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When will MCU’s banking business become part of Queensland Country Bank?

The transfer of MCU’s banking business to Queensland Country occurred on 1 March 2021. 

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How will I access my internet banking between now and the banking system amalgamation (21 March 2021)?

From 1 March 2021, the current MCU website has been automatically redirected to queenslandcountry.bank/mcu. To access your MCU internet banking between 1 March 2021 and 19 March 2021, simply select the “Internet Banking - former MCU members” button on that page. During this time, you will need to continue using your current MCU login details.

The system amalgamation will commence at 5.00pm on Friday 19 March.  At this time, MCU internet banking will be switched off and you will no longer be able to access details within the MCU internet banking system. 

Unfortunately, any future dated payments that you have established within your MCU internet banking will not transfer to your new Queensland Country internet banking and will need to be re-established after 21 March 2021. Any regular internet banking payments that you have saved as “favourites” within your MCU internet banking will also not be viewable after the amalgamation. We encourage you to record the details of these “favourites” prior to Friday, 19 March so you can reload them manually into your Queensland Country internet banking after the system amalgamation is completed. 

Once the system amalgamation is completed on 21 March 2021, your new Queensland Country internet banking system will be ready to use. Please ensure you login using your new Queensland Country Membership number and the new password that will be communicated to you between 20-21 March 2021.

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When will my MCU accounts convert to Queensland Country Accounts?

The amalgamation of the two banking systems will commence on Friday, 19 March and will be completed at some stage on Sunday, 21 March. When the amalgamation is completed, you will commence using your new Queensland Country BSB and Membership number and your existing MCU accounts will have converted to a closely matched Queensland Country account.

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When will the banking system conversion be completed?

Due to significant differences in the two computer systems it is difficult to know an exact time on Sunday, 21 March that the amalgamation will be completed. We are confident, however, that it will be completed during that day.

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How will I know when the banking system amalgamation is complete?

An SMS message or email will be sent to MCU members from Queensland Country when the amalgamation is completed on Sunday, 21 March.

Updates on the progress of the amalgamation will also be posted to the Queensland Country website and Facebook page during the course of the weekend.

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Will my access to the money in my account be interrupted?

Yes. Internet banking and your access cards will be unavailable from 5.00pm 19 March until the system amalgamation is completed. During this time, you will be unable to access internet banking to check balances, pay bills or transfer funds between accounts.

It is important to make arrangements such as withdrawing cash or transferring funds to another banking institution so you are not inconvenienced if you require funds during the weekend.

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Should I withdraw some extra cash prior to the amalgamation of the banking systems?

While we are working hard to minimise the length of time access cards may be unavailable, we do encourage you to withdraw some cash prior to close of business on Friday, 19 March to ensure you are not inconvenienced if you require funds over the course of the weekend.

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When should I stop using my MCU card?

You will be posted a new Queensland Country access card in the lead-up to the banking systems amalgamation. You should continue using your MCU card for all transactions up until 5.00pm Friday 19 March when the banking system amalgamation commences.  You will then switch to your new Queensland Country access card.

You will not be able to access funds in your account using your MCU access card after the banking system amalgamation has commenced.

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How will I know to start using my Queensland Country Bank card?

An SMS message or email will be sent to MCU members from Queensland Country when the amalgamation is completed on Sunday, 21 March and a message will be posted to Queensland Country’s website and Facebook page. You should start using your Queensland Country access card as soon as you see these messages.

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Will my Queensland Country access card have the same PIN as my MCU card?

No. You will have a new PIN for your Queensland Country card. It will be mailed to you around the same time as the new card.

If you have not received your new PIN, you are able to nominate a PIN of your choosing once your new Queensland Country internet banking is operational. Information on how to select your own PIN can be viewed on page 18 of our Internet Banking Guide.

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Will I need to call and activate my Queensland Country card?

No, your Queensland Country access card will be ready to use as soon as the banking system amalgamation is complete.

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Can I use Apple Pay or Google Pay with my new Queensland Country access card?

Yes, our Digital Wallet facility allows purchases to be made on compatible Apple or Android mobile devices anywhere that accepts contactless payments. 

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How will I know when internet banking is available via the Queensland Country website?

An SMS or email message will be sent to MCU members from Queensland Country when the amalgamation is completed on Sunday, 21 March and a message will be posted to Queensland Country’s website and Facebook page. You can start using your Queensland Country’s internet banking as soon as you see these messages.

