Latest News - Intech Credit Union
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From 1 Jan 2017 Intech Credit Union became Intech Bank Intech's merger with Bank Australia became effective on 1 January 2017.
New block on transfers to unauthorised binary optionsBinary options trading is a form of financial trading increasingly promoted over the internet. This form of trading promises high returns but is highly risky and can be a channel for financial scams. From 23 December 2016, the bank will block transactions by customers with unauthorised binary options broking businesses.
What is binary trading?
Binary trading involves using financial instruments to attempt to profit from predicted movements in:
• Commodity prices
• Asset prices
• Index prices
These prices move up and down on a daily basis due to a complex range of factors. Binary trading involves putting money into a trading account and then placing positions based on predictions that the commodity, asset or index price will move up or down. Predicting movements in these prices is very difficult, if not impossible. If the prediction is correct the trader will make a profit. If the prediction is wrong they will make a loss. This is called speculation.
What should you look out for?
Some brokers trading in binary options are legitimate entities and are licensed to operate in Australia. It is important to note, however, that the vast majority of those entities operating from overseas are not licensed to offer their services in Australia. It is crucial that anyone wishing to use these services should first check that the company is appropriately registered in Australia.
How to protect yourself
• Be aware of investments that sound too good to be true.
• Be wary of investment offers:
1. made over the internet
2. made over the phone
3. made by entities residing overseas.
• Be wary of who you disclose your personal information to, as its misuse can lead to identity theft.
• Check out: ASIC professional registers to find out if a person or business has an Australian Financial Services Licence.
• ASIC has a list of companies that you should NOT deal with.
• Be aware that binary options are high risk investments and a lower risk investment may be a more prudent choice. Seek a second opinion from a professional if needed.
We always recommend our customers take extra caution before providing personal and/or financial information, as many brokers who promote themselves on-line are not registered and may simply be outright scams. There are a number of reported instances of unregistered overseas options businesses taking their victim’s money and disappearing once identified. If the scammer is based abroad and is unlicensed it can be nearly impossible to recover lost funds. Customers should think twice before sending money to a company without checking its credentials with ASIC.
If you have any questions about the risks of binary options trading generally, please phone ASIC’s information line on 1300 300 630.
If you have any questions about how Intech's ban on transactions with unauthorised binary options brokers will affect your banking, please contact us on 1300 363 007 888.
Merger Vote SuccessfulAt the AGM held on 22nd November, members voted on the merger with Bank Australia.
Including proxy votes received prior to the meeting, 875 members voted in total, with 839 voting for the merger and 36 against.
This means that 96% of members approved the merger, exceeding the 75% majority required. As such, the merger will proceed.
This is to some extent a bittersweet decision. Intech has a proud history as an independent credit union but the Board, management and the majority of members who voted, agree that to continue to provide you with great products, great rates and great service we need to be part of something bigger. Whilst we will lose some of our independence through this merger, Intech Credit Union will soon emerge as Intech Bank, a division of Bank Australia.
As you may know, Bank Australia is a customer owned responsible mutual bank employing around 350 staff providing banking services to 130,000 customers. Your board considers them to be one of the most financially robust mutual banks in Australia with a strong alignment to Intech’s target market. Their origins go back to the CSIRO with roots in the S.T.E.M. (Science, Technology, Engineering and Maths) sectors. CANSTAR selected Bank Australia as the 2016 Customer Owned Bank of the year due to the overall value offered by their product suite.
Now that our members have approved the merger we are seeking final approval from our regulator APRA and will merge on 1st January 2017.
On that day very little will change from a member and operational perspective. Over the first half of 2017 we will gradually bring the businesses together from a product, technology and operations perspective. We will try to keep change to a minimum and we will communicate any changes in good time.
In the meantime please continue banking with us in the usual way.