Member Matters October 2018- Spring Edition

member matters cover

CEO message


At BankVic we are proud to serve those who serve the community.

This quarter, we are pleased to deliver another strong result, continuing to provide financial wellbeing and peace of mind for our members, whilst reinvesting back into the community.

As CEO, I am committed to building on our purpose of further strengthening our connection with our members and providing them with a compelling value proposition. Listening to your feedback and delivering products and services that you really value is how we will shape our future and position ourselves for sustainable growth. We are already making progress.

In recent months we have launched a First Home Buyer Package that was awarded ‘the best value’ from more than 500 home loans in the market and have also removed a total of 19 separate bank fees.

Our commitment to our members is life long, no matter how long your tenure, whether you are starting out or are transitioning into retirement. Our goal is to provide you with a value proposition that we hope will make a real and practical difference to your every day lives.

A key area of focus for me is developing our partnerships with organisations that support our core members. Working alongside organisations such as Victoria Police, The Police Association of Victoria, Victoria Police Legacy, Ambulance Victoria, the Country Fire Authority, the Royal Children’s Hospital and the Mercy Hospital, just to name a few.

Contributing to the Emergency Services and the Health community is where I believe we can have a positive and lasting impact on the wellbeing of members and their families. Giving back to these communities is a big part of our heritage and motivates all of us at BankVic.

In addition, we have signed on as the premium partner of the ‘Head to Head’ fundraising walk to support mental health, and were proud sponsors of the ‘Wall to Wall’ and ‘Ride to the Wall’ events to commemorate the lives of fallen police officers and to provide support to Victoria Police Legacy.

Finally, I would like to thank two retiring members of the BankVic Board – Chairman Wayne Taylor and Director David Boell for their outstanding contribution and excellent service over the past nine years. On behalf of the BankVic community we are extremely grateful for their leadership and dedication in helping shape BankVic into what it is today.





For the seventh consecutive year, BankVic supported the Wall to Wall motorcycle Ride for Remembrance that helps pay tribute to Victoria Police members that have made the ultimate sacrifice in the line of duty. This annual charity event unites police around the nation and raises much needed funds for Police Legacy and the range of services they provide to serving and retired police members and their families who have suffered the loss of a loved one.

Beginning with a ceremony at the Victoria Police Memorial on St Kilda Rd, over three hundred riders paid their respects and remembered lost colleagues by riding to Canberra, before joining with riders from other state capitals at the National Police Memorial in a show of thanks and togetherness.

BankVic was proud to support the Victorian contingent all the way – with employees taking part in the ride and providing vehicle support, as well as working to raise awareness and funds for this important cause.

As you would have heard, this year’s event was marred by the tragic death of long standing BankVic member, Detective Senior Sergeant Vic Kostiuk who died in a fatal road collision while taking part in the ride. At BankVic, we are deeply saddened by the tragedy and extend our heart felt sympathies to the Kostiuk family, Victoria Police, the Police Association of Victoria and Victoria Police Legacy at this difficult time.

For those wishing to support the Kostiuk family, Victoria Police Legacy is collecting contributions via direct transfer to the following bank account:

BSB: 704230

ACC: 100588130

Important: please use “Kostiuk family” as the transaction reference

Head To Head


BankVic is proud to be supporting Victoria Police and TPAV in delivering Head to Head, a fundraising walk to support current and former Victoria Police officers living with mental health issues. The Head to Head Walk focuses on demonstrating the commitment of Victoria Police and TPAV to current and past serving officers affected by such issues. 

Chief Commissioner Graham Ashton and TPAV Secretary Wayne Gatt will walk a combined 1,000km to raise awareness of mental health among police, as well as raise funds in support of the volunteer service provided by the Retired Peer Support Officer (RPSO) Program. More information can be found at

As the bank for Victoria Police, we will be helping Head To Head reach their goal of $500,000. All donations will go towards the RPSO Program to support their efforts in helping officers living with mental health problems.

For current or former police employees, or family members, in need of support - please contact:

• Victoria Police Wellbeing Services – available 24/7 via 03 9247 3344 for crisis support, critical incident response and referrals for confidential counselling services

• TPAV Wellbeing – available 24/7 via 03 9468 2600 (including immediate critical incident support) or Member Assistance Program (OPTUM) - available 24/7 on 1300 361 008 for free referrals for confidential counselling services

For members of the general public, please contact:

• Beyond Blue on 1300 22 4636 for information and support

• Lifeline on 13 11 14 for immediate crisis support and suicide prevention services

To donate visit 


As the Bank for Police, we are proud to support this year’s Ride to the Wall charity bike ride. In its fourth year, the event raised much needed funds for Police Legacy in support of the great work they do to serve current and retired Victoria Police members and their families who have lost a loved one.

On 20 September, more than 80 Victorian Police Cycling Club (VPCC) cyclists and support crew members commemorated the lives of Victoria Police members taken in the line of duty by riding 400 km over three days.

