News

A credit score represents the creditworthiness of an individual. Here at TMCU, we take cautionary measures to ensure we accurately calculate member’s credit scores. So how exactly are they calculated, and what does your credit score mean for you? Read along to find out. How are credit scores calculated?A credit score is calculated from a credit report which is compiled via Equifax, a credit reporting agency. Once TMCU has been provided with adequate financial information, the lenders will run a credit report, where the member’s credit score will be determined. The credit score itself is based on how many previous credit inquiries that an individual has applied for. Ultimately, the more enquiries, the less credible an applicant becomes. Inquiries can vary from loan applications, credit history and use of credit lines such as Zippay! How can you improve your credit score?So how can you improve your credit score? TMCU’s Senior Operations Officer, Greg Arvanitakis, advises that you should “avoid excessively applying for credit at multiple financial institutions”. Furthermore, applying for unsecured credit (such as credit cards, personal loans and so on) will impact your credit score far greater than applying for secured credit (such mortgages, car loans). You can also ensure you maintain a satisfactory credit score by:• Make loan repayments on time• Carefully consider before applying for credit• Pay-off any remaining debt• Don’t make irrational loan applications until you are sure you are satisfied with the financial institution and your financial means • Avoid use of ‘pay day lenders’ In doing so, you can keep your credit inquiries to an essential minimum and avoid credit score defaults and/or court judgement. To find out more, speak to one of our friendly loans service staff at loans@transportmutual.com.au or (02) 8202 8555

Credit card debt can get to the worst of us sometimes. Here are 4 awesome hacks that you can use to save money and maximise rewards with your credit card! 1. Set a monthly budget Before signing up for a credit card, it is a good idea to know what you are able to afford and spend within your means. By creating a monthly budget, you are able to manage and organise your expenses to ensure you stay within your credit limit and don’t run the risk of accumulating higher credit debt! 2. Pay more than the minimum repayment When the time comes to make your credit card repayment, pay more than the minimum! This will help you stay on top of your finances in the long run. 3. Understand cash advance transactions  A cash advance transaction occurs when cash is withdrawn from a credit card account. A transaction fee is usually charged, as well as interest from the date the cash is withdrawn until it is paid back in full. This can often increase your credit card bill, so be weary! 4. Take out a Credit Card Crusher loan with TMCU! If you still have some remaining credit debt, our Credit Card Crusher is here to help! The Credit Card Crusher is a unique personal loan, designed to help you take control of your credit card debt. Apply today using the link below: TMCU loan application

Transport Mutual Credit Union today has strongly endorsed a new campaign which proudly celebrates the ingenuity and ‘can do’ spirit of Australia. Launched by the Customer Owned Banking Association, the campaign focuses on the relationship between hard-working Australians and customer owned banking. Transport Mutual is part of a movement that began in Australia when groups of like-minded workers and communities came together to create building societies, credit unions, and mutual banks,” says John Kavalieros, CEO. “Customer owned banking put people first from the beginning, and that has seen us stand by customers through droughts, fires, recessions and now the hardships of COVID-19.” “We can take confidence in a tried-and-true way of working that has served generations of Australians and is more important than ever.” Transport Mutual has been reaching out to customers in the transport community during these challenging times, providing care and support to those in need. “We are especially proud of our employees who are going the extra mile for customers, from reaching out to those requiring financial assistance, to encouraging a greener environment through our products with purpose positioning.” “The challenges we face together may change over time, but our can-do attitude and ingenuity will always be there. We want to take this message forward, because many people are anxious about the future.” “Today, customer owned banking serves more than 4 million Australians and operates from every state and territory.   Transport Mutual Credit Union is proud to be part of an industry that combines ingenuity with values that place our customers at the centre of all that we do.” “As a sector, we are still committed to helping people and families buy homes, plan for a bright future, help businesses get ahead, and grow communities. Fair rates and a fair go for all.” For more information please contact: members@transportmutual.com.au  

It is with great sadness that the Credit Union announces the passing of Noel Hancock after a long illness.   Noel's voluntary service to your Credit Union spanned 22 years as Director, and for 18 of those years Noel served as the Board's Chair.   Noel's leadership of TMCU oversaw a sustained period of growth and change for the organisation, whilst dealing with the challenges of competition and regulation with energy and commitment.  Noel was a Member for more than 52 years and he served with distinction, always considering the interests of Members in any of his deliberations as a Board Director.   Noel led TMCU by example and was endlessly supportive to members of staff and the Board.   The entire Transport Mutual family wishes to acknowledge the enormous contribution of Noel Hancock in steering the organisation to where it stands today.  We wish strength and love to Noel's family including his wife Daphne, his daughters and granddaughters in the difficult days to come.   Funeral arrangements will be available from the Credit Union in the days ahead, for those who wish to personally farewell our friend, Noel Hancock.  

Dear Members, We would like to inform you of measures Transport Mutual is taking in response to the COVID-19 outbreak. Transport Mutual continues to provide Members with a full range of banking services. As an added risk mitigation strategy, and in accordance with our Pandemic Planning arrangements, Transport Mutual staff will be working remotely at times in the days and weeks ahead. There may be times when our team operates entirely from secure remote locations. In that instance if you wish to speak to a staff member, please leave a voice message on our head office number 02 8202 8555 and a member of the team will respond to you within 30 minutes. Our preferred method of contact during the current virus outbreak is via email to members@transportmutual.com.au however we will also monitor social media and voicemails for messages from Members and will respond to any queries as quickly as possible. Please follow @TransportMutual on Facebook and Twitter for the most immediate information as we face the challenges of COVID-19 together.   

