The Municipal Credit Union (MCU) is a full service financial institution that offers City employees a broad range of services, such as:
- Checking and savings accounts
- Visa cards
- Mortgages
- Loans
- ATM access
- Money market accounts
- Individual retirement accounts
The MCU is almost like a bank, but banks are profit-making institutions that offer their accounts to the public at large. Credit unions are member-owned, non-profit financial cooperatives. Once MCU covers its costs and reserve requirements, it passes its additional earned income to its members in more favorable rates and terms and lower fees for products and services.
MCU and Your Pay
After you join MCU, you can have your entire net pay electronically deposited directly into your MCU account or you can initiate deductions for a portion of your pay that will be deducted each pay day. You can pay back loans to MCU through deductions as well.
If you send money to your MCU account through payroll deductions, you may notice an unexplained debit on your statement periodically. This can occur under several circumstances:
- When your agency refunds your pay
- After you go on leave of absence, transfer to another agency, or are terminated
- If a payment is produced for an incorrect amount and has to be reissued
Even though you are not entitled to the payment, payroll deductions will have been credited to your MCU account. After pay day, these payments are refunded to OPA. When this happens, the earning and deduction credits that were produced when the payment was issued are reversed as if the payment never existed.
If there is a debit that you cannot explain, contact an MCU customer service representative for assistance. If you are advised that the account was debited by the City, the reason is most likely due to a refund requested by your agency. Contact your agency Payroll Office, not the Office of Payroll Administration, to find out the amount(s), issue date(s), and refund date(s).
Find out more about MCU.
Maleny Credit Union has a Savings Account to cater for members day to day banking requirements. There is no minimum balance requirement. This account can have access to various additional features like a VISA Debit Card, cheque book, periodical payments, Direct Debits and, if arranged, overdrafts. Products issued by MCU Ltd ABN 52 087 650 995 AFSL/ Australian credit licence 246921. Terms and Conditions, fees and charges apply. Our
Account and Access Facility Conditions of Use, Financial Services Guide and Schedule of Fees Accounts and Access Facilities are
available online or from our branch. You should read both these documents before deciding whether to purchase accounts or access facilities issued by Maleny Credit Union. Deposits up to $250,000 per member are guaranteed by the Federal Government under the Financial Claims Scheme (FCS). The FCS is administered by the Australian Prudential Regulatory Authority (APRA). For further information on the FCS please visit the FCS website
//www.fcs.gov.au/ and their FAQ’s //www.fcs.gov.au/banking-faq-landing-page.Features
Interest RateEffective of Everyday Savings Account
0.00% p.a.
Current
Criteria
Forms & Resources Fee Schedule
Effective 2/1/2019 – items in red denotes a change in terms and conditions.
Primary Savings Account Fees
| $5.00 | The fee is waived with a monthly average balance of $250 For members under age 18 or over 59, the minimum balance to avoid the fee is $50 |
Regular Checking Fees
| $5.00 | The fee is waived with a monthly average balance of $250 For members under age 18 or over 59, the minimum balance to avoid the fee is $50 |
Premier Checking Fees
| $8.00 | The fee is waived if a monthly Direct Deposit of at least $300 (per month) is maintained. When direct deposit stops or does not reach $300 per month, the service charged is applied to the checking account. |
VIP Money Market Checking Fees
| $0 | None |
| $0 | Free |
| $15.00 | Checks cleared in excess of 3 checks per month (each) |
| $15.00 | If check paid is less then $500, fee applies |
Student Checking Fees
| $0 | No Minimum Balance for students |
| $0 | No Fee for online check images |
Checking Account Fees
| $3.00 | Fee per check copy |
| $6.00 | If no financial activity for 12 consecutive months, then the fee is assessed on the 13th month of inactivity |
| $30.00 | Per item Presented – Check or ACH |
| $30.00 | Per item Presented – Check or ACH |
| $15.00 | Fee per overdraft transfer |
| $20.00 | Per item – Check or ACH |
| $30.00 | Checks only, or check series clearing by ACH |
| $1.00 | Fee for 1 sheet of 4 checks |
Debit Card Fees
| FREE | At participating ATM locations |
| $1.00 | 4 Free per month with Premier or Student Checking |
| FREE | Free on all checking accounts |
| $1.00 | 2 Free per month with Premier or Student Checking |
| $10.00 | Per card number |
| FREE | Daily limits apply |
Online / EFT Fees
| FREE | 15 calls per month free |
| $0.50 | Fee will be assessed per call exceeding 15 monthly |
| FREE | Must enroll through Online Banking |
| $2.00* | Per month, *Fee waived for Members with a Checking Account |
| FREE | |
| $4.50 or FREE* | *Monthly fee WAIVED with eStatement enrollment |
Loan Fees
| $400 | |
| $20.00 | |
| $150.00 | |
| $250.00 | |
| $10.00 | |
| $30.00 | Fee charged when more than 10 days late |
| $25.00 | Per Draft |
| $100.00 | |
| $250.00 | |
| $500.00 | First Mortgages |
| $98.00 |
Visa Credit Card Fees
| N/A | No annual fee |
| $65.00 | |
| $30.00 | |
| $15.00 | |
| $15.00 | Per cash advance on Non-Metro Visa Cards |
| $5.00 | |
| $25.00 | |
| $10.00 | Per Card |
Miscellaneous Fees
| $20.00 | |
| $20.00 | Per hour |
| $5.00 | |
| $5.00 | No activity on account for 24 consecutive months |
| $25.00 | |
| $15.00 | |
| $1.50 | Per Statement |
| $25.00 | Deposited item returned uncollected, Check or EFT |
| $5.00 | |
| $10.00 | |
| $7.00 | |
| $4.50 | Reloadable |
| $20.00 | Outgoing, domestic wires only |
| 1% | 1% or $2.00, whichever amount is greater |
DIVIDENDS: Metro pays dividends monthly, on the last day of each month. Dividends are declared on the 1st day of each month and are in effect until the last day of the month. The stated APY assumes dividends remain on deposit in the account. Dividends begin to accrue on the day of deposit for both cash and non-cash deposits. Account withdrawals and/or penalties or fees may reduce earnings and the APY. Dividend rates are subject to
change monthly.
STATEMENTS: Checking Accounts, ATM & Call-24 Transactions, and Electronic Funds will generate a monthly statement. All other types of Accounts and Transactions will receive a Quarterly Statement.
INSURANCE:Member Accounts are federally insured by the National Credit Union Administration (NCUA), an agency of the Federal Government, to at least $250,000.