Savings & Loans and Australian Central have joined with credit unions and mutual building societies from around Australia in a new campaign encouraging people to switch from banks.
The campaign, which starts with TV, online and press advertisements this week, focuses on the core idea of credit unions – that everything we do comes back to our members.
More than 4.5 million Australians bank with credit unions and building societies, who focus on giving back to our members and the community rather than boosting profits for shareholders.
Just a couple of weeks ago new research came out showing that Australians are increasingly unhappy with the big banks, and we’re hoping that this new campaign will boost the profile of credit unions and building societies in the wider community.
More than 80 credit unions and building societies have joined forces to promote this campaign, which is organised by our industry body Abacus – Australian Mutuals.
While we’re all separate organisations, we all believe in the importance of putting our members and the community first and are working together to show people that there are plenty of good alternatives to the banks.
We’ll be using this logo on some of our advertising and flyers to show that we’re part of a group that’s committed to better banking for all Australians. This isn’t our new name or logo, which we’re currently working on to be presented to members later in the year for their approval.
Here are some quick facts about credit unions and mutual building societies:
- Together we have more than $73 billion in assets and are the fifth-largest holder of household deposits in Australia
- More than 20% of all Australians are members of a credit union or mutual building society
- Just like the banks, we’re Authorised Deposit-Taking Institutions, regulated under the Banking Act and we’re overseen by APRA to ensure we make prudent decisions
- Customer satisfaction for credit unions and mutual building societies is 14-16% higher than the major banks (Roy Morgan Research, February 2010)
If you want to find out more about the campaign, visit www.comesbacktoyou.com.au