Question 1

What is QBANK?

Accepted Answer

QBANK is a member-owned mutual bank dedicated to serving police, emergency services, government employees, and their families across Queensland, Australia. Formerly known as Queensland Police Credit Union (QPCU), it converted to a member-owned bank in 2016 and operates as QPCU Limited trading as QBANK.

As one of the only dedicated providers of banking products and financial services to the Queensland Police and Emergency Services sector, QBANK specializes in serving those who protect and serve Queensland. With over 25,000 members and approximately 80 employees, QBANK operates as an Authorised Deposit-taking Institution (ADI) regulated by APRA under the Banking Act 1959.

Question 2

When was QBANK founded?

Accepted Answer

QBANK was founded on June 2, 1964, when the first board meeting of the Queensland Police Credit Union was held. The credit union commenced business out of the Queensland Police Union building at 269 Main Street, Kangaroo Point.

The founding was initiated by John Huey, who published an article in the January 1964 issue of the Queensland Police Journal calling for interest in forming a credit union. In 1964, Nives Sawdy (née Caotanzo) was hired as the first employee, working as a bookkeeper. The first Annual Report in 1965 recorded 274 Members with approximately $47,878 in deposits and $55,182 in outstanding loans.

Question 3

Where is QBANK headquartered?

Accepted Answer

QBANK is headquartered at Level 1, 231 North Quay, Brisbane, Queensland 4000, Australia. The bank moved to this location in 1987 and has remained at this address since. The postal address is PO Box 13003, George Street, Brisbane QLD 4003.

The North Quay head office underwent extensive refurbishment in 2010, incorporating modern facilities for member convenience and comfort.

Question 4

Where does QBANK operate?

Accepted Answer

QBANK operates exclusively throughout Queensland, Australia. The bank maintains three branch locations within Queensland:

North Quay Branch (Brisbane) - Open to all members Monday through Friday, 8:45 am to 4:30 pm

Kedron Branch - Located within the Queensland Emergency Services Complex on Kedron Park Road, with access limited to Queensland Government employees

Oxley Branch - Situated at the Queensland Police Academy on Rudd Street, Oxley, with access limited to QPS staff and recruits

QBANK also provides workplace ATMs at various locations including Zillmere and Cairns to serve members across the state.

Question 5

What services does QBANK offer?

Accepted Answer

QBANK offers a comprehensive range of retail banking products and financial services including:

Deposit Accounts: Transaction accounts, savings accounts (including their Bonus Saver), term deposits, and retirement accounts

Lending Products: Home loans, personal loans, car loans, and their award-winning Bluey Credit Card (with no annual fee and 12.49% p.a. interest rate)

Payment Solutions: Visa credit and debit cards, BPAY, PayID with Osko for instant payments, and support for contactless payments including Apple Pay, Google Pay, Samsung Pay, Garmin Pay, and Fitbit Pay

Digital Banking: Mobile banking app (iOS and Android), internet banking platform, quick balance feature, card lock/unlock functionality, and online loan applications. QBANK was among the first banks to implement the New Payments Platform (NPP) in 2018.

Additional Services: Financial planning, foreign cash exchange, telegraphic transfers, travel cards (MasterCard multi-currency cash passport card), and general insurance services covering home, car, and mortgage insurance

Question 6

What makes QBANK unique?

Accepted Answer

QBANK's distinctive position stems from its dedicated focus on serving Queensland's police, emergency services, and government employees. The bank's commitment is captured in their motto: "to serve those who serve Queensland."

Specialized Understanding: QBANK's deep understanding of the unique financial circumstances and challenges faced by emergency services personnel allows them to offer tailored banking solutions specific to these professions.

Everyday Heroes Awards: Established in 2014, this annual program publicly recognizes emergency and public service personnel who go above and beyond for their communities, demonstrating QBANK's commitment beyond financial services.

Digital Innovation Pioneer: QBANK was one of the first Australian financial institutions to introduce mobile banking (2010), online term deposits (2009 - a first for any Australian credit union), and New Payments Platform integration (2018).

Award Recognition: QBANK has received multiple industry accolades, including "Best Mutual Bank" at the Australian Lending Awards (2018), awards for First Home Buyer Loan, Low-Cost Home Loan, and Packaged Home Loan, and recognition as an Employer of Choice in The Australian Business Awards 2019.

Member-First Philosophy: As a member-owned institution, QBANK returns over 10% of after-tax profit in sponsorships and donations to member communities. The bank's governance structure ensures members' interests remain central to all decision-making.

Question 7

What type of financial institution is QBANK?

Accepted Answer

QBANK is a mutual bank (also known as a member-owned bank or customer-owned bank) operating under Australian financial services regulations. This institutional structure means the bank is owned by its members rather than external shareholders.

QBANK operates as an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA) under the Banking Act 1959, holding AFSL/Australian Credit Licence number 241413. The bank converted from credit union status to become QPCU Limited in 2015, and officially commenced trading as a member-owned bank under the QBANK name in 2016.

As a mutual bank, QBANK differs from traditional banks by prioritizing member value over shareholder profit maximization. The mutual banking model is particularly well-established in Australia's financial services landscape, with member-owned institutions playing a significant role in serving specific communities and professions.

Question 8

What is QBANK's financial position?

Accepted Answer

For the financial year ended June 30, 2023, QBANK reported solid financial performance with a net profit of $1.55 million and net interest income of $19.4 million. The bank's balance sheet shows total assets of $1.01 billion, member deposits of $819 million, and loans of $825 million.

Total equity stands at $89 million, providing a strong capital foundation for the institution. The bank holds a Standard & Poor's issuer credit rating, which it obtained as part of its strategic business initiatives.

QBANK celebrated its 60th anniversary in 2024, demonstrating six decades of financial stability and service to Queensland's emergency services community. The bank has undertaken a multiyear strategic investment program to enhance efficiency, experience, and security for members.

QBANK

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About QBANK in Australia