Small mutual ADIs cannot compete too well, and the Member Information Statement for the proposed merger of Pulse Credit Union and Teachers Mutual Bank reminds the small fry of how far some of them tail the leaders in customer-owned banking.

No mobile app. No Osko real-time payments. And no place any longer in the banking universe for the like of Pulse, a solid enough Melbourne-based credit union with all of A$7 million or so in members’ funds.

Pulse was established in 1976 meeting the financial needs of Health and University employees and their families across Victoria. Pulse has approximately 6000 members and $122 million in assets.

“Like other small credit unions, Pulse faces growing commercial and technological challenges in a rapidly changing industry,” the Pulse board explain to members.

“The Board has conducted a detailed and comprehensive review of Pulse’s business and strategic options. After carefully weighing the various alternatives, the Board concluded that merging with another strong and equally dedicated mutual financial institution is the best path forward to securing a successful and sustainable future, while keeping our unique culture.

“The Board also believes that it is important to provide members with the opportunity to continue to be a part of a member owned organisation.

“After significant analysis and prioritisation, TMBL was selected as the first choice for a merger.”?Members will become members of TMBL under the Health Professionals Bank or UniBank division.

Members that originally joined Melbourne University and La Trobe University Credit Unions will become members of UniBank; all others will become members of Health Professionals Bank.

The Special General Meeting of Pulse Credit Union will he held on Tuesday next week, September 7th.