The defaults for some daily transaction limits are changing
Wednesday, 1 September 2021
To prepare for the introduction of instant payments using BSB and account numbers and to improve the security of your accounts we’re making adjustments to some default daily transaction limits.
In response to immediate and material security concerns with respect to our Telephone Banking service, we will be making the following changes to the default daily transaction limits for our Telephone Banking customers:
- If you have used Telephone Banking to make a transfer (outside your own membership) in the 12 months prior to 31st August 2021, your default daily transaction limit for Telephone Banking will be set at $2,000.
- If you have not used Telephone Banking to make a transfer (outside your own membership) in the 12 months prior to 31st August 2021, your default daily transaction limit for Telephone Banking will be set at $0.
Once these changes come into effect, if your default maximum daily transaction limit is $0 you can ask us to increase this limit to $2,000. We may also provide a temporary one-off increase above $2,000. You can request either of these by calling 1300 747 747 or sending a secure email asking us to increase your limit.
All new customers will have a default daily transaction limit for Telephone Banking of $0 for Internal, External and BPAY transfers.
Changes from 30th September
We’re also making some changes to the default daily transaction limits for internal and BPAY transfers, for both Online Banking and Mobile App payments.
With the rise of online fraud and scams we’re making these changes to reduce your exposure and help prevent your accounts being compromised.
From the 30th of September, we’re reducing the daily default transaction limits for BPAY and internal transfers (to another membership) made via Online Banking and the Mobile App from $25,000 to $5000. External transfers will remain at a default of $5000.
This means that you may notice a change to your transaction limits unless you have made transfers of greater than $5,000 (via Online Banking or the Mobile App) in the last six months.
You can still adjust your default transfer limits up to $20,000 online. We understand each customer has different needs, so you’re able to increase and decrease your transfer limits up to a maximum of $20,000 to suit your banking requirements.
Learn how to change your limits, watch our “how to” videos:
For payments over $20,000, you will need to submit a request via secure mail or by calling 1300 747 747 so we can assess whether we can provide a temporary increase.
Please note: Increasing your daily limits may increase your liability for unauthorised transactions. Remember to reduce your limit after you’ve made a transaction unless you require a higher limit on a regular basis.
Our terms and conditions will be updated to reflect these changes.