Teachers Credit Union members largely unaffected by Woolworths' move

21 April 2010

The majority of Teachers Credit Union members are unaffected by Woolworths’ decision to remove the ‘credit’ option for customers paying by debit scheme card, says Teachers Credit Union CEO Steve James.

Teachers Credit Union’s Everyday Transaction Account (the transaction account used by the majority of members) allows unlimited transactions for one low monthly fee. These members, who are now obliged to use the ‘savings’ or ‘cheque’ options and enter a PIN when paying by debit card at any of the Woolworths group stores, will see no impact on the bottom line of their accounts.

One small group of members could be affected by the Woolworths policy. The credit union’s Everyday Pension Account has a limited number (8) of EFTPOS transactions per month, and no monthly fee.

“We have written to these account holders to inform them, and provide tips on how to avoid any excess usage charges that could result from the Woolworths move,” said Steve James.