FAQs - Everyday Banking

Looking to update or provide us with your TFN? This is something we’ll need to chat to you about.

Give us a call on 1300 132 249 or email our team at here.

Unless you’ve provided us with your Tax File Number (TFN) or TFN exemption, withholding tax may apply to interest earned on your account(s).

We are authorised under the Income Tax Assessment Act to collect TFNs of account holders. You’re not obliged to provide us with your TFN or TFN exemption, but if you don’t or have an overseas home address, we’re required by law to withhold tax.

The money we withhold is paid to the Australian Taxation Office (ATO).

If you need to cancel a direct debit from a service provider/merchant (gym, food delivery service), or bill (insurance, mobile service provider), you can ask us to cancel your direct debit request and we will process the cancellation. Once we’ve completed the cancellation, it is strongly advised that you call the company and make them aware of the change.

Despite the similar name, direct debiting differs from paying with a debit card. From your point of view, as the consumer paying the bill, both payment methods work almost identically. The only difference is that with direct debiting you enter your account number and BSB number, while with debit-card payments you enter your card details.

There are time limits on making a chargeback, for the Illawarra Credit Union, we request written notification within 120 days from the transaction date. We encourage you to submit a claim as soon as possible.

Keep all forms, emails, documents or web pages you have filled in, read or received. You may need them to support your claim.

You may be able to request chargebacks for many reasons. The most common are when:

You pay for products or services with a debit or credit card, and:

• the products or services received are not as described
• you do not receive the products or services at all or within the agreed timeframe
• there are duplicate or fraudulent transactions
• charges are made without permission
• unrecognised transactions appear
• the business stops operating and does not supply the purchased product or service

There are circumstances when a chargeback may not be available. For example, if you:

• paid with cash, money transfer, cheque, direct debit or BPAY
• are eligible to lodge an insurance claim
• have already been compensated

A chargeback is like a refund – it reverses a transaction made on a debit or credit card.

A chargeback takes place between the cardholder’s and retailer’s banks. When a cardholder asks for a chargeback, the retailer’s bank may agree to pay back funds to the cardholder’s bank.

You can view the interest you’ve earned on an account via your e-statement, through internet banking or on our moneytree mobile banking app. Your year end June statement will also show your annual interest earned for tax purposes.

You can open a new account online, by calling us on 1300 132 249 or by visiting our branch.

You can set up a direct credit to one of your accounts through Internet Banking, giving us a call on 1300 132 249, or by visiting our branch.

Direct debits need to be set up via your external provider – simply provide them with our BSB and your account number to have funds deducted as per your agreement.

Cheques usually take 3 business days to clear. This doesn’t include the initial day of the deposit, and any public holidays.

Transfers to other financial institutions usually take up to 3 days.

Our members can easily avoid a $2.50 ATM operator fee by accessing one of the 10,000 ATM’s which provide ATM operator fee free withdrawals. To view a full list of banks with fee free ATMs visit www.ratecity.com.au/bank-accounts/news/banks-allow-free-atm-withdrawals

Plus, with PayWave, our Pays solutions (Google Pay^TM, Apple Pay^®, Samsung Pay^®, Garmin Pay^TM and Fitbit Pay^TM), paying for everyday items is easier and fee free. Just note, some retailers might charge a fee for using their EFTPOS facilities.

We’ll be sad to see you go, but our staff can assist you with closing your account or membership.

Submit a general enquiry online, call us on 1300 132 249 or pop into our branch.

The Illawarra Credit Union BSB number for all accounts is 802 249.

If an account is dormant for greater than 7 years, any unclaimed money (greater than $500) left in the account, is claimed by the Government. To claim this money back you must visit your local branch. Bring along photo ID so we can re-identify you and we will request this money back from the Government.

This process will take a minimum of 10 days, after which you will need to revisit the branch to collect a cheque or, if you prefer, we can arrange to have the cheque sent to you.