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Will my internet banking password be the same?

No, you will have a new password for internet banking with Queensland Country. 

The new password will be communicated to you via SMS message or email between 20-21 March 2021.

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How do I access the Queensland Country banking app?

The Queensland Country banking app is available in both the App Store and Google Play, and will be available for your use after 21 March. Before you can use the app, you must first register for internet banking and two-factor authentication. 

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What is two-factor authentication?

Queensland Country’s internet banking brings a higher level of security, with transactions such as establishing a funds transfer outside your account requiring authentication via an SMS, a soft token app on your phone, or a physical token. Detailed instructions on how to establish two-factor authentication can be viewed on page five of our Internet Banking Guide

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Will I be able to send real-time payments through internet banking and the app?

Yes. Known by a number of names - real-time payments, Osko, or the New Payment Platform (NPP) - this service allows you to send money to people at participating banks almost instantly by selecting “To PayID” when establishing the payment within internet banking or the app. Details of how to register and make real-time payments can be viewed on page 11 of our Internet Banking Guide

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Will the fees change on my transaction accounts change?

Yes. All former MCU accounts will merge into a Queensland Country account and will adopt the transaction fee structure associated with that account. You can view all the features, benefits, fees and interest rate information for you new account type by following the link below. 

Current MCU account type New Queensland Country Bank account type
Everyday Savings All Access account
Senior Advantage Pension Plus account
E Saver Online Saver account
Serious Saver Online Saver account

You can also view our full Conditions of Use and Fees and Charges brochures at any time. 

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I had a Senior Advantage account at MCU, but I don’t meet the criteria for the Queensland Country Pension Plus account. Can I still have a Pension Plus account?

Yes, we appreciate that the conditions of these two accounts are slightly different, however as the Pension Plus is the closest account Queensland Country offers to the MCU Senior Advantage, you will be able to retain your existing account even if you don’t meet the criteria for the account.

Should you wish to open an additional account in the future, you will need to meet the eligibility criteria for the account.

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I think there is a Queensland Country transaction account that is better suited to my needs. How do I switch to it?

Unfortunately, we are unable to switch you to a preferred Queensland Country account type until after the banking system amalgamation has been completed.

From Monday, 22 March, you can visit your local branch or call Queensland Country if you would like to change the type of accounts you hold or wish to open additional accounts from the expanded range available through Queensland Country.

Should you require additional accounts, you are also able to open an All Access account; Christmas Club; Bonus Saver; or Online Saver within Queensland Country’s internet banking by selecting the “Apply” icon.

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What changes apply to loans?

Your loan will retain the same interest rate, term and advance payments as it currently holds with MCU.

Members with loans will have received a separate communication regarding a change to the terms and conditions of your redraw facility.

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What will change regarding my loan redraw?

The letter sent to borrowers details all the changes to the redraw facility, however the main change you will notice is that the minimum redraw amount will increase to $1,000 and $250 for home loans and personal loans respectively.

Members with advance funds in their home loan redraw facility that find the new minimum redraw amount an inconvenience may wish to consider opening a linked Queensland Country Mortgage Offset account. The credit balances in this account provide a 100% offset against the interest you are charged on your home loan each month while offering the flexibility of withdrawing any amount of funds through a linked Visa Debit card, via internet banking or though the banking app.

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What will be my new BSB?

Queensland Country’s BSB is 704-640.

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Will the branch hours change?

From 1 March 2021, your Maleny branch of Queensland Country Bank will operate from 9.00am to 4.30pm, Monday to Friday.

Following the amalgamation of the banking systems, you will also have access to the Queensland Country contact centre by calling 1800 075 078. The contact centre is open:

Monday, Tuesday, Wednesday and Friday 8.00am to 5.30pm
Thursday 9.00am to 5.00pm
Saturday 8.30am to 12.30pm

 

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Will I need to contact suppliers to update details for direct credits to and recurring debits from my account?

Queensland Country will re-direct any existing direct credits or debits associated with your MCU BSB and account number to your new account.

If you have setup BPAY payments or direct debits from your account using your MCU card number rather than your BSB and account number, you will need to provide the supplier your new Queensland Country card number after 21 March. We also suggest updating the card number in other apps where it may be stored (e.g. PayPal) to avoid any inconvenience.

