Below you will find information on the fees and charges applicable to our products and services.
A proportion of these fees are payable to third parties. Our policy is to adopt a system of rewarding members based on their level of commitment to the credit union and only charging fees for excess transactions.
Download a full list of our current fees and charges
Loyalty Fee Rebates
At Select we recognise our loyal members by rewarding them with special fee rebates. Depending on the balance of your accounts, you could be eligible.
|Combined Balances||Rebate per month|
|Less than $10,000||$5.00|
|$10,000 - $24,999||$10.00|
|$25,000 - $99,999||$15.00|
So, for example, if you have a car loan with a balance of $9,870, a Transaction Account balance of $898, and a Select Direct Account balance of $16,390. The loyalty Fee rebate would be calculated by adding all the account balances, ie, 9,870+898+16,390= $27,158. you would then qualify for the Loyalty Fee Rebate based on the Combined balance >$25,000 but less than $100,000, ie $15 per month.
Any member with a mortgage loan balance greater than $100,000 will automatically qualify for the maximum $25 per month rebate.
How to minimise fees and charges
There are a number of ways in which you can minimise fees or charges:
- Use Internet and Phone Banking to access details of balances and transactions; transfer funds between your own accounts; transfer funds to another Select Credit Union account; transfer funds externally; and pay your bills using BPAY. Internet and Phone Banking is free, so you don't incur a charge for these services.
- Use your Visa debit card wherever the Visa symbol is displayed. Specify that you wish to pay by Visa, pressing the 'Credit' button, and sign for the purchase. There are no charges for credit card transactions, unlike EFTPOS. This means that with a Visa debit card, you are using your own funds, but you're not charged for the transaction.
- Make regular payments using Direct Debit - it's automated, and it's cheaper than withdrawing cash from an ATM and paying a bill with cash.
- Use EFTPOS to make cash withdrawals. This means you pay only for one transaction, rather than for a separate ATM withdrawal.
- Use ATMs wisely and sparingly. Plan your cash withdrawals wisely. If you withdraw large amounts less frequently from ATMs, you'll incur less charges.
- Always ensure you have sufficient cleared funds in your account to cover all your withdrawals. Doing so means you'll avoid paying a fee for insufficient funds.
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