May 1999 Volume 80 Number 6 "serving the protectors"
Police Credit Union

Smart Transacting makes sense, saves money

Fees charged by financial institutions has been the topic of heated debate in recent times, but it is still possible to enjoy fee-free transacting. Knowing which types of transactions attract fees is the key to avoiding them.

In most cases, a minor change in your transaction habits is all that is needed to reduce or avoid financial institutions' fees altogether. For example, withdrawing some extra cash at the same time you pay for groceries combines two transactions into one, saving you money.

Reducing your reliance on cheques will also cut your costs. Accounts with a chequing facility attract Government Debits Tax which, in some cases, is chargeable on any withdrawals from that account, including cheques, ATM and EFTPOS.

As a general rule, most financial institutions charge less for electronic transactions than those made over the counter. So by keeping over-the-counter transactions to a minimum, you save money.

We also offer nine tips on smart transacting:

1. Check how many free transactions your account offers a month and don't exceed that number.
2. Make cash withdrawals when using EFTPOS to pay for goods to reduce your number of transactions.
3. Consider putting the majority of your monthly expenses on a credit card only if you are disciplined enough to pay off the full balance by the end of the month.
4. Use electronic banking services such as EFTPOS, ATM and Internet access when possible.
5. Keep over-the-counter transaction to a minimum.
6. Avoid using "foreign ATMs" as you may be charged a fee for each transaction.
7. Pay regular bills using direct debit instead of periodical payments.
8. Pay bills by phone using a Visa credit or debit card.
9. Always ensure your account contains sufficient funds to cover direct debits.

At The Police Credit Union you can benefit from:

• No monthly account keeping fees.
• 12 free transactions per month, which includes over-the-counter transaction and using "foreign ATMs".
• Periodical payments being $2.00 - $3.00 per payment.
• Free balance enquiries by phone.
• Free faxed statements requested via our Ivy 24-hour access line.

If you would like more information on the Police Credit Union fee structure call 131 844 and we will be happy to help you.

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