The Common Bond defines who is eligible to become a member
The power of your voice in a mutual bank
One of the benefits of being a member of Teachers Mutual Bank Limited is that each member has a voice.
Teachers Mutual Bank Limited and its various brands - Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank - are governed by a Constitution. That Constitution talks about the Common Bond. The Common Bond defines who is eligible to become a member.
Teachers Mutual Bank was founded as a credit union over 50 years ago to support employees in the education sector. But a lot has happened since then.
- 2012 (April) - Teachers Credit Union changes its name to Teachers Mutual Bank (TMB)
- 2015 - TMB merges with The University Credit Society Limited (“Unicredit) which is rebranded to become UniBank. We now serve the financial needs of Australians in the university sector.
- 2016 (November) - TMB merges with the Fire Brigades Employees’ Credit Union Limited to become Firefighters Mutual Bank. We now support the financial needs of Australians in the emergency services sector and those who volunteer in the fire service giving their time to support the communities where they live.
- 2019 (February) - We launched Health Professionals Bank.
- 2019 (November) - At the Annual General Meeting, members will vote on the motion to update the Common Bond to reflect the Bank serving the needs of people working not only in education sector but emergency services and healthcare sectors as well. The Common Bond governs eligibility to join Teachers Mutual Bank Limited and its various brands - Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank.
We started as a credit union serving people working in education. Then we grew into a bank serving people working in education. Nowadays, we serve the banking needs of people working in education as well as emergency services and healthcare.
Through a series of mergers and business decisions, we’ve delivered our message of ‘people before profit’ to more Australians. Currently we serve over 200,000 members in supporting their financial needs.
With four brands serving our country’s key workers, our business has become more complex. The Common Bond within the Bank’s Constitution needs to reflect the evolution of our business and simplify eligibility for all our members and potential members.
As a member, you have a voice - an opportunity to express your viewpoint on tidying up the Common Bond.
We have grown to serve the financial needs of more groups of key workers within the Australian economy. Now we need to broaden our Common Bond to formally recognise them.
We want to help more people like just you. And that’s why we are tidying up our Common Bond (summary shown below). If you are interested in the exact wording of the Common Bond within the Constitution, visit Common Bond update.
Changes to the Employment category
As the Bank has evolved to serve the financial needs of more groups of key workers within the Australian economy, we need to broaden the scope of the Common Bond to include them.
We are proposing that membership eligibility be updated to include staff, graduates and students of universities, emergency services workers and healthcare workers as well as those employed in education provided they are also members of their relevant industrial associations.
Changes to the Family category
The traditional family unit has evolved over the past 10 years.
We are proposing that family members be expanded to align with Australian law.
Changes to the Approved Persons category
The 20% Approved Persons restriction remains but we wish to simplify this calculation for greater transparency and ease of measurement.
Why we need you to vote
We are asking all our members from all our brands Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank to support the motion around the Common Bond within the Constitution at the 2019 Annual General Meeting on November 23 2019.
We require 75% of votes to carry the motion.
How can you help us help more people just like you?
All our members and our brands share a common history, a common focus of doing good and share a Common Bond.
Tidying up the Common Bond makes it reflective of the business we have evolved into, makes us inclusive of more Australians moving forward, while simplifying the Common Bond for all.
Your vote to support the motion about the Common Bond at the Annual General Meeting in November 2019 will help support the long term sustainability of the Bank. It will enable us to support more of Australia’s key workers and their family members - in education, emergency services and healthcare sectors.
You have the power to affect that change through your vote. We ask for your support.
Got a question?
Thanks for familiarising yourself with the proposed updates to the TMBL Common Bond. To continue banking, please return to your bank.