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Review by Mark Hamilton5 years ago
I choose banks based on their products, customer care & lack of fees, after all, why should we pay to have our money in an account! This lead me to a credit union - BankVic (Formerly Police Credit Union) back in 2005.
Recently however, I have been ripped off by their lack of security when my credit card was used without authorisation. I had 2 different credit cards used, one with a "Big Bank" and this one with BankVic to purchase in game credits for an electronic device.
The next day, Big Bank raised these transactions as suspicious and contacted us to asked if we had authorised these transactions. Because we had not, they put a stop on them and refunded the funds.
BankVic on the other hand did nothing and we had to alert them to the fraudulent transactions. Because we knew the perpetrator, they said this was a "friendly transaction" and therefore would not be refunded! Of course, none of this is mentioned in their policies, just "have peace of mind with out security measures, your money is safe with us and unauthorised transactions will be protected 100%" - huh! absolutely false advertising!
So, two banks with the same set of data and circumstances, one protects customers the other (BankVic) does not. Our family will be closing all our accounts and transferring all funds to a more satisfactory bank, I suggest you do the same
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