Important Notice
Changes to the Fees and Charges, and, Summary of Accounts and Availability of Access Facilities
Several changes will become effective on 3 July 2023 that may impact all accounts with Regional Australia Bank.
Please refer to the linked copies of the new documents that will take effect on 3 July 2023
A summary covering the key changes is included below:
|
Current |
NEW effective 3 July 2023 |
||
|
Fee Description |
Fee Amount |
Fee Description |
Fee Amount |
|
Access Fee The Access Fee entitles your membership to unlimited withdrawals via EFTPOS, ATMs2, Internet, Phone and Mobile Banking.3 Member will not be charged the Access Fee if they;
|
$5.00 |
Access Fee The Access Fee entitles your membership to unlimited withdrawals via EFTPOS, ATMs2, Internet, Phone, Mobile Banking and staff assisted deposits or withdrawals. |
Free |
|
Over the Counter Fee Applies per counter withdrawal or debit transfer once the monthly limit of 6 included withdrawals is exceeded. 3 Members will not be charged the Over the Counter Fee if they;
|
$2.00 |
~~Removed from Fees and Charges~~ Note: fees no longer apply |
N/A |
|
Staff Assisted Fee - eFree Account Only Applies per withdrawal or debit transfer processed by branch or Service Support Centre Staff.3 |
$5.00 |
~~Removed from Fees and Charges~~ Note: fees no longer apply |
N/A |
|
Bank@Post Transaction Fee A fee applies when you complete a withdrawal or deposit to your account through a Bank@Post outlet.3 This fee is also applicable if your transaction is declined. |
$3.25 |
Bank@Post Transaction When you complete a withdrawal or deposit to your account through a Bank@Post outlet. |
Free |
|
Company Search Fee When you apply for a membership in the name of an incorporated organisation or request a change to signatories on the account, we are obligated to perform a Company Search through ASIC. This fee is applied to the company’s account on behalf of ASIC.1 |
At cost |
Company Search Fee When you apply for a membership in the name of an incorporated organisation or request a change to signatories on the account, we are obligated to perform a Company Search through ASIC. This fee is applied to the company’s account on behalf of ASIC.1 |
At cost Free for new members |
|
Replacement Certificate of Title |
At cost |
~~Removed from Fees and Charges~~ |
N/A |
The following Default Transaction Limits table has been updated to improve the understanding of the limits that are applicable.
Default Transaction Limits
|
Transaction Type |
Limit |
|
Internet Banking and Mobile App |
Per account per day |
|
Transfer between Regional Australia Bank accounts using Transfer function |
Unlimited |
|
Transfer to another Regional Australia Bank Ltd account function |
Unlimited |
|
Standard Payment/Standard Transfer/Pay Someone transactions |
$10,000 |
|
Osko Payments |
$2,000 |
|
International Payments |
$5,000 |
|
BPAY® Transactions |
$10,000 |
|
Cards |
|
|
Cash out at ATM or with purchase |
$1,000 per card per day |
|
Purchase at point of sale using Visa Card |
Balance of account |
|
Contactless transactions (such as payWave) before a PIN may be required. |
$100 per transaction |
|
NB- changes to limits may be available for some transaction types, upon your request and subject to approval |
|
Fee impacts on the below ‘discontinued’ products:
- S15 Basic Access Account
- S18 Residential Overdraft
- S51 Basic Retirement Account
- S82 GST Management
- S86 Great Day Bonus Saver
- S87 Percentage Plus
- S88 Business Access
- S89 Basic Business
All unique fees are being removed and with the standard Fees and Charges applying. The following changes that will impact the above accounts are:
- Monthly account fees have been removed
- Free Transaction allowances removed, as the related transaction no longer have a fee.
- Criteria to waive excess transaction fees, removed as now a redundant feature
- For certain accounts the relevant fees are now ‘FREE’:
- Branch and Bank@Post Deposits and Withdrawals
- Internal Transfers between accounts via Internet, Phone & Mobile Banking & Periodic Payments
- External Transfers and BPAY® Payments (including Periodical Payments), and Internet, Phone & Mobile Banking Transfers and Payments
- Direct Debits & Sweep Facility Transfers
- Visa Purchases (using Credit option), Eftpos Purchases & Cash Out (using Savings or Cheque options), PayWave and ATM Withdrawals & Transfers 6
- Branch, Bank@Post and Staff Assisted Payments (Internal & External Transfers, BPAY® Payments & Cashing Cheques)
- Excess Transaction Fees
Please note, refer to the updated Fees & Charges document for the fees that may be applicable to your account.
Key changes to the Summary of Accounts & Access Facilities
The changes made within the document were made in relation to several products no longer being available for new business, being the following:
- S1 Access Savings
- S16 Youth Account
- S17 eFree
Adjustments were also made to the formatting and relevant Notes for each product due to the changes.
