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NAB Account Closure

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We wish to notify our members that the National Australia Bank (NAB) has advised all credit unions and mutual banks that they will not offer banking services to LCU or our members from March 2022.

Unfortunately, this means that LCU will no longer be able to offer the Corporate Cheques drawn on the National Australia Bank, that have been traditionally accepted in the same way as a bank cheque.

Some of the options that are available to cover all of your payment requirements are:

  • Electronic Funds Transfers (EFT) – these are payment directly to another bank account using a BSB and account number;
  • Bpay payment to a biller code and customer reference number unique to your payment;
  • Osko – this is an instant payment to a PayId or BSB and Account number (to participating banks); 
  • Visa Debit card and Digital Wallet Payments.

For cash deposits – use the LCU BSB 802841 and your member number or nine digit account number to deposit over the counter at any NAB branch. In addition, we are currently investigating other options for depositing cash to your LCU account and we will advise members once these arrangements have been finalised.

Cheques can be posted to LCU at PO BOX 1967 Macquarie  Centre.– ask your friendly LCU staff members to send out some Reply Paid Envelops to use for this purpose.

Another consequence of the NAB account closure is that LCU will only be able to receive payments from overseas through Western Union. Follow this link for more information on this serviceIf your payment details don’t fit the criteria in the form you can email Western Union directly for assistance on inwardtransfers@westernunion.com