Dear Members,
Strength in Unity is Dnister’s motto and never has that sentiment been more appropriate nor more important.
The measures necessarily taken by the Australian Federal and State Governments to deal with the Coronavirus pandemic will act to significantly reduce the impact of the virus on our Australian Community but will also have an enormous economic cost for all of us.
The Federal and State Governments have acted to put the economy into hibernation. A key component of their actions has been to try and provide support as widely as possible so that the economic pain will be shared as broadly as possible and hence the direct economic impact on each of us will also be as small as possible.
Dnister recognises that you, our members, are suffering. Dnister will do everything that we can to support you so that as the health crisis is resolved and the economy starts to recover from its enforced hibernation, we are all in the best position possible to recover.
For the first time in Australia’s history the regulators, the Reserve Bank and Commonwealth Treasury have put arrangements in place under which Dnister and the other banks can offer hardship arrangements on a scale never previously contemplated. Dnister intends to use these provisions to provide the maximum degree of support possible to our members in need.
I also apologise for something unexpected that happened at the end of March. Every transaction incurs costs passed on to Dnister by the various parties in the transaction processing chain. Dnister is proud of the extent to which we absorb and subside those costs; in FY2018-19 Dnister absorbed $239,000 of such fees. Late last year Dnister reviewed the fees members are charged for transactions. Details of the changed fees and charges taking effect from 01 March 2020 was provided to all members with their December 2019 statements.
Unfortunately, March 2020 was not an ordinary month with many retailers insisting on EFTPos transactions to reduce the Coronavirus risk to their staff. The extent of the impact of the fee changes in the current environment only became apparent when they were calculated on March 31, 2020 and actually applied to accounts. These transaction fees were reversed on April 8. Dnister has begun a review of all of our fees and charges.
Dnister cannot subsidise all transaction fees but we are determined to structure our fees and charges in a manner which minimises the cost to you our members, without compromising our own ability to operate.
Government directives have forced the closure of our Sydney branch but our other branches are still open but operating on reduced hours. This has been done to minimise the risk to our staff whilst continuing to provide necessary branch access to our members. Please, for your own safety and for the safety of our staff, consolidate your transactions and attend only as required. Remember options such as EFTPos, Internet Banking and Bank at Post are also available to all Dnister members. See our website for more information.
Remember,
- Dnister is Member owned – independent, secular and non-political.
- Established in 1951 as Self-Reliance and registered as Dnister in 1959 with membership of over 8,100 and assets in excess of $190m.
- All deposits with Dnister are guaranteed by the Australian Government up to $250,000 per member – the same guarantee that applies to all of the APRA-regulated banks.
- Dnister is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA).
Finally, thank you to all our staff for their efforts in supporting our members. Thank you to our members, as the founders of Self-Reliance in 1951 realised, we are always stronger when we work and support each other. That is the sentiment upon which Dnister was founded and it is the sentiment that will allow us all to endure our current challenges.
Stay Safe
Strength in Unity
David Hassett
Dnister Chair