NSW Teachers Credit Union
From Wikipedia, the free encyclopedia
The New South Wales Teachers Credit Union is the largest credit union in the state of New South Wales, Australia, with more than 142,000 Members, assets of $1.85 billion and has the highest Member retention of any Australian credit union. Membership is primarily restricted to serving and retired teachers and administrative staff in the state school systems of New South Wales, Northern Territory, and the Australian Capital Territory and their immediate family members.
In common with most credit unions in Australia each member holds one equal share in the organisation and all profits are returned to members by way of lower fees and interest rates than those offered by competing commercial banking enterprises.
Australian credit unions are financial institutions, but they are not banks. Credit unions meet the same regulatory standards as the biggest Australian banks, are regulated under the same Banking Act, have Australian Prudential Regulation Authority oversight and covered by the Corporations Act.
Credit union’s are committed to the financial wellbeing of their members. Every member is a shareholder, with an equal vote and say in how the credit union is run.
NSW Teachers Credit Union membership is geographically spread through New South Wales, the ACT and the NT. With such a decentralised membership the credit union has been an innovator in providing banking services with both telephone and internet banking, and the need for only two branches located in Sydney.
The Credit Union is a long-standing supporter of many education programs and has made a significant contribution to public education in New South Wales. This support extends across a broad range of educational programs including sport, the arts, conferences and workshops as well as significant activities and events at all levels of the school system.
In 2006 NSW Teachers Credit Union celebrated 40 years of service to its Members. Over its 40 years the Credit Union has been able to provide banking services to teachers, administrative staff and members of their families in rural, regional and remote locations across the state.
New South Wales Teachers Credit Union recognizes that success cannot be measured just in terms of profit and growth, but how it relates to the community and the ways in which it can minimise its environmental impact. The Credit Union is committed to integrating its financial performance with non-financial criteria to enhance the value for its Member and stakeholders.
The head office of the credit union is located at Homebush, on Parramatta Road.
It is one of the largest, and oldest, credit unions in Australia.
