July 2017

DIRECTOR'S MESSAGE

In the last month we marked a significant step in BankVic’s journey with the opening of our newest branch at the iconic Royal Children’s Hospital. We are delighted to be joining the RCH community, and becoming a vital and important part of one of Melbourne’s leading health precincts.

more than twenty years ago we welcomed our first health member to the BankVic community when we entered the Monash Medical Centre. Since then our commitment to our members and our presence in the health sector is stronger than ever. Health workers, like the rest of our members, predominately work shift work and can have a stressful work life, assisting members of the community who need help. It is these people, the true heroes of our community, who are core to why BankVic exists. Where we can support them with fantastic value and supportive banking services we will be there.

So while our members are busy caring for people, they can always be assured that we’ve got their back, and will help them stay ahead at every life stage. Our newest branch is just one step on an exciting journey to continually
support our members. Plans are underway to continue to bring banking closer to where our members work, with another branch due to open at Western Health in the near future.

So stay tuned!
David Boell 


Everyday Finance and You

3 WAYS TO GIVE YOUR KIDS A HEAD START

When it comes to helping your children or grandchildren get a financial head start in life there are so many options to choose from, however your generosity could create tax issues down the track. Here we explore this topic from a few different angles, depending on how you wish to help them.

EDUCATION

If you want to guarantee money invested for a specific purpose in your child’s life is used for that intention, there are a number of ways to make sure this happens.

When you look around, there are plenty of investment products aimed squarely at helping parents save for education. Education funds are often referred to as “Education Savings Plans”. These funds can be set up to transfer to an account in the child’s name at an age specified by you. Many charge minimal fees and the money can be used for paying for books and uniforms, repaying HECS debts, and even to purchase musical instruments and lessons.

ACCESSING TAX BREAKS

Sharing income across family members can be valuable when it comes to tax time. But beware, the Australian Tax Office (ATO) checks that money isn’t just placed in a child’s name purely to give Mum and Dad a tax break. For this reason, it applies more aggressive tax rates for passive income invested in the name of a person under age 18. So when setting up any investment in this way, make sure you check with your adviser first.

The key to giving your kids a leg-up is to have a clear objective before you start. With so many options available it can get confusing so be sure to ask us for professional advice.

HOME OWNERSHIP

Due to the increasing difficulty faced by many young Australians in saving enough to afford their first home, assistance from family members is becoming more common. A facility is available which enables parents to help with the purchase at no direct cost to themselves. The “family guarantee” loan allows parents, or another family member, to use their own home as security on a portion of their child’s mortgage, generally to increase their deposit amount.

If you choose to act as a guarantor, you need also to be aware of the possible implications. For example, you may be responsible for the entire loan if your child cannot meet repayments. Or if you use equity in your home and they default on their loan, you may be at risk of losing your own home if the lender sells the property at a loss.

Another option that places less risk on your assets is to lend your child money to make their deposit. Combining a parent’s loan with the first homeowner grant can make a substantial impact on the life of the mortgage.  

Book an appointment - simply visit us online at bankvic.com.au/wealth-and-planning or call us on 13 63 73, option 6.

SOURCES:
www.finder.com.au Family pledge loans
www.ago.gov.au Income of individuals under the age of 18
ASIC’s MoneySmart website
www.moneysmart.gov.au
“Saving for your children’s education”; “Loans involving family and friends”


SCAMS ON THE RISE!

We’ve all heard of someone being scammed and said “it will never happen to me” – and hopefully you’re right and it doesn’t. However some scams are becoming increasingly difficult to spot.

The ACCC is warning people to stay alert to ‘phishing’ scammers pretending to be from well-known businesses and government departments trying to con unsuspecting victims out of their personal information and money.

A huge uptick in email-based fraud attempts has continued, particularly in June 2017, with an enormous distribution of fake Origin Energy invoices Containing malware.

Another recently known scam is in the form of an email or phone call from the Australian Taxation Office (ATO) informing you that you owe funds, and to make it easy you can go to the supermarket and purchase Apple iTunes vouchers. They then claim that they can convert the voucher to cash once you call them back and disclose the details on the card. One unfortunate young man was stung for $10,000! No government body will ever tell you to buy vouchers to repay a debt; they will only trade in the humble dollar - not gift cards! 

