Fees and Charges
*Please click on the links below for our most up to date fee schedules:
How To Avoid Paying Transaction Fees With MCU
1. Sign up to Internet Banking: This gives you free access to;
- details of balances & transactions;
- fund transfers between your own accounts, another MCU account or externally
- paying your bills using Bpay or Direct Debit
regardless of how often you use them.
2. Apply for a Visacard: Use your own funds or your pre-approved MCU overdraft with your Visa Debit Card wherever the Visa symbol is displayed.
Specify that you wish to pay by Visa by selecting the “Credit” button and “PIN” for your purchase. These are free transaction regardless of how often you use them.
3. Pay your regular payments by Direct Debit. This is a free transaction regardless of how often you use it.
4. Withdraw cash from the ATM situated at the front of the credit union or if away from Maleny, withdraw larger amounts less frequently from ATMs.
5. Avoid overdrawn/overlimit fees, always ensure you have sufficient cleared funds in your account to cover all withdrawals.
Our Fee Policy
Fee income contributes to the financial sustainability of the credit union. It allows the credit union to recover servicing costs and makes it possible for us to introduce more competitive interest rates. Fees are also an important signal to members about the credit union’s cost of operation.
To recover all reasonable costs of providing services to members taking into account the following considerations:
- Equity – MCU’s fees will be based on the user pays principle so as to minimize cross member subsidization.
- Affordability – MCU has a policy of financial inclusion. Special consideration will be given when introducing fees that could effectively exclude low income earners from basic banking services.
- Value for money – MCU will adopt a low fee structure relative to our immediate and direct competition. This point of difference is a source of competitive advantage in providing members’ value for money.
- Transparency – MCU will maintain a plain English fee schedule that is readily available to all members. Members will be given a minimum of 30 days notice, or in accordance with legislation, if any fees change. MCU statements will detail any fees paid by the member.
- Education – Education will be provided to members to explain the credit union’s fee structure, enabling members the opportunity to minimize the fees they pay.