2 September 2008

QTCU welcomes decision of major banks to put people before profits

QTCU has welcomed the move of the major banks to pass on the interest rate cut announced by the Reserve Bank today.

QTCU Chief Executive Officer Mike Murphy said it was about time the major banks started to put people before profit.

“Over the past year we have seen the big banks consistently raising interest rates to ensure they can boost their bottom line.

“This has put extraordinary pressure on Aussie families at a time when they are struggling to meet the rising costs of everyday needs such as food and petrol.

“We welcome the announcement by the big four to cut rates and put Aussie families first.”

Mr Murphy said QTCU consistently put the interests of its members first and always sought to provide them with very competitive rates.

“Our members trust us with their money and it is our obligation to make their lives financially better,” Mr Murphy said. 

“Unlike the major banks, one of the major factors in being able to keep members’ interests at the forefront was the fact that QTCU was not governed by shareholders seeking returns and dividends. 

“One of the benefits of being a member of QTCU is we have no private shareholders asking for returns and dividends,” he said. 

“That means, any profit we make goes straight back into the credit union ensuring we can keep fees to a minimum and still make improvements to the services we offer.

“We take great pride in offering competitive rates and products to our members and remain committed to putting the interest of our members first.”