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Great news about fee changes

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First Option is pleased to announce the following changes to its Fees and Charges Schedule, effective from 1 June 2018.

RediATM fee# will be abolished

Members that use a RediATM (withdrawals and balance enquiries) will no longer pay a fee.

Note that an ATM fee may be charged directly to your account by the ATM owner when you complete your transaction. However, you will be notified before you complete the transaction.

# This fee is not charged to members with a Minimum Monthly Balance of $25,000, those with a mortgage loan, those aged 21 and under and new members (first 3 months). Minimum Monthly Balance is the combined minimum monthly balances of the deposit and loan accounts within a Membership.

eftpos fee# to be simplified

If you make an eftpos purchase (and press SAV) the new fee will be a flat $0.50. This fee is easy to avoid.

# This fee is not charged to members with a Minimum Monthly Balance of $25,000, those with a mortgage loan, those aged 21 and under and new members (first 3 months). Minimum Monthly Balance is the combined minimum monthly balances of the deposit and loan accounts within a Membership.

Alerts via SMS will be free

This is a great service that notifies you via email or SMS, e.g. when your pay comes in, or when a withdrawal is made from your account. You choose the transaction types and the amounts. Previously, this service was only free via email, but it will also be free via SMS

What should I do next?

A few small changes to your banking habits can deliver savings to you every month.

  • Use ATMs that do not have direct charges (e.g. ANZ, Comm Bank, nab and Westpac)
  • Avoid the eftpos feeIf you don’t need cash out, use payWave or press CreditIf you do need cash out, use an ATM instead.
  • Set up a few Alerts. Log in to Internet Banking; go to Inbox, then Alerts.
  • Visit our fees page to see the long list of fee free services that we provide.

Support First Option and you will benefit

Part of our philosophy is to “remain a fair fee provider based on mutual support”. This means that we need you to invest and borrow with First Option. As we gain more support from our members, we are able to pass on greater benefits to you, such as lower fees.