Happy New Year to you all. We have said goodbye to a very successful and fulfilling 2017 and now 2018 stands before us like a fresh chapter waiting to be written.
With the fast pace of new digital banking technologies emerging around us, we are excited to be part of the national launch of the New Payments Platform (NPP) early this year. Members will be able to make and receive faster, smarter and secure real-time online payments anytime, anywhere between other banks and financial institutions. Please read on for more information on how you can register now.
We have started the new year with members in mind and ensuring that our approach to banking puts member benefits first. In January 2018, we have reduced our Introductory 2 year variable lending rate and Base variable lending rate by -0.10% and also removed our $9 fee for internal payment dishonours.
The removal of our $9 fee for internal payment dishonours was particularly positive, as we surveyed our members via our TalkBank community- this has enabled us to gain valuable feedback on our products and services, what we should stop doing and what you’d like to see improve. Thank you for the amazing response so far to help shape the future of BankVic.
Our goal of ensuring our services are available for members any time and any place will see further improvements being made to our online banking services and branches over the coming year. We’ll also be ensuring our staff have the right systems and tools in place to assist our members in the best possible way.
In 2017, we were proud to support a significant number of community events and initiatives that improve the communities our members work and live in, contributing over $300,000 in the last financial year. We look forward to continuing this commitment and relationship with our partners in 2018.
I would personally like to thank and wish all our members a healthy and successful 2018. We couldn’t have been where we are now without such a tremendous level of support from all of you.
A GOOD TIME TO REVIEW YOUR INSURANCE
Not a year goes by without some part of Australia being devastated by a natural disaster. Bushfires, floods, storms and tropical cyclones are a part of our lives. As we’ve witnessed in recent years, destructive weather patterns and events occur regularly throughout the year, often with little or no warning. This means that any time of the year is a good time to review your insurance cover to ensure your financial possessions are protected, as well as the security of you and your loved ones.
THE PAIN OF UNDER-INSURING
The images of families losing all of their possessions during widespread flooding, storms and bushfires over recent years should provide a constant reminder of how a lifetime of hard work can vanish in minutes. It is even worse when so many of these victims were either uninsured or under-insured. Most people understand the consequences of being uninsured: you bear the total loss of whatever damage is suffered and property lost. On the other hand, being under-insured means that you have not insured your property for its full value, which is considered to be less than 90% of any rebuilding costs.
This may not be intentional. It’s easy to fall into this trap, particularly if you don’t review your policy in relation to the value of your home and possessions on a regular basis. How much has your property changed in value over the past three years?
THIS IS HOW EASILY IT CAN HAPPEN
You don’t have to lose your entire home to suffer the effects of under-insurance. Partial loss can place a challenging strain on your finances.
Take the example of Jake and Olivia whose home was valued at $500,000, but to save money on premiums they decided to insure it for only $375,000 – three-quarters of the value. An out-of-control truck ploughed through their front fence before coming to rest halfway through their master bedroom. Thankfully they were both at work and nobody was injured. Their home sustained $100,000 worth of damage, the truck driver had no insurance and Jake was shocked when he learned that the insurance company would only cover three-quarters of the loss - just $75,000.They had to borrow the $25,000 shortfall.
Natural disasters and accidents are not fussy about who they affect so don’t let the next one be the catalyst to review your insurance coverage. And while you’re doing this, make sure you have appropriate and adequate life insurance in place. You and your loved ones are far more valuable than your possessions.
NOW IS THE TIME TO ACT. OUR FRIENDLY STAFF ARE HERE TO HELP - GIVE US A CALL TODAY ON 13 63 73, OPTION 5 TO GET AN OBLIGATION FREE QUOTE OR TO COMPARE POLICIES.
NEW, FASTER PAYMENTS ARE COMING SOON
PAY AND GET PAID – IN MINUTES
Coming soon to BankVic, is a new way to make online payments that’s faster, easier, smarter and more secure than ever before. You can split a bill, pay for a service, or give money to your loved ones and the money will be there in minutes. Plus you’ll no longer have to remember a BSB and Account number when making a payment. You just use your BankVic mobile banking app or internet banking. And it’s available 24/7.