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How do I learn more about the private health insurance available to Queensland Country Members?

Queensland Country Health Fund* offers a comprehensive range of hospital and extra cover designed to suit the needs of Queenslanders. More information regarding the range of policies available can be viewed at www.queenslandcountry.health

 

* Health insurance is provided by Queensland Country Health Fund Ltd ABN 18 085 048 237

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I have a loan at another lender. Am I able to apply to refinance it to Queensland Country?

Absolutely. We have a complete range of home, personal, and business lending products~ designed to suit your needs. You can apply for a loan at your local Maleny branch; online; or via our contact centre. 

 

~ Normal lending criteria, terms and conditions apply and are available on request. Fees and charges are payable.

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I could use some help managing by bills. Can Queensland Country help with that?

Yes, our SmartBudget product is a unique budgeting tool that allows you to smooth your regular bills over 12 months. 

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Will I become a member of Queensland Country Bank?

Queensland Country Bank is a mutual organisation, like MCU, and is therefore owned by its members. In transferring the banking business, MCU members will be allocated a member share in Queensland Country Bank.

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Will Queensland Country assume ownership of Bunya House?

Bunya House will remain an asset of MCU Ltd and will not transfer to Queensland Country. Queensland Country will become a tenant and will continue to operate a branch in the building.

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Will the Maleny Charitable Trust remain in place?

The existing Community Foundation will also remain an asset of the Maleny community and its trustee will remain unchanged

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Will MCU Members benefit from the transfer of the banking business?

Yes. All MCU Members will be allocated a Member share in Queensland Country Bank, making them a part-owner of the organisation.

Our analysis of the products and services offered by both organisations indicates that MCU Members are likely to have access to a more competitive range of banking products and services following the transaction. This will include access to a modern internet banking service; a banking app; and access to ApplePay and Google Pay digital wallets.

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Will MCU Member Investment Shareholders (MIS) be paid out?

Yes, MIS holders will paid out at face value. This will occur 30 days from the effective date of the transfer of the banking business.

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Previous sale proposals presented to the MCU Membership allowed for a cash payment to Members. Why will such a payment not be made under the current transfer proposal?

Like MCU is now, Queensland Country Bank is a member-owned organisation where each customer is a part-owner of the organisation. This is an operating model that has served MCU well for many years and is a structure that Queensland Country is committed to retaining in the future.

An important part of the member-owned banking model is that accumulated profits are reinvested back into communities. As part of this transaction, and in lieu of a payment to Members, the Maleny community will instead retain ownership of Bunya House and the Maleny Charitable Trust as a community resource. This will ensure the Maleny Community continue to have influence and control over the funding of local projects that matter most to members of the community.

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Does Queensland Country offer business banking services?

Yes. Queensland Country is able to provide a range of business banking services including lending for small businesses. These business banking services will be offered in Maleny.

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Does Queensland Country Bank provide any additional services other than banking?

Yes, Queensland Country also offers private health insurance through a subsidiary company. Queensland Country Health Fund provides Members with quality, value for money private health insurance and this service will be made available to MCU Members following the transfer of the banking business.

Queensland Country also partners with the Insurance Australia Group to offer home, contents, motor vehicle, landlord and other types of general insurance.

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Does Queensland Country Bank invest in fossil fuel industries?

While Queensland Country operates some lending for small businesses, the majority of our assets are loans to consumers for homes, motor vehicles and other personal purposes. Excess funds are invested with other Authorised Deposit Taking Institutions (ADIs) that are regulated by the Australian Prudential Regulatory Authority. Investments may take the form of bank accounts, term deposits, bank bills, certificates of deposit and debt securities.

Queensland Country does not invest directly in the fossil fuel industry.

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Will I still be able to deposit funds to my account through Westpac branches?

This facility will no longer be available. You will, however, be able to make deposits and withdrawals to or from your Queensland Country Bank accounts using your access card at any Australia Post via their [email protected] service. 

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Will the interest rate or term of my Fixed Term Deposit change?

No, your Fixed Term Deposit will be transferred to Queensland Country with the same interest rate and same remaining term.

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Will the ATM remain in place?

The ATM is owned by the MCU Charitable Trust and was not transferred to Queensland Country Bank with the transfer of banking business. It will be removed as part of the refurbishment.