This is an open forum for members that have queries or concerns as to how the new online banking security changes will affect their online banking experiences.

Please feel free to post your questions here- by asking the question I am sure that many other members concerns will be answered too.

Detailed information about our new online banking security can be found on our website

Mark Bramley
Executive Manager Member Services

January 28th, 2009 | 5 Comments »

We received this question today and thought it would be of interest to all members;

I would like to see more security with the Companion site like sending a code to your mobile phone when money is tranferred from your account like some banks do, then even if someone breaks into your account they are powerless to do anything but look. Anne.K

We are happy to announce that Companion will be introducing SMS One Time Passwords on 16 Mar 2009. SMS One Time Passwords is today’s most secure way of protecting our online members from fraud by sending a password via a text message to your mobile phone. This service will be free to all members. We will be sending out letters this week, to all Online Banking registered members who have used the system within the last year, explaining further the process to register.

Additional information will be updated on our corporate website at http://www.companion.com.au/public/online_banking/index.cfm

Gail Woods
Corporate Services Coordinator

January 27th, 2009 | Leave a Comment »

Should I buy now or save for a bit longer??

This is a question I am asked quite frequently. The answer really rests with the person asking the question, but before they answer the question they should consider the following:-

• Have you considered a weekly budget for when you purchase your first home?
• What weekly loan repayments can you afford?
• How much can you borrow now? – A visit to your local financial institution will determine this.
• Have you saved a Deposit? – Did you know that the First Home Owners Grant can be used with your deposit? Ask your Financial Institution how.
• What is available by way of assistance from the Federal Government eg the First Home Owners Grant. The State Government may also have incentives for first home buyers?

Did you know that each State offers different incentives eg In NSW you may be eligible for concessions on your mortgage duty and Transfer Stamp Duty. Also in NSW they offer a Bonus of $3,000 if you are constructing a new home

The Federal Government at the moment offers a grant of $14,000 (normally $7,000) for the purchase of an existing home. If you are buying a new home (one that has not been lived in before) or constructing a new home, you may be eligible for a grant of $21,000 (normally $14,000) these additional amounts for the Grant have an expiry date of 30/6/09.

• How is the housing market at the moment? – You should visit Real Estate sites. I use the Sydney Morning Herald and their links to their Real Estate sites.
• What does it cost for a home loan? This is important as the lowest interest rate may not necessarily be the best loan for you. Again visit your local financial institution to find out about their loans.
• What if you haven’t got a 10% deposit? Again you can use the First Home Owners Grant to help you with the deposit. Some lenders will lend you more than 90% of the purchase price.
• If you haven’t got a 10% deposit you can still exchange contracts by using a Deposit Bond. This is a product which by paying a small fee and by supplying certain documentation to support the application will enable a guarantee to be issued which will ensure that you can exchange contracts.

As mentioned these are just some things that you need to think about before you buy. Finding a solicitor or conveyancer is also important as they will be acting on your behalf with the legal aspects of the purchase.

So by asking these questions and by making investigations, you may be surprised how quickly you will be able to get into your first home.

Greg Davis
Area Manager
Companion Credit Union

January 27th, 2009 | 1 Comment »

I have looked through both your websites but don’t seem to be able to find any information on this new direct charge thing? Can you please explain and how will it impact my partner who is a member?
Thanks,
J. Block

From the 3 March 2009 card holders will be charged a fee up front before proceeding with an ATM transaction when using another financial institutions ATM. This change is called Direct Charging and will permit the ATM owner to directly charge the cardholder for their withdrawal at the same time of the transaction.

This fee will vary by ATM owner and site location and will be displayed on the screen before the member continues with the transaction, so you have the opportunity to cancel the transaction without being charged.This change has been brought about by the RBA’s involvement through the Australian Payments Clearing Association (APCA) to make interchange fees charge between ATM owners and cardholder Financial Institutions more transparent and ultimately create more competition that will eventually see users paying less.

