WAW Smartlink January 2020

Smart LINK January 2020 WAW Banking as it should be January 2020 WE’RE BUILDING A NEW WEBSITE CHANGES TO CHEQUE PROCESSING CEO UPDATE AGM UPDATE WAW SOLAR SAVINGS THINKING ABOUT REFINANCING STAY SCAM SMART! CARING ABOUT REGIONAL SAFETY 2019 In this edition We’re building a new website After five months in development, we’re excited to announce that a new WAW website will be launching in the first quarter of 2020. The new site will greatly improve the WAW customer experience. It’s easier and faster to navigate, allowing our current and prospective customers to find information quickly about our products and services and allowing us to share updates with the WAW community more often. Our new site is a clear reflection of who we are, what we stand for and where we are going, as we continue to deliver new and improved banking services to our customers. Changes to cheque processing The use of cheques as a non-cash payment method has changed dramatically over the past decade. In 1980, cheques accounted for 85 per cent of the number of non-cash payments. By 2016, this was down to 1 per cent with consumer preferences changing, and the growth of other instruments such as debit and credit cards, digital wallets and online banking being preferred.* As a result, the cost of processing cheques has continued to increase, with overheads being spread across fewer transactions as fewer cheques are written. Due to this, from 1 February, 2020 WAW will be increasing the cost of processing a cheque from $0.40 to $1.00. This is the first increase to cheque processing costs that WAW has made in many years. However, as a result of a recent increase in the costs of cheque processing to the Credit Union, it is necessary for us to pass on these costs to ensure that product remains available to customers who require it. Changes to cheque rebate under the Customer Benefit Program Under the WAW Customer Benefit Pro- gram (CBP), some accounts are eligible to receive rebates for fees associated with personal cheque processing. However from 1 February 2020, the cost of processing a cheque will no longer be rebated by the CBP scheme. This means that all customer cheque transactions will be charged a fee and the Customer Benefit Program will not rebate any cheque processing fees. This will im- pact any customer who issues a cheque from their WAW chequebook and when the cheque is processed by WAW you will be charged $1.00 per cheque. WAW acknowledges that this is a significant increase in the fees you may pay, and some customers will be more impacted by this change than others. Our Customer Service team are available to offer support to assist you with understanding alternative ways of making payments, should you wish to avoid paying the cheque processing fee. As always, please feel free to contact the WAW team on 1300 368 555 or via email at info@wawcu.com.au , or visit any WAW Service Centre if you have any concerns. *Statistics taken from the Reserve Bank of Australia Website, November 2019.