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Cashless

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From 1st July 2021 LCU will cease offering cash deposits & withdrawals in branch. 

Why is LCU going cashless?

Over the last few years the use of cash has been gradually declining both across Australia and among LCU members. COVID-19 saw this trend speed up during 2020. We are now at a point where the costs and processing involved with offering cash is no longer viable. 

What are my options for getting cash out now?

Your LCU Visa card allows you to make cash withdrawals from all ATMs. You can avoid paying a fee for this by using one of the Big 4 banks ATM networks which no longer charge a fee for withdrawing cash. Cash withdrawals are limited to $1,000 per day. If you need to withdraw more, please contact our office.

Some retailers also offer cash out with your purchase (for example most supermarkets). Simply ask for cash out from the cashier and ensure you select Savings on the EFTPOS machine and enter your PIN.

If you do not currently have a Visa card and would like to get one, please talk to our staff.

How can I deposit cash?

If you regularly need to deposit cash, LCU can supply you with a deposit book which will allow you make deposits at any NAB bank branch. Contact our staff if you wish to order a deposit book.

If you have a one-off requirement to deposit cash we can supply you with a deposit slip to be used at a NAB branch.

What are some other options for paying people?

LCU offers a variety of other payment methods for paying people, companies and your bills. Some of these are:

  • Osko
    Osko payments are near instant transfers, bank to bank. Meaning that you can send other people or businesses funds that they receive almost immediately from your LCU account. For more information on how this works & walkthroughs on how to send and receive funds via Osko, visit our website.
  • Digital Wallet
    LCU offers Digital wallets facilities meaning that you can register your Visa card on your compatible device using Apple Pay or Google Pay. This allows you to use your device to tap at EFTPOS terminals when you are paying for goods in-store.
  • Direct Transfer
    Using a BSB and account number you can transfer money to any Australian bank account (these are usually received next business day but can take up to 3 business days depending on the receiving bank)
  • BPAY
    Pay your bills online using the details provided to you on your bill. Look for the BPAY logo and a biller code, plus your reference number.
  • International payments
    Receive and transfer funds to an overseas recipient using LCU’s International Payment facility powered by Western Union. For more information on this, click here.

What are some of the benefits of using electronic or card payment methods instead of cash?

  • Budgeting
    Track your spending. You can view all of your spending and income information in internet banking or the LCU – Banking App plus take advantage of sub accounts to better organize your funds.
  • Convenience
    Easy access to funds 24/7 via your Visa card, The LCU - Banking App and Internet Banking
  • Safety
    Much safer than carrying around cash or having cash stashed at home. Recourses for getting funds returned in case of fraud or other circumstances that would not be possible if you had used cash to make a payment plus with payment methods other than cash you will always have proof of payment.
  • Quicker at the checkout
    No need for the checkout person to count your cash or change.
  • Impact on criminal activity
    Less cash to steal. Less cash in circulation for funding crime or tax evasion.

Should you have any other questions please don’t hesitate to ask our friendly staff. 

Enquire Call 02 9859 0585