Our history

1970

• The Credit Union changed its name to Qantas Staff Credit Union Limited - removing the word 'co-operative'
• Accounting records were computerised (weekly batch processing by an external bureau)
• Quarterly statements were introduced
• Membership 6,312
• Assets $4,087,280

1971

• The Credit Union changed its name to Qantas Staff Credit Union Limited - removing the word 'co-operative'
• Accounting records were computerised
• Quarterly statements were introduced
• Membership 6,312
• Assets $4,087,280

1972

• Mortgage lending and budget savings accounts were introduced
• Membership 7,192
• Assets $6,048,268

1973

• The maximum loan was increased to $10,000
• Membership 7,706
• Assets $8,312,793

1974

• Loan demand was in excess of supply
• The Member newsletter was launched and was produced on an ad hoc basis
• Membership 8,545
• Assets $9,543,513

1975

• Error in loan agreements required renegotiation of loan contracts made on incorrect forms – only 1 member refused to renegotiate
• Membership 9,613
• Assets $17,060,126

1976

• Deposit and withdrawal books were introduced
• Legislation was passed to establish a Credit Union Stabilisation Fund in NSW to protect members' deposits
• Membership 10,370
• Assets $24,818,724

1977

• The maximum loan was increased to $50,000
• Head office relocated to Qantas JetBase at Mascot and Sydney City office opened in the old Qantas House
• Membership 10,952
• Assets $32,269,465

1978

• NSW Credit Union Savings Reserve Board was established to provide depositor protection
• Credit Union’s Manager, Bert Gould is appointed as first Chairman
• Membership 11,557
• Assets $39,063,747

1979

• The maximum unsecured loan was increased to $5,000
• Norm Hall was appointed Internal Auditor
• Membership 12,226
• Assets $51,975,747

1980

• 90% of all Qantas's Australian based employees were Members
• Membership 13,183
• Assets $56,412,519

1981

• Membership 13,623
• Assets $58,806,928

1982

• The Credit Union was forced to suspend acceptance of loan applications due to high demand
• An online banking system was installed
• The Credit Union joined with other credit unions to support a mass marketing campaign
• Membership 14,012
• Assets $61,170,065

1983

• Qantas Staff Credit Union became the biggest Credit Union in Australia when its total assets passed $100 million
• A branch at Qantas Freight Centre was opened
• Membership 14,671
• Assets $104.6 million

1984

• Membership 15,181
• Assets $107.4 million

1985

• Credit Union Telephone Exchange (CUTIE) was launched - the first telephone banking service in Australia.
• Members were able to obtain balances, order cheques and pay bills
• Membership 16,031
• Assets $119.7 million

1986

• Outstanding loans passed $100 million
• The Credit Union suffered a loss from the winding up of the Association of Central Credit Unions
• Membership 17,351
• Assets $135.3 million

1987

• CUTIE was expanded to enable Members to negotiate loans - Qantas Staff Credit Union was a leader in the introduction of this service
• Membership 18,498
• Assets $144 million

1988

• The Australian Corporate Finance collapse resulted in a loss around $1.6 million in relation to misappropriated Bank Bills (these funds were subsequently recovered)
• Approved Deposit Fund was established for rollover of Superannuation funds
• Membership 19,618
• Assets $168.6 million

1989

• Membership 21,442
• Assets $190.3 million

1990

• A KPMG Survey of Australia’s 50 largest Credit Unions showed that Qantas Staff Credit Union had the lowest operating costs as a percentage to income and the highest employees productivity in the Australia
• Membership 23,430
• Assets $238.2 million

1991

• A Member Service Centre was opened in the new Qantas Corporate Centre at Mascot
• Membership 23,850
• Assets $290.8 million

1992

• Uniform State based legislation was introduced in all States to regulate Credit Unions
• The Core Banking System was replaced with a state of the art system, which provided more flexibility and a platform to build on
• Membership 23,897
• Assets $302.4 million

1993

• Deposits in Approved Deposit Fund passed $100 million
• New Branches opened at North Sydney, Qantas Domestic Terminal Sydney and Brisbane Airport
• Member Chequeing was introduced
• Membership 24,897
• Assets $353.6 million

1994

• The Credit Union became subject to Income Tax
• CueCard (debit card), overdrafts and mortgage offset accounts were introduced
• The first Member survey was conducted
• The first issue of Creditsense quarterly newsletter was published
• Membership 25,400
• Assets $354.9 million

