Update for Visa debit cardholders re Woolworths

As previously advised, Woolworths is turning off the Credit (Cr) button in their stores for Visa debit cardholders, who will now have to press Cheque or Savings at the checkout. This means that Visa debit cardholders will effectively be using the EFTPOS network.

Please be aware the daily withdrawal limit on EFTPOS is $1,000 per card per day. This could affect you if your purchases at Woolworths group stores and ATM cash withdrawals in any one day, exceed a total of $1,000. For example, if you were to use your Visa debit card to buy a plasma TV or notebook computer at a Woolworths group store, eg Dick Smith, then do some grocery shopping at Woolworths, or withdraw cash from an ATM, the aggregate amount would probably be more $1,000 and the later transaction would be refused.

This action by Woolworths is unfortunately outside our control. It will affect all Visa debit cards used at Woolworths stores, not just those issued by us.

We want to help members avoid being inconvenienced by Woolworths’ action. Here are a couple of tips if you plan to make a large purchase or number of purchases in one day at Woolworths group stores:

• Wherever possible, plan ahead when making a large purchase at a Woolworths group store, and defer ATM withdrawals or other Woolworths spending to another day
• Use a Teachers Credit Card and pay the amount off in full within the 55 day limit, or at your convenience.

Members with an S1 Everyday Account will not incur any additional fees or charges as a result of using the EFTPOS network at Woolworths group, as there are unlimited transactions on an S1 account. Your Visa debit card will function as normal at all other retailers, so we encourage you to keep using the ‘Cr’ button.

Our Everyday Pension Account has a limited number of EFTPOS transactions per month, so these members could be affected. We have written to them, providing tips on how to avoid any excess usage charges that could result from the Woolworths move.