Merger Information

Topics

1. Merger
2. Product Variation Schedule (PVS)

1. Merger

   1. Where is the new People's Choice Credit Union head office?

      People's Choice Credit Union is proud to be based in Adelaide and the head office of the new credit union will remain here. We are located at 60 Light Square, Adelaide. 

   2. Will I have to call a different telephone number now?

      Our new combined number is 13 11 82 for the National Contact Centre and Phone Banking. 

   3. I'm getting 'error 9999' or 'error 6000' when trying to transfer money in Internet Banking - why is this happening?

      This error is caused by placing a dollar sign ($) in front of the numerical figure when transferring money. The dollar sign is not required to complete the transaction and if placed in front of the numerical figure, will result in an error. 

   4. Why does interest on my account for March 2011 appear less than what I had thought it would be?

      As part of aligning the systems of Savings & Loans and Australian Central, we have aligned the way interest is credited on your accounts. Interest is now accrued from the last day of the previous month to the second to last day of the current month. This means that March interest was calculated from 28 February 2011 up to and including 30 March 2011. Because Savings & Loans members had already been paid interest for 28 February 2011 as part of their February interest payment, their March payment was calculated from 1 March 2011 up to and including 30 March 2011.

   5. Why is a bigger credit union better?

      We aren’t getting larger just for the sake of it – the new, larger credit union will help us remain a competitive alternative to the big banks. Being larger means that we can reduce operating costs per member.

      The size and strength gained through the merger has created new efficiencies and opportunities, and enabled us to do things that would not have been possible for each credit union on its own. This includes providing members with access to more branches and a wider range of products and services.  Getting bigger doesn’t mean that we’re losing sight of our members and our values.

       Getting bigger doesn’t mean that we’re losing sight of our members and our values.

   6. Will new branches be opened?

       We will be taking a staggered approach with the rebranding of branches. We first unveiled our first new-look, state-of-the-art branch at Victor Harbor on 14 June 2011 and our Port Adelaide branch which opened a few weeks later.

      A number of existing branches will also be refurbished to fit the new design but at this stage, we have not finalised all the dates. You will however begin to see rebranding ocurring over a 12 month period from when the name was approved.

      We are continually investigating options for expanding our branch network to benefit our members. The opportunities to open new branches will be much greater with the new credit union.

   7. Will my branch close?

       The new credit union will not remove itself from any locations. Where Savings & Loans and Australian Central have current branches close to each other, the branches may be moved to larger premises to make room for more members and staff.

   8. Will People's Choice Credit Union still support its current sponsorships?

      All current agreements have been honoured, and the new credit union has the same commitment to the community as Australian Central and Savings & Loans did previously.

2. Product Variation Schedule (PVS)

   1. What is the Product Variation Schedule (PVS)?

      
      The Product Variation Schedule (PVS) outlines the changes to your products and the way you transact with us. It’s our legal obligation to provide all members with a copy of the PVS to ensure you are given full information of any changes that may occur as an outcome of bringing the two credit unions together.

      • View a copy of the Savings & Loans PVS
      • View a copy of the Australian Central PVS 

   2. What information is included in the PVS?

      The PVS provides comprehensive information on how you transact with us now that we’ve integrated the computer systems of the two credit unions, including how you access us through branches, via the telephone and internet, as well as specific changes to things such as cheques, cards and statements.

      It also provides full information on how your membership qualifying criteria for the calculation of your transaction fees and current products and terms and conditions have changed. 

   3. When will I receive my PVS?

      You should have received your PVS in December last year if you are a current member. If you didn’t receive a copy, please contact us on 13 11 82.

   4. What are the benefits for members of integration?

      In total, more than $4.5 million in fees will have been returned to our members. Members will also enjoy broader branch access, larger contact centre and improved products, following integration members will enjoy a range of benefits included in the PVS. 

   5. When will I get my statements?

       Unless you hold one of the following products or services, which qualify for monthly statements, you’ll now receive statements every six months.

      • Visa Debit or Visa Credit card
      • Overdraft or Line of Credit
      • Offset account
      • Term Investment with a term less than six months
      • Chequing facility
         

      An exception will be made for current Retirement & Pension account holders who currently receive (and accordingly will continue to receive) monthly statements. If you do not qualify for monthly statements, you can request them for a fee of $2 per additional statement, or you can register for eStatements at no cost. Members who have already opted for monthly statements at a cost will continue to receive them and be charged.

   6. Can I request to have monthly statements instead of bi-annual?

      Yes. If you do not qualify for monthly statements, you can request them for a fee of $2 per additional statement, or you can register for eStatements at no cost.
       

   7. Why have I been sent a PVS?

      Legally, we are required to provide a copy of the PVS to all members to ensure you are given full information of any changes that may occur as an outcome of the integration of our computer systems. 

   8. Why does my household get 4 different statements in 4 different envelopes? Can I change this?

       No. Statements will now be issued to individuals and house-holding is no longer available. This increases the privacy of your accounts.

   9. Will I still be able to use my existing card?

       Yes. You will still be able to use your existing cards.

   10. Now that a new name and brand is introduced, when will my card be replaced?

        Your cards will be replaced once we have a new brand. We’re currently working through a number of options to develop a new brand.

