Important update on the future of Maleny Credit Union
As advised in September this year, the MCU Board have been actively developing strategies regarding the restructuring of our business. I am now in a position to confirm that the Board has unanimously resolved to engage in a transfer of our banking business to Queensland Country Bank.
The transfer will take place in early 2021, with amalgamation of our banking system into Queensland Country’s currently scheduled for late February. Key elements of the agreement are as follows:
- Bunya House will remain an asset of the Maleny community;
- The Maleny Charitable Trust will remain an asset of the Maleny community;
- MCU’s Member Investment Shares will be repaid in full by Queensland Country;
- Queensland Country will become a rent-paying tenant of Bunya House and maintain a full-service branch in the current location;
- Access to a range of enhanced banking alternative including a modern internet banking platform, a banking app and new payment methods such as ApplePay and Google Pay.
In choosing Queensland Country as a partner, we have selected an organisation that shares our strong commitment to the needs of their members and the communities in which they operate. By retaining ownership of Bunya House and the Maleny Charitable Trust, MCU members will have access to a wider range of banking products and services while retaining the independence to fund local community projects that matter.
We appreciate members will have a number of questions regarding the transfer and will provide you with further information in the coming months. A list of frequently asked questions will be posted to our website this week. Alternatively, you are welcome to email any immediate questions you have to firstname.lastname@example.org or drop into Bunya House to speak with one of our team.
We thank you for your ongoing patience and support.
The MCU Team