GMCU

General Information & Regulation

Goulburn Murray Credit Union Cooperative Ltd (GMCU), headquartered in Shepperton, Australia, provides trading, savings, and investment accounts, secured and unsecured personal loans, commercial loans, residential mortgages through 10 branches in Victoria and currently employs approximately 80 people. GMCU is currently regulated by the Australian Securities and Investments Commission (ASIC) and holds an authorized investment advisory license, Regulation No. 241364, but this license is suspected to be over-qualified for operation.

Products & Services

The products and services offered by GMCU mainly include loans (personal loans, home loans, business loans), international services (cash passport cards, foreign exchange, money orders), digital wallets, AMIGO credit cards (with a minimum credit limit of $1,000 and annual fees as low as $49), insurance (home contents insurance, motor vehicle insurance, caravan and trailer insurance, travel insurance, boat insurance), etc.

Minimum Deposit

GMCU offers three types of account types, namely Transaction Account, Savings Account, and Time Deposit Account. Transaction accounts include My Everyday Account, My Business Account, Our Community Account, and My Connections Account. Savings accounts are divided into Christmas Saver Account, Online Saver Account, Cash Manager Account, Advantage Saver Account, and My Mortgage Offset Account. The Term Deposit Account includes the Monthly Income Deposit Account and the Fixed Deposit Account. The minimum deposit requirement is not fully disclosed on the GMCU website.

Payment Methods

GMCU supports traders to make payments through electronic payment. Using this payment method, if a payment is to be made to another GMCU account, purchased, or cashed using EFTPOS, the recipient will receive the payment immediately. If transferring funds outside of the GMCU or conducting a BPAY transfer (i.e., online banking, phone banking, or branch assistance), then the payment will be subject to an as-of-time limit. The second deposit method is check deposit. Funds deposited into a member's account by check will not be available until the clearing time expires, and a “special clearance” on the check may be required at the time of deposit, and the fee charged by the bank shall be deducted from the member's account.