This year marks a very special milestone in our history, as we celebrate 50 years of helping hard working rail, transport and logistics workers achieve their financial goals. From a handful of Queensland Rail employees who became our first members in 1968, we have grown to over 22,000 members throughout Australia with over $600 million in assets under management.
Though much has changed over the last 50 years, our mission has remained the same: to improve the financial wellbeing of our members by continuously improving our products and services to ensure we meet your needs now, and in the future.
In recognition of how far we’ve come since that first board meeting in 1968, we’ve put together a selection of our memories and milestones from our history. We hope you enjoy this trip down memory lane!
Facts from 1968
- Started with only 39 Members
- Maximum loan amount in was $800 – this was for personal loans only
- Interest rate for savings was 5.00 p.a.%
- Interest for loans was 1% per month!
Memories & Milestones:
1968: Queensland Railways Institute Credit Union (QRICU) was officially formed at the inaugural board meeting on 2nd July
1972: Fax machines introduced to the credit union
1980: Rockhampton office opens
1981: First computer purchased
1984: First ATM cards introduced
1999: Changed our name to Railways Credit Union (RCU)
2000: Internet banking launched – known as “Railnet”
2003: New car loan introduced
2006: Economy Home Loan launched
2012: RCU Facebook page and Twitter account are activated
2013: Fixed Rate Home Loans launched in response to member demand
2016: Railways Credit Union becomes MOVE People Driven Banking - We also receive our first CANSTAR 5-Star rating for Home Loans
2017: Express Saver wins money Magazine Best of the Best Award for “Best Savings Account – Non-Bank”
2018: Instant transfers available to members via the New Payments Platform payments