117 Lava St Warrnambool, Vic 3280
Your Safety and Security
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), deposits with credit unions, mutual building societies and mutual banks of up to $250,000 will be covered on a permanent basis by the Government Guarantee from 1st February 2012.
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.
The Government Deposit Guarantee applies to our:
In addition to the ADI licence to carry out banking business, South West Credit holds an Australian Financial Services Licence (AFSL) and is regulated by the Australian Securities and Investments Commission (ASIC) under the Corporations Act 2001.
AFSL holders are subject to a range of licensing, conduct and disclosure obligations.
South West Credit is also subject to regulatory obligations under a range of laws, including:
- consumer credit law
- the Privacy Act 1988
- the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
- payments system regulation
- the Electronic Funds Transfer Code of Conduct
- The Customer Owned Banking Code of Practice.
South West Credit is Warrnambool's only ADI that is truly local. We are committed to continuing to provide superior service while maintaining your trust and confidence.
© 2014 South West Credit Union Co-operative Limited | Warrnambool | ABN 44 087 651 705 | AFSL / Australian Credit Licence 241 258 | BSB 803 073