Real-Time Payment Updates

We are changing the limits of OSKO payments made from the Illawarra Credit Union effective from Friday 13 November.

What is OSKO and PayID?

OSKO is a payment service on the New Payment Platform (NPP) which allows instant transfer of funds between participating financial institutions. PayID lets you link your bank account with your mobile number or email address, meaning you won’t need to fill out long account numbers and BSB.

What are we changing?

We’re increasing the OSKO limit from $1,000 to $5,000 for all of our customers, effective from Friday 13 November. The change will provide you with greater control of your money and will enable you to transfer up to $5,000 via Osko at a moment’s notice.

Your overall daily transfer limit won’t change, and will remain $7,000. Below is a breakdown of your standard daily limits:

Payment type Existing limits New limits effective from Friday 13 November
Pay Anyone $5,000 $5,000
BPAY $5,000 $5,000
OSKO $1,000 $5,000
Total daily limit $7,000 $7,000

 

Declaration: If you increase your limit you may increase your liability in the case of unauthorised transactions. In consideration of the credit union agreeing to increase the limits for transfers to third parties I agree to a variation of the Electronic Access Facilities and ePayments Conditions of Use as follows: For any unauthorised transaction/s that the Credit Union can prove, on the balance of probabilities, arose through: my fraud: failure to keep my Online banking access codes secure:
(a) for [email protected] users, I agree that my liability for un-authorised transactions will be up to a maximum of my Pay Anyone and/or BPAY transfer limit for each day the unauthorised use occurred.
(b) for [email protected] users, I/we agree that I/we will be liable for ALL unauthorised use.

If you’d like to change your limits at any time, please call us on 13 22 49.

Haven’t set up a PayID yet? Here’s how:

If you’re logged onto internet banking, simply:

  1. Select Settings in the top navigation and click on manage PayID
  2. Select Create PayID
  3. Pick the preferred contact you’d like to use as your PayID
  4. Choose the account you’d like your PayID to link to
  5. Verify your details
  6. Create your PayID

If you’re using moneytree, ensure you’re on the latest version, then simply:

  1. Log in, select Payments then PayID
  2. Click on the + symbol to add your PayID
  3. Pick the preferred contact you’d like to use as your PayID
  4. Choose the account you’d like your PayID to link to
  5. Verify your details
  6. Create your PayID

Osko® is a registered trademark by BPAY Pty Ltd ABN 69 079 137 518. Illawarra Credit Union will not be held responsible for the information contained within a site accessed via this site. Should you enter another site through such links, the content will not have been produced, checked for accuracy, or reviewed by the Credit Union. Any endorsements or any opinions offered are not necessarily those of the Credit Union.

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