January 2021


I’m excited to announce that our Board of Directors has begun proceedings towards a potential merger with Teachers Mutual Bank Limited (TMBL).

We have entered into a Memorandum of Understanding (MOU) with TMBL under the Health Professionals Bank and UniBank brands to explore the possible advantages of a future merger. The MOU is not a commitment to merge, rather an initial step to allow us to investigate things further.

Why are we considering a merger  with TMBL?
The primary reason for the proposed merger is to seek a partner to strategically position your Credit Union in the market. Like other small credit unions, Pulse Credit Union faces growing commercial and technological challenges in a rapidly changing industry.

The proposed merger will ensure our Members become part of a larger, stronger and more geographically extensive mutual bank with greater financial resources, improved product offerings and a service focus unparalleled in the industry. TMBL has excellent corporate social responsibility credentials, a strong Member value proposition, and a cultural fit that makes it an ideal merger partner.

Both parties are strongly committed to retaining Pulse’s role as a financial service provider to the health professional and tertiary education communities in Victoria.

After carefully weighing up the alternatives, our Board of Directors concluded that joining forces with TMBL was the best path to securing a successful and sustainable future that would appeal to the next generation of Members.

Who is Teachers Mutual Bank Limited?
TMBL is one of Australia’s largest mutual banks with over 210,000 Members across the country and more than $8.1 billion in assets. It has a well-established national identity and is in its 55th year of operation. Historically, TMBL’s success as a financial service provider has been built on sustained, largely organic growth achieved through excellence in service delivery to its Members. This is demonstrated by the awards and accomplishments the Bank has achieved including:

  • Members rated Health Professionals Bank and UniBank 92% Member satisfaction in 2019
  • Health Professionals Bank and Unibank were named one of the World’s Most Ethical Companies® for the last 3 years
  • All new mortgage and savings accounts are certified socially responsible products by RIAA

To find out more about TMBL visit , Health Professionals Bank at or Unibank

In order for any proposed merger to proceed, three things need to happen.

  1. We must complete a due diligence process with TMBL. This exercise will commence in February 2021.
  2. Subject to the due diligence requirement being successfully completed, Pulse Members have to be given the opportunity to vote on the desirability of any proposed merger. A proposed merger can only proceed if 75% of Members voting support the proposal recommended by the Board of Directors.
  3. The proposed merger arrangement as approved by the Members of Pulse would still require the approval of the industry regulators.


We’re still here to help you
I personally wanted to assure you if the proposed merger between our organisations were to proceed, there would be relatively little impact for you as a Pulse Member in terms of day to day services. There will be no forced staff redundancies and our current staff will be there to support you.

The Board of Directors believes that this proposed merger with TMBL presents a wonderful opportunity for Members to be a part of a stronger mutual organisation that shares many of the same values as Pulse.

What’s coming next?
More detailed information about the proposed merger arrangement will be provided to all Members prior to the Special General Meeting.

Should you have any questions, or if you wish to provide any feedback, please contact us via email or by phone (03) 9347 9588

Thank you for your continued support, and we look forward to keeping you updated through this important development.

Best wishes,

Stuart Neave

20 January 2021



The Boards of Victorian-based Pulse Credit Union Limited and nationally operating Teachers Mutual Bank Limited have announced they have signed a Memorandum of Understanding to enter merger discussions and begin due diligence.

Pulse Credit Union Limited and Teachers Mutual Bank Limited are connected by their support for essential workers and commitment to providing them with the highest level of service. Aligning with Teachers Mutual Bank Limited’s Health Professionals Bank division, Pulse Credit Union Limited has traditionally provided banking services to members in the healthcare industry. Mergers with La Trobe University Credit Union and Melbourne University Credit Union in October 2011 allowed Pulse Credit Union Limited to extend the provision of services to members in the tertiary education sector, creating a further alignment with the UniBank division of Teachers Mutual Bank Limited.
Pulse Credit Union Limited CEO, Stuart Neave, said: “In the past 12 months the mutual banking industry has faced growing challenges in an era of digital disruption, reducing margins, increasing regulatory change and challenges from the COVID-19 pandemic. The strategy driven by our Board has been to search for opportunities to achieve the size and scale that will support outstanding and sustainable service for our members.

