Security Credit Union and Comtax Credit Union are divisions of Allied Members Credit Union which is an Approved Deposit Taking Institution (ADI) as are the banks. We are prudentially regulated by the Australian Prudential Regulation Authority (APRA). All ADI’s are subject to the depositors protection provisions of the Banking Act of 1959.
As part of the new Financial Claims Scheme (FCS), the guarantee for all deposits up to $1 million held with Credit Unions, Australian Banks, and Building Societies will apply until 31st January 2012 and will then be replaced with a permanent guarantee of $250,000 from 1st February 2012.
Existing term deposits in place at 10th September 2011 will continue to be guaranteed up to $1 million until 31st December 2012, or until the existing term deposit matures.
Your Board and Management would like to communicate AMCU's strong financial position and take this opportunity to assure our member-owners that AMCU is a safe and secure financial institution worthy of your confidence. The foundation of our success has been our sound business practices and our commitment to protecting our member-owners’ assets.
AMCU and other Credit Unions meet the same strict, legally enforceable standards as banks under the Banking Act regulated by the Australian Prudential Regulation Authority (APRA). Credit Unions are prudent and responsible lenders. Credit Unions have the lowest levels of arrears in the Australian lending market.
On the face of things, credit unions and banks may look similar. We offer similar services and have similar products. But there is a distinct difference. Banks exist to make profits and pass the money along to their shareholders. Credit unions exist to serve their members through people helping people.
We are committed to continuing to provide superior service while maintaining your trust and confidence.
Please note: the government guarantee only applies to deposit products. The guarantee does not apply to any products in the lending suite.
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