00 PM

Venue

365 Sussex Street, Sydney NSW 2000

Ground Floor Training Rooms

 

Please confirm your attendance, in any of the following ways:

1.Call 1300 36 2000 and advise of your attendance

2.Emailing returningofficer@unitybank.com.au

Click here for Proxy Form

Click here for more information

 

SMS Phishing Scam

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Bankstown City Unity Bank has been made aware of a current SMS phishing campaign targeting Members.

The scam involves an SMS being sent to cardholders in an attempt to have Members provide their personal information.

The SMS states that your Credit Card has fraudulent transactions and directs you to a mobile telephone number or a link which requires you to provide or upload your personal details. 

The scammers are not identifying the ‘financial institution’ within the SMS.

Do not click on the link.

Bankstown City Unity Bank will never ask you to confirm, update or disclose personal or banking information via a link in an email, SMS or online.

Bankstown City Unity Bank will always identify itself and only send you an SMS to confirm your card transactions by requesting that you contact us directly.  The following is an example of our SMS:

“Please contact Card Monitoring on 1300 705 750 / +61 2 8299 9534, option 3, to confirm card transactions. Do not reply. Bankstown City Unity Bank”

If you have received or responded to this type of text message, or have clicked on the link or entered your personal information, please contact us on 1300 65 4477 immediately. 

   

RBA Update September

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RBA rate on hold for September 2018

It should come as no surprise to many that the Reserve Bank of Australia (RBA) has kept the Official Cash Rate on hold for the month of September 2018. This statement comes less than a week after Westpac Bank disregarded the official interest rate and increased costs for its borrowers. Tim Lawless from Core Logic believes that Westpac’s decision is likely to decrease the chances of a higher cash rate even more.

Commonwealth Bank, ANZ and National Australia Bank are now considering following suit and weighing up whether to pursue Westpac's lead after the central bank again signalled that official rates were unlikely to change in the near future. Westpac justified its decision to raise rates by pointing to higher wholesale funding costs and a smaller deposit base.

This is the 25th consecutive month since the RBA have made any change to the cash rate. RBA governor Philip Lowe's statement remained upbeat, arguing the Australian economy grew at above trend pace in the first half of the year. However, Dr Lowe pointed to debt and drought as looming concerns in the domestic economy.

"Household income has been growing slowly and debt levels are high. The drought has led to difficult conditions in parts of the farm sector," Dr Lowe said.

The RBA also appears to be not overly concerned with the out-of-cycle rates rises emerging in the home lending sector.

"Money-market interest rates are higher than they were at the start of the year, although they have declined somewhat since the end of June," Dr Lowe said.

As per last month’s closing statement, the RBA stated “further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual”. “Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.”

For the official RBA article, please visit the Reserve Bank’s website.

 

Bankstown City Unity Bank supports #MoreThan4 campaign

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Bankstown City Unity Bank today strongly supports a new campaign by COBA called #MoreThan4 which calls for a proportionate approach to banking regulation. The campaign launched by the Customer Owned Banking Association seeks to move Australia’s banking regulatory regime from a one size fits all approach to a proportionate regulatory regime.

“The high regulatory costs on Customer Owned banking institutions such as ours means our banking market isn’t as competitive as it should be,” Mark Genovese, Chief Executive Officer of Bankstown City Unity Bank said.

“At Bankstown City Unity Bank, we strongly believe a proportionate regulatory regime would allow us to grow and deliver even more for customers in our community.

“Smaller institutions face higher regulatory costs compared to major banks. Keeping regulation proportionate will boost competition in retail banking.

“We support a new approach to regulation that recognises there are #MoreThan4 banking institutions.

“As a Member Owned and focused institution looking after the best interests of Members needs, we pride ourselves in this and our ability to do this will come under threat if we are continually burdened by poorly targeted regulation.” 

Mark Genovese, Chief Executive Officer and Danny Pavisic, Deputy CEO, General Manager Corporate Services attended the Hike the Hill meetings.  

“To show our support for a proportionate regulatory regime, Bankstown CIty Unity Bank met with Andrew Gee in Canberra to discuss how this regime would deliver a more competitive banking market. 

“We encourage our community to support the #MoreThan4 campaign, so we can create a regulatory regime that leads to more competition, choice and better outcomes for consumers.

“Proportionate regulation would be good policy even if we had a healthy banking market, but we do not, so the need for a new approach to regulation is urgent.”

#MoreThan4 to join the conversation on social media.

   

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