Transport Mutual Members now have access to a large network of approximately 10,000 ATMs nationwide without any direct charge fees. These include the Commonwealth Bank, NAB, Westpac and the ANZ, and a number of second tier banks such as St George, Bank of Melbourne and Suncorp Bank. As more Members have become aware of these changes, the number of withdrawals from rediATM's has continued to decline. As a result, the original benefit of being part of the fee-free rediATM network has effectively disappeared, so we have decided to exit from the rediATM network effective 31st March 2019. After that date, any cash withdrawal by Members from a rediATM may incur a direct charge fee from the operator of the rediATM network. Please note that rediATM's will notify you of any direct charge prior to the transaction, so you can choose to cancel and use a direct charge fee-free ATM instead should you prefer.We encourage Members to continue to use the ATMs of the banks listed below to avoid unnecessary direct charge fees after 31st March 2019. Direct Charge Fee-Free ATM's include: ANZ Bank Of South Australia Bank Of Melbourne Bank of Queensland NAB St George Westpac Bankwest CommBank Heritage Bank Suncorp What other options are available? Direct Charge Fee Free cash out is available at supermarkets and participating retailers with your purchases subject to your monthly TMCU transaction limits Direct Charge Fee Free withdrawals are available at 4,400 Australia Post outlets which offer Bank@post services subject to your monthly TMCU transaction limits​

The Customer Owned Banking Association (COBA) is warning banking customers in bushfire impacted areas to be alert to scam phone callers falsely claiming to represent a monitoring service.Representing 64 customer owned banks and their 4 million customers, COBA has noted a recent spate of scam phone calls to cardholders in the areas of regional Victoria bordering NSW, including the regional city of Albury Wodonga. Claiming to be a ‘Fraud Department’ or ‘Monitoring Team’, the phone callers are targeting victims who are already suffering significant personal impact from fires and evacuations, demanding they disclose card details, PINs and internet banking login details.Leanne Vale, Director of Financial Crimes and Services for COBA, has condemned these perpetrators and their focus on vulnerable customers. “By pretending to represent a bank, these scammers use bullying and heavy handed tactics to threaten account holders,” said Mrs Vale.“Its despicable behaviour and we call it out as the worst we have seen in a while, especially when people are working hard to get their lives back on track. We know that these scammers are targeting those who may be waiting for assistance.”COBA provides the following advice to consumers who suspect a scam phone call.1. Immediately hang up and call your banking institution. Customer owned banks will not ask you to verify bank details, or reveal PIN numbers and access codes in an unsolicited call. 2. Don’t trust information provided by the scammer. For example, when the scammer volunteers a phone number to be contacted on. Any information provided is likely to be false and designed to create an impression of believability.3. Keep your banking details safe at all times. Scams operate out of call centres and are highly organised activity. They know now to coerce people into providing information for the purpose of stealing funds from accounts or making transactions.If you have any reason to suspect that a phone scam has occurred, please contact Transport Mutual on (02) 8202 8555. 

Transport Mutual relief and assistance is available for our Members affected by the bushfires. The bushfire relief package may include: Deferred loan repayments Low interest loans Waive term deposit break costs for early redemption Waive debit card replacement fees Waive dishonour fees We understand that each Member will have different needs, and we encourage those affected to discuss their circumstances with us by phoning (02) 8202 8555 or 1300 652 274.  We have special arrangements in place to provide support should our Members require it, and our friendly staff are ready to assist promptly with your  concerns and enquiries. For those not directly affected Your donation can make a difference.The Australian Mutuals Foundation (AMF) has activated its emergency/disaster relief donations portal to be able to accept donations from the members of Australian mutual organisations. 100% of donations received will go to the St Vincent De Paul Society to help those affected by the bushfire, to help them rebuild their lives with food, clothing, furniture, other essentials, and funds to pay bills. If you would like to donate directly, go to www.australianmf.org.au/donate-now

From 1st October 2019, Coles, Wesfarmers and a number of other merchants have started rolling out software changes to update transaction routing capabilities on their EFTPOS machines, where contactless payments are accepted. This software change will affect your Visa payWave debit card transactions. What is changing, and how does it affect you? When you tap to pay with your Visa debit card, the EFTPOS machine will automatically process the payments via rules set by each merchant. With some merchants (such as Coles) the transactions will flow via the EFTPOS network instead of the Visa network. This may potentially impact your number of fee free transactions and for some Members, exceed your 12 monthly fee-free debit transactions. To avoid unnecessary excess transaction fees, simply insert your Visa debit card into the EFTPOS machine and select 'Credit' and enter your pin. Your payments will be processed via the Visa network and will not be counted as an EFTPOS transaction. Need help? If you need to speak to someone about the changes, or if there are any concerns with your transaction fees, please call Transport Mutual on 02 8202 8555 to speak to one of our friendly staff.

Money Magazines's Best of the Best 2020 Cheapest Car Loan  It's official!!!! TMCU has been announced as the winner of the Money Magazine Australia #BestOfTheBest Award for Car Loans (non-banks). And it's no wonder as our car loans offers flexibility, a low competitive rate, and they're easy to apply for. Here's a few reasons to choose us  One of the cheapest car loans around from 4.99%* (Comparison rate 5.26% p.a) Quick application process and no monthly or account keeping fees Low fixed interest rates with terms of up to seven years Same Day approval Choose a repayment plan that suits you (weekly, fortnight, monthly repayments) Term can be from 1 to 7 years No penalties for extra repayments or paying out the loan early. Free redraw and much more.... 7.14 % p.a. Interest rate 7.45 % p.a. Comparison rate  ` `