The ride began in Wangaratta and riders then travelled via Nagambie and Healesville before completing their journey with an afternoon memorial service at the Victoria Police Memorial Wall on St Kilda Rd on 23 September.

BankVic staff were on hand with fruits and giveaways, to cheer in the VPCC cyclists as they crossed the finish line on their epic 400 km bike ride.


Ride to the wall 



BankVic News



Notice is hereby given that the Annual General Meeting of Police Financial Services Limited ABN 33 087 651 661 trading as BankVic will be held at The Larwill Studio, 48 Flemington Road Parkville 3052, on Thursday 8 November 2018, commencing at 5:00pm.


Light refreshments will be provided at the close of the meeting and an invitation is extended to all members to meet with Directors and staff during this period.

Please RSVP to Cara Appleby via email at or on 03 9268 9396 by 22 October 2018, to assist with catering purposes.

Ordinary Business

1. To confirm the minutes of the forty-second Annual General Meeting held on Thursday 16 November 2017.

2. To receive and consider the Company’s Financial Report, the Directors’ Report and Auditor’s Report for the year ended 30 June 2018.

3. To determine the remuneration of the Directors at a pool of $592,530.00.

4. To receive a report on the appointment of independent directors.

Proxy Voting

Should a member be unable to attend the Annual General Meeting, the member may vote by proxy. A proxy need not be a member of the Bank. Any member present, either personally or by proxy, has one vote, regardless of the number of shares held. Proxy forms, with instructions for completion and return, are available by emailing the Company Secretary at or by telephoning 03 9268 9227.

Proxy forms must be received by the Company Secretary no later than 5:00pm on Tuesday 6 November 2018.

For members attending the meeting in person it will be necessary to register your name for voting purposes prior to the commencement of the meeting. Registration will commence at 4:30pm and doors will close at 5:00pm sharp.


Members may view the minutes of the 2017 Annual General Meeting at the 2018 Annual General Meeting, or on application to the Bank. Members wishing to obtain a copy of the minutes should apply in writing to the Company Secretary via email at

By Order of the Board

Penny Maroulis, Company Secretary



Here’s some good news! BankVic members are now able to make and receive fast payments to and from ANZ and Westpac accounts.

With over 60 financial institutions now using PayID, it is easier for BankVic members to send and receive payments to family and friends in seconds through online banking and the BankVic App.

What’s more, if you have an account with another participating bank, you can now make rapid transfers between your two accounts. Simply set up another PayID using either your mobile number or email address.

To learn more or to set up your PayID click here

Are you properly insured article 


Underinsurance is not a scare-tactic that insurance companies use to rouse clients. It is in fact a real risk which many Aussies face. It’s important to ensure that your home, contents, and other important assets are insured properly so that you are not left out of pocket if something goes wrong. Here’s how to tell if you are underinsured.

What is underinsurance?

Underinsurance means that the insurance cover you have in place for your home and its contents does not adequately cover the costs of what it would take to rebuild or replace the home and contents if it was lost in an insured event.

Underinsurance occurs when home owners fail to review their policies when they are up for renewal, missing important additions to the home or new purchases being added to the policy. It also occurs when the home or the contents is undervalued and, when home owners do not consider the true costs of rebuilding, including demolition, removal of debris, and other construction factors.

Keeping your premiums low isn’t the only priority you should be focusing on. It’s just as important to secure a good policy which covers you for the risks that you may face. By calculating exactly how much it would cost to replace your home and your contents, you’ll ensure you’re not paying too much by being over-insured for items you don’t have, and you won’t be underinsured and facing a loss if something does go wrong.

How much should you be insured for?

Your insurance policy should cover the true value of your home to rebuild from scratch, as well as the value of all the items inside you home. To figure out this sum you should list out the contents of each room, and calculate what it would cost to replace these. Also, consider the rebuild costs and factors affecting this such as slope of land and matching the same finishes. A tool such as the CGU Home & Contents Calculators (visit can help you calculate the replacement costs needed.

For example, if you own a federation-style home, it may be much more difficult to replicate this from scratch when compared to a new modern rendered home which materials are readily available for.

Factors such as elevation, columns, verandas, glass, spas, decking, garages, and even sporting installations will all need to be considered in your valuation.

Are there any limits to the insurance?

It is recommended you read and understand what is and isn’t covered in the policy you have. Ensure you also read your Product Disclosure Statement to fully understand the cover you have in place.

To find out more about CGU insurance policy limits, compare policies or obtain an obligation free quote, please give us a call today on 13 63 73, option 5. Alternatively, visit for more information on the insurance products we offer.

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 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 and
  • 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 here





Ready to plan ahead and get organised for the New Year? Now you can with your free BankVic Family Calendar.

Click here to register your details before November 30 and we’ll send out your new calendar in the first week of December. It’s our way of saying thanks for being a BankVic member!


Police Financial Services Limited ABN 33 087 651 661 trading as BankVic | AFSL and Australian Credit Licence 240293. 10.18. 6706bv.