Queenslanders Credit Union and Discovery Credit Union merged 1 December 2023 and will trade as Queenslanders Personal Banking.

Queenslanders Credit Union to 30 November 2023

The Queenslanders Credit Union was formed for the same reason other credit unions came into existence – as an independent financial co-operative of people with a similar interest and/or a common bond (e.g. same employer industry or resident in a geographical area). The common bond for our credit union is the Public Service (State, Federal and Local).

On 12 November 1963, Mr Leo Barcham (foundation member and director since inception of Queenslanders Credit Union – retired June 1996) addressed the monthly council meeting of the State Service Union Executive, (QSSU), and moved a motion that the Industrial Union sponsor a credit union. The motion was carried.

Mr Barcham again addressed a meeting on 21st November 1963, explaining the credit union proposal. The proposal to form the Queensland Public Service Employees’ Credit Union Limited was endorsed at this meeting. We were the first credit union formed to service the State Government – Teachers and Police followed us. At the beginning we operated with volunteer staff from the QSSU but as the size of our operations increased, permanent paid employees were hired.

Our credit union undertook a major change on 1st June 1996 when we changed our name to Queenslanders Credit Union Limited.

We are Australian owned and the fifth largest credit union in the State and employ 50 staff. Our members exercise voting shares, vote at AGMs and elect directors. We have seven Directors.

Queenslanders Credit Union is an ASIC registered, APRA regulated institution selling a full domestic banking service to a niche market using high tech delivery.

Discovery Credit Union to 30 November 2023

In 1965, it was not easy for the average person to get a loan for family needs, such as a new car. Bank loans were sometimes hard to obtain, building societies were not allowed to lend for consumer items and finance companies charged a relatively high interest rate.

To help workers in this situation, a group of people in the mining industry decided to start a credit union.

A meeting was held in 1965 and “The Queensland Coal Mining Industry Credit Co-operative” was formed. A Board of nine people was elected to guide the new venture, with Fred Fowler as its first chairman. Mr. Fowler was employed in the office at Aberdare Colliery and later served as the first Manager of the Credit Union from 1973 – 1981.

The Co-operative was very small at first and operated from underneath someone’s house. Its first office was in the old Alpha Theatre in Station Road at Booval.

After two years of operation, the Co-operative decided to admit members from other industries and changed its name to “The Queensland Coal Mining and Other Industries Credit Union”. With the closure of the Coal Mines in the area and the gradual shift from an industrial to a community base, the name was changed to Ipswich Credit Union. In October 1996, Austax Credit Union – which primarily serviced employees of the Australian Tax Offices in Queensland – transferred its engagements to Ipswich Credit Union and the new entity was called Discovery Credit Union. Its Head Office was in Station Road, Booval which is only 100 metres from the site of the original office.