On 2 August 2011, Rural Bank and Australia Post announced that they are proposing to join forces to distribute Rural Bank products and services through selected Australia Post outlets across Australia.
Rural Bank is proud to be partnering with one of Australia’s most recognised and trusted brands. This proposed partnership will give more people access to Rural Bank’s range of competitive transaction, savings and investment products, as well as specialised lending for Australian agribusiness. For more details, download our Customer Information Sheet or click on the headings below.
About the proposed agreement
What is happening?
Rural Bank and Australia Post will work together in the future to distribute Rural Bank products and services through selected Australia Post outlets in rural and regional locations across Australia.
What are the benefits of the prposed agreement?
The proposed agreement allow Australia Post and Rural Bank to provide additional banking services to customers based in regional and rural Australia.
Members of the public looking for an alternative provider for their personal banking can benefit from Rural Bank’s competitively priced transaction and deposit products, as well as the convenience of the Australia Post network nationally.
It also provides primary producers with greater access to lending products specifically designed for their unique needs.
Will this be an exclusive arrangement?
No, Australia Post will continue to provide banking services for other financial institutions in addition to those offered by Rural Bank.
Similarly, Rural Bank’s existing arrangements with Elders, Bendigo Bank and Ray White Rural remain unchanged.
Who owns Rural Bank?
Rural Bank is a wholly owned subsidiary of the Bendigo and Adelaide Bank Group.
When will the proposed agreement come in to effect?
We anticipate that the first Australia Post branches will come on line towards the end of the year.
How will it work
Which Australia Post branches are included?
This initiative will see 1400 Australia Post outlets in rural and regional areas offering Rural Bank financial products. Rural Bank loans will also be available at 130 of these post offices through a Rural Bank Business Development Manager.
What about ATMs?
Rural Bank customers can already use Bendigo Bank and Suncorp ATMs across Australia without incurring foreign ATM fees. Customers who join Rural Bank through Australia Post will also have access to these ATMs.
What will it cost the customer?
Rural Bank is working to deliver customers a range of competitively priced offers. More details will be available at www.ruralbank.com.au
I am concerned about privacy – how secure is my personal information?
Both Rural Bank and Australia Post are strongly committed to protecting customers’ personal information. Details of their respective privacy statements can be found on the Rural Bank and Australia Post websites.
Will I be able to do my banking (opening accounts and transacting) in private?
Details around how banking products and services will be provided in Australia Post outlets are still being determined, with customer service and privacy considerations being key areas of focus.
How do I find out more about Australia Post?
Information about Australia Post is located on the Australia Post website, www.auspost.com.au
Products, cards and access
What products will be available through Australia Post?.
Rural Bank is committed to providing a range of competitive products and services to Australia Post customers. These will include:
- Everyday transaction accounts
- Savings and investment accounts
- Agribusiness lending (by referral only)
- Seasonal accounts and Farm Management Deposits
How will I apply for Rural Bank products in Australia Post outlets?
In the first instance you will be able to apply for Rural Bank deposit products in an Australia Post outlet by completing a paper-based application form.
All enquiries for agribusiness lending will be referred to a Rural Bank Business Development Manager who will work with you to assess your lending requirements and develop a lending solution that meets the unique needs of your agribusiness.
What about identity verification?
Customers who open accounts through Australia Post outlets will be required to satisfy identity verification requirements. Your local Post Office staff will be able to assist you.
Will I get my account and number immediately?
Australia Post staff will take your account application and complete identity verification checks for Rural Bank deposit products. Once your application is completed it will be sent to the Rural Bank Customer Service team for processing within one business day.
Lending applications will be completed by a Rural Bank Business Development Manager.
Will the products in Australia Post outlets be the same as those available elsewhere?
Rural Bank will deliver Australia Post customers a range of competitively priced offers. More details will be available at launch.
Will Australia Post branches have ATMs?
Customers of Rural Bank will be able to use Bendigo Bank and Suncorp ATMs across Australia to access their Rural Bank accounts.
