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BCUB Interest Rate Changes - 18 July 2019

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Changes to Interest Rates

With the Reserve Bank of Australia making further reduction of the cash rate by 0.25%, Bankstown City Unity Bank has undertaken a comprehensive review of rates on our variable rate loans and savings/deposit products.

With this being the second consecutive monthly reduction and home loan rates already at historic lows, our priority is to implement equitable rate changes that strike a fair balance between the competing needs of our borrowing and depositing Members.

We have looked at various options with a view to passing on as much of a reduction to our home loan products, whilst limiting reductions on savings and term deposit accounts so as to minimise the impact on savers, many of who are retired.

In order to accommodate these competing needs, we have announced the following changes to our products:

Home Loans

  • All new and existing variable owner occupied and investment home loans will be reduced by 0.15% p.a effective from 1 August 2019.  Details of your reduced rates will be advised on your next statement.
  • Our 1, 2, 3 and 5 year fixed rate home loans for both owner occupied and investment home loans have been reduced by upwards of 0.76% bringing them to historical lows.  These reduced rates are now available to those Members seeking the certainty of fixed repayments for a period of time. Our new fixed rate home loans can be found here.

Visa Credit Card

  • The ongoing rate on all new and existing Visa credit cards will be reduced by 0.13% from 1 August 2019 bringing the rate to 9.99%.  When combined with the 6 month introductory rate of 7.99%, our Visa Credit Card is one of the most competitive in Australia.

Savings and Term Deposit

  • Although it has been necessary to review the rates on a number of savings products, we have restricted reductions to our Bonus Saver account so that Members can continue to earn up to 2.00% (inclusive of Bonus interest). Full details of other changes can be found here.
  • Some reductions have been necessary to our Term Deposits, but we have decided to keep our popular 3 month rate unchanged at 2.10% and have restricted changes to the 6 and 12 month terms to only -0.10% and -0.15%.  Our new term deposit rates are available from 18 July 2019 and details can be found here.

If you require any further information about the impact of the above rate changes, please give us a call on 1300 65 4477.

 

Director Nominations

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Nominations for candidates for the 2019 Election of Directors open Monday 8 July 2019 and close at 4pm (Sydney local time) 29 July 2019. The current term of Mark Watson is due to expire and he has indicated his intention to restand. If you would like to receive a Director Nomination Pack please advise your local branch or contact our Call Centre on 1300 65 4477. Please note that nominees are required to fully comply with APRA Fit and Proper and Banking Executive Accountability Regime standards and are subject to criminal and bankruptcy checks, etc.

 

RBA announces further rate cut in July

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In response to the RBA’s decision to make a further cash rate reduction on 2 July 2019, we are currently reviewing our rates and preparing recommendations for our Board who will meet later in July. As always, we will consider the interest of all Members including depositors and borrowers whilst ensuring we continue to maintain our exceptionally strong prudential management of your Bank.

   

Top Tips: How to avoid scammers

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The simple steps consumers can take to avoid being scammed by fraudsters

Australia’s customer owned banking institutions are warning consumers to be on the lookout for suspicious text messages, emails and requests for payments in the wake of a PayID breach.

More than 100,000 customer PayIDs were compromised in the breach after scammers managed to breach one of the ‘Big Four’s’ PayID security structures. By using compromised accounts, the scammers were able to randomly test mobile numbers to find genuine PayID accounts and the names of the account owners. The process resulted in approximately 100,000 PayID credentials being revealed to criminal syndicates.

Top Tips to Avoid Phishing

  1. Always know who you are dealing with. Avoid responding to unsolicited and unexpected contact.
  2. Don’t provide your banking details to anyone. Your banking institution will never ask for your contact details over SMS or email.
  3. Never click on URLs or open attachments in suspicious emails.
  4. Just because your name is in the SMS or email, doesn’t mean it is contact from your bank. Always double check directly with your banking institution.
  5. Always go to online banking platforms directly, don’t use links sent in messages.

Customer Owned Banking Senior Advisor Financial Crimes Brett Peacock has recommended customers be on the lookout for unexpected contact and to always check with their bank directly. “With account owner’s name and mobile phone number at their disposal, scammers will start to target those individuals with phishing messages, emails and requests for payment. “Phishing messages will seek your personal ID information, banking logons or it may contain malware that infects your device,” explained Mr Peacock.

