« Sub-prime jitters start to subside | Main | Sub-prime mortgages continue to grab headlines »


Hi all,
There's been a small mistake on the above post. Removing our coin handling fee is being investigated, but it hasn’t been removed yet. It's not just our consultants' time that leads to fee, but also costs we incur from our cash handling company. As always, we're looking at ways we can minimise fees for our members and offering great member value.
Sorry for the confusion and I'll keep you posted on the success of the new machines.

The value of our coin counting machines will soon be shared by all our members. From October 29, all coin deposits at Savings & Loans branches will be free for non-commercial members.

The current fee is being removed because of the installation of coin counting machines in our busier branches, which makes the whole process quick and easy. The machines will soon be installed at Christies Beach, Elizabeth, Modbury, Salisbury, Windsor Gardens, Mt Gambier, Mt Barker, Glenelg, Blackwood and Port Adelaide.

All of these machines should be installed by Christmas. You can call our Member Contact Centre (13 11 82) for more information.

If you do need to a large number of coins and your local branch doesn’t have a coin counter machine, it might save you quite a bit of time by making a detour to a branch that does have a machine.

This is what Savings & Loans is all about – making things easier for our members and responding to what you’re asking for.


I live in Sellicks beach.The closest S& L is at Seaford.Could you please arrange for the P.O. at sellicks to be an agency, or allow us to use ATMs at Willunga or Aldinga without the non S & L fee.

@Dennis – We actually have a form for this at the moment. You’ll need to drop into a branch or call our Member Contact Centre and ask for a Service Nomination form. That way we can save on postage, and reduce the amount of paper we use.

@ Murray – Opening up and running an agency is a complicated process for both us and the business hosting the operation. To make sure things are fair for all our members, and to deliver the most value we can, we try to open up facilities like branches, agencies and ATMs where we have a high number of members.
We don’t have any immediate plans to open a branch or agency at Sellicks Beach, but with the growth currently being seen in Adelaide’s south, it could be a possibility in the future.

While we're on the subject of Technology ...
I bought an item on EBay recently, and transferred funds to the seller's account at CBA, Martin Place in Sydney. The goods were at my front door less than 24 hours after the transfer cleared.
On the other hand, the electronic funds transfer took 4 days, about the same time it could be done on horseback in 1880.
My IT-savvy offspring tell me that this is because the big Australian banks mostly use "clunky" old Cobol software that can't be trusted to run unattended, and so nothing works after-hours.
Can this be true? Surely with profit margins in the billions they couldn't really be that silly .. could they? ... hmmm.

@ Peter - I'm afraid I can't tell you what sort of software is used to transfer funds - the industry standard is used by all financial institutions. Transfers to other credit unions or banks are finalised at 5pm every day and are received by a wholesale distributor, Cuscal, (which is used by almost all credit unions) by 11am the next day. Cuscal then distributes the funds to the relevant financial institution. Depending on the processes of the bank or credit union you're sending the money to, the funds should be in the account in 48 hours at the latest. These timeframes are standard across all financial institutions, both banks and credit unions.
Transfers are only processed on working days, so weekend or public holiday can add a day or two the transaction.

The comments to this entry are closed.