Member Matters April 2019 - Autumn edition


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director's message 

I am honoured to be the new Chair for BankVic. During my time on the Board, I have seen a number of positive changes and I am looking forward to continuing to be a part of BankVic’s future success. We really are unique in terms of our member base, the products we offer and the personalised services we provide. As you may be aware, we were one of the first banks to introduce real-timepayments. We are also known for tailoring our products and services to meet members’ needs, and working hard to support many community-based activities that make a real difference to the lives of others. There are many reasons why BankVic is the primary institution for members. We stay the course and ensure our members are front of mind in the decisions and actions that we take.

The recent Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry shone the spotlight on poor practices across the banking, superannuation and financial services sectors. Unlike the big banks, BankVic exists purely for the benefit of our members and all profits are invested back into the organisation. This allows us to take a longer-term view, to help ensure the financial well-being of our members and make it possible for you to own your own home.

We prioritise our members’ needs, have robust governance and compliance practices and lead ethically and responsibly, to ensure that BankVic remains strong and is able to re-invest its profits to benefit members and the communities you serve.

We continually strive to improve and earn your trust. We make every effort to listen to our members and design the best possible products and services. So, I am very pleased to advise that BankVic ranked in the top three for customer service in a 2018 industry-wide review by Customer Service Benchmarking Australia. We are also very proud to have achieved a 95% satisfaction rating from our own outsourced member survey. I believe that these results are directly attributable to the focus we have on improving member experience. “Every member matters” are not just words; they are fundamental to who we are.

2019 is already a busy time for BankVic. We have a number of projects underway that will allow us to deliver improved products, more advanced technology and faster turn around times for our members. I am very excited about the next chapter and delivering on our vision to be the most trusted financial institution forthe Victoria Police, Health, Emergency and Public Service communities.


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By purchasing a new CGU building, contents, car or landlord insurance policy with BankVic before 31 May 2019 you’ll go into the draw for your chance to win one of two travel vouchers valued at $10,000 each for the ultimate getaway.

Call us today for a quote on 13 63 73 visit a branch or go to to find out more.


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Not long after Chris Coster joined Victoria Police back in 1974, he also became a Police Co-op member. Forty-four years on, and Chief Inspector Chris Coster is a mentor and role model to many within the Police Force. He is currently the Training Inspector for the Southern Metro Region based at the Frankston Police Complex and is the last Chief Inspector in the force. Chris is also one of four generations of his family to become a Police Credit Co-op/BankVic member.

Soon after becoming a Police Co-op member, Chris told his parents all about the benefits of the Co-op so they also joined. When each of his three children were born, they were quickly signed up with a Little Copper Club account. Now, 10 month old Kayden, Chris’ first grandchild has also become a BankVic member.

BankVic staff recently caught up with Chris, his daughter Lauren and her son Kayden to ask them about their experience with BankVic over the years. We discovered that Lauren followed in her father’s footsteps and also joined theVictoria Police and is now a Senior Constable at Hastings.

Chris was able to impart some invaluable history about BankVic and the Co-op. “I decided to join the Police CreditCo-op as it was something special just for us,” said Chris. “I knew that we wouldn’t get taken for a ride. Back then the Co-op was very small, just a small office in Drummond Street Carlton.”

The Co-op has been with us all through our lives. They helped us to buy our first car and our first home. I remember getting one of the first credit cards back in the 90s. It had an image of police on horses and gave me a great sense of pride when I used it."

“Over the years, the name changed but the personal service hasn’t. No matter what, the staff have always gone out of their way to help us – and that hasn’t changed. We’ve never felt like just another anonymous customer, as you would dowith the big banks.”

We’re so grateful to have served the Coster family over the past 44 years and hope to continue to serve them well into the future and for many more generations to come.


BankVic in the community 

Angelta Taylor


On Sunday 28 April 2019 the Angela Taylor Memorial Walk/Run will be held to commemorate the life of Constable Angela Taylor who was tragically killed when a bomb exploded outside the Russell Street police headquarters in 1986.This year, BankVic is proud to be the principal sponsor for the event.

We welcome BankVic members, their family and friends to join us insupporting this important event and enjoy a great family day out. This year, all proceeds will assist the Victoria Police Blue Ribbon Foundation in funding a Critical Circulatory Support Service at Eastern Health’s Box Hill Hospital.