Mr Peacock advised customers to be on the lookout for unexpected or unusual contact. “If you receive an unsolicited and unexpected request for information, you should contact your financial institution directly to clarify whether it is real or not. “Don’t click on the links or attachments scammers might send you. These links often contain malware that allows scammers to access app passwords, internet banking logins and other personal information.” Mr Peacock said scammers had a few tricks up their sleeves to get people to provide their data.

“Scammers will try and make a message or email look like it came from your financial institution, so you should always second guess whether an email is real or not. “Be particularly aware of messages or emails that say you have won a prize and ask you to click a link to collect your prize. It’s also important to be on the lookout for scams threatening you if you don’t do something,” warned Mr Peacock.

COBA is urging customers who think they may have received a fraudulent message to get in contact with their banking institution before clicking on links or opening attachments.

 

Vulnerable consumers lose record amounts to scammers.

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Australians love technology. We are spending more time online shopping, entering our personal details and accessing the internet on our devices. Some of us even have an auto-memory software in place in case we forget our passwords.

Anybody using the internet and electronic devices needs to be aware of the increasing threat of scammers. Recently, scammers have been impersonating your favourite businesses or even the police and the Australian Taxation Office. They want to gain access to your computer and steal money or banking information.

Australians who are older, Indigenous or have disability reported record losses in 2018 according to the ACCC's annual Targeting Scams report released last week. Older Australians looking to grow their nest eggs but who instead get caught up in investment scams reported losses of $7.6 million, and those misled through fake relationships reported losses of $5.8 million to dating and romance scams.

“Scammers will start with a cold call to their victim promising low-risk investments for high returns. They may spend months grooming their victims and once a victim invests, they’re quickly convinced to put more and more money in. As soon as the victim tries to cash in on their investment, the scammer quickly disappears,” ACCC Deputy Chair Delia Rickard said.

You can avoid becoming a victim of scammers by knowing how to protect your information and your devices. Learning more on the scams that are being used can empower you to avoid being caught. Some of the scams are as follows:

  • Hoax messages: emails, text messages or internet pop ups that direct you to fake websites which prompt you to reveal personal information.
  • Malware: software that can monitor where you go online and record your keystrokes which means it can record your confidential passwords, logins and other personal information.
  • Fake phone surveys:  contact you and ask questions to try and trick you into revealing personal information.
  • Website scams: targeting many people by running a scam that sounds “too good to be true”.
  • Phone porting: switching your phone to another provider without permission to gain access to your calls and text messages.

Please note:  The Bank will:

  • Never ask for your Internet Banking login details or credit card details via phone or email
  • Never use email to send you a link to an Internet Banking login page
  • Never ask you to communicate your passwords to us in any form

 

Security tips

There are some good practices and simple actions that may reduce personal information being compromised.

  • Lock it – set a password on your device so that no one else can use or view the information. Also store your device in a secure location.
  • Contact your bank if you lose your phone or tablet – call your bank immediately to tell staff about the loss and provide your new number.
  • Be careful what you send via text message – never send personal information via message.
  • Only use official internet banking apps – those from your bank.
  • Install and keep up to date anti-virus and firewall software purchased from trusted suppliers.
  • Protect your passwords – keep your PIN and passwords confidential. Avoid using the same password for multiple websites. If your banking app allows a PIN, make sure it’s different than the one you use to unlock your mobile device. Make sure your password or code is hard for others to guess but easy for you to remember.
  • Read privacy policies – before you provide personal information to any website, understand how your information will be used and how long it will be retained. To view Bankstown City Unity Bank’s privacy policy click here
  • Be wary of free downloads, programs, software or screensavers – sometimes malware and spyware can be hidden in free offers.
  • Check your bank statements – contact your bank if you find any unusual or suspicious transactions.
  • Always log out of internet banking.

Unfortunately, scammers are becoming more sophisticated and see opportunities whenever money is involved, and they will always seek new ways to steal and commit fraud. At Bankstown City Unity Bank, rest assured that your financial wellbeing is always our top priority along with the security and safety of your banking. These tips are here to help you build a better defence against scammers.

Don’t forget to check out www.scamwatch.gov.au for more tips as they become available.