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Savings Accounts
Savings Account Transaction Fees - and how to avoid them
Use our Transaction Fee Calculator to see what fees you may save by transferring your savings account to the Greater. The Greater has a "user pays" scale of transaction fees on our Deposit accounts, which we believe to be one of the fairest and most economical means of accessing your funds.
All Greater Building Society deposit account members receive a fee based allowance of $2.50 each month as well as a fee rebate of $0.50 for each $250.00 your account is in credit.
Excess transaction fees are charged as per the following scale:
- $1.00 for each over the counter cash withdrawal
- $1.50 for each over the counter Financial Institution cheque withdrawal
- $0.50 for each withdrawal at one of our ATM's
- $0.30 for each balance enquiry at one of our ATM's
- $1.50 for each withdrawal from another financial institution's ATM
- $1.00 for each balance enquiry at another financial institution's ATM
- $0.20 for each EFTPOS transaction for purchases only (excluding certain Visa Debit Card transactions)*
- $0.40 for each EFTPOS transaction for purchases that include a cash component (excluding certain Visa Debit Card transactions)*
- $0.40 for each Member Cheque drawn on your account
- $4.00 for each overseas ATM withdrawal
- $12.00 for each foreign cheque deposit
- 1% of the total coin amount for a coin deposit which is bagged. For Example : If $300.00 is deposited "bagged" the transaction fee will be $3.00 (i.e. $300.00 X 1% = $3.00).
- 2% of the total coin amount for a coin deposit which is not bagged. For Example : If $100.00 of coin is deposited "not bagged" the transaction fee will be $2.00 (i.e. $100.00 X 2% = $2.00).
* If you press "Credit" when using your Visa Debit Card, so your purchase will require a signature authorisation as opposed to a PIN for an EFTPOS transaction, we do not charge fees on that EFTPOS transaction.
Internet Banking is completely free of excess transaction fees (including BPAY) and you are entitled to a Savings Account free of excess transaction fees if you have a Home Loan with us.
Here is an example of how you can avoid paying excess transaction fees altogether.
If the minimum monthly balance in your account is $2,264 and you make two over the counter withdrawals, 3 EFTPOS transactions, four withdrawals from a Greater ATM, and one withdrawal from another financial institution's ATM in a month you won't pay transaction fees.
| Over the counter cash withdrawal |
2x$1.00 = $2.00 |
| EFTPOS purchase transactions |
3x$0.20 = $0.60 |
| Greater ATM withdrawal |
4x$0.50 = $2.00 |
| Withdrawal from other financial institutions ATM |
1x$1.50 = $1.50 |
| Total Charges |
= $6.10 |
| Less fee rebate for balance exceeding $250 |
9x$0.50 = ($4.50) |
| Less fee allowance |
= ($2.50) |
| Transaction fees payable |
= NIL |
Hints to Help You Avoid Transaction Fees
- Plan your transactions each week to reduce the frequency of your withdrawals.
- Instead of making small, frequent withdrawals, plan fewer, larger withdrawals.
- Wherever possible, withdraw cash when making an EFTPOS purchase rather than using ATM's as an EFTPOS purchase and withdrawal count as one transaction, rather than two.
- Instead of asking for a balance of your account before you make an ATM transaction, request a receipt during the transaction to confirm your balance.
- Use Phone Banking or Internet Banking to confirm the available balance in your account.
- Wherever possible use Greater ATM's.