SO IN A NUTSHELL WHAT IS IT?
You may have heard about the New Payments Platform or NPP. Australian financial institutions have come together to create NPP, a new and faster way of making payments. It allows people to make same day payments to each other – regardless of who they bank with! Osko®, built by BPAY is the system that enables you to make these payments, through your internet banking or mobile app. They will be fast, same-day payments that can be made at any time, even on the weekend.
WHY IS IT GOING TO MAKE LIFE EASIER?
Fast same day payments across banks and financial institutions.
Available all day, every day – even on weekends. You won’t have to wait until Monday to receive a payment.
No longer will you have to remember your BSB and Account number. Instead you’ll set up a PayID, something easy to remember, like your phone number or email address, that is securely linked to your bank account.
Osko® is brought to you by BankVic and backed by BPAY, so you know it’s safe. PayID is unique to you and registered to your bank account.
You’ll be able to use up to 280 characters of text (including emojis) to describe who’s getting paid and why. Plus you’ll see the description instantly in your transaction record. Now that’s a better way to understand your payments.
SO WHEN WILL NEW PAYMENTS BECOME AVAILABLE?
They will become available to BankVic members in early 2018. Stay tuned for details. If you’re already registered for internet banking and have downloaded the mobile app, there is nothing further to do now. We’ll be in touch with you when it’s all ready to go!
If you’re not, visit bankvic.com.au/npp and set yourself up, so you’re ready to go.
DRAW A PICTURE OF YOUR HOLIDAY
We’re excited about the brand new year and we’d love for our Little Copper Club members to draw or photograph their holiday and send it through to us.
**Remember you must be a member of the Little Copper Club to enter. There are two categories – under 9 years of age and 9 years and over. All entries must be sent to us by 5pm 1 March 2018. To enter, send your entry to BankVic via email at email@example.com or post to: BankVic, Reply Paid 90210, MELBOURNE, Victoria 8060.
Winners will receive one of four $50.00 deposited into their Little Copper Club accounts. Happy holidays!
Terms and Conditions: Win $20K promotion commences 1 February 2018 and closes at 5pm AEST 30 April 2018. Only residents of Victoria are eligible to enter. The $20K competition will be drawn at 11am AEST 13 June 2018 at Level 3, 215 Spring Street, Melbourne, Victoria, 3000. The winner will be notified by phone and in writing and their full name published in the July 2018 edition of Member Matters. The first eligible person whose name is drawn wins a $20,000 cash prize deposited into their nominated BankVic account within 2 weeks of being notified. Full terms and conditions available at bankvic.com.au/win20K. Any advice is general only. Consider the Product Disclosure Statement available from bankvic.com.au/insurance, in branch or by calling 136373 to see if a product is right for you. As an AFSL holder, we sell general insurance products under an agreement with the issuer Insurance Australia 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.
A good time to review your insurance: Source- ASIC’s MoneySmart website www.moneysmart.gov.au Risk of Underinsurance
**Conditions of Entry Little Copper Club competition: Information on how to enter and prizes form part of these conditions of entry. Immediate family of employees and directors of BankVic are not eligible for entry. All entries must be at the head office of BankVic by 5pm on 1 March 2018 and will remain the property of BankVic. BankVic judges decision is final and will be made on 16 March 2018 at 11am AEDT at the head office located at Level 3, 215 Spring St, Melbourne Victoria 3000 and no correspondence will be entered into. Winners will be notified by telephone or mail and their names published in the April 2018 edition of Member Matters. Winners will receive one of four cash prizes of $50.00 deposited into their Little Copper Club accounts which are not transferable or exchangeable and cannot be taken as cash. Police Financial Services Limited ABN 33 087 651 661 trading as BankVic AFSL and Australian Credit Licence 240293. 02.18 6547bv.
Police Financial Services Limited ABN 33 087 651 661 AFSL 240293 Australian Credit Licence 240293
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