Product details
If you rely on a pension for your income, it’s essential that you can find an affordable and easy way to manage your finances from day to day. The BDCU Alliance Bank Concession Account is an everyday transaction account designed for just that purpose. Available to people receiving an Australian Government pension, the account offers fee-free banking and the flexibility of a variety of access methods.
There is also no monthly transaction fee attached to the account, and with no minimum balance requirement you can spend your money whenever and however you wish.
- Product Name
- BDCU Alliance Bank Concession Account
- Maximum Variable Rate
- 0.00% p.a.
- Monthly Fee
- $0
- Minimum Opening Deposit
- $0
- Internet Banking
- Yes
- Internet Transaction Fee
- $0
- Phone Banking
- Yes
- Phone Transaction Fee
- $0
- Covered by Government Guarantee?
- Yes (Up to $250,000 per person, per institution)
What are the features of the BDCU Alliance Bank Concession Account?
No monthly fees
There is no monthly transaction fee attached to the BDCU Alliance Bank Concession Account.
No minimum balance requirement
There are no minimum opening or ongoing balance requirements attached to this account. This means you can spend your funds whenever you want and without having to worry about maintaining your balance at a certain level.
Funds available at call
The BDCU Alliance Bank Concession Account is an everyday transaction account that provides at-call access to your funds, allowing you to spend the money in your account or withdraw cash whenever the need arises.
Choice of card access
You can choose a Visa Debit card or a rediCARD for this account. To withdraw funds from your account fee-free use a rediCARD at any ATM in the rediATM network. Fees may apply to withdrawals made from other ATMs.
Wide range of access options
As well as ATM withdrawals, the funds in your Concession Account can also be accessed in a variety of other ways, including via Internet and phone banking, and unlimited free branch deposits and withdrawals.
Optional chequebook available
You also have the option of obtaining a chequebook if you would like to write cheques from your Concession Account.
Availability
The BDCU Alliance Bank Concession Account is available to bank members who are in receipt of an Australian Government pension. This pension must be deposited into the account on a regular basis.
Pros
- No monthly fees
- No minimum balance requirement
- Provides at-call access to your funds
- Free rediATM access
Cons
- Fees may apply to withdrawals made from other ATMs
- Only available to pensioners
What you’ll need to know before applying
If you think the BDCU Alliance Bank Concession Account might be the ideal transaction account to help you manage your everyday finances, click one of the “Apply Now” links on this page. You will be securely redirected to the BDCU Alliance Bank website where you can find more information about the account and also access an application form.
Application options
There are three ways you can apply for a Concession Account:
- Download a form. An application form is available for download from the BDCU Alliance Bank website. You can lodge your completed form by visiting your nearest BDCU Alliance Bank Advice Centre, or send it in via post or fax.
- Visit an Advice Centre. Visit your local BDCU Alliance Bank branch if you’d like to receive personalised advice about how to open an account.
- Apply over the phone. The third option is to phone BDCU Alliance Bank and speak to a customer service representative who can guide you through the application process from start to finish.
Documentation needed
If you’re a new customer, you’ll need to provide proof of identification so that BDCU Alliance Bank can confirm you are who you claim to be. You will be asked to present a valid form of photographic ID, such as a passport or driver’s licence, before your account can be opened, while you will also need to provide proof that you are in receipt of a government pension.
Eligibility criteria
Before you apply for a BDCU Alliance Bank Concession Account, check that you satisfy the following eligibility criteria:
- Pension requirements. This account is only available to bank members who are in receipt of an Australian Government pension, which must be deposited into the account on a regular basis. If the required pension deposit is not received for a period in excess of 30 days, your Concession Account will be closed and automatically transferred to a BDCU Alliance Bank FLEX Account.
- Residency requirements. You will need to be an Australian resident to apply for an account.
The BDCU Alliance Bank Concession Account provides an affordable and convenient way for you to manage the income from your government pension. However, make sure you compare its features with the benefits of other everyday transaction accounts before choosing an account.
