Become a member, not just a number
The main difference between credit unions and other financial institutions, such as banks, is that on joining a credit union you become a member.
Membership has many benefits and entitles you to an equal say in the running of your credit union. You have the democratic right to vote at annual general meetings and participate in the election of the board of directors.
On joining a credit union, you will be asked to purchase a share for a nominal amount, usually between $2 and $10. This share entitles you to an equal say in the future of the credit union and an equal ownership stake. Your membership share will be refunded if you decide to leave the credit union in the future.
Each member has one vote, regardless of the amount of business he or she has with the credit union. And as a credit union member you are much more than a number. You are treated with dignity and respect, because you own part of your credit union. That’s the different kind of banking credit unions offer.
It’s easy to become a member
Credit unions operate around Australia. Some focus on particular industry groups, but most are open to the general community. To find a credit union which suits your needs, go to our section on Finding a Credit Union or contact Abacus – Australian Mutuals on 13 11 28.
Once you have chosen a credit union, you will need to comply with the standard banking requirements of the 100-point identity check. This is important to protect your identity and ensure our compliance with relevant legislative requirements. For more information on the 100 point checks, contact your credit union.
The benefits of membership
Credit unions are full-service financial institutions holding more than $37.5 billion on behalf of over 3.5 million Australians.
Our members have access to 21,000 ATMs and 430,000 EFTPOS terminals throughout Australia.
Credit unions provide you with all options for easy account access, including ATMs, EFTPOS, telephone and Internet banking, cheque and/or debit card. Credit unions offer all the access options and services of banks and other competitors.
By joining a credit union you could be enjoying some of the most competitive investment interest rates in the market.
Choosing the right home loan often depends on getting the right advice from your lender. Your credit union can recommend a home loan solution tailored to your financial circumstances.
Credit unions offer a variety of personal loan products with interest rates often lower than other forms of short-term financing for just about any worthwhile purpose.
Credit unions offer a range of flexible credit cards, including VISA and MasterCard, two of Australia’s most popular and most widely accepted cards.
Most credit unions will work with you to build a financial plan to help you reach your long-term financial and lifestyle goals.