Why you should choose a Credit Union as your financial institution.

2 February, 2022

If you are looking for a new financial institution there are plenty of options to choose from, ranging from the Big 4s to smaller local banks. But have you ever considered a Credit Union? 

Well, if it’s a customer centred, personal face-to-face service you are seeking, then you should. Here’s why. 

What is a Credit Union?

To start, let’s do a little background on what credit unions actually are.

A credit union is a membership-based financial institution. Becoming a customer of a credit union means becoming a member, which in turn means becoming part-owner.

Historically they were founded as community organisations, intended to service the financial needs of specific geographical areas or workers in particular institutions, i.e. nurses, teachers, police officers. Members of these credit unions would pool their money together to provide financial services to one another. 

CWCU was originally established in 1966 as Central West County Council Employees Credit Union and it had just 86 members. In 1970 we opened our doors to all local government and hospital employees and adopted the name you know and trust today, Central West Credit Union Ltd. 

Then in 1981, we expanded our service once again and invited all community members to bank with us. 

Now, with a team of over 20 staff working across 6 locations and servicing over 10,000 customers right across Australia, it’s safe to say we haven’t looked back since. 

What’s the difference between Credit Unions and Banks?

There are many differences between credit unions and banks. A big difference is that while a bank is generally owned by shareholders, we are owned by our members. Banks use their profits to pay dividends to their shareholders, whereas we use our profits to provide added benefits for our members, such as lower fees or reduced interest rates. 

Operating as a credit union, we still retain many of the key features of our name. We are community proud and managed by a board of directors who are elected by our members at Annual General Meetings, meaning only people who are truly invested in our business get to call the shots. 

The CWCU Difference

Here at CWCU, we pride ourselves on our customer-centric approach. While we do encourage our customers to take advantage of our various online banking services, we still strongly advocate for face-to-face meetings. 

Many people that come to us have gotten sick of the lack of personalisation that comes with the bigger banks. They want to be able to pick up a phone or book a meeting and speak with a real person who actually knows them and their finances - that’s the CWCU difference. We are big enough to give you confidence with your finances, yet still small enough to know your name. We work to make sure you get the best out of your banking experience.

Operating right across the Central West for over 50 years, no one understands local personal finance like us. 

We live and work in your community. We understand your job, your business, your family, so we are empowered to make decisions locally, ensuring you don’t get lost in a maze of call centres, red tape and decision-makers.

We work to protect our member’s money by providing banking solutions for each generation and supporting younger generations to grow - that’s our promise. 

If you are looking for a bank that puts its customers first and values fact-to-face interaction, then get in touch with us today. Our team of friendly staff will walk you through your options and get you started on your new financial journey.