October 2016

Chairman's Message

John MugavinIt is with sadness that I inform you that I will be leaving BankVic at the end of the Annual General Meeting on 24 November 2016.

I have been a Director since 1998, Chair of the Board since 2013 and a member of BankVic since 1974.

Succession is an important part of any Board’s governance responsibilities and as a Board member who in recent years has strongly advocated a broader mix of the Board’s skills, I have decided that the time is right for me to step away and allow the membership to select a new Board member.

I believe BankVic is on a path of achievements and is and will be a major force in the financial sector for years to come.

I am very proud to have been associated with BankVic over 18 years and the achievements and successes we have all achieved.

To all members, the CEO, the Executive, Headquarters staff and all branch staff, I thank you for your contributions in making BankVic what it is today.

I also thank you for making my life as Director and Chair totally rewarding. I know that in my future I will look back on my days at BankVic as the most rewarding days of my life.

Keep up the excellent work.

John Mugavin


Wall to Wall Ride for Remembrance wrap up

Wall to Wall RideThe 2016 Wall to Wall Ride for Remembrance proved another successful year with over 2,000 riders participating in a ride from their home state to Canberra.

The Victorian contingent met bright and early at the Victoria Police Memorial site on St Kilda Rd, where the Wall to Wall Ceremony commenced and the bearer of the memorial baton, 18 year old James Kilmartin, son of the fallen Brian “Killer” Kilmartin, received the honour of carrying the hand made wooden baton and the ride officially commenced.

Day two of the ride for the Victorian contingent saw an early morning breakfast supplied by us and cooked by the local Lions Club in Merimbula, before continuing on their way to the EPIC centre in Canberra, where riders from all states met up for the final ride.

In a salute to the brave who risk their lives, all the Wall to Wall participants, as well as our own Chief Sales Officer, Rosemary Boissezon and Head of Wealth Management, Pierre Ong, rode under police escort to the National Police Memorial for the final leg of the 2016 Wall to Wall Ride for Remembrance. There were in excess of 2,000 motorbikes that formed this ride and paid tribute to the memories of fallen colleagues and friends.

Events such as Wall to Wall bring to life the importance of friendship and support among colleagues and communities. The sensitivity of what this event represents is a reminder that one of the best ways you can be there for your mates is to regularly check in and ensure they’re OK. There are resources available to those who may need information or support, such as Beyond Blue, available 24 hours/7 days a week: 1300 22 4436.

R U OK Day?

R U OK?We know how important it is to get the ball rolling and conversations flowing with the people who matter most to us. This year we encouraged all staff members to check in on each other and ask the question, R U OK?, by giving free tea/coffee vouchers to all and encouraging them to sit, chat and check in. R U OK day is a timely reminder that we need to check in and be there for each other.

Australian Nurses and Midwives Conference

Our staff were on hand at the Australian Nurses and Midwives Conference (ANMF) in Melbourne on 8-9 September ready to answer all things banking. This was a great event for us to lend our support to, with a number of nurses and midwives attending the conference to learn about topics including mental health and pregnancy, medicinal cannabis, health and environment, nursing leadership and midwifery in the outback.

Victoria Police Amateur Sports & Welfare Society’s 2016 Sports Awards

Pictured L-R: John Luis, Bill Psiharis, Priyanka Bajoria, John Mugavin, Rosemary Boissezon, Adrian White, Graham Miller, David Zombolas, John CapewellOn September 8th our Board members and team members attended the Victoria Police Amateur Sports & Welfare Society’s 2016 Sports Awards evening.

With inspiring stories of achievement from athletes such as Michelle Payne – the first female jockey to win the Melbourne Cup, Simplice Ribouem – Rio Olympic Weightlifter and the strongest man in Australia, Chris Naish – former AFL footballer and CEO of the Reach Foundation, it was a night to remember for all involved.

