Government Deposit Guarantee
South West Credit is an Approved Deposit Taking Institution (ADI) as are the banks. We are prudentially regulated by the Australian Prudential Regulatory 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 applied until 31st January 2012, and since has been 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 South West Credit's strong financial position and take this opportunity to assure our member-owners that South West Credit 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.
South West Credit 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.
The Government Deposit Guarantee applies to our:
© 2012 South West Credit Union Co-operative Limited | ABN 44 087 651 705 | AFSL / Australian Credit Licence 241 258 | BSB 803 073