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Notice about fees eff 1 Aug 2017

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First Option has recently conducted a full scale review of its fees and charges.

During the review, we considered the rapidly changing banking environment. There are new payment methods available, Members have altered their transaction behaviour and our cost structures have also changed. While we need to cover our costs, our fee structure must also fit our philosophy “to remain a fair fee financial service provider based on mutual support” of Members who have their deposits and loans at First Option.

The following new fees and fee changes are effective from 1 August 2017.

Card Transaction fees

To promote transparency, First Option will be charging different fee amounts for each card transaction type. This includes rediATMs, Bank@Post withdrawals, eftpos purchases and Overseas ATM withdrawals.


Card Transaction fees will not be charged to Members who maintain a Minimum Monthly Balance* (MMB) of $25,000, those aged 21 and under and those with a Home Loan package.

Staff Assisted fee – BPay/external transfers

Today, Members have a wide choice when it comes to transferring funds and paying bills. Therefore, Members who ask First Option staff to perform BPay payments and external funds transfers will be charged a fee.


This fee will not apply to Members with an MMB* of $25,000, those aged 21 and under, those aged 65 and over and those with a Home Loan package.

Paper Statement fee

The cost of producing printed statements and postage has increased significantly over the past few years. Therefore, First Option is introducing a monthly fee for paper statements.


This fee will not apply to Members aged 21 and under, those aged 65 and over and Credit Card statements. With over half our Members already registered for Online Statements, now is the time to make the switch.

Membership Admin fee

This is a new fee that will be charged monthly per Membership.


To avoid this fee, simply maintain a MMB* of $1,000. Also, this monthly fee will not be charged to Members aged 21 and under, and Members with an active First Option loan or credit card.

Member Cheque Fee

From 1 August 2017, Members will be charged a flat fee of $1.50 per Member cheque.


This fee will not be charged to Members with a MMB* of $25,000, and those with a Home Loan package. Also, there is no fee for the issue of a Member cheque book. The fee only applies when a cheque is written.

Third Party fees, Cheque fees and Other fees

Most of these fees are passed on to First Option from third parties. Over time, First Option has absorbed any cost increases. Following an extensive review, we have adjusted some of these fees to reflect the increased cost of providing these services. Also, there is a new fee called Bank audit confirmation request.

Fee Free Services

First Option still provides Members with a wide range of fee free services. Here are some that you can take advantage of.

  • Visa Debit Card purchases – press Credit / payWave
  • Bank@Post deposits
  • BPAY payments - using Internet Banking, Easy App or PhoneLink
  • Branch cash transactions and cheque deposits
  • Direct Debits and Direct Credits
  • Internet Banking
  • PhoneLink - telephone banking
  • SMS Banking
  • Transfers between First Option accounts

Support First Option and we all benefit

When Members use our services for the sole purpose of transacting, it comes at a very high cost to ALL Members. This in turn reduces our ability to provide the benefits that our supporting Members deserve.

By supporting your Member-owned Credit Union with your deposits and loans, you will be able to avoid most fees and charges.

* 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.