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Providing a wide range of financial products and services, the credit union offers loans and credit cards, savings accounts, financial planning and insurance. And while it may focus its branch support on south west New South Wales, its products are made available to Australian residents throughout the country, with service and support offered through phone and online banking.
Almost 4 million Australians are currently members of credit unions, choosing to bank within a mutual model rather than a traditional bank. So, what does South West Slopes Credit Union have to offer as a credit union? Being part of a mutual provides plenty of benefits for members, both directly and indirectly.
Unlike traditional banks, which have external shareholders to keep happy with dividends, mutual organisations such as South West Slopes Credit Union have members as shareholders. Keeping the focus solely on their members, they can re-invest their profits to provide products and services that have lower fees and better rates, backed by more personalised customer service.
South West Slopes Credit Union, like many mutuals also retain a strong focus on community. Their profits can be used to build stronger communities in the areas they serve, working to benefit members through sponsorships and supporting local community initiatives.
Let’s take a closer look at why you may choose South West Slopes Credit Union, taking in the various benefits it has to offer as a local mutual.
Where profits in a traditional bank are put towards paying external shareholder dividends, in a mutual such as South West Slopes Credit Union, those profits can be re-invested for the benefit of members. That means providing competitive rates and lower fees. In fact, more than two thirds of credit union members pay no fees at all, and on average, credit union members pay less than customers of banking competitors.
While it’s important to be cautious, smaller organisations such as South West Slopes Credit Union face the same regulation as larger, traditional banks. Credit unions are subject to the same rules, regulations and legal standards as the big banks, and the Government Guarantee includes all banks, building societies and credit unions.
South West Slopes Credit Union sees its commitment to community as being just as important as its commitment to members. Being locally based, it retains strong ties with the community around it, priding itself on its community contributions and sponsorship. Giving back to the local community is a vital part of who this credit union is, offering support through sport, community events and festivals, and providing essential community and charitable services.
Like many smaller credit unions, South West Slopes Credit Union keeps it simple with its credit card offering. Members looking for a basic card option can apply for the South West Slopes Credit Union Visa Classic Credit Card to take advantage of the following features:
To find out more, check out this card’s page for all the need-to-know info.
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