You can now use online banking to request a Temporary increase to your Daily Payment Limit.
We are providing a ‘Self-Service’ option to make it easier for Bank First Members to request a temporary increase of up to $20,000 to their Daily Payment Limit.
You simply log in to Internet Banking, complete the form and submit. Here is what you need to know.
From Tuesday 2 May 2023, we are adding a self-service option to allow members to make a payment above their Daily Limit. A temporary increase to the Daily Limit for external payments can be made via Internet Banking. Once submitted, the temporary limit increase lasts for 2 hours for any one-off higher payments.
We have heard Members feedback. This facility allows Members to quickly and easily increase their daily payment limit on a temporary basis, safely and securely at a time that suits them.
Log in to your Internet Banking account and complete the ‘Temporary Daily Limit Increase’ form under the ‘Transfers’ Menu.
Simply enter the temporary limit amount you require to make your payment and select if the limit is to be applied to an OSKO or Standard payment type. You will then be required to verify your identity by entering a one-time password sent to the mobile on your account via SMS. Click submit.
That is all you have to do!
NOTE: If you do not have a mobile device you will need to give us a call to increase your limit.
You will receive an SMS saying that your temporary limit has been increased & will be valid for 2 hours from the time of the request.
The standard daily payment limit is $5,000. You can request an additional temporary limit up to a maximum of $20,000.
The same maximum temporary limit applies if you have a non-standard payment limit.
If you require a higher amount or receive notification that your request cannot be processed, please call 1300 654 822 Mon - Fri 8-6pm AESDT.
Most financial institutions accept OSKO payments (used to pay anyone in near real time), however if it is your first time paying to that payee or you are unsure we suggest using the Standard Payment Facility (used to pay anyone within 2 business days).
Joint accounts currently allow each account owner to transact separately according to their own daily payment limits. This will remain unchanged.
Each party to a joint account can apply to have a temporary limit increase of up to $20,000 per day.
The new Member limits continue to apply to all accounts regardless of whether they are individual or joint.
Your standard permanent limit will remain at $5,000 (unless you previously requested a non-standard limit).
Our Internet Banking service is a safe and secure service that has been subject to rigorous security testing, but it is always important to stay vigilant with your banking. Remember to check your account regularly and alert us immediately if you notice an unauthorized transaction. When making an external payment, take care to ensure the payee’s account details are correct as it may be difficult to retrieve money sent to an invalid or incorrect account.
Visit our fraud and scams page to keep learning about simple steps that you can take to protect your account.
As always, your financial security is our priority. We have high standards in place to protect you and your money, which you can learn more about how we protect you.
We’re here to help. Please contact us to discuss your question.
