Latest News - Intech Credit Union
|Below you will find our latest news items. |
|If you would like any further information, please contact us.|
Merger Vote SuccessfulAt the AGM held on 22nd November, members voted on the merger with Bank Australia.
Including proxy votes received prior to the meeting, 875 members voted in total, with 839 voting for the merger and 36 against.
This means that 96% of members approved the merger, exceeding the 75% majority required. As such, the merger will proceed.
This is to some extent a bittersweet decision. Intech has a proud history as an independent credit union but the Board, management and the majority of members who voted, agree that to continue to provide you with great products, great rates and great service we need to be part of something bigger. Whilst we will lose some of our independence through this merger, Intech Credit Union will soon emerge as Intech Bank, a division of Bank Australia.
As you may know, Bank Australia is a customer owned responsible mutual bank employing around 350 staff providing banking services to 130,000 customers. Your board considers them to be one of the most financially robust mutual banks in Australia with a strong alignment to Intech’s target market. Their origins go back to the CSIRO with roots in the S.T.E.M. (Science, Technology, Engineering and Maths) sectors. CANSTAR selected Bank Australia as the 2016 Customer Owned Bank of the year due to the overall value offered by their product suite.
Now that our members have approved the merger we are seeking final approval from our regulator APRA and will merge on 1st January 2017.
On that day very little will change from a member and operational perspective. Over the first half of 2017 we will gradually bring the businesses together from a product, technology and operations perspective. We will try to keep change to a minimum and we will communicate any changes in good time.
In the meantime please continue banking with us in the usual way.
Change to Interest RatesFollowing the announcement by the Reserve Bank to cut the official interest rate by 25 basis points to a new low of 2.25%, the credit union has made changes to interest rates across our loan and deposit products.
|Click here to view our new interest rates|
|For new loan and term deposit products the updated rates are effective from 10th February 2015|
For existing applicable loan and at call savings products the updated rates are effective from 2nd March 2015.
RBA reduces cash rate by .25 basis points.Today the Reserve Bank of Australia announced a reduction of 25 basis points to the cash rate, from 2.5% to 2.25%.
We will be announcing any changes to our interest rates by the 13th February.
Retirement Maximiser Rate Tier ChangeFollowing a change in the official government deeming rates, Intech Credit Union will be changing the Retirement Maximiser account interest rates tiers as follows:
|The changes will be effective from 9th October, 2014.|
Intech Credit Union supports national campaign for a stronger, fairer banking systemIntech Credit Union has welcomed a new national campaign by the Customer Owned Banking Association for a stronger, fairer financial system.
|The TV campaign asks why billions of dollars in subsidies are given to Australia’s big four banks, supported by the Australian taxpayer.|
With an interim report into Australia’s financial system just weeks away, Intech CEO Robert King said it was time for a national debate about the Government financial support to four of Australia’s most profitable companies.
“We need a stronger, fairer banking system – one that stops delivering unfair advantages and subsidies to the big four,” Robert said.
“Our community needs to understand the Financial System Inquiry is not just another Government inquiry, it will have a real impact on the future of their banking services.”
The COBA TV commercial highlights the problem of our ‘too big to fail’ banks, where the big four would be bailed out by the government in a crisis.
The campaign, launched on 12 June 2014 on television, radio, online and in print uses four large skyscraper buildings growing bigger and bigger to highlight the reduction of competition and choice for banking consumers.
A report released earlier this year by Morgij Analytics estimated the subsidy to be worth $2.5 billion.
“We welcome this constructive debate about the future of our banking system, where consumers come first and a more competitive system emerges,” Robert said. “Customer owned banking organisations have taken a leading role in advocating for a better system and level playing field and we are right behind this campaign.”www.balancebanking.com.au
Changes to ATM Transaction FeesIntech Credit Union wishes to advise it's Members that from 1st July 2014, transactions performed at our own rediATMs will incur a $1.20 fee per transaction.
This change brings our fee structure in line with charges for all other rediATMs, and like any transaction fee incurred at another rediATM, this fee can be covered by your Member Bonus Allowance.
Message from the Chairman, Graeme Smith
|Robert brings substantial experience in retail financial services, as well as significant leadership experience and a strong understanding of the mutual banking industry. He has held senior executive positions in retail banking, insurance and mortgage institutions, including at ME Bank, Newcastle Permanent Building Society, and Citibank. Robert’s particular expertise in sales, distribution and product management gained in these roles will be of great benefit to the Credit Union.|
|The Board and staff are looking forward to working with Robert and strengthening the positioning of the Credit Union in the ICT industry and achieving ongoing success in the customer owned banking sector.|
|He is eager to engage with Intech & Telstra Credit Union members, staff, and other stakeholders, saying "Our business is about people. I value open communication and invite all members to get in touch with me personally. I’m committed to providing quality products and services to our existing and new members, and growing our Credit Union together".|
|For more information about Robert and Intech Credit Union, incorporating Telstra Credit Union, please contact us on 1300 363 007 or email CEO@intechcu.com.au|
Changes to Fees and ChargesFrom Thursday 3rd April 2014, Intech Credit Union will be introducing new fees to the Schedule of Loan Fees and Charges. These include:
Retirement Maximiser Interest Rate Change
|Following a change in the official government deeming rate, Intech Credit Union will be changing the Retirement Maximiser account rates as follows:|
|The changes are effective from 1st March, 2014.|
Changes to Fees and ChargesFrom 1st March, 2014 Intech Credit Union will be increasing the Loan Discharge Fee from $200 to $350.
No other fees or charges have been amended.