At a General Meeting on 17 April, Members of Queensland Country Credit Union voted in favour of a motion to remove the current $10 Membership share price.
Queensland Country Group CEO Aaron Newman said the change would remove the need for new Members to pay $10 upon joining the Credit Union.
“Our research showed the $10 subscription price was a barrier to acquiring new Members,” Mr Newman said.
“From 29 April 2019, any person joining the Credit Union will not have to pay a fee for their Membership,” he said.
“In addition, any current Member who would like a refund of their $10 share price in exchange for a $0 share will be able to request this.”
Mr Newman said it was important to note that all new and existing Members would have the same rights and an equal share in the Credit Union, regardless of the subscription price they have paid.
“This change is only about making it easier for consumers to become Members,” he said.
“Our commitment to the Member-owned model, with no external shareholders demanding profits, remains.”
“We will continue our focus on satisfying the needs of Members, giving back to local communities, and reinvesting profits into improving products and services.”