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Save on fees

It can be frustrating when you look at your account statement and notice you’ve paid a sizeable amount in transaction fees, but there are a few ways to reduce how much you pay each month in fees.

1.    Press Credit when paying over the counter with your Visa Debit card instead of Savings
As a member of The Mac, you have 10 free ‘savings’ transactions per calendar month. When you press Savings at the point of sale that uses one of your 10 free savings transactions. You also have unlimitedcredit’ transactions available per month, so unless you’re withdrawing cash from an ATM, press CREDIT. It comes from your savings account anyway and you can save $1.50 per transaction if you do.


2.    Try to withdraw money from your local branch or one of the major bank's ATM's
Mac members have access to over 10,000 ATM's Australia wide- but our recommendation is that if you do need cash, that you use an ATM from one of the major banks as they do not charge ATM usage fees anymore. Remember that cash withdrawals from any ATM form part of your 8 free 'savings' transactions so make sure you withdraw enough money to cover your needs.


3.    Keep an eye on your available balance, not your current balance to avoid overdrawn fees
It's important to remember to check your available balance on your account. When you press ‘credit’ funds will generally be held for 1-2 days before debiting your account and will still be visible on your current balance. The current balance however isn't the amount you have available to spend, so keep an eye on your available balance for an accurate idea of how much money is left in your account for spending.  
I hope these three tips help reduce how much you pay in fees and remember that unlike other financial institutions, we don’t charge ongoing or monthly account keeping fees.
If you have any questions or would like to know more about how you can save money on fees, our Member Service Centre is open Monday to Friday, 8am – 5:30pm to help our members. It's part of the reason why it’s better banking with a local.