In recent times, some of our members have fallen victim to the Microsoft/computer has errors/virus scam. This usually presents in the form of pop ups on the computer/emails or a phone call advising you that there are viruses and issues on your computer. There is no way for these companies to tell if you have a virus or error, but they will still guide you to look at the screen on your computer which will show you, your computer has errors or viruses detected, which to a person with intermediate computer knowledge will look legitimate, however it isn’t! Microsoft will NEVER contact you, and neither will any other legitimate company to tell you your computer has errors or viruses.

After these companies show you the issue on your computer, they will promise to ‘clean’ your computer once you give them your Visa card number and allow remote access to permit them to log onto your computer, when in fact, they will most likely be loading spyware or a virus onto your device. Not all scammers load spyware during the scam, some are just after your initial payment. BankVic does however recommend a full health check of your computer by a reputable company if you have been scammed in this manner and we also recommend you call us to reset your password on your internet banking to prevent unauthorised access and a further loss. 

Remember to always be wary when online. Don’t open attachments in emails unless you expect them.
 
Unsolicited emails often include links that can be used to confirm your email address.

Don’t click on these links as they may include malicious content that could harm your computer and lead to your personal details being stolen and then used for fraudulent activity. 

Visit scamwatch.gov.au for more information on current scams.


BankVic in the Community

'A DAY IN THE LIFE OF' VISITS BANKVIC

In a bid to help increase our understanding of our member’s everyday lives, over the past two months we hosted ‘Day in the Life of’ seminars for staff. We invited representatives from our core membership groups to come in and talk to our staff about what they do in the community and how we can better support them.

So far we have had Representatives from the Blue Ribbon Foundation – on how they support the families of fallen police officers; Victoria Police Dog Squad – who brought in a puppy from the dog squad along with insights into their day to day working life. We look forward to continuing these seminars in future.

JOIN THE FUN - Is this something you think yourself or your team would be interested in participating in? For more information or to submit an expression of interest, please email connect@bankvic.com.au.


BANKVIC NOW AT THE ROYAL CHILDREN'S HOSPITAL

Our new branch and ATM at the Royal Children's Hospital are now open for business. With a very busy opening month, we're proud to provide accessible banking services to our valued members.  


BIGGEST MORNING TEA 

The month of May brought out the inner chef and baker amongst staff at BankVic. With an abundance of food, music
and chatter, BankVic’s head office hosted Australia’s Biggest Morning Tea to show our support to those affected by cancer. Thanks to generous contributions from our staff, BankVic raised $494, with money raised helping to fund world class research in cancer prevention programs and support services for patients and their families. 


Member Matters - July 2017

WHEN YOU'VE GOT TIME TO TALK, WE'RE READY TO LISTEN 

We seem to be hearing quite a bit lately that there just aren’t enough hours in the day. To help make life easier and give you greater flexibility, from 1 July we’re extending our call centre opening hours.

Our friendly staff are available to answer any questions you may have and help with your everyday banking needs.

Simply phone 13 63 73 between 8am - 7pm Monday to Friday and 9am to 12pm Saturday.  


MAXIMISING MEMBER VALUE 

At BankVic, our Members Matter to us. In August 2016, we conducted a phone-based member satisfaction survey to gain a number of insights and recommendations. The survey covered overall member satisfaction, branding and communications, membership journey, product usage and member loyalty.

While we were proud to have a 91% member satisfaction rate, we also identified four common frustrations felt amongst our members. As a member owned bank, what did we do when we heard our members wanted improvements? We put our heads together and worked tirelessly to address these issues, and alleviate the frustrations. So here’s what you told us, and here’s what we’re doing to fix it for you!

LACK OF BRANCHES/INCONVENIENT BRANCH LOCATIONS

We are excited to have just opened our newest branch at the Royal Children's Hospital on 13 June. Keep your eyes peeled as we continue to extend our branch network across Melbourne. We are also continuing to bring on more Mobile Bankers and Financial Planners, so that we can come to you.

DIFFICULT TO CHANGE YOUR PIN

With the introduction of our new BankVic app - you can now change your PIN at the touch of a button. Simply go to Card Management within the app and follow the prompts.

PROVIDE BETTER ACCESS AFTER HOURS AND ON WEEKENDS

As of 1 July 2017, we have now extended our call centre hours to 8am - 7pm, Monday to Friday as well as providing services to members on Saturdays from 9am - 12noon.

BANKVIC APP - MAKING IT MORE USER FRIENDLY

With the introduction of our new and improved BankVic app, banking on the go is a whole lot quicker, easier and smarter.

SOURCE: CSBA BankVic 2016 Member Survey Results 


BSB: 704 230

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