Dream Big Festival

We were proud to sponsor the Dream Big Festival in Melton South on 9-10 September. The Health and Wellbeing Expo showcased local arts, free activities and free food and encourage healthy living.

Australasian Council of Women and Policing (ACWAP)

Pictured L-R: Scott Wall and Lisa RyanWe sponsored the 2016 ACWAP conference, which served to improve policing for women. Established in 1997, the Council was formed as an outcome of the First Australasian Women in Policing Conference held in Sydney 1996. This year, we had the honour of presenting the Excellence in Policing in the Asia Pacific Region Award which was presented by our Director, Marianne Luttick on 12 September.

Banking with Heart

We exist to strengthen the communities which we serve. Our aim is to build healthy communities that are financially, socially and environmentally sustainable. It’s these beliefs that drive the work we do everyday. It’s what we call ‘Banking with Heart’. We are proud to support initiatives that improve the communities in which our members work and live. Since 2010, we have donated over $1,000,000 to various causes. The past two months have proved no different:

Victoria Police Amateur Sports and Welfare Society We provided a grant which will be dispersed by the Victoria Police to their 38 clubs. As well as donating money, our Board and staff members attended their awards dinner in early September.


Mercy HealthWe were proud to provide two scholarships to Mercy Health.



Breast WestMoney contributed by us helped raise over $63,000 at the 2016 Breast West event. The funds will go towards improving breast cancer patient care, purchasing new and improved medical equipment and assisting women with the personal support they require, via care packs, mastectomy bras, wigs, home support or exercise programs.


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 Rydges On Swanston, 701 Swanston Street, Carlton, on Thursday 24 November 2016 commencing at 5:30 p.m.


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 the Company Secretary via email cosec@bankvic.com.au or via Alexandra Coutts on 9268 9237 by 10 November 2016, to assist with catering purposes.

Ordinary Business

1. To confirm the minutes of the forty-first Annual General Meeting held on Thursday 19 November 2015.

2. To receive and consider the Company’s financial report, the Directors’ Report and Auditor’s Report for the year ended 30 June 2016.

3. To determine the remuneration of the Directors.

4. To receive a report from the Company Secretary on the 2016 Director Elections.

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  cosec@bankvic.com.au or by telephoning 9268 9237.

Proxy forms must be received by the Company Secretary no later than 5:30 p.m. on Tuesday 22 November 2016.

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 5.00 p.m.


Members may view the minutes of the 2015 Annual General Meeting at the 2016 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 cosec@bankvic.com.au.

Fiona Zafirakos' signature

By Order of the Board 
Fiona Zafirakos, Company Secretary 
3 October 2016

BankVic Annual Report – Available online

The Annual Report includes reports from the Board and BankVic’s Auditor and contains information about BankVic’s financial position and performance, the efficiency with which the bank is being managed, and the financial risks to which the bank is exposed.

To save on costs and the excessive use of paper, the Annual Report is no longer distributed to members, unless a copy is requested. A copy can be downloaded from our website at bankvic.com.au/about-us/annual-report.

If you would like a hard copy, you can request one by sending an email to info@bankvic.com.au, or by calling 13 63 73, or pick one up from a branch.

We appreciate your support for this environmentally friendly and cost saving initiative.

Stephen Capello's signature 

Yours sincerely, 
Stephen Capello 
Chief Executive Officer  


Super Incentive for Women

Despite years of struggle for equality, women in Australia still earn on average 22% less than men. This isn’t because women are all paid less for the same jobs their male counterparts hold, but there are more women in careers such as nursing and teaching; industries which workers tend to be lower paid.

What is worrisome is the gap that opens up over a lifetime due to many women spending less time in the paid workforce than men. Over the next 40 years, for example, a 25-year-old male is expected to earn (on average) $3,483,000. In the same period, females are expected to earn just $2,757,000.

That’s about $726,000 difference! According to former Sex Discrimination Commissioner, Elizabeth Broderick, this situation has dire consequences for women’s retirement savings: rather than accumulating wealth for their later years, they are “accumulating poverty”.

