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Changes for TAB Agents

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Last week, TAB Agents may have received an email from Tabcorp advising of changes to deposit functionality on their Agency systems from 9 Feb 2018

First Option Credit Union understands that these changes are the result of an ongoing internal review of operations, following on from their recent breaches of Anti-Money Laundering laws.

Unfortunately, First Option was not made aware of this email communication to TAB Agents and we now seek to address the impact any changes may have on Agents’ banking arrangements with First Option.

Who is affected by the changes?

Only TAB Agents using Eureka (RWT) to make deposits are impacted by Tabcorp’s changes.

What are the key changes?

  • All commissions entered into TAB Agency terminals will now go into the First Option S40 Settlement account that is linked to each TAB Agency

    Tabcorp already holds Direct Debit Agreements for these accounts – so there is no need for you to complete a new Direct Debit Agreement
  • TAB Agents can only deposit commissions via their agency system – not wages or any other types of deposits
  • Employees of TAB Agents and other third parties are no longer permitted to deposit through the agency system

How can I access my account?

With commissions going to the S40 Settlement account, TAB Agents can now opt to have full Internet Banking (IB) access to this account.

What do I need to do next?

Contact First Option if you require full access to your S40 Settlement account via IB. And to make deposits (that are not commissions) please use the following deposit services:

  • Bank@Post at Australia Post – requires Visa Card
  • nab branch – requires unique deposit book (fee applies)
  • First Option branches