Throughout Australia there are over 100 different credit unions collectively holding more than $42.5 billion in assets, and providing community banking services to more than 3.5 million Australians.
How are credit unions different from the banks?
The main difference between credit unions and banks or other financial institutions, 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 purchase one membership share (at Queensland Country this is $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.
|A mutual company
(e.g. a credit union)
|A non-mutual company
(e.g. a bank)
This information has been sourced from Abacus – the representative body for all credit unions in Australia.