What’s in store for Police Bank in 2024

At Police Bank, we are heading into our 60th year of operation. As we celebrate this milestone anniversary in 2024, we will also be preparing for the next 60 years by modernising our bank, so we can offer you a better digital banking experience and serve the financial needs of our community for generations to come.

This year marks 60 years since Police Bank was started by a smart group of police officers with the idea of forming a mutual organisation for the benefit of all police.

As we celebrate our milestone anniversary, we’re also preparing for the next 60 years so that members’ children and grandchildren can experience our commitment to service and community too.

The way we all bank and pay for goods and services is changing rapidly and the banking industry must adapt and change to best serve the needs of its customers.

Building a bank of the future

For the past few years, we have been working behind the scenes to transform our bank into a member-focused institution of the future. You, our members, have told us that compared to other banks, we provide a much more personalised service, and that you value our friendly and helpful staff. Our member research shows you also see room for improvement and expect a better digital banking experience. We are responding.

We have envisioned a customer-centric bank that merges technology with customer service to deliver on our members’ needs, today and for years to come.  Our modernisation is now almost complete, and we will soon unveil a new way of banking with us.

Going live with a new core banking system

A key part of ensuring our sustainability is upgrading our IT systems so we can offer members a more seamless way of banking with us.

This project will allow us to deliver a better, safer banking experience for you today and into the future, while maintaining our focus on our members and giving back to our community.

We will keep you updated on each phase, so please keep an eye out for communications from us.

Most of the work will be behind the scenes and will have no impact on members, but there will be some small changes and actions you’ll need to take.

Once we go live, you’ll find us much easier and more modern to bank with, with the same great service and community focus.

Changes to chequing services

The first change you should be aware of this year is to our chequing services.

As our banking habits evolve, so too must the services offered by banks, including the introduction of new services and the removal of services in decline.

There has been an almost 90 percent decline in the use of cheques in the last 10 years, with cheques now comprising only 0.2 percent of non-cash retail payments as Australians embrace the convenience and security of online banking*. The Australian Government plans to phase out cheques no later than 2030.

Our chequing services will cease on May 8, 2024 and this means we will commence phasing out these services. We will be in contact with all impacted members, to explain the many other payment options available and with a more detailed timeline.

We’re here to help

As we enter the most important transformation in the history of our organisation, we are here to support you through the entire modernisation process.

We’ll keep you posted over the coming months with regular updates from our CEO and the bank.  To learn more, visit our modernisation landing page where you can find key information and updates. You can also reach out anytime for assistance or advice. To get in touch, click here or call 131 728.

Spotlight articles are prepared without taking into account your objectives, financial situation or needs and are published for information purposes only. You should consider the appropriateness of any content to your circumstances. Visit Important documents to access Terms and Conditions and the Financial Services Guide which are currently available electronically for products of Police Bank Limited. Target Market Determinations are available here. Loan applications are subject to lending criteria and credit approval. Interest rates are subject to change. Fees and charges may apply.

*https://ministers.treasury.gov.au/ministers/jim-chalmers-2022/media-releases/modernising-payments-infrastructure-phasing-out-cheques