MyState Bank & Auswide Bank merger announcement

The merger will create a financially stronger group with a greater East Coast presence. The merger is designed to streamline operations and by integrating our processes and systems, we can reduce costs, improve productivity, and provide enhanced services to our customers.

Both businesses have a customer centric approach, and we will continue to put the customer experience first when making any decisions. There will be no compromises on our customer service and we will communicate any changes with customers well before they occur.

Our merged company is committed to ensuring business as usual for our customers, with seamless continuity in services and the same dedication to excellence you’ve always relied on.

One of our key goals is to enhance the overall customer experience. The merger will enable us to invest in new technologies, expand our service network, and improve the quality of our offerings, leading to better support and satisfaction for our customers.

The main benefits for customers will be:

• Over time, customers will have access to 23 branches, improved digital touchpoints, contact centres and broker networks.
• A broader range of products and services, including funds management, trustee services and asset finance.
• A greater investment in technology.
• A heritage of serving local communities with a strong customer focus.

This merger is part of our strategy to expand our market presence and overtime enhance our service offerings. By combining our strengths with Auswide Bank we will increase the capacity to invest in our customers, new growth opportunities, new capabilities and our people. This will enable us to better serve our customers.

It will be business as usual with no change to your current products and services, and you will continue to be serviced by the same team under the same brand name of MyState Bank.

While it’s business as usual, there are some immediate benefits as a result of the merger. Customers of both MyState Bank and Auswide Bank can benefit from free ATM transactions across both banks. This means an MyState Bank customer can use an Auswide Bank ATM, and an Auswide Bank customer can use an MyState Bank ATM, without incurring any fees.

The Financial Claims Scheme (FCS) is a government-backed safety net for deposits of up to $250,000 per account holder per ADI.

Both MyState Bank and Auswide Bank are covered independently by the FCS. This means that if customers have deposits at both banks then they are covered for up to $250,000.

Auswide and MyState Bank have recently merged to create a stronger and more unified financial institution. However, during the transition period, customers from either bank are still required to transact exclusively within their original banking network, excluding the use of ATM’s as stated above. This means that while the merger signals a future where services and accounts will be fully integrated, customers will need to continue using their respective bank’s branches and digital platforms for banking activities.

A decision regarding the name of the merged entity has not been made at this time. Our businesses will continue to operate under their existing brands – MyState Bank, Auswide Bank, SelfCo and TPT Wealth.

As we move forward with the merger between MyState Bank and Auswide Bank, our goal is to ensure a seamless transition, while keeping your security as our highest priority.

Unfortunately, news of a merger can attract scammers, who see the opportunity to attempt fraudulent activities. There is a possibility you could receive emails or phone calls from fraudsters purporting to be from MyState Bank / Auswide Bank about the merger and asking you to verify your account information.

Please stay vigilant and follow these guidelines to protect yourself:

Verify communications

If you receive a suspicious message, phone call or email claiming to be from MyState Bank or Auswide Bank, do not provide or verify your personal or banking information.

Contact our Customer Care team directly on 138 001 - Monday to Friday - 8am to 6pm (AEDST) or Saturday – 9am to 1pm if you are suspicious about a text message, phone call or email you have received.

Beware of phishing attempts

Phishing scams are attempts by scammers to trick you into giving out or verifying personal information, such as your bank account numbers, passwords and card numbers.

Phishing warning signs:

• You receive an email, text message or phone call claiming to be from a bank, telecommunications provider, or other business you regularly deal with, asking you to update or verify your details.
• You receive an email or text message asking you to click on a link which takes you to a website which appears to be MyState or Auswide online banking;
• The email or text message does not address you by your proper name and may contain typing errors and grammatical mistakes.
• The website address does not look like the address you usually use and is requesting details the legitimate site does not normally ask for.
• You notice new icons on your computer screen, or your computer is not as fast as usual.

Do not click on any links or open attachments from emails claiming to be from your bank or another trusted organisation, asking you to update or verify your details – just press delete.

We will never ask you for your online banking password, card PIN, or SMS verification codes. If you ever have any concerns about an incoming call you have received from someone claiming to be from MyState Bank or Auswide Bank, hang up and contact us directly.

Use official channels

For information about the merger, visit mystate.com.au/merger

Stay vigilant

• Do not click on suspicious links in text messages or emails.
• Do not open or download any attachments or apps from unknown sources, these can install malicious software on your device.
• Always double-check sender details and watch out for slight variations in the sender’s details.

If in doubt about the legitimacy of a phone call or email, verify by calling us direct.

• STOP – Don’t give or verify your personal information with anyone.
• CHECK – Ask yourself, could the message, call or email be a scam.
• PROTECT – Act quickly if you believe a scammer has obtained your personal or banking information by contacting your bank.

We are committed to keeping your information secure and will provide regular updates about the merger process.

Yes nothing is changing. It is business as usual. This may change over time however customers will be given sufficient notice of changes.

Please be assured that our commitment to delivering exceptional service remains our highest priority. We are actively working to make the transition as seamless as possible and are implementing measures to maintain—if not improve— the quality of service you have come to expect. If you ever have concerns or feedback, our customer service team is here to assist you.

As part of the merger, we are combining the strengths and resources of both banks to enhance our customer experience. This includes investing in improved technology, expanding our service offerings, and ensuring that our team is well-equipped to support your needs.

We have no plans to close any branches as part of the merger. Our goal is to ensure continuity and convenience for our customers while leveraging the strengths of both banks.

In fact, the branches of both banks is a key reason for this merger as it allows us to expand our reach and better serve our local communities. This merger is designed to bring even greater value to our customers while maintaining the local presence you rely on.