Laboratories Credit Union Limited

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Don't forget that rediATMs will charge you a fee to withdraw cash from 20th March 2019.

Alternatives to rediATM

  • Other ATMs - LCU members now have free access to over 10,000 ATMs Australia wide, including those operated by the “big 4” banks (Commonwealth Bank, ANZ, Westpac and NAB). 
  • Withdraw When You Shop - Many retailers will allow you to withdraw cash with your purchase at no cost (Woolworths, Coles and many more). Simply request cash out from the cashier and select Savings as the account type. 

Alternatives to Cash:

  • Osko & Paywave - With so many other payment methods available, do you still need to withdraw cash?‚Äč Osko allows you to transfer funds bank to bank at a moment's notice. Your VISA card has PayWave (which you can also have on your NFC-enabled mobile device with your Digital Wallet). Remember there is a $200 daily limit on PayWave transactions, and if a single purchase is over $100 you will be asked to enter your PIN on the EFTPOS terminal to authorise the transaction.   

Why leave rediATM?

Extract from the GM's report for the summer newsletter:

Over the last 12 months there have been significant changes in the provision of ATMs in Australia. LCU members now have free access to over 10,000 ATMs Australia wide, including those operated by the “big 4” banks (Commonwealth Bank, ANZ, Westpac and NAB). Furthermore, a number of mutual financial institutions have already made the decision, or will in the near future, to leave the rediATM network. This trend is expected to continue as the network diminishes and access to these machines become more difficult.

For this reason, LCU has made the decision to leave the rediATM network. Effective from 20 March 2019, rediATMs will no longer be fee-free to use with an LCU VISA Debit card. Members who use a rediATM after this date may be charged a fee by the operator of the ATM.


Summary

If you transact at a rediATM after 20th March 2019, you will be advised the amount of the charge that will be incurred should you proceed with the transaction. At that time you will have the option to terminate the transaction and not incur the charge. 

REMEMBER, there are over 10,000 ATMs Australia wide, many of these owned by the major banks, where you can transact without incurring a charge.