You may think we talk about banking security a lot but its for a good reason.  Currently Australia is experiencing fraud at a high volume scale,  so its important that you are aware of current scams and how you can protect yourself.  The key thing to always remember is that we will NEVER ask you to disclose your PIN or personal banking details in an email or unsolicited phone call.

• Vishing: is a recorded phone message sent to your phone which asks you to disclose your personal banking details such as a card and PIN number. They may sound legitimate, and state they are your local bank or even perhaps the Australian Federal Police.  Do not provide your details, and contact your local financial provider
• Phishing: Financial Instituitions have been a target for phishing emails. These emails purport to come from reputable Financial Institutions and have numerous different hyperlinks within them to other sites where when clicked will download Trojan viruses designed to steal username and passwords to conduct financial crimes. Do not click on the links and if in doubt ring your financial provider.
• ATM & Card Skimming: When using your card always ensure you are aware of the people around you, ensure you cover the number pad with your spare hand when typing in your PIN to shield it from snooping eyes or even hidden cameras placed on the ATM.

For more information visit: http://www.companion.com.au/public/online_banking/online_security.cfm
http://www.fido.asic.gov.au/fido/fido.nsf/byHeadline/Scams%20%26%20Swindlers%20portal

July 28th, 2009 | Leave a Comment »

It has been interesting to read recently about “The Big 4” placing quotas on brokers who want to be able to sell their products.

A good example is that recently one of “The Big 4” wrote to nearly 8,000 brokers, telling them that the had to write at least 4 applications and have at least 3 approved in a six month period to maintain their rights to sell their loans. If they do not comply with this, the broker will have to pay a fee of $500 to re-gain accreditation.

It makes you think, what if you were talking to that broker and looking for the best deal. If that broker had not met his “quota” that month, would you not be steered to a loan for this provider as opposed to another loan that may suit you better?

It seems to me, that if these brokers are acting for a bank that has a minimum quota, that they are effectively just an agent for that bank…not the impartial advisor that they may advertise…

With the introduction of the National Consumer Credit Bill soon and these actions from the large retail banks, I believe the “Broker” industry will have some very challenging times.

The founding principles of the Credit Union movement are based around us being a Trusted Advisor to our members. We do not have “Third Party Quotas” and our staff are not paid by commission. The aim is to ensure we provide you with the best product we can and exceptional service always.

Paul
Lending Manager

July 22nd, 2009 | Leave a Comment »

Big news today- the National Australia Bank is joining its ATM with the existing rediATM network. The rediATM network will now include more than 3,100 ATMs, in NSW the number of rediATMs almost double from 556 to 1004.

This is great news for Companion Credit Union members as you will now have access to even more direct charge free ATMs, helping you to save money on fees. And even better still you will be able to find rediATMs in more places, giving you added convenience.

All NAB-owned ATMs will display the NAB logo and all ATMs within the combined network will display the rediATM logo.

** The new combined network will be available in the coming months (once all regulatory approvals have been made). We will let you know when you will have direct charge free access to the NAB network**

July 15th, 2009 | Leave a Comment »

With the continuing economic changes we all wonder what our children or grandchildren are going to be faced with in regards to their adult financial future:
- Will they beable to afford to purchase their own home ?
- Will HECS be abolished and tertiary education become an unaffordable option ?
- Will the government pension payments cease to exist ?

So frequently we are asked by our members what is the ideal age to encourage children to start saving & secondly ideal ways & tips to encourage this pattern early without discouraging them so they can achieve the best financial start in life.

Research has shown that you can start educating children from as early as pre-schooling age just through some simple ways such as:

• Pocket Money
Rather then purchase your child lollies or small toys during shopping outings, encourage your child to help you do some small jobs around the house beforehand (ie; collect mail, water plants, care for pets) for small amounts of pocket money. Then they can utilise this money to purchase something to that value on their next outing.

• Needs vs. Wants
During playtime at home set up a pretend shop with of a variety of items using proper money. Help them with decisions and prioritising items that they really need for their money (ie; milk, bread & fruit rather then lollies, chips etc)

• Setting Goals
Let your child pick a toy or item they would like from a toy catalogue. Do up a simple chart by sticking a picture of this item on a piece of paper or cardboard then place on display. The child can then map their progress by marking or placing stickers each time they receive pocket money. Continue the process until enough money is reached to purchase their item. Ensure to give praise along the way.

Remember teaching children at this age to save should be made fun by using various games and techniques such as listed above.

Feel free to share your tips on ways you encourage your children to save …

Lisa

PS – Ask your local branch for a “piggy” money box which are provided FREE to our members.

July 7th, 2009 | Leave a Comment »