Will customers receive cheque books?
Rural Bank transaction accounts offer customers a range of convenient access facilities including cheque books, ATMs, EFTPOS, Internet and Phone Banking.
Existing Rural Bank customer considerations
How does this proposal benefit existing Rural Bank customers?
Initially, the introduction of the Australia Post network gives existing Rural Bank customers increased transactional banking access for both personal and business banking accounts. Over time, the Bank will work closely with Australia Post to develop other benefits for customers.
I’m already a Rural Bank customer. Will I be able to transact in Australia Post branches?
As a Rural Bank customer, you can already transact at Australia Post branches using the Bank@Post facility.
Do I need to move my accounts to Australia Post?
No. The partnership with Australia Post is in addition to our existing networks. Rural Bank customers are not required to move, change or make any amendments to their accounts.
About Rural Bank
Who is Rural Bank?
Rural Bank Limited is a wholly owned subsidiary of Bendigo and Adelaide Bank. Rural Bank is committed to providing a leading, specialised banking service to individuals, primary producers and businesses. As part of the Bendigo and Adelaide Bank Group, our customers also benefit from the broader capabilities offered by Bendigo and Adelaide Bank.
Rural Bank customers are predominantly based in rural and regional Australia, although many of our deposit customers are from metropolitan areas.
Is Rural Bank Australian owned?
Yes. Rural Bank is 100% Australian-owned.
Is Rural Bank only for farmers?
No. Our name may reflect our country heritage, but all Australians looking for an alternative provider for their personal banking can benefit from Rural Bank’s competitively priced transaction and deposit products.
While Rural Bank customers are predominantly based in rural and regional Australia, many of our deposit customers are from metropolitan areas.
Is Rural Bank safe?
Since its inception in June 2000, Rural Bank has been providing specialised banking services and products to rural Australia and has maintained its conservative approach to financial management.
Rural Bank Limited, like all Australian banks, is a licensed Authorised Deposit taking Institution (ADI). The Bank is regulated by the Australian Prudential Regulation Authority which sets and enforces stringent prudential standards designed to ensure ADIs meet their obligations to depositors. Rural Bank is a wholly owned subsidiary of the Bendigo and Adelaide Bank Group.
Why should I deposit my money with Rural Bank?
When you choose Rural Bank, you can be confident you are investing with a safe, Australian financial institution committed to the financial well-being of its customers.
All deposits* with Rural Bank are covered by the Australian Government Deposit Guarantee. Deposits with Rural Bank are reinvested back into rural and regional Australia.
* Total deposits up to $1 million are covered by the Australian Government Deposit Guarantee. Deposits over $1 million can not be guaranteed. For details visit www.apra.gov.au
Is Rural Bank part of Elders?
No. Whilst Rural Bank distributes products and services through the Elders network, it is a wholly owned subsidiary of the Bendigo and Adelaide Bank Group.
Rural Bank products and services are also available through Bendigo Bank AgriManagers and selected Ray White Rural agents.
What is Rural Bank’s relationship with Ray White Rural?
In 2010, Rural Bank and Ray White Rural formed a strategic business partnership that sees accredited Ray White Rural agents nationally referring agribusiness lending enquiries to Rural Bank. Rural Bank continues to value this relationship and the new arrangement with Australia Post will provide customers with additional benefits through expanded access.
Does Rural Bank have its own branches?
Yes. Rural Bank has 2 metropolitan investment centres – 7 Grenfell Street, Adelaide and 12 St Georges Terrace, Perth.
How accessible is Rural Bank outside of Australia Post?Customers can access Rural Bank in a number of ways, including:
- Large network of ATMs incorporating Bendigo Bank and Suncorp
- Internet Banking
- Phone Banking
- Australian-based Call Centre (1300 660 115)
- Online account application and opening through www.ruralbankone.com.au
- Investment Centres in Perth and Adelaide, with more planned
- www.ruralbank.com.au