   11. Will I be charged for a new card?

        No, replacement cards issued as part of the re-brand will be provided at no cost to you.

   12. Will I be able to use my existing cheque book?

        Yes. You will still be able to use your current cheque book(s) as you have in the past.

   13. Now that a new name and brand is introduced, when will my cheque book(s) be replaced?

       Cheque book(s) will be replaced on renewal and will not be re-issued as part of a re-brand. You can continue to use your current cheque book(s). 

   14. Will I still be able to log onto internet banking through the Australian Central or Savings & Loans website?

       If you visit the Australian Central or Savings & Loans website now that our systems are brought together, you’ll automatically be redirected to our new website and Internet Banking system which can also be found at www.peopleschoicecu.com.au.

   15. Do I use my current passwords and login details for Internet Banking?

        Yes. All your current passwords and login details, including your chosen Factor2 Icons, will transfer over to the new Internet Banking system.

       Australian Central Members w  wwill be prompted to change your password the first time you log-on to Internet Banking.

        he first time you log-on to Internet Banking you will be prompted to change your password. he first time you log-on to Internet Banking you will be prompted to change your password. 

   16. Will my existing Factor 2 Icons still work?

       Yes. Your current Factor 2 Icons will transfer over to the new Internet Banking system. 

   17. What are the major changes I will notice when using Internet Banking?

       The new Internet Banking system may look and operate slightly different to your current Australian Central or Savings & Loans Internet Banking system. The major changes you should be aware of are:

       • Auto Transfer payments will be made on the morning of the transfer, not the close of business.
       • Future dated BPAY transactions will be made around 1pm on the day it is due, not at close of business.
       • Your loan will now display as the type of account it is, rather than any personalised name you may have chosen.
       • You will still be able to personalise the name of your savings and deposit accounts, but not loan accounts. This personalised account name will appear when you access Internet Banking. The default product name will still apply through Phone Banking.
       • You’ll now have access to previous Internet Banking session history, meaning you’ll be able to keep track of your Internet Banking usage over a period of time.

   18. Will there be any changes to BPAY payments or auto-transfers I've set up?

        
       Any scheduled BPAY payments or auto transfers you have set-up will transfer over to the new Internet Banking system.
       However, it’s important to be aware of the following:

       • Auto Transfers payments will be made on the morning of the transfer, not the close of business. Therefore, it’s a good idea to make sure you have the funds available in your account the night before the day of transfer, or you could schedule the payment for a day later.
       • Future dated BPAY transactions will be made around 1pm on the day it is due, not at close of business. Therefore, it’s a good idea to make sure you have the funds available in your account the night before the payment is due to be made, or you could schedule the payment for a day later.

   19. What happens if there are not enough funds in my account for an auto transfer or BPAY, will it retry?

       Auto transfers will retry for 5 consecutive days, however funds need to be available on the day for BPAY transactions and the system will not retry for BPAY. 

   20. Will I be charged for rejected BPAY payments?

       BPAY payments that are rejected due to insufficient funds will be charged a fee of $5. If the BPAY payment rejects due to technical exception, there is no charge. 

   21. What will be the number for Phone Banking?

       The number for Phone Banking is 13 11 82 

   22. Will my current passcodes and access details change?

       All your current passcodes and access details have been transferred over to the new Phone Banking system. 

   23. What are the major changes I will notice in Phone Banking and SMS Banking

       The menu for Phone Banking has changed slightly, so make sure you listen carefully when calling to check your balance or access your accounts.

       SMS Banking is limited to transaction listings and balances on request, and does not include scheduled balances or event-based messages.

       When using Phone Banking, you are no longer able to request that a transaction listing be faxed to you on demand. 

   24. What happens to the SMS triggers and scheduled alters I have already set-up?

        Event based or scheduled balance alerts options that you have set up are no longer available due to system restrictions.

   25. Why has mybusiness account name changed?

       Due to a system change, we had to shorten the name of your account to 40 characters. 

   26. How can I identify my loans now that I can't name my accounts?

       The best way to identify your loan accounts is to create a reference sheet which lists the loan numbers against the purpose of the loan. For example, if you have a number of investment properties, you could create a reference sheet that lists the loan number next to the address of the property.

   27. Why is my interest now being charged on the first of the month instead of the last day of the month, and what does it mean for me? Does this mean I will be charged additional interest?

       This is a change we’ve made to align the processes of the two credit unions. There will be no difference in the amount of interest you are charged and you’re unlikely to notice any change. 

   28. Will this affect my loan repayments?

       No, there will be no difference in your loan repayment amounts. 

   29. Will this change the term of my loan?

       No, there will be no impact on the term of your loan. 

   30. What are the daily redraw limits?

        The minimum daily redraw is $1000 and maximum daily redraw is $5000.

   31. Why has my product name changed?

        We made some changes to product names to reflect the alignment of products between the two credit unions and reflect the new brand personality.

   32. Will this name change affect my account?

       Beyond the shortening of the account name, there are no broader impacts as a result of this change. 

   33. I currently hold a MyCard. Will there be any changes to this product after integration?

       You will be able to continue to use your MyCard as you normally would.