Linked to a Visa debit card that has free accessibility to one of Australia’s largest ATM networks the Everyday Account from IMB provides you with instant access to your money wherever you are and whenever you need it.
What are the features of the IMB Everyday Account?
There is a lot to consider when choosing an account that is meant to take care of all of your daily financial needs. The features that IMB offers in their Everyday Account should be compared with what you find with other Australian banks to see which is most beneficial to your spending habits:
- Credit union membership. IMB has a long history as a credit union in Australia, and to join you only need to apply for one of their accounts.
- Monthly account keeping fees. This account is free from any monthly fees.
- Transaction fees. You are given a transaction fee allowance based on the length of time you have been a member and the average monthly balance in your transaction account.
- IMB Visa debit card. With your linked Visa debit card you can make EFTPOS purchases, shop online, and over the phone. The Visa debit card can also be used to make cash withdrawals. You are charged $1.60 per month to have the Visa debit card a feature of your Everyday Account.
- Daily card limits. There is a daily spending limit of $10,000 when making purchases with your Visa debit card. This limit does not apply to cash withdrawals.
- ATM access. In addition to being able to make withdrawals from IMB ATMs for $0.70, you can also withdraw money from Westpac, St.George Bank, Bank of Melbourne and BankSA ATMs for $1.25 per transaction. There is also a charge for balance enquiries at $0.25 and $1 respectively.
- International ATM use. You are charged $5 each time you use an ATM overseas.
- International purchase charge. For purchases that originate from an international company made with your Visa debit card you are charged the greater of $5 or 2.5% of the purchase value.
- Account access. You are able to access your account for free using internet and phone banking. This includes using BPAY to pay your monthly expenses.
- Mobile banking. IMB does have their own app which can be downloaded onto android ios mobile devices as well as iPhone. This app gives you the same access to your Everyday Account as you get when logged into internet banking.
- Branch access. Over the counter transactions and a cheque book facility are not available until you have met the face to face identification requirements for the account.
- $0 account keeping fee per month
- Access accounts with different options
- Online and phone banking are free with this account
- IMB's personal identification should be met by accounts opened online before doing availing a cheque book and doing bank transactions
How do I apply for the IMB Everyday Account?
If IMB has what you need to handle your everyday banking transactions, you can start your application online. There is no need to become a member first, as activating your account assumes membership into the credit union. There are other eligibility criteria to take into consideration before you can begin your online application:
- Minimum age. IMB does not make any specification for how old you must be to open this account.
- Residency requirements. At this time only residents of Victoria (VIC), Queensland (QLD), South Australia (SA) and the Australian Capital Territory (ACT) are able to become a member of the IMB credit union. In order to open your account, you must be a resident of Australia, but cannot be a tax resident or citizen of the United States.
- Depository requirements. IMB asks that you start your account with an opening balance of at least one dollar.
As you make your way through the application, you will find it easier to complete by having the following documentation available:
- Tax file number. Although it is not obligatory, your tax file number (TFN) and/or exemption code makes it possible for IMB to withhold the correct tax on any of your interest earnings.
- Identification. It is recommended that you have either your Australian passport, driver’s licence (VIC, QLD, SA or ACT only) or your Medicare card to help in identifying you online.
Once all of your information has been verified, your new Everyday Account will be established and your Visa debit card sent to your home address through Australian post.