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What is a credit union?

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A credit union is a customer owned banking institution. Every customer receives one share, entitling them to be involved in votes for directors and have a say in in the governance of the organization.

Credit Unions are regulated by the Australian Prudential Regulation Authority (APRA) in the same way as building societies, mutual banks and large banks. Their customers enjoy the Australian Government Guarantee on deposits.

Credit Unions offer a wide choice of Savings Accounts, Term Deposits, Visa cards, Online and Mobile Banking, Home, Personal, Investment and Commercial Loans, Business Banking together with all the related services including BPAY, direct debit and direct credit, chequing, cash passports (stored value cards) and much more

Credit Unions are committed to fair and transparent interest rates, fees, terms and conditions and to always act responsibly so that customers get the best possible financial deal. We call this true banking, where the customers’ interests are understood and respected at all times.

As well as striving to provide value for money products in a way that makes them easy to do business with, credit unions do not pay dividends to shareholders. That means all profits are available for investment in better products and services and in community sponsorships and giving. All of these keep money in the local area supporting local people.

For more details on how Credit Unions take their obligations seriously please refer to the Customer Owned Code of Practice on this site.

Questions?

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