Changes to Gateway Bank’s Fees & Charges and Deposit Accounts & Access Facilities General Conditions of Use, effective 1 September 2021


Fees and Charges

Following a recent review of the Bank’s fees and charges, we will be making some changes to our General Fees, Charges and Transaction Limits, Point of Sale Fees and our Loan Account Fees and Charges. These changes will be effective 1 September 2021.


Gateway has not made changes to its fees and charges since 2018. We have made the changes below to fees and charges with the utmost consideration of meeting Member expectations, covering costs and remaining competitively positioned in the market.


The key changes are detailed below and the full General Fees, Charges and Transaction Limits, Point of Sale Schedule which comes into effect on 1 September 2021 can be found here


General Fees, Charges and Transaction Limits, Point of Sale

We have added the following new fees:

  • Cheque Dishonour Fee at Bank@Post $24
  • Overdrawn Account Fee $10


We have increased a range of fees including:

  • Overseas ATM fee from $3.50 to $4.00 and Foreign Currency Transaction Fee from 2% to 2.8% of AUD transaction amount.
  • Staff Assisted Transactions have increased from $5 to $7.50
  • The cost of a Corporate (Bank) Cheque has increased from $5 to $10


Loan Account Fees and Charges

We have added the following new fees:

  • Overlimit Fee $10
  • Additional Valuation Fee At cost
  • Arrears Administration Fee $10
  • Collection Charges At cost
  • Default Notice Fee $100


We have increased the following fees:

  • Edge Overdraft Establishment Fee from $0 to $149
  • Switch Fee from $99 to $125


We have included Reverse Mortgage Fees and Charges in this document and removed the stand-alone Reverse Mortgage Fees and Charges brochure. No Reverse Mortgage Fees have changed. The full Loan Account Fees and Charges Schedule which comes into effect on 1 September 2021 can be found here.


Gateway Deposit Accounts & Access Facilities General Conditions of Use

Key change: Accounts Operation – Term Deposits

Following a review of our General Conditions of Use we have made minor changes throughout the document in relation to terminology and naming of services to ensure they align with our current products and services.

We have made a change to the interest adjustment we make when a Term Deposit is withdrawn before the end of its agreed term. This change is to make the adjustment more equitable than the current 2% p.a. of the withdrawal amount multiplied by the term elapsed. The new adjustment is as follows:

If you require funds to be available at call, a Term Deposit may not be the most suitable product for you.

If you withdraw part or all of your term deposit prior to the maturity date, your interest is reduced by an interest adjustment. This adjustment will be determined by the length of the agreed term that has passed. The shorter time elapsed, the greater the adjustment fee.

Percentage of Term Elapsed
Adjustment fee as a percentage of the Term Deposit Interest Rate
0-25% 80%
25-50% 60%
50-75% 40%
75-100% 20%


For example, a 12 month term deposit at 1.50%, which was withdrawn after 156 days (43% of the term) of the term, would attract an adjustment of 60%. This would mean interest earned would be 40% of the original rate (1.50%) over the term served (156 days).

$100,000 x (1.50%x40%)x156/365 = $256.44 interest earned

Click here for full details of the terms and conditions effective 1 September 2021.



Why have you increased fees?

Our fees and charges have not changed since 2018 and in that time the associated costs of these services have increased. When setting fees and charges we balance the cost of that service, with the impact on the Member and the competitive position of the fees in the broader market.

Why has the staff assisted transaction increased to $7.50?

This fee only applies to transactions that a Member elects not to do themselves through our digital banking and phone banking channels, which are free to use. The fee reflects the costs of having a member of staff perform that transaction. Our staff will be able to assist you set up and use digital or phone banking to enable you to transact at no cost.

Why have overseas transaction fees increased?

The fees for overseas transactions reflect the costs associated with this type of transaction and are influenced by the number of parties involved in any overseas transaction. The new fee remains very competitive in the market.

Why have you made changes to the Terms and Conditions?

Our Gateway Deposit Accounts & Access Facilities General Conditions of Use have remained unchanged since 2018 and it was important to update them to ensure they remained relevant to our products and services and terminology in the market. The one key change we have made is to our Term Deposit Interest Adjustment for early termination of a Term Deposit. This change ensures a fairer adjustment for members than the current 2% adjustment as it reflects the length of the Term Deposit and applies fairly regardless of market conditions and interest rates.