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More Exemptions to First Option Fees

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The First Option Board has approved further exemptions that apply to the new fees from 1 November 2017.

Back on 1 August 2017, First Option introduced a new fee structure to more accurately reflect the costs of providing banking services to its members.

Since then, we have received feedback from members about the new fees and the exemptions that apply to each one.

Two things stood out the most:

  1. The exemptions were inconsistent across different fees, therefore difficult to remember.
  2. Members with a First Option mortgage loan (other than a home loan package) were not exempt from most of the new fees.

Easy Guide to Fees

To make it easy for members, we have created a guide that shows the new fees, the amounts and the exemptions by age group. Simply refer to the table that matches your age.

Members aged 21 and under

Fee amounts

Card Transaction fee

No fee

Staff Assisted Transfer fee

No fee

Membership Admin fee

No fee

Paper Statement fee

No fee

Member Cheque fee

No fee

 

Members aged 22 to 64

Fee amounts

Exempt if combined
balances are

or you have
these products

Card Transaction fee*

Refer to Fee Schedule

$25,000 MMB+

Active mortgage loan

Staff Assisted Transfer fee*

$5.00 per transaction

$25,000 MMB+

Active mortgage loan

Member Cheque fee*

$1.50 per transaction

$25,000 MMB+

Active mortgage loan

Paper Statement fee*

$2.00 per statement

$25,000 MMB+

Active mortgage loan

Membership Admin fee*

$3.00 per month

$1,000 MMB+

Any active loan or Credit Card

* New members are exempt from this fee for the first 3 months of membership.

Members aged 65 and over

Fee amounts

Exempt if combined
balances are

or you have
these products

Paper statement fee

No fee

N/A

N/A

Staff Assisted Transfer fee

No fee

N/A

N/A

Card Transaction fee*

Refer to Fee Schedule

$25,000 MMB+

Active mortgage loan

Member Cheque fee*

$1.50 per transaction

$25,000 MMB+

Active mortgage loan

Membership Admin fee*

$3.00 per month

$1,000 MMB+

Any active loan or Credit Card

* New members are exempt from this fee for the first 3 months of membership.

More Information

+ Minimum Monthly Balance (or MMB) is the combined minimum monthly account balances (within a single membership) of your Savings accounts + Investment accounts + Loan accounts (treated as a positive number) + any Credit Card / Overdraft balance in debit / credit. With over limit Credit Cards / Overdrafts, only the approved limit will count towards the MMB.