How to bank safer and smarter during COVID-19: RACQ Bank

As companies across the country adjust to the impacts of COVID-19, RACQ Bank has implemented new procedures to protect members’ financial and physical wellbeing.

RACQ Bank spokesperson Lucinda Ross said members and employees’ health was the priority for the Queensland-based mutual. 

“For weeks now our frontline staff have been practicing physical distancing and we’ve incorporated additional cleaning in our branches,” Ms Ross said. 

“We’re all doing our bit to reduce the spread of the virus and part of this is supporting our members to bank online, or via our mobile app, and to use contactless payments wherever possible.

“Our branch staff have been helping our more vulnerable members learn how to pay using a card and how to conduct their basic banking needs online, which ensures they’re able to spend more time safely isolating.” 

Ms Ross said for those Queenslanders suffering financial hardship, RACQ Bank, and the wider banking industry, had implemented several new protocols to reduce anxiety around repayment deferrals and the use of physical payment systems. 

“We’ve made a commitment to our members that if they defer their mortgage or loan repayments because of COVID-19, that we won’t let this impact their credit rating,” she said. 

“And while a pause on a repayment related to coronavirus hardship won’t go against a member’s credit rating, we’ll discuss any previous repayment issues or other factors that might impact your credit rating to make sure you’re making the best choice for your future financial wellbeing.

“We also know many Australians want to avoid coming into contact with physical payment systems like EFTPOS machines, so we’re proud to support the Australian Payments Network’s initiative to increase the contactless card limit from $100 to $200 in a gradual roll out across cards and retailers. At RACQ Bank, we’ve now increased the contactless payment limit for all eligible cards and hope we’ll also see an increasing number of retailers accept this new payment limit.”