Members are advised of updates to our Account and Access Facilities Terms and Conditions, effective 11 June 2024. For your convenience, we have summarised the most notable changes below:
Changes to early withdrawal penalty on term deposits
We have revised the interest rate calculation for early withdrawal of term deposits, and our terms and conditions have been updated to reflect the new method of calculation. Previously, a standard penalty rate of interest was payable on any early withdrawal of a term deposit. In line with industry practice, we have adopted a variable model where the penalty interest rate is dependent on the time left until maturity.
Gambling transaction block on credit cards
A key part of the Interactive Gambling Amendment (Credit and Other Measures) Bill 2023 introduced by the Federal Government in late 2023, seeks to prohibit operators of regulated interactive wagering services from accepting payment via credit cards and credit-related products. This change will bring operators of these services in line with operators of traditional wagering services (i.e. hotels, clubs, casinos, TAB outlets), who have been prohibited from accepting credit card payments since the early 2000s.
To proactively support this regulatory change and as part of our Environmental, Social and Governance (ESG) strategy and Responsible Banking Policy, we have updated our terms and conditions to reflect gambling-related merchant categories being blocked on G&C Mutual Bank credit cards. This block relies on information provided by merchants classified under the gambling merchant category code. Members are still able to utilise their Visa Debit Card to process transactions from these merchants, since debit cards are linked to a transaction account rather than a credit product.
Financial Hardship
Additional detail has been added to this section of our terms and conditions to provide more information on how we can support members in difficult financial times and the options available.
Financial Abuse
G&C Mutual Bank is part of the respect and protect initiative designed to help disrupt the rise of financial abuse in Australia. Our terms and conditions have been updated to help prevent the misuse of products and services as a vehicle for abuse, by more clearly defining financial abuse and outlining the actions that can be taken if this or other prohibited activity is identified.
PayTo
A new section has been added to our terms and conditions with respect to the soon to be implemented PayTo service that enables the pre-authorisation of one-off or recurring, near real-time payments from an eligible bank account to a merchant, business or institution. Members will be provided more information when this service becomes available for use.
What you need to know
Many of these requirements were already in place and reflected in our processes, and we have now included these more formally as part of our terms and conditions.
While we have provided an overview of the key changes, we recommend you take the time to read through the updated Account and Access Facilities Terms and Conditions, to familiarise yourself with the changes and understand how they may impact you.
By using your account and access facilities with G&C Mutual Bank after the date the changes take effect, you agree to the updated terms and conditions applying.
We’re ready to help you
If you have any questions or concerns, please contact us.