What can you do to reduce fees?
We are currently reviewing our fee program leading up to this change but in the meantime here are a few ways members can avoid unnecessary fees;
· Use a rediATM- members will not incur a ‘direct charge’ cost for Companion members and the fee currently charged is less than the other FI’s ATM fee. Use the rediATM locator http://www.rediatm.com.au/ to find an ATM near you
· Ensure you utilise the online and phone banking services to pay bills electronically
· When using EFTPOS, withdraw cash at the same time so it is within the same transaction and reducing multiple fees being charged
· Utilise the Visa Debit Card- just make sure you select ‘credit’ where you can still use your PIN and not be charged a Companion fee

More information is available on the Direct Charging and ATM Reforms through the below links

http://www.rba.gov.au/PaymentsSystem/Reforms/ATMFeeReforms/index.html
http://www.apca.com.au/afr/whatschanging.html

If you require further please contact us,

M.Bramley
Executive Manager Member Services

January 23rd, 2009 | Leave a Comment »

After 15 years with Companion, the most common problem that I see borrowers face is ‘Information Overload’. Often the sales pitch gets in the way of the true information.

People are often rushed into a purchase as they get caught up in the hype of the sell or the promise of a ‘great’ interest rate.

But as I am told very often,’ If it sounds too good to be true, it usually is’.

So what’s the solution to this?

My top 4 tips for seeing thru the information and making the right decision for ‘You’ are:

1. Good Advice – take advantage of someone that you ‘trust’. Companion staff, are committed to building our members and potential members financial prosperity, so you could not find a more trustworthy source to wade thru all the information with.
2. Compare Products – It is important to be comparing ‘apples with apples’, so when getting information, make sure it is all the same questions that you ask, which will give you a better idea where products differ.
3. Keep it simple – There are often promises out there that you can pay off your home loan in 5yrs etc, but there are often catches, with any loan the more simple the loan the better, there are many ways in which you can save interest and pay off your loan sooner it should be a simple.
4. Loan Comparison – Companion Credit Union’s website has a number of calculators that you can use, but this loan comparison can help you find a true rate on offer.

Have you ever encountered borrowers information overload?
Do you have any of your own tips to share?

Kylie Daniels

January 20th, 2009 | Leave a Comment »

My wife and I recently opened up an account with Companion Credit Union at the Raymond Terrace branch. It was important for us to establish ourselves with a local credit union because of our previous experiances when living in Sydney.

During the 1960’s, we helped in establishing a small credit union within my Sydney employer’s head office. My employer was kind enough to provide the office space, furniture and many other high cost necessities that allowed this new credit union to move forward and establish a strong footing. Over the years we were able to see the Credit Union grow and prosper.

Our previous Credit Union was able to provide it’s members with good rates of interest on savings and great assistance with loans in case’s of need. Indeed, the most rewarding part of the Credit Union Family, is to be aware of the number of people assisted through difficult times.

Our previous Credit Union in Sydney is still going strong, however in retirement we decided to move to Port Stephens to live. We then needed a local finance institution to handle our day to day needs and after researching the region we were sure that Companion Credit Union was the place for us. We met with Carolin (releif Branch Manager) and her staff to discuss our needs and this partnership was finalised at once.

We look forward to our future with the ‘Companion’ family,

Arthur & June
Companon Credit Union members.

January 12th, 2009 | 2 Comments »

We’re building stronger products for our members and future members through feedback and discussion.

A good savings account is a great place to hold your hard earned money and watch it grow. Well-managed it can become the starting point for your first home, car, holiday or children’s education. Its simple banking product but can be very important to your future.

So we’d like to know what you’d like to see in a savings account. What features, facilities, service or other suggestions would you like in the next generation of Companion savings account?

Leave us a comment,  we’ll take it on board and see what we can do.

Mark Bramley
Executive Manager, Member Services

January 2nd, 2009 | 2 Comments »