“We have chosen Teachers Mutual Bank Limited as our preferred partner as we are united by our support for the healthcare and education industries, our dedication to members and strong values. We believe the proposed merger with one of the largest mutual banks in Australia will provide a greater opportunity to enhance member value through improved product and service offerings.”

Teachers Mutual Bank Limited CEO, Steve James, said: “Throughout the disruptive conditions of the past year, our Board of Directors has focused on maintaining the strength of the Bank and meeting the evolving needs of our members. We are proud of the growth we have experienced in this time and our success in enhancing our member value proposition with an emerging digital-first approach. The proposed merger with Pulse Credit Union Limited creates an opportunity for us to grow further and provide exceptional service and value to additional loyal mutual banking members based in Victoria.”

There will be no changes to the current composition of the Teachers Mutual Bank Limited Board, or common bond. Given the strong alignment and majority membership in the healthcare sector, Pulse Credit Union Limited members working in that sector would access Teachers Mutual Bank Limited’s services through the Health Professionals Bank division and Pulse Credit Union Limited members working in the tertiary education sector would access the Teachers Mutual Bank Limited’s services through the UniBank division.

Over the coming months, Teachers Mutual Bank Limited and Pulse Credit Union Limited will undertake a thorough due diligence process. After due-diligence is complete, the proposal will require regulatory approval from the Australian Prudential Regulation Authority, before seeking approval from Pulse Credit Union Limited’s membership.

For further information please contact:

Amanda Resurreccion
Corporate Affairs Manager
02 9735 9179 / 0429 421 611 

About Pulse Credit Union Limited
Pulse Credit Union Limited is a member owned credit union with 6,000 members and $122M in assets. Tracing its origins back to 1959, it has primarily provided banking services to the healthcare industry since 1976. Mergers with La Trobe University Credit Union and Melbourne University Credit Union in October 2011 allowed the credit union to expand the provision of banking services to members in the tertiary education sector. For more information visit

About Teachers Mutual Bank Limited
Teachers Mutual Bank Limited is one of Australia’s largest mutual banks with over 210,000 members and more than $8 billion in assets in its 54th year of operation. It is comprised of four divisions: the original Teachers Mutual Bank, UniBank, Health Professionals Bank and Firefighters Mutual Bank. Teachers Mutual Bank Limited is passionate about assisting members to secure their financial futures through superior member support and banking products.

For more information visit or for specific information on our divisions visit:

December 2020


Card Transaction Fees will recommence on 1st January 2021.

In April 2020, in response to the COVID-19 pandemic, Pulse decided to waive transaction fees for all eftpos and VISA transactions. The decision was made to help members during a unprecedented time in our history. We hope that the 9 months of fee free transactions has helped members during an extremely difficult time.

October 2020


Due to COVID-19 restrictions the 2020 AGM will be held virtually.
Details will be on our website on 30 October 2020.
Please RSVP to should wish to attend.

Pulse Credit Union Limited

ABN 35 087 651 670
AFS Licence 239293

Notice is hereby given that the Annual General Meeting of Pulse Credit Union Limited will be held on Wednesday 18 November 2020 commencing at 6.00 pm.


  1. Opening and Apologies.
  2. Minutes of Previous Meeting.
    To confirm the minutes of the 2019 Annual General meeting.
  3. To Receive the Financial Report, Directors’ Report and Auditor’s Report for the Year Ended 30 June 2020.
  4. To consider and if thought proper adopt the following resolution submitted by the Board:
    ‘That the number of Directors of the Credit Union be limited to seven (7) during the period to the 2021 Annual General meeting of the Credit Union.’
  5. Appointment of Directors.
    The retiring Directors are Malcolm Brand, John Green and Neil McDonald, being eligible, have agreed to stand for re-election.
    No other nominations have been received.
  6. Remuneration of Directors.
    To determine Directors’ remuneration for the year ending 30 June 2021.
  7. Other Business
    No other business has been received of which due notice has been given.
  8. Question Time.

