News

Changes to Daily Internet Banking Transaction Limits.
We have recently changed the way your daily Internet Banking transaction limits operate.
 
Daily Internet Banking transaction limits have transitioned from being account based to membership based. This means when you change an Internet Banking transaction limit, the new limit will be applied to your individual Internet Banking member login instead of to a specific account. Once a limit has been applied to your member login, it becomes cumulative over all your personal and joint accounts.
 
The second important change is that there are now 3 different daily Internet Banking transaction limits. These limits are based on the 3 transaction types of BPAY, Internal transfers (within CWCU) and External transfers (outside of CWCU).
 
In light of these changes, all Internet Banking users were given the new standard transaction limits of $2,000 a day for BPAY payments, $2,000 a day for Internal transfers and $2,000 a day for External transfers.  
To help minimise the impact of this change, CWCU have increased the limits for some existing Business/Company/Community Proud accounts to be similar to the limit that was set previously.

For an example of how these new limits could affect you, please read the example below.
 
Example:
 
Previously when daily Internet Banking transaction limits were account based a standard limit of $2,000 was applied to each of your accounts. This meant everyday you could make payments of any kind, up to $2,000, out of all of your different accounts. For example, you could make the following payments in one day:
 
From S1 - $2,000 transfer to NAB (External transfer)
From S9 - $2,000 transfer to WESTPAC (External transfer)
From S8 - $1,500 BPAY to pay a bill (BPAY transaction)
From S10 - $1,000 BPAY to pay a bill (BPAY transaction)
From S10 - $1,000 transfer to CWCU home loan (Internal transfer)
 
Now that daily Internet Banking transaction limits are membership based, the new standard transaction limits of $2,000 a day for BPAY payments, $2,000 a day for Internal transfers and $2,000 a day for External transfers are cumulative over all your personal and joint accounts, and if you wanted to make the same transactions as the above examplee you would need to increase your daily transaction limits to the following:
 
External transaction limit to $4,000 - to make the $2,000 NAB & $2,000 WESTPAC transfers
BPAY transaction limit of $2,500 - to make the $1,500 & $1,000 BPAY payments
Internal transaction limit could remain at the standard $2,000 – to make $1,000 payment to CWCU home loan 
 
If you have any questions or concerns regarding daily Internet Banking transaction limits, please contact your closest branch.