1995

• Credit Union’s first ATM’s were installed in Qantas Corporate Centre and Airport Central Building
• A new Branch was opened at Melbourne Airport
• 'Savings Account Zero' was rated as the best transaction account by both Personal Investment Magazine and Business Review Weekly
• Visa Debit and Direct Entry (electronic deposits) were introduced
• Membership 28,100
• Assets $425.2 million

1996

• Lending commenced to non-Qantas employees
• A branch in the Perth Airport Branch was opened
• 'Savings Account Zero' rated as the best transaction account by Personal Investment Magazine for the second year running
• Membership 32,998
• Assets $505.1 million

1997

• Qantas Credit Union wins best savings account for the third year in a row
• Membership 36,808
• Assets $578.0 million

1998

• Administration was re-located to Hurstville and a new Member Service Centre was opened
• Qantas Credit Union accepted 'transfer of engagements' from Aviat-APS Credit Union Limited (the only merger) - This brought on board 3,500 new members
• Membership 43,795
• Assets $663.7 million

1999

• All Credit Unions were registered as Public Companies
• Qantas Credit Union was registered as an Authorised Deposit Taking Institution
• Retirement Savings Account was launched (replacing Approved Deposit Fund)
• giroPost was introduced, providing members with the ability to deposit and withdraw at any Post Office in Australia - Qantas Credit Union and Queensland Police Credit Union jointly initiated this project
• Credit Union Internet Site launched December 1999
• Membership 48,245
• Assets $723.1 million

2000

• Online Banking was launched and CUTIE was upgraded at the same time
• 'A Current Affair' rated Qantas Credit Union’s Visa Debit Card linked with overdraft as the best card available in Australia
• BPAY was introduced (initially only over the counter)
• Corporate Governance Standards were introduced as well as Performance Evaluation of Board, Management and Directors
• A Onelink MasterCard was launched with points and rewards (joint venture with GE Capital)
• Membership 52,861
• Assets $790.2 million

2001

• The website and CUTIE were upgraded to allow users to perform account transfers and BPAY transactions online
• Visa Travel Money (Prepaid Visa Cards) was introduced
• Membership 59,618
• Assets $945.5 million

2002

• A project to provide a new and improved core banking system commenced
• Qantas Credit Union was required to apply for Australian Financial Services Licence
• Membership 62,663
• Assets $1.041 billion

2003

• A new Core Banking System was implemented
• Insurance Service was launched in conjunction with CGU
• Membership 67,167
• Assets $1.07 billion

2004

• A North Sydney Office and part time Chifley Square (70 Hunter Street) Office were closed
• A new look Service Centre opened in George Street, Sydney
• Membership 70,459
• Assets $1.2 billion

2005

• Internet Banking expanded to allow transfers to other financial institutions in Australia and Factor2 enhanced security features were added
• Visa Credit Card (with Rewarder Points that could be converted to cash) and Qsaver high interest on-call savings account were introduced
• Consumer Credit Insurance, BPAYview and low interest motor vehicle loan products were introduced
• New Service Centres in Sydney Airport and Hangar 3 at Brisbane Airport were opened
• Membership 74,865
• Assets $1.25 billion

2006

• Step-Ahead (tiered) Mortgage Loans were introduced together with Fixed Rate Home Loans
• SMS Alerts introduced for Internet Banking and online internet capabilities were enhanced
• Membership 79,031
• Assets $1.33 billion

2007

• Electronic delivery of statements became available
• New Service Centre was opened in the Melbourne Domestic Terminal
• Membership 76,744
• Assets $1.42 billion

2008

• Qantas Credit Union was the winner of Money Magazine Service Excellence Award
• Qwealth Superannuation Fund was launched
• Deposits were accepted from non-members
• Admission of 'friends' as Members
• Membership 80,803
• Assets $1.53 billion

2009

• Qantas Credit Union celebrated 50 years
• Winner of Money Magazine Service Excellence Award for the second year running
• Membership 82,532
• Assets $1.8 billion

2010

• The online banking site was upgraded
• Mobile banking was introduced for smartphones and tablets
• Improved “Orion” fraud prevention was introduced for Cards
• Online application forms for term deposit accounts and new membership was introduced
• Membership 84,528
• Assets $1.99 billion

2011

• Exhibited for the first time at the Australian International Airshow
• Membership 87,862
• Assets $2.08 billion

