Welcome Quay members to G&C Mutual Bank

We are very pleased to welcome Quay Members to G&C Mutual Bank!

Updated 30 September 2016

This page has been designed to keep you informed of the merger process, how you will be affected and what new products and services will be available to you.

G&C Mutual Bank has a proven track record of excellent service to members, showing a demonstrable commitment to participating in initiatives to harness the combined scale of the customer owned banking sector. With an extensive range of competitive and award-winning products and services, G&C Mutual Bank’s much
larger size will deliver a post-merger balance sheet of around 1.1 billion.

As a result of the merger, you can expect us to deliver better services, more extensive product offerings, competitive rates, improved technological advances and overall a greater capacity to deliver an enhanced banking experience. This exciting opportunity will combine the strengths and proud histories of two organisations that are focussed on creating value for members through premium products and services.

In addition to the benefits achieved from our shared values and cultural similarity, the merger will also provide synergies and greater scale, strengthening our competitive position in the future.

There are two key dates you should be aware of as part of this merger:

1 September 2016, the effective date of the merger will involve a total transfer of the business of Quay Credit Union to G&C Mutual Bank Limited. From this date, all Quay Credit Union members will become members of G&C Mutual Bank Limited. Our efforts are focused on ensuring a smooth transition with minimal impact for our members.

On 7 October 2016
the banking systems for both organisations will be merged and there will be one banking
system for all existing Quay and G&C Mutual Bank members.

From 1 September 2016 the merged entity will trade under 2 brands, G&C Mutual Bank and Quay Mutual Bank for an extended period of time before a decision is reached as to whether to have a single brand or maintain the dual branding for longer. Our name will change from Credit Union to Mutual Bank but our commitment to preserving our mutual values remains the same.

The Quay Mutual Bank logo will be implemented to accompany the G&C Mutual Bank logo.

What will remain the same...

As mentioned previously, we have endeavoured to make this transition process as smooth as possible for members. As a result, there will be no changes to the following:

There will be no change to your BSB and it will remain 802-355.

Existing Products
All your current Quay accounts will remain the same. There will be no change to the terms and conditions,
interest rates and fees & charges applicable to your deposit and loan products. Please remember however
if you have variable rate products, interest rates may be subject to change as a result of changes to market
conditions, including those changes recently announced following the cut in the Official Interest Rate by the
Reserve Bank.

Visa Cards
You can continue to use your existing Visa Debit and Visa Credit cards after 1 September. On renewal you will
receive a new Quay Mutual Bank branded card.

Cheque & Deposit Books
You can continue to use your current cheque and deposit books. Please note Quay Credit Union cheques will
continue to be honoured as normal. Upon renewal, you will be issued with a Quay Mutual Bank branded book.

Existing Direct Debits and Direct Credits
All existing direct debit and direct credit payments currently set up on your Quay Credit Union account will
automatically be redirected to your new Quay Mutual Bank accounts. As a result, you will not need to contact existing suppliers/payers to notify them of any changes.

ATM Access
You can continue to access the rediATM network fee free for all card transactions after the merger. In addition, you will also be able to access G&C Mutual Bank branded ATMs free of charge which can be found in 22 locations.

There will be no change to the timing of your statements. Member Statements and Credit Card statements will
continue to be sent via mail or e-statements at the beginning of each month.

What will change...

While it is our aim to minimise the impact on our members, there are a number of things you will need to be aware of as part of the merger.

Membership Number
In order to avoid duplicating any member numbers and to enable us to preserve the current terms and conditions for the Quay membership, a prefix will need to be added to your current member number with all Quay members to have a 7 digit number.

This change will take effect from 7 October 2016 once the banking systems are integrated. We will write to each
member and advise you of your new number well in advance in order to prepare for this change. So for example
if your member number is currently 12345, from 7 October 2016 your member number will become 3012345.

Account Reference Number
Similar to member numbers, a change to your 9 digit account reference numbers is also required in order to
avoid duplications within the merged database. This change will be minimal and will only require the first digit
of the numbers to change, replacing the 1 with a 3.

This will take effect after the system integration on 7 October 2016 and you will receive notification well in advance to prepare for this change.

Click here for more information.

New Direct Debits and Direct Credits
As noted above, existing direct debit and credit payments currently set up on your account will automatically be redirected.

However for any new direct debit and credits being set up after the systems are integrated on 7 October, you will need to provide suppliers with your new member number and/or 9 digit account reference numbers.

Member Shares
Your $10 share will be credited to your account and you will be issued with a G&C Mutual Bank membership share that has a subscription price of $0 which holds the same rights as your Quay share. For members under 18 years old whose account was opened prior to October 2010 your $2 share will be credited to your account.

This refund will take place in early September.

Other things you need to know...

Online Banking
For the period between 1 September 2016 and prior to system integration, you can continue to access Online
Banking in the same manner you do now.

Once the system integration takes place on 7 October 2016, an upgraded version of Online Banking will be available to Quay members. There might be a slight change to the way you log in.

Further information will be provided closer to the date to ensure you are prepared for this change.

Service Disruptions
During the system integration process there will be a disruption to services between 3.00pm Friday on
7 October 2016 - 12.00pm Saturday 8 October 2016
. As a result you will not be able to access any of your accounts via:

  • Online and Mobile Banking
  • Quay Banking App
  • Phone Banking
  • Staff assisted transactions via the contact centre

During this time, you will be able to make limited purchases and ATM withdrawals. To minimise any disruption we advise you make any necessary purchases, pay any bills and withdraw any cash that you may need during this period prior to this service disruption. Please regularly check our website for more information.

New Services and Products available to you

You now have access to the full range of products offered by G&C Mutual Bank so you may find products that better suit your needs and you will be able to change your accounts or open new accounts.

In addition, you will be able to access nine G&C Mutual Bank Service Centres located throughout New South Wales and Victoria.

If you require a copy of Quay Mutual Bank's Fees & Charges, Interest Rates or Terms & Conditions please call us.

Changes to Quay's redraw limits

The minimum redraw limit for home loans will change to $100 from the 7th October 2016.

If you have any questions about the merger or if you would like to find out more about G&C Mutual Bank's products and services please call us on 1300 364 400 (9:00am - 5:00pm, Monday to Friday) or contact us via email gcmb@gcmutualbank.com.au. We are here to help.