Accounts and Membership

Current at 17 February, 2023

Fees & Charges 

Free Services

  • Visa Debit Card purchases – press Credit / payWave
  • ATM transactions in Australia*
  • Account Alerts – via SMS or email
  • BPay payments (online)
  • Cheque deposits at Australia Post
  • Cash deposits at Australia Post
  • Direct Credits
  • Direct Debits (exclude quick debits)
  • Easy App mobile banking
  • Internal transfers at First Option
  • Internet Banking
  • SMS Banking

* Note: an ATM fee may be charged directly to your account by the owner of the ATM when you complete your transaction.

Card Transaction Fees

  • eftpos purchase - with or without cash out .....  $0.50
  • Bank@Post cash withdrawal ....  $3.00
  • Overseas ATM withdrawal ....  $3.50

Note: Fees are not charged to members with a MMB* of $25,000, those with a mortgage loan, those aged 21 and under and new members (for first 3 months).

Cards

  • Low Rate VISA Credit Card ..... per year $48.00
  • Replacement Card  ..... per card $7.50
  • VISA Chargeback/ATM Dispute^ ..... per item $30.00
  • VISA Copy Transaction Voucher^ ..... $30.00
  • VISA Conversion Fee on Overseas transactions^ ..... 2% trans value
  • VISA Emergency Replacement Overseas or
    Emergency Overseas Cash Advance^ ..... US$175.00
  • VISA Emergency Service Request denied or
    cancelled by issuer^ ..... US$50.00

Cheques

  • Member cheque fee per cheque ..... $2.001
  • Cheque Dishonour (member) electronic^..... $16.00
  • Cheque Trace/copy (member cheque)^ ..... $55.00

1. Fees are not charged to members with a MMB* of $25,000, those with a mortgage loan, those aged 21 and under and new members (for first 3 months).

Third Party Fees

  • BPAY Enquiry/Redirection ..... $30.00
  • Company/Business Name/Incorporation Search ..... $20.00
  • Courier charges or Overnight post Cost
  • Direct Debit Dishonour (inbound) ..... $16.00
  • Direct Debit Dishonour (outbound) ..... $35.00
  • Direct Debit Dishonour (via nab) ..... $40.00
  • Direct Debit Trace ..... $30.00
  • Quick debit ..... $2.50
  • Swift Fee (inbound) ..... $15.00
  • Swift Fee (outbound) ..... $50 (Domestic)

Note: Fees are not charged to members with a MMB* of $25,000, those with a mortgage loan, those aged 21 and under and new members (for first 3 months).

Other Fees

  • Membership Admin fee per month ..... $5.001
  • Staff Assisted fee – BPay/external transfer per trans. ..... $5.002
  • Paper Statement fee per statement ..... $2.503
  • Bank Audit Confirmation request ..... $50.00
  • Christmas Saver - early withdrawal penalty ..... $20.00
  • Dormant Fee (inactive accounts > 12 months) per year ..... $75.00
  • Member Details Retrieval and Re-archiving ..... Cost + $15.00
  • Statement Reprint per statement ..... $5.00
  • TAB Security Deposit set-up/variation ..... $175.00
  • TAB Security Deposit discharge ..... $175.00
  • Tabcorp Settlement Admin fee per month ..... $15.00

1. Not charged to members with a MMB* of $1,000, those with an active loan or credit card, those aged 21 and under and new members (first 3 months). Not applicable to Business Members.

2. Fees are not charged to members with a MMB* of $25,000, those with a mortgage loan, those aged 21 and under and new members (for first 3 months).

3. Not charged to members with a MMB* of $25,000, those with a mortgage loan, those aged 21 and under and 65+ and new members (first 3 months). Not charged for credit card statements. Charged monthly in arrears.

Foreign Exchange and Currency

  • Inbound Global Transfer (deposit) ..... $5.00
  • Telegraphic Transfer ..... $50.00

Business Fees

  • Business Membership fee per month ..... $10.001
  • Staff Assisted Transaction fee per trans. ..... $10.00
  • Internet Banking temporary limit increase ..... $10.00

1. Not charged to members with a MMB* of $25,000 – includes both business and personal account balances (upon request).

Notes:

* MMB = Minimum Monthly Balance. This is calculated as the minimum aggregate balance in the month of your Savings, Term Deposit and Loan/Credit accounts. ^ Third party fees current as at the date of issue and may change without notice. First Option will debit a third party fee to your account based on cost recovery, to cover the fee charged by the third party and cost incurred by First Option. This document forms part of the First Option Terms and Conditions. For Loan Fees - See other document Loan Fees and Charges