Queenslanders turns 50 this year
Date: 11/07/2023
Description:
Thank you to our loyal customers who have supported us for the first 50 years!
We’re collecting photos and information from anyone who worked for us or has been a member for a long time. If this is you, please send an email to [email protected].
It all started at 1.10pm on with a Formation Meeting of the Queensland Public Service Co-operative Credit Union Limited. It was presided over by the President of the Queensland State Service Union, following a suggestion that the Union sponsor the formation of a Credit Union. There were approximately 45 men and 3 women present.
The objective of starting the Credit Union was to “Promote and improve the economic interests of the members through mutual associations in undertakings carried on in accordance with co-operative practices and principles.”
The total amount owing by a member in respect of any loans made or guaranteed by the Society shall not exceed the sum of £350, or in special circumstances, £500.
Membership in the Society shall be open to financial members of the Queensland State Service Union.
Members may deposit money with the Society at a minimum rate of 10 shillings per fortnight.
A member may withdraw money from his deposit account on giving notice in writing to the Secretary. 24 hours’ notice is required to withdraw £5, increasing up to one month notice to withdraw over £25.
By February 1964 there were 21 members of the Credit Union.
By March 1964 the first two personal loan applications had been received.
In June 1964 it was decided that loan applicants under the age of 21 must fulfil the condition that their father is personally interviewed and agrees to sign a Promissory Note.
In February 1965 the first staff member, a Clerk-Typist, was hired.
In the Credit Union’s Second Annual Report, it was communicated that at the present time there was a waiting period of at least four months before borrowers could obtain their loans!
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