Since its inception in 1971, Transcomm Credit Union has provided a range of financial services and products to the residents of Victoria. In 1999 they came under the supervision of the Australian Prudential Regulation Authority, ensuring that your deposits of up to $250,000 are safe with them.
In 2016, Transcomm Credit Union changed its name to MyLife MyFinance.
Existing Transcomm Credit Union customers will be notified directly about changes to their banking.
Who is Transcomm Credit Union?
Transcomm Credit Union offers products and services that meet its members individual banking needs.
With competitive interest rates and convenient banking methods you are able to save for the future while taking care of your day-to-day needs.
What is Internet banking like for Transcomm Credit Union?
Transcomm Credit Union uses iComm to deliver secure and reliable Internet banking to your home or office computer. After registering for this feature you are able to conduct your own banking transactions any day, any time. You will need to apply for this service, and can download the application form from the credit union’s own website.
What transaction accounts does Transcomm Credit Union offer?
- Access. A convenient everyday banking account that provides you with features such as a debit card, electronic salary deductions, direct payments and a cheque book.
- Deeming account. For Australians receiving pensions, you are paid interest on your deposits in accordance with federal regulations while at the same time can access your money to take care of your daily and monthly spending needs.
What high interest savings accounts does Transcomm Credit Union offer?
- Savings Account. A simple savings product where your cash earns interest daily which is then deposited into the account monthly. Withdrawals are made in person at your local branch or you can request to have them transferred into your Access Account.
- Christmas Club Account. For a minimum deposit of $1, you can start saving for the holiday season. Arrangements can be made for automatic payroll deductions, and the funds along with interest earnings will be ready for withdrawal on the first day of December.
- Achiever Target Account. With a minimum opening deposit of you can select how often you are able to make deposits into this account. Withdrawals are limited but the deposits you make will be accepted for the same interest rate and mature on the same date as your initial deposit.
What term deposits are offered by Transcomm Credit Union?
- Rainy Day Account. A short term term investment account of 90 days, where the interest rate is fixed at a competitive rate. A minimum investment of is required to open this account.
- Income Account. For fixed rate terms of one or two years, you can have the monthly interest earned paid into a separate account, paid to you by cheque or added to the term deposit to earn compound interest.
- Term Deposit. For two months up to two years you can invest your funds and earn a higher interest rate which is paid to you when the account reaches maturity.
- 30-Day Notice of Withdrawal Account. For more flexibility, you can choose to be able to provide Transcomm Credit Union with a 30-day notice for when you wish to withdraw the money from this high interest savings account.
What are the pros and cons of banking with Transcomm Credit Union?
- Simplicity. The structure of the Transcomm Credit Union accounts makes them easy to transact with.
- Versatility. You will find that the high interest savings accounts are designed specifically to meet certain goals.
- Achiever Target.You have the ability to make transfers between your accounts for easy access to your funds.
- Electronic banking. Your savings grows even quicker without any fees being deducted from the account.
- Membership. You will first need to become a member of the credit union before being able to access any of their products.
- Availability. Unlike larger banks, the availability of branches is limited to select areas.
How do I apply for a Transcomm Credit Union account?
In order to become a member of Transcomm Credit Union you must download the application available online, fill it in and mail it to the credit union. The other option is to apply for the account in person.
You will be required to subscribe for five membership shares for $10 plus pay a fee of $1 for joining. Once your membership application has been approved, you can apply for any account by downloading the online form and presenting it to Transcomm Credit Union.