Special General Meeting

At a Special General Meeting held on 29 September 2016, Fire Brigades Employees Credit Union Limited (FBECU) members voted in favour (86%) of a merger between FBECU and Teachers Mutual Bank Limited (TMBL).

Following regulatory approval, this merged entity will come into effect from 1 November 2016 and operate as Firefighters Mutual Bank, a division of Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australia Credit Licence 238981.

This is great for you, our members, and for the future of our bank. This venture allows us to continue to offer fire fighters and their families with member owned banking; while offering a broader range of products and services supported by the latest technology.

Jim O'Connell - General Manager

New Merger FAQs 

We have expanded our list of Frequently Asked Questions to include new questions you might have after reading the information that we issued earlier this month in the Member Information Pack.

Am I going to be better off overall as a result of the merger with Teachers Mutual Bank Limited (TMBank)? 

The Fire Brigades Employees Credit Union (FBECU) Board consider that the proposed merger provides the best path forward to securing a successful and sustainable future for FBECU. The Member Information Statement provides detail in relation to member and organisational benefits, as well as a comprehensive comparison of products and services of both entities. You should read the Member Information Statement to determine for yourself the impact of the proposed changes on your position. 

 2. What are the key dates I need to be aware of? The FBECU Special General Meeting of members will be held on Thursday 29 September 2016. The FBECU Proxy forms must be received no later than 48 hours before the commencement of the Special General Meeting If members of FBECU approve the transfer by passing the special resolution and the transfer is approved by APRA, then the transfer will take effect from 1 November 2016 or such later date as may be agreed by APRA. 3. I have never voted in a merger before. How do I go about it? There are a number of easy options for members. Members can vote in person at the Special General Meeting at “99 on York” (Bowlers Club) 95-99 York Street, Sydney on 29 September, where voting papers will be provided. Alternatively, if members are unable or don’t want to attend the SGM, the proxy form included in the member pack provided in the mail can be completed and sent to FBECU by mail in the reply paid envelope provided, faxed to 02 9283 2654, emailed to [email protected], or delivered in person to our office at Level 9, 1 Oxford street, Darlinghurst, on or before 27 September. 4. What has to happen after the SGM? If the merger vote is successful, APRA must then provide their approval to allow the transfer to take effect on 1 November 2016. If this occurs, then FBECU will be re-branded to Firefighters Mutual Bank (FMBank) and all FBECU members will become members of FMBank (a division of TMBank) on 1 November 2016. Integration of the banking systems will occur shortly after this. We will write to you prior to 1 November 2016 to provide you with more detail about the banking system integration. 5. What will happen to existing FBECU accounts, products and services? From 1 November 2016 members will have access to an expanded range of Firefighters Mutual Bank (FMBank) products, which are similar to the current TMBank product offering. There will be some changes to your terms and conditions for current accounts, products and services. All members will be provided with a Notice of Variation to advise of the changes, a new “Conditions of Use – Accounts and Access” brochure, which outlines all new terms and conditions and a new Fees and Charges schedule. The Member Information Statement (MIS) contains information about the transition of current accounts, products and services as well as some FBECU and TMBank comparative product and service information in the Schedules towards the end of the MIS document. 6. What will happen to my loans? All current FBECU loans will continue with their existing rate and loan conditions. Interest rates for existing variable loan products are subject to change. There will be additional loan product options available to members as a result of the merge, including an expanded range of variable rate loans and a competitive range of fixed rate loans with terms from 1 to 5 years. 7. What will happen to my term deposits? All current FBECU Term Deposits will continue with their existing interest rates for the remainder of their term. New and maturing term deposits will be offered FMBank term deposit products, with terms available from 3 months to 3 years, and with interest rates on offer at the time of the term deposit placement. 8. What will happen to my savings accounts? All current FBECU Savings Accounts will transition to new FMBank Savings Account products. For example, current FBECU S1 Multi Access Savings Accounts will transition to the FMBank S1 Everyday Account. Members will have access to an expanded range of savings accounts with additional features and benefits. 9. Will I still be able to use my current Visa Debit Card? Yes. You will be able to continue using your current FBECU Visa Debit Card. 10. Will I have the option to apply for a Visa Credit Card? Yes. FMBank will offer a Visa Credit Card. Please refer to the Member Information Statement Schedule 3, for information on the TMBank Credit Card offering. 11. Will I still be able to use my current Redicard? Yes. You will be able to continue using your current FBECU Redicard as usual. Once your current Redicard expires or needs replacing, it will be upgraded to a Visa Debit Card. FBECU are currently phasing out Redicards, and no new Redicards will be offered after 1 November 2016. 12. Will there be any changes to the ATMs we will have access to? No. You will continue to have access to the same ATMs that you currently use. 13. Will I still be able to use my current cheque book and deposit book? Yes. You will be able to continue using your current FBECU Cheque and Deposit books as normal. 14. Will I be required to change my direct debit and direct credit payments? No. Any existing and newly set up direct payments, including payroll credits, will be matched to the correct FMBank members by the system and will be directed to the correct account. 15. Are the Banking systems of FBECU and TMBank compatible? Yes. FBECU and TMBank use the same core banking, phone banking and internet banking systems. This compatibility has assisted with minimising change for FBECU members and staff, and in minimising the cost of system alignment. 16. Will the merger impact my internet banking access? Yes. There will be changes to Internet Banking after 1 November 2016, as we will be upgrading our Internet Banking software. The new version will include enhanced features and options. We will write to you before 1 November 2016 with full details of the changes to internet banking. 17. Will we have access to a Mobile Banking APP? Yes. A Mobile Banking APP will be available for FMBank members. The APP will be available free for download in the Apple APP store for iPhones, and in the Google Play store for Android phones. We expect it will be available before the end of the 2016 calendar year. 18. Will we have access to Bank@Post? Yes. Members will have access to Bank@Post to conduct deposits and withdrawals at participating Australia Post outlets. Bank@Post deposits are currently free of charge. Fees and charges apply to Bank@Post withdrawals. 19. Will we have access to TMBank branches? After the Merger FMBank members will be able to transact at TMBank branches, and TMBank members will be able to transact at the FMBank branch. Please note that if you do visit a TMBank branch, any forms you complete will be TMBank branded forms. 20. What will happen to the FBECU BSB number? The current BSB number 802-825 will not change. 21. What will happen to the Oxford St branch? Our Oxford Street branch will remain open and will continue to operate as the primary branch for FMBank members. 22. Will the website address and phone number change? The website address will change to reflect our new name and branding as FMBank. Our current toll free phone number 1800 800 225 will not change and this will be the most suitable phone number to contact us. 23. What will happen to FBECU staff? We have been very mindful of our responsibility to FBECU staff and have set their welfare as a priority. All staff will retain employment within the new structure; with recognition of benefits arising from their years of service; and no forced redundancies. Mr Jim O’Connell will maintain his role as General Manager to oversee operations of FMBank. 24. What will happen to FBECU’s Board of Directors? The Board at FBECU will no longer exist as we become a merged entity. However, our Chairman Mr Andrew McCready and three of our Directors Grant West, Andrew Kuti and Kent O’Connell and our General Manager Mr Jim O’Connell will be part of an advisory committee to ensure that FBECU members’ interests are considered in key matters and decision making in the merged organisation.