Australian Military Bank Access Account

Visa payWave

Your debit card comes with payWave technology. This allows you to use your card to make contactless payments for purchases less than $100.

Online and phone banking

Funds in your account remain on call at all times through online and phone banking. The bank also offers a mobile banking app. You can use these platforms to access different types of account related information and to carry out varied banking functions.

Banking at Australia Post

You can turn to Australia Post Bank@Post outlets to withdraw cash. Each withdrawal attracts a fee of $3. You can also use Bank@Post outlets to deposit cash and cheques into your account.

Direct debits and credits

You can use your Access Account to set up direct debits and credits.

Transfer limits

The most you can transfer through a single transaction is $5,000.

Account keeping fees

This account does not attract any ongoing monthly account keeping fees.

Other fees

You'll have to pay an annual Visa debit card fee of $30. Other fees that can apply include card replacement fees, foreign currency conversion fees, personal cheque book fees and periodical payment fees.

Interest

The bank calculates interest on the minimum monthly balance in your account and it credits it on 31st May every year.

Account statements

The bank sends account statements every quarter. You can request for more frequents statements or copies of statements, in which case the bank may charge additional fees.

Financial claims scheme

The Australian Government's Financial Claims Scheme offers protection to your deposits of up to $250,000 at the Australian Military Bank.

SMS alerts

The bank may provide SMS alerts to simplify how you manage your account. When you opt in for SMS alerts you get to choose from multiple options through online banking. The bank charges an SMS Alert fee of $0.20 per message.

• Depository requirements. This account does not come with any depository requirements.

Documentation needed

The application requires you to submit different types of information:

• Tax file number. Providing your tax file number is optional. If you do, the bank won't deduct any withholding tax from the interest you earn.
• Identification. Keep your Australian driver's license and Medicare close at hand. New Australian Military Bank members have to go through a legally mandated identity verification process.
• Other details. These include your residential address, email address and phone number.

What happens after I submit my application?

You don't have to complete your application in one go. If you don't have access to all the required information, the bank lets you save your application and access it later. Once you submit your application it goes to the bank's direct service team. You get a reference number that you can use to track your application. After the bank opens your account you should get your Visa debit card in the next seven to 10 business days.