Stuart Neave
Company Secretary

September 2020


Pulse stopped charging eftpos fees in April 2020 to assist Members through the COVID-19 pandemic and will continue to absorb all eftpos fees until the end of 2020.

September 2020

Win one of ten $1000 gift card vouchers*

Welcome to Win one of ten $1000 gift card Vouchers

All you need to do to go into the draw is send or receive money overseas by a telegraphic transfer using our International Payment service, powered by Western Union Business Solutions, and you will go into the draw to win a $1000 gift card Voucher.


*All you need to do to go into the draw is send or receive money overseas by a telegraphic transfer using our International Payment service, powered by Western Union Business Solutions, and you will go into the draw to win a $1000 gift card Voucher.

Promotion starts 7 September 2020 9:00 AM AEDT and closes 5 October 2020 11:55 PM AEDT. Entry to the Promotion is open to Australian residents in all eligible states/territories who fulfil the method of entry requirements/eligibility requirements. Prize is one of ten $1000 gift card vouchers. Entrants can win a maximum of one prize in the Promotion. Prize draw 10.00am 19 October 2020. Winners will be notified via Email or Phone by 21 October 2020 and published Authorised under SA Permit No. T20/981 and ACT Permit No. TP20/01106. For full T&Cs refer to

PULSE CREDIT UNION LTD ABN 35 087 651 670 AFSL 239293 has engaged Western Union Business Solutions (Australia) Pty Limited (ACN 150 129 749; AFSL 404092) (“WUBS”) to assist it in fulfilling certain foreign exchange and payment services, including telegraphic transfers. The relationship relating to the services (other than drafts) described is solely between you and PULSE CREDIT UNION LTD. WUBS does not give you any advice (general, personal or otherwise). Any advice provided to you is given by PULSE CREDIT UNION LTD. Western Union Business Solutions is a business unit of the Western Union Company.

1Based on periodic comparisons against publicly available rates for comparable services from 4 Australian banks. 2For incoming international payments, WUBS processes over 25 currencies fee-free however some exotic or other currencies may attract fees. In some instances, intermediary banks may levy additional fees and/or charges. 3Funds are usually transferred by the next business day. The beneficiary bank will then allocate the funds to the beneficiary’s account. There is no delivery time guarantee. Some currencies may take longer than others to process.

July 2020

Pulse News July 2020

Download the latest issue of Pulse News.

In this issue:

  • COVID-19
PDF icon Pulse News
352 kb PDF Document
April 2020

Austin Hospital Branch will reopen on Monday 27th April.

Following ongoing discussions with the Austin Hospital and after making some in branch changes to provide further protection for our members and staff the Austin Hospital Branch of Pulse Credit Union will reopen to members on Monday 27th April 2020.

We thank members for their patience and understanding during this temporary closure.

The team at Pulse Credit union

April 2020

Austin Hospital has asked that Pulse Credit Union temporarily close its Austin Hospital Branch to assist in stopping the spread of the COVID19 virus.

The branch will close on 9th April 2020 until further notice.

Our Elizabeth Street office remains open and can be contacted on 03 9347 9588.

January 2020


Scam callers identifying themselves as the “Fraud Department”, “Visa Fraud Monitoring team” and “Fraud Team in Collins Street Melbourne” have been calling in an attempt to coerce members to provide personal information.

Our Fraud Department will never ask you to confirm your full card number.

A genuine call from our Fraud Team will only ever ask to confirm the last 4 digits and will encourage you to call your branch.

We remind all Members to be vigil and never give your card or any personal details to any person cold calling.

If you believe you have received a scam call, please contact our Head Office immediately on 03 93479588

June 2019

Pulse News June 2019

Download the latest issue of Pulse News.

In this issue:

PDF icon Pulse News
374 kb PDF Document
April 2019

Pulse News April 2019

Download the latest issue of Pulse News.

In this issue:

  • Branch Relocation
  • REDICARD now has a pin change option
  • VISA Debit is coming……. Register your interest now!
  • e-Statements
  • Loans – Home / Investment / Car / Holiday / Debt Consolidation
PDF icon Pulse News
473 kb PDF Document