2012

• The Visa Platinum Credit Card with Qantas Frequent Flyer Points was launched
• DIY Superannuation was launched
• A Miranda Office was opened - our first street front presence
• Membership 90,255
• Assets $2.49 billion

2013

• A new Service Centre was opened in Niddrie, Victoria
• A new Service Centre was opened in the Melbourne Qantas Domestic Terminal
• A new Service Centre was opened in Chermside, Queensland
• Membership 89,781
• Assets $2.79 billion

2014

• The naming rights were purchased for Sydney Entertainment Centre – renamed as Qantas Credit Union Arena
• Received the Canstar Innovation Award for Qantas Points Banking suite of products
• A new office was opened in Qantas Campus Mascot
• A new contact centre was opened in Braemar, NSW
• Membership 92,262
• Assets $3.008 billion

2015

• A project commenced to upgrade customer-facing and back office technology to make banking easier, with less reliance of physical points of presence
• After two years of naming rights at Qantas Credit Union Arena, brand awareness reached 50% in Sydney for the first time in our history
• Resolution put to Members to change company name to 'Qudos Mutual Ltd', enabling us to trade as 'Qudos Bank' - The result was 79.98% in favour of the resolution
• Membership 95,415
• Assets $3.13 billion

2016

• Qantas Credit Union was re-branded to Qudos Bank
• Qudos Bank announced the naming rights of Qudos Bank Arena at Sydney Olympic Park
• Head office relocated to Mascot, Sydney
• Membership 101,405
• Assets $3.35 billion

2017

• Qudos Bank was awarded ‘Home Loan Bank of the Year’ in the 2017 Mozo Experts Choice Awards
• Removed Qudos Bank ATM fees to increase the network of fee-free ATMs accessible to members
• Removed Transaction fees, farewelling our Transaction Allowance to provide members with unlimited free electronic withdrawals including direct debits, Bpay, external transfers and EFTPOS
• Introduced Live Chat on the Qudos Bank website to offer members instant access to home loan specialists
• Increased operating hours of Qudos Bank Contact Centre
• Greenfleet milestone – lifetime trees 38,445
• Membership 93,690 (9000 Memberships were closed under dormancy rules)
• Assets $3.52 billion

2018

• Qudos Bank launched a new Mobile Banking App
• Qudos Bank was awarded ‘Australia’s Best Small Bank’ in the 2018 Mozo Experts Choice Awards
• New branch opened in Ascot, Brisbane
• Card management and PIN change capability introduced to online banking
• Greenfleet milestone – lifetime trees 42, 248
• Membership 94,771
• Assets $3.76 billion

2019

• Qudos Bank celebrates 60 years of providing rewarding banking to our customer
• After 15 years as CEO, Scott King resigns from Qudos Bank
• Online Banking password reset feature added to allow members to control their passwords 24/7
• Apple Pay, Google Pay and Real-Time Payments introduced, providing a quicker way to make or receive payments
• Membership 96,364
• Assets $4.04 billion

2020

• Michael Anastasi appointed CEO of Qudos Bank
• Qudos Bank awarded Mozo’s Australia’s Best Large Mutual Bank 2020 and Canstar’s Customer-Owned Bank of the Year.
• Qudos Bank named the Voice Project’s Best Workplace
• To reduce our environmental impact, Qudos Bank switched to eStatements
• Membership 98,555
• Assets $4.49 billion

2021

• Qudos Bank wins back to back Mozo’s Australia’s Best Large Mutual Bank and Canstar’s Customer-Owned Bank of the Year
• Significant updates made to Real time payments allowing faster, easier and safer payments.
• The launch of Open Banking enabling customer to share financial information (such as transaction history and account balances) with accredited third parties to make banking easier across multiple financial institutions.
• Membership 100,303
• Assets $5.01 billion

2022

• Qudos Bank wins Mozo’s Australia’s Best Large Mutual Bank three years in a row
• The launch of Fitbit Pay, Garmin Pay and Samsung Pay – giving customers even greater access to digital payments.  
• Special General Meeting held to make a change in the constitution reducing the number of directors from a maximum of 12 to 7.
• $30,000 in total contributions made to support mental health, environmental and charity initiatives. We’ve reached a milestone with GreenFleet, who have planted over 54,000 trees on our customers’ behalf.
• Membership 89,879
• Assets $5.19 billion