NAB acquires Citibank Australia

[Chicken]

Ah google pointed me to Australian Unity (a Mutual) not Unity Bank (a Credit Union).

Australian Unity is also covered

Your savings at Australian Unity Bank Limited are protected by the Financial Claims Scheme (FCS) guarantee by the Australian Government, up to an aggregate balance of $250,000.

 

[Lynda2475]

Australian Unity is also covered

Your savings at Australian Unity Bank Limited are protected by the Financial Claims Scheme (FCS) guarantee by the Australian Government, up to an aggregate balance of $250,000.

Yes but have more limits on what financial products they can offer compared with an actual bank. It is my personal preference to stick with the actual banks (as Im old enough to remember when building societies and credit unions and mutuals did not have these protections). YMMV.

 

[Brissy1]

Ah google pointed me to Australian Unity (a Mutual) not Unity Bank (a Credit Union).



Agree if you want to borrow 80% of house value in Sydney and also get the package benefits of free points earning credit card, multiple offsets etc you need to deal with an actual Bank.



Nothing wrong with your logic, I do similar but I have my savings split across multiple banks, so that all are guaranteed deposits.

I also deliberately have multiple super accounts (but turn off insurance on all of them) so that the balance of none of them exceeds what the government guarantees.

OT but I'm genuinely concerned that I'm missing something, I don't know of gov guarantee of super, all I can find is this...
"In the case of superannuation, an ADI deposit account held by the trustee of a superannuation fund on behalf of fund members is covered under the FCS up to the limit of $250,000. However, in most cases the $250,000 FCS limit would be applied to the whole fund, not each individual member."
So only helpful for a smsf, really.

 

[AIRwin]

My Citibank app is now less cluttered:

 

[playbargain]

Goodbye Citi, bitter sweet. Almost 20 years relationship, not perfect but suited me well.

 

[AIRwin]

My Citibank app is now less cluttered:
View attachment 372545

And I've also just received the final statement

 

[Flashback]

And I've also just received the final statement

Ditto, just running through the batches I guess.

 

[nightelves]

Anyone knows what happens to your money if you forgot to transfer it across?

 

[Flashback]

Anyone knows what happens to your money if you forgot to transfer it across?

It was automatically moved from Citibank to NAB.

 

[SYD]

It was automatically moved from Citibank to NAB.

Yes, I was using mine in Sth America and the transactions and residual cash moved across last weekend.

 

[serfty]

It was automatically moved from Citibank to NAB.

Yep, I presume our recently minted but never accessed NAB accounts now have a balance of 1¢ in them.

 

[burmans]

Personally I think they will run as separate brands at least for a while.

This is not possisble, because there is no licencing agreement set up for this. See 13 pages PowerPoint

Always fun reading old posts! Personally I think it’s amazing we still have Citibank cards being sold. Yes, I know the fine print says they are really NAB cards but we all know most people read the fine print!

(In case you are wondering those posts are from Jan 2022).

 

[asterix]

Just received an email stating that my FFFL Citi Premier cards interest free days is changing from 55 to 44 days in September.

 

[kpro]

Just received an email stating that my FFFL Citi Premier cards interest free days is changing from 55 to 44 days in September.

Got the same email. So aligning with NAB's interest free period, but not the $1:1 QFF rate.

The Citi premier is currently my daily non-Amex card. I will be reconsidering this.

 

[Happy Dude]

I got the email too. I don't think it matters as I don't rely on the interest free period. Might need to be a bit watchful for the first cycle of the changeover.

 

[kpro]

For me, at the very least I'd need to call and change my statement date in September as it's currently aligned to be after my monthly pay date, and would now be 11 days too early.

 

[Brissy1]

...call and change my statement date...

I didn't know you can do that. Interesting.