Credit unions, mutual building societies and mutual banks have a mutual structure and their first point of business is to focus on their members (customers). Anyone can join and become a member. Each member of a credit union, mutual building society and mutual bank owns the organisation they belong to, and have a vote in the organisation’s governance.
This means we focus on community banking services that benefit our members.
Unlike publicly-listed banks, credit unions, mutual building societies and mutual banks aren’t publicly-listed companies and so they don’t maximise profits to pay external shareholders. Instead, they put their profits back into outstanding customer service, better products, competitive mortgage rates and fairer, competitive pricing for their members.
Quick statistics on credit unions, mutual building societies and mutual banks:
- They are focused on benefits for their members – and not profits for shareholders;
- They consistently are among the highest levels of customer satisfaction in the Australian banking market;
- Provide quality, professional, ethical banking and offer competitive rates and pricing for close to 4.6 million members across Australia;
- Deliver better service, fairer fees and a true community focus.
For more on the mutual difference, click here.