Savings Accounts

InterestME Savings Account FAQ

When can I start using my account?

How do I deposit into my InterestME Savings Account?

How do I withdraw from my InterestME Savings Account?

How can I feel more secure about writing cheques?

How do I stop a cheque?

Why can a cheque be dishonoured?

When can I start using my account?

You can start using your account as soon as it has been opened. If you so request, a debit card and PIN will be sent to you shortly after the account has been opened. They will be sent separately on different days for security purposes.

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How do I deposit into my InterestME Savings Account?

There are a number of ways you can make deposits:

  1. Have your salary paid directly into your account. You can do this by completing the Pay Authority Form and providing it to your payroll department.

  2. Use Members Equity phone or internet banking. You can use these services to transfer funds from an existing account into your InterestME Savings Account.

  3. Deposit cash or cheques. You can do this at any Australia Post office displaying the Bank@Post™ symbol. All transactions made at Bank@Post require your card and PIN. Cheque deposits made at Bank@Post™ must be made payable to either the cardholder depositing the cheque or to Members Equity Bank. Please write the account number on the back of the cheque to ensure it is banked into the correct account.

    Joint Account Holders: please note that cheques made payable to joint names cannot be accepted at Bank@Post. If you receive these types of cheques please send them to us at:

    Transaction Banking
    Members Equity Bank
    GPO Box 1345
    Melbourne, VIC 3000

    If you deposit a cheque, funds can be withdrawn once the cheque is cleared by the financial institution it is drawn on. Generally this takes three to five days.

  4. Set up a regular automatic electronic deposit. You can do this from another account into your InterestME Savings Account. To do so, download and print the InterestME Direct Debit Form and return it by mail to:

    Members Equity Bank
    GPO Box 1345
    Melbourne VIC 3000

  5. If you receive regular payments such as dividends or rental payments, arrange for them to be directly credited into your InterestME Savings Account. You can do this by downloading and completing the Direct Credit Authority letter and sending it to the relevant companies.


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How do I withdraw from my InterestME Savings Account?

There are a number of ways you can withdraw from your InterestME Savings Account.

  1. ATM
    You can use your debit card 24 hours a day, seven days a week to withdraw cash or obtain an account balance from any ATM in Australia. Please choose 'SAV' (Savings) as the account on the ATM terminal.

    For security reasons, your card will be blocked if the PIN is entered incorrectly three times. If this happens, please contact us and we will unblock your PIN.

  2. EFTPOS
    Your debit card can be used at any retailer displaying the EFTPOS symbol. This enables you to pay for goods and services using your debit card instead of cash.

    Many retailers also provide a cash withdrawal facility with purchases.

    Please choose 'SAV' (Savings) as the account on the EFTPOS terminal.

  3. Bank@Post™
    You can also withdraw cash using your card and PIN at any Bank@Post outlet.

    Please note that a $1000 daily limit applies to withdrawals made using a debit card. Also, retailers and other financial institutions may impose additional restrictions or transaction limits.

  4. Phone & Internet banking
    You can use phone and internet banking to transfer funds from your InterestME Savings Account to selected ME accounts. You can also transfer money to family/friends or any other third party account (held at any Australian Financial Institution) using internet Banking. An initial limit of $2000 applies per customer per day, but can be increased to $5,000 or $10,000.

  5. BPAY
    You can use BPAY via phone and internet banking to pay your bills from your InterestME Savings Account.

    Registered to BPAY Pty Ltd ABN 67 079 137 518

  6. Cheque
    You can write a cheque if you have a cheque book facility. If you would like to set up a cheque book facility please call us to arrange this.

  7. Bank Cheque
    You can make a withdrawal from your account by purchasing a bank cheque. To purchase a bank cheque please tell us the amount, the name of the payee and whether you want to collect it from our office or have it sent to your residential address. You can request a bank cheque by writing to us, calling us, or by e-mailing us using internet banking secure e-mail service. A bank cheque fee applies.

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How can I feel more secure about writing cheques?

To minimise the risk of fraud or forgery on any cheque you:

  • always write the amount of the cheque in words as well as in figures, because words are harder to alter;
  • always sign your name or initials beside any alteration that you make on a cheque that you have written;
  • write the cheque amount in words as close as possible to the left-hand side;
  • write the cheque amount in figures as close as possible to the dollar sign;
  • not leave gaps between words or figures;
  • never write on a cheque in pencil or in an ink that can be erased;
  • never sign a cheque before it is used or filled out;
  • never make cheques out to cash.

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How do I stop a cheque?

After a cheque is written, circumstances may change and you may not wish the cheque to be paid. To stop payment on a cheque you have written, please advise us of this quickly because it is not possible to stop a cheque once it has been cleared.
Call us with these details:

  • your account number;
  • cheque number;
  • cheque amount;
  • date of the cheque; and
  • the name of the payee.

We may ask you to confirm these instructions in writing to us. We suggest you seek legal advice before you stop a cheque as, if you wrongfully stop a cheque, the payee may have a claim against you.

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Why can a cheque be dishonoured?

There are a number of reasons why a cheque you write or deposit may be dishonoured, such as:

  • there are insufficient available funds in the drawer's account to cover the cheque;
  • the cheque is not signed, the signature is not valid or more than one signature is required;
  • the cheque is stale (this means the cheque is presented for payment more than 15 months after the date written on it);
  • the cheque is post-dated (this means the cheque is presented for payment before the date that is written on it);
  • information on the cheque has been materially altered without the alterations being properly signed or initialled by the person who wrote the cheque;
    the cheque has been stopped;
  • the paying bank has been notified of the mental incapacity, bankruptcy or death of the person who wrote the cheque.

Related Links

Rates, Fees & ChargesAdditional Forms (PDF)

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Phone Banking
Personal Ph 1300 654 998
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