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The Rock, a building society that was bought by a Tasmania-based banking group in 2011, is to rebrand from next month.
The Rock Building Society was acquired by MyState Group in 2011, but it has been operating under its own name over the past seven years.
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MyState has now announced that The Rock brand will transition to the MyState Bank brand from “early December”.
According to the Tasmania-based group, the Rockhampton-based building society brand had been “carefully transitioning” to MyState Bank’s brand over the past few years, and the final step to bring the brand under the MyState Bank umbrella was made following “significant investment in the group’s technology platforms and services”.
As of “early December”, The Rock online services will therefore be branded MyState Bank and customers will be able to set up logins on the MyState Bank app.
Customers will also be able to apply for and open new transaction, term deposit and loan accounts online.
Those with existing The Rock home loans will receive statements branded MyState Bank; however, their account details will not change.
Those applying for loan increases will need to fulfil guidelines for MyState Bank.
Customers will also be able to redraw more easily under the new system, with only one person required to approve a loan redraw.
Brokers have been assured that the transition will not impact payment of trail commissions on The Rock products.
For customers with a RockStar Package product with an annual fee, the switch to MyState Bank product will see the annual fee removed.
Where an offset is required, a fee of $8 per month will be charged and there is a maximum of one offset account per loan.
Once assessed and approved, the customer will be provided with either a new loan contract or a variation letter outlining the change to their loan account including a revised fee schedule.
Customers of The Rock will be able to continue using their Visa debit cards as normal, but they will receive a MyState Bank Visa debit card once it expires.
[Related: Strong broking industry ‘fundamental’ to competition: Bank CEO]
