Changes to Account Fees
Date: 10/07/2023
Description:
Staying relevant and competitive in a market place as crowded as Australia’s retail financial services sector – is a big challenge.
Luckily for Queenslanders, we can rely on our members to tell us when we need to pick up the pace – so as to keep in-step, or even better, get ahead of the pack.
When member feedback started to reveal a growing level of dissatisfaction with our fees and charges – we knew it was time to get about fixing what many members perceived as "inequities" within the pricing of the Credit Union’s transaction services.
So after many months of research and modelling of numerous pricing options, the Credit Union’s Board and management decided on a two-pronged approach to the issue of transactional services pricing.
Commencing 1 September, members will have a choice between participating in a loyalty-based rebate program or switching to a basic account covered by a ‘flat fee’.
In summary, the new program of fees and charges has sought to ensure: loyalty is rewarded; our existing member relationships are strengthened; and our services remain market competitive.
Together the combination of a rebate scheme and flat fee option account aim to provide something for everyone.
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