What is happening?
A merger of Queenslanders Credit Union with Queensland Country Credit Union.
When is it happening?
The legal merger of the two credit unions occurred on 1 April 2018. However, members won’t notice many changes until the database merger, which will happen on the weekend of 4-5 August 2018. The database merger will involve the amalgamation of our products and fees, and a change to phone and internet banking.
What is the goal?
To build a genuine, customer-owned alternative to the big banks for ALL Queenslanders.
What specific benefits will the merger bring to Queenslanders members?
- Access to a larger branch network, including 33 branches and agencies stretching from Stanthorpe in the south to Weipa in the north and west to Mount Isa.
- Extended operating hours through a contact centre open from 8am to 6pm weekdays, and 8.30am to 12.30pm on Saturdays.
- A fully functioning banking app, designed specifically to provide an optimal banking experience on mobile devices.
- A more user-friendly internet banking experience.
- Faster access to new technology advances, such as the upcoming introduction of real-time payments (New Payments Platform).
- Access to a wider range of products and services, including an award winning health fund.
What will the merger achieve?
- A stronger, more resilient, Queensland centric, mutually owned organisation.
- Significant operational savings from head and back office synergies, which could be used to fund improved services and functionality.
- The opportunity to grow, without sacrificing the unique relationship we currently hold with our customers.
- An improved range of products, services and access channels for customers.
- An enhanced commitment to our customers, communities, and the customer-owned banking model.
What will the merged credit union look like?
- Total assets over $2 billion.
- The 12th largest customer-owned banking organisation in Australia.
- The second largest credit union in Queensland.
- Approximately 380 staff.
- 33 branches and service centres.
Will my local branch remain open?
- In line with the desire to grow the credit union in South East Queensland, the merged organisation has committed to retaining the current Queenslanders Brisbane CBD branch, together with branch representation in Ipswich.
- The current lease for the Queenslanders branch in Townsville expires prior to the merger. While Queenslanders had made a decision to close the branch upon expiry of the lease, it will now be retained until the official merger date to ensure continuity of service to members.
- The location and number of branches comprising the combined branch network may be reviewed over time in line with normal strategic and business plans.
Will my current banking products change?
- The merged organisation will adopt the products and pricing structure of Queensland Country, with minor changes as necessary to meet a better off overall test.
- Rates will not change for fixed rate loans and term deposits.
- It is intended that our members will not be disadvantaged overall with respect to benefits and pricing.
Who will lead the merged organisation?
- Bruno Cullen, the current Chair of Queensland Country, will continue to be the Chair following the merger.
- Christine Flynn, the current Chair of Queenslanders, will be the Deputy Chair.
- Aileen Cull, the current CEO of Queensland Country, will lead the merged organisation.
- John Weier, the current CEO of Queenslanders, will retire as an employee and assume a position on the Board of the merged organisation.
Do I need to do anything?
All members should have received personalised communication with everything you need to know, including how your everyday banking will be affected. Please ensure you read every communication you receive from us to avoid inconvenience as much as possible.