To more fairly share the costs amongst members of providing the service, mecu is introducing a change to VISA Access card fees. It should also provide members with better value and more certainty.
From February 1, 2010 the existing Visa Debit transaction fee of $0.35 per transaction will be replaced with a flat monthly Visa Access card fee of $1.65 debited to the account at the end of the month.
To take full advantage of this change, members should ensure ‘CR’ is selected when paying for a purchase. If SAV or CHQ is selected the EFTPOS fee applies subject to Member Reward ($0.35, or $0.60 with cash out).
- The $1.65 fee cannot be offset against member reward
- The flat fee does not apply the mecu’s VISA credit cards
Members who use the VISA Access card extensively will benefit greatly. However everyone’s situation is different and mecu staff are on hand to advise members on how to best manage accounts to minimise fees.
To discuss banking options with one of our staff please visit your local service centre or call us on 132 888.
Frequently Asked Questions
Why is mecu introducing this fee?
The cost of providing Visa Card Access generally applies to each card rather than the transaction. The new fee more fairly shares these costs (including the cost of fraud prevention). It provides members with a certainty of cost for VISA debit transactions. To ensure an opportunity exists for members to use their VISA Access Card extensively as a low cost payment option, the VISA debit transaction fee of $0.35 per transaction has been removed. There is also no transaction fee for using a VISA credit card.
Is the fee per membership or per card?
The fee is per card. If you have 2 VISA Access Cards on your account, you will incur two fees per month, or $3.30. The reason for this is that costs are predominantly card related.
You're not giving me much notice - why?
As per mecu's VISA Access Card Terms and Conditions and long-standing practice, 30 days notice is being provided from the date of the first charge (28 Feb 2010). Members can cancel their VISA Access Card prior to this date to avoid the fee, can do so prior to this date without being charged. The withdrawal of the VISA debit transactions fee commences 1 Feb 2010. As a benefit to members, a longer notice period of withdrawal of a fee is unnecessary.
I am worse off, how can this be a benefit or advantageous?
VISA Access Cards provide convenient worldwide access to your account when withdrawing money or making payments. For a modest and set fee, you can use your card as often as the opportunity arises to make payments. This reduces your need to carry cash. It gives you a payment tool on the Internet, and over the phone. You can pay at retail outlets by choosing "CR" and access your own funds without transaction fees or exposure to the repayment of credit.
If you would prefer not to access these opportunities, then VISA Access Card is probably not for you. The more limited functionality of a Redicard may suit you better.
Why is this fee better than paying the $0.35 per VISA debit?
You can now use VISA Access to pay for purchases as often as you like by pressing the “CR” button. No transaction fee will apply. You should be able to save on EFTPOS fees.
Members have greater certainty of a low cost payment option using VISA Access Card.
Why isn’t the fee part of the reward system?
The fee ensures mecu recoups and shares more fairly part of the cost of providing the VISA Access Card.
How come it doesn’t apply to Redicards or other cards?
mecu is committed to ensuring a fee-free banking option remains available.
Redicard offers limited access where costs are predominantly transaction related and transaction fees subject to Member Reward apply. They do not have the same exposure of misuse as VISA Access cards.
How can members avoid this fee?
Members can avoid the VISA Access Card monthly fee in two ways.
Members can either switch to a Redicard or take out a VISA credit card with 55 days interest free. If members switch to Redicard before 28 Feb 2010 they will not be charged a $1.65 VISA Access card fee for Feb. Members with a VISA Credit Card can link their ATM transactions to their Access Account which means they withdraw cash for the cost of a regular ATM withdrawal transaction (subject to Member Reward).
Members can also reduce the cost of their banking by conducting transactions from less expensive means. Please review our fees and charges to determine the best way for you to reduce the cost of your banking, or call 132 888 and talk with one of our consultants.