The Angela Taylor Memorial Run/Walk is a 5km run/walk and team event or a 10km run. There’s a category to match all levels of fitness.The event is held at Albert Park Lake Palms Lawn from 8.30 am. For more information and to register, click here. We would love to see you there.


emergency services foundation


BankVic has reinforced its commitment to the mental health and wellbeing of members of the police and emergency services, by signing a sponsorship agreement with the Emergency Services Foundation. This sponsorship will assist the Foundation in its work towards establishing a pilot program, to explore the potential for a dedicated mental health facility for emergency service workers. BankVic acknowledges the pressures our members experience daily. We are proud to stand up for mental health and to support our members in any way we can.


carrum coast guard run


BankVic was honoured to sponsor and participate in the sixth annual Coast Guard Carrum ‘Around the River’ Fun Run this year. The run was organised by the Carrum Flotilla of the Australian Volunteer Coast Guard, a national marine rescue organisation run entirely by volunteers. These volunteers work tirelessly to raise funds that deliver marine rescue and education services across the nation. There was a great turnout of BankVic members and employees, showing our united support for the Volunteer Coast Guard.



monash children's walk


On Sunday 3 March, BankVic was proud to sponsor and participate in the 2019 Walk for Monash Children’s Hospital at Jells Park. This annual fundraising event helps unite the community in walking together and raise funds for the hospital. We recognise and appreciate the hard work of the Monash Health Foundation in making this event such a huge success and giving back to the community.

BankVic news 


Between January and December 2018, Customer  Service Benchmarking Australia (CSBA) assessed the customer experience delivered by various Australian banks. BankVic was rated as an industry leader, ranking third overall for customer experience. While we’re very proud of this achievement, we are continually looking for ways to improve the banking experience for our members.



We’d like to thank everyone who took the time to be part of the recent BankVic online member survey. The information that was collected will help us develop and refine our products and services to better meet our members’ needs. All participants went into a prize draw and five lucky winners received $100 gift vouchers.

do you know your flood risk  

Most people are aware that flooding water can causeextensive damage to their home, contents and valuables.But did you know that depending on their type, floods candevelop very slowly over time after extensive rains, or in justa few minutes, without any sign of rain? So, when it comesto looking at flood cover in your insurance policy, there areseveral factors you may want to consider.

1. Check your local area flood riskTalk to your local council to find out the flood mappingfor your home’s location as building development, roadworks, changes to drainage and sewerage and agriculturaldevelopments can all change your flood risk.

2. Talk to your insurer to ascertainwhat you are covered forIf your policy excludes flood damage, it may still cover youfor storm or rainwater damage. When making a decisionabout flood cover, consider the likelihood of your house being flooded, the potential severity, the materials, sizeand floor levels of your house, and of course, your fixtures,fittings and contents – if you’ve renovated or put in newcarpet for example, make sure the increased value isincluded in the sum insured.

3. Don’t be complacentDon’t assume that if you live in a relatively flat area that’smiles away from a water source that you can’t be impactedby floods. Damaging waters can take days, weeks or evenmonths to arrive and in addition to damage they inflict, theycan also cause isolation, especially for those in rural areasand on properties.

Floodwater can place lives at risk and causeirreparable damage to your home and contents.

It’s important to regularly review your insurance policies andmake sure they are up to date and cover all the types offlood events that could happen in your area. Find out morepractical tips on preparing for a flood at

For an obligation free quote or to discussyour insurance needs call 13 63 73 (option 5),go to or visit a branch.

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director's election


In accordance with Clause 10.7 of the Police Financial Services Limited Constitution, two director positions fall vacant this year in the course of rotation.

If you wish to nominate for one of these positions, please contact the Company Secretary to obtain nomination forms:



PHONE: 9268 9227, or on mobile 0400 307 201

ADDRESS : Level 3, 215 Spring Street, Melbourne, VIC 3000

All nominees must be eligible members under clause 10.2of the Constitution. Each nomination form must be signedby two eligible members who themselves comply with the requirements of clause 10.2 of the Constitution.

The person being nominated must indicate acceptance on the same form.

Nominations and candidate declarations must be lodged with the Returning Officer, Mr Tim Jones of CorpVote PtyLtd, level 40, 140 William Street Melbourne Victoria 3000, phone 03 8060 5823, email no later than 12 noon on Friday 28 June 2019.

Members nominating for the election are invited to submit a personal summary, with supporting information to the Returning Officer.


• a personal statement of not more than 100 words;

• a recent passport sized photograph.

In accordance with clause S2.1 of the Constitution, if more nominations are received than positions falling vacant, a vote will be conducted by electronic ballot, postal ballot or a combination of both.

The results of the election will be declared by the Company Secretary at the annual general meeting of members to beheld on Thursday 14 November 2019.

important notice to candidates


Police Financial Services Limited is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA).

