Call: 07 5499 8988
email: info(at)mcusb(dot)com(dot)au
Fees and Charges
Accounts and Access Facilities schedule of fees (pdf)
Loan Fees and Charges (pdf)
How To Avoid Paying Transaction Fees With MCU
- Internet Banking: Access details of balances & transactions; transfer funds between your own accounts; transfer funds to another MCU account; transfer funds externally. Pay your bills using Bpay. These are free transactions regardless of how often you use them.
- Visa: Use your own funds or your pre-approved MCU overdraft with your Visa Debit Card wherever the Visa symbol is displayed. Specify that you wish to pay by Visa by selecting the "Credit" button and "Pen or PIN" for your purchase. These are free transaction regardless of how often you use them.
- When using EFTPOS press "CR" and "Pen or PIN" for your transaction. These are free transactions regardless of how often you use them.
- If using EFTPOS to pay for goods, withdraw cash in the one transaction – this counts as only one chargeable transaction.
- Pay your regular payments by Direct Debit. This is a free transaction regardless of how often you use it.
- Plan your cash withdrawals wisely. Withdraw larger amounts less frequently from ATMs or over the counter at MCU.
- To avoid overdrawn/overlimit fees, always ensure you have sufficient cleared funds in your account to cover all withdrawals.
Our Fee Policy
Fee income contributes to the financial sustainability of the credit union. It allows the credit union to recover servicing costs and makes it possible for us to introduce more competitive interest rates. Fees are also an important signal to members about the credit union’s cost of operation.
Policy
To recover all reasonable costs of providing services to members taking into account the following considerations:
- Equity – MCU’s fees will be based on the user pays principle so as to minimize cross member subsidization.
- Affordability – MCU has a policy of financial inclusion. Special consideration will be given when introducing fees that could effectively exclude low income earners from basic banking services.
- Value for money – MCU will adopt a low fee structure (bottom quartile) relative to our immediate and direct competition. This point of difference is a source of competitive advantage in providing members’ value for money.
- Transparency – MCU will maintain a plain English fee schedule that is readily available to all members. Any changes to fees will be approved by the Pricing and Strategy Committee and will be implemented with a minimum of 30 days notice to members, or in accordance with legislation. MCU statements will detail any fees paid by the member.
- Education – Education will be provided to members to explain the credit union’s fee structure, enabling members the opportunity to minimize the fees they pay.
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