Does our superannuation system discriminate?

On face value, the key features of our superannuation system do not affect men and women differently. The contribution rules and limits aren’t gender biased. Nor are the various tax concessions or the way benefits are paid in retirement.

The superannuation guarantee rules require employers to contribute the same portion of staff wages into super, regardless of gender. But if we consider the above figures relating to lifetime earnings, we start to see how an indirect bias against the lower-earning average female may arise.

In addition to the superannuation guarantee, many Australian workers can boost their retirement savings significantly by making voluntary salary sacrifice contributions. Again, the higher a person’s salary and the more disposable income, the more likely the person is to take advantage of these opportunities.

Retirement savings catch up incentives

Some changes to the system have helped to restore the balance in retirement savings between men and women. Benefits that are aimed at low to middle income workers, such as the co-contribution scheme and spouse contribution offset, are particularly valuable for women who are caring for children while working part-time or not working.

The ability for a couple to share superannuation benefits upon divorce can also help to improve women’s financial independence in retirement. But according to Commissioner Broderick, there is still a long way to go. For example, the lack of recognition of unpaid caring work in our retirement income system has been highlighted.

When making your financial plans for retirement, these non-financial factors should be taken into consideration. Otherwise you might find you, or your family, have less money in retirement than you expected. Don’t leave it too long to address this issue.

Ways to avoid fraud - What to look out for when sending funds overseas

Online Security is vital in a world of online browsing and shopping, and while the internet can be a great source of information, unfortunately not everyone you’ll come across has your best interests at heart.

What to look out for when sending funds overseas: 

  • Never pay money to get money! Legitimate institutions like government, utilities and institutions will never ask you to pay money to get money that is yours. “If you’re being asked to do that, it should tell you automatically it’s a scam.”
  • If it’s too good to be true, it’s usually not true! Unexpected good offers should always be questioned, particularly when coming from a source you are unfamiliar with.
  • Have you met in person the individual you are sending funds to? Scammers will often befriend individuals online before asking for funds to help them or someone they know who is “sick”. If you have not met the individual in person do not send them any money regardless of the reason.
  • Spot imposters. Scammers often pretend to be someone you trust, like a government official, a family member, a charity, or a company you do business with. Don’t send money or give out personal information in response to an unexpected request whether it comes as a text, a phone call, or an email.
  • Do online searches. Type a company or product name into your favorite search engine with words like “review,” “complaint” or “scam.” Or search for a phrase that describes your situation. You can even search for phone numbers to see if other people have reported them as scams.
  • Don’t believe your caller ID. Technology makes it easy for scammers to fake caller ID information, so the name and number you see aren’t always real. If someone calls asking for money or personal information, hang up. If you think the caller might be telling the truth, call back to a number you know is genuine.
  • Talk to someone. Before you give up your money or personal information, talk to someone you trust. Con artists want you to make decisions in a hurry. They might even threaten you. Slow down, check out the story, do an online search, consult an expert or just tell a friend.
  • Don’t deposit a cheque and wire money back. By law, banks must make funds from deposited cheques available within days, but uncovering a fake cheque can take weeks. If a cheque you deposit turns out to be a fake, you’re responsible for repaying the bank.


This month saw the BankVic website and internet banking platforms undergo a makeover. With a refreshed look, the BankVic site now boasts a bright and easy to navigate layout and simplified functions making everything you need easy to find. We’ve already received some great feedback from our members citing that the new website is refreshing and a step in the right direction. We thank all our members for their patience throughout this upgrade.


Little Copper Club Mascot Competition

Congratulations to our Little Coppers on some fantastic entries to the Little Coppers Club Mascot Competition. Our winners were “A Pig named Snout” by Miranda, “Timothy the Bank Bear” by Amelia and “Alfred the Lion” by Arianna, who each won $50 deposited into their Little Copper accounts.  


Keep an eye out in November for 

  • Super and splitting up



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