As such, strict standards are in place to ensure the safety of members’ deposits. The supervision by APRA, combined with the provisions of the Corporations Act 2001 as administered by the Australian Securities and Investments Commission (ASIC), results in directors assuming legal responsibilities relating to many aspects of the organisation.

APRA requires candidates for director positions, incumbent directors and other responsible persons of ADIs to comply with rigorous standards relating to their fitness and propriety to undertake and/or remain in such roles.

All nominated candidates will be required to provide personal information that satisfies the criteria relating to such standards prior to being able to stand as a candidate for election.

Such standards include, but are not limited to; skill,knowledge and competence; character; diligence; honesty; integrity and judgement to perform the duties of a director of an ADI. APRA’s Prudential Standard CPS 520 dealing with directors’ fitness and propriety is available

Persons both nominated and elected may be required to provide further information or undertakings. Those persons elected will be required to actively participate in a suitable continuous professional development program to a level that satisfies APRA requirements in order to remain a director of the organisation.

In order to achieve compliance with APRA requirements for fitness and propriety and avoid the possibility of being unable to stand as a candidate, nominees are strongly encouraged to forward their nominations and complete the requisite information requests, at the earliest possible time.

Unless a relevant and timely assessment of fitness and propriety in accordance with APRA standards has been made already by Police Financial Services Limited, nominees will be required to meet with the organisation’s Nominations Committee in order to assess their fitness and propriety to be a director. This will occur at a suitable time prior to the election process.

Nominees required to meet with the Committee must provide relevant information beforehand as may be requested by the Committee, including a Curriculum Vitaewith covering letter briefly addressing the criteria nominated in APRA’s Prudential Standard CPS 520.

Before forwarding a nomination, potential candidates are required to meet with the Company Secretary, to discuss the nomination and election process and respond to any questions potential candidates may have. The meeting will also cover the commitments required of directors and will also provide an opportunity to raise questions relating to the overall responsibilities of directors and the operations of Police Financial Services Limited, including APRA requirements regarding fitness and propriety. The meeting should take approximately one hour.

Potential candidates are invited to contact Penny Maroulis,Company Secretary, on 03 9268 9227, or 0400 307 201 or email to fully discuss any of the matters referred to above.

travelling overseas


To ensure the security of your cards and peace of mind while travelling overseas, it’s always a good idea to notify us of your travel.

Simply complete our online form at before you head off or call us on 13 63 73 option 3 (8am-7pm Monday to Friday or 9am-12 noon Saturday) to provide the following information:
• what country/countries you’ll be visiting and when
• your contact details while you are away
• if you are intending to use your Visa card or make any
large external or BPAY® transfers whilst overseas

More information on what else to consider before you leave is available at
Switch to eStatements today and get timely, convenient and secure access to your account statements online.
Visit to sign up or call 13 63 73 for assistance.


TERMS AND CONDITIONS 1.Win the ultimate getaway promotion commences 9am AEDT 4 March 2019 and closes at 5pm AEST on 31 May 2019. The win the ultimate getaway competition will be drawn at 11am AEST on 15 July 2019 at Level 3, 215 Spring Street, Melbourne,Victoria, 3000. To enter the competition entrants must have paid their first instalment or yearly premium by 4 July 2019. The winners willbe notified by phone and in writing and their full names published in the October 2019 edition of Member Matters, BankVic’s website and on BankVic’s social media on 16 July 2019. Entrants must be aged 18 years of age or over. Full terms and conditions available at Before you make any decision to acquire any product or service you should obtain and consider the relevant Product Disclosure Statement available at a branch or by calling 13 63 73. As an AFSL holder, we sell general insurance products under an agreement with the issuer Insurance Australia Group Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. If you purchase insurance we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with any of these services. 2.Fixed rate home loan offer: This special offer is available for new owner occupier loans. Comparison rate WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rate for our home loans is based on a new loan for a property purchase secured by a freehold property located within the metropolitan area and associated costs. The rate has been calculated on a loan amount of $150,000 over a term of 25 years. All loans are subject to our standard credit assessment criteria. Fees and charges apply. Information on our terms and conditions, interest rates and fees and charges is available on application or request. 3 SMSF Saver. Rates are effective 1 Aug 2018 and subject to change at any time. Interest is calculated daily and credited monthly. The interest rate is capped at a maximum balance of $5,000,000. This advice is general, so it may not be right for you. Before acting on the advice you should consider whether the advice is appropriate for you. Before you make any decision to acquire the SMSF Saver account you should obtain and consider the relevant Product Disclosure Statement available from our website, any branch or by calling us on 13 63 73. Police Financial Services Limited ABN 33 087 651 661 - trading as BankVic | AFSL and Australian Credit Licence 240293.