On October 17, we are celebrating International Credit Union Day. This global event recognises the unique role credit unions play in empowering individuals, strengthening communities, and promoting financial well-being. But what exactly makes credit unions so special? Let’s delve into the history and impact of these member-owned banks.

The Origins of "People Before Profit"

The credit union movement has its roots in the cooperative movements of the 19th century, pioneered by individuals like Hermann Schulze-Delitzsch and Friedrich Wilhelm Raiffeisen in Europe. These visionaries established financial institutions that prioritised the needs of their communities over profit maximisation.

In Australia, a similar spirit drove the creation of credit unions, mutual banks, and building societies. These institutions emerged to serve those who were often overlooked by traditional banks, such as teachers, nurses, police officers, and bus drivers. They provided access to financial services and fostered a sense of community ownership.

A Legacy of Innovation and Member Focus

Credit unions have consistently been at the forefront of innovation in the financial services sector. In Australia, they were the first to introduce 24-hour ATMs in the 1970s, EFTPOS facilities in the 1980s, and were early adopters of mobile payment technologies like Apple Pay and Android Pay. They also led the way with the New Payments Platform (NPP), offering fast Osko and PayID payments.

Beyond technological advancements, credit unions consistently outperform traditional banks in customer satisfaction. This is a testament to their commitment to personalised service and member-centric values.

Woolworths Team Bank: Putting Members First

At Woolworths Team Bank, we’re proud to be a part of this rich history. We’re dedicated to providing our members with quality financial products, competitive rates, minimal fees, and personalised service. We believe in building strong relationships and empowering our members to achieve their financial goals.

Our commitment to member satisfaction is reflected in testimonials like these:

"Every conversation was positive and it seemed that nothing was a big ask. The thing that stands out for me is the fact that you can actually ring and talk to a person..."
Mike
"My bank never got back to me - once I realised that we had a Team Bank, it’s been great. I brought all my business over and I have saved and made money..."
Kathy

International Credit Union Day is a celebration of the cooperative spirit and the positive impact credit unions have on individuals and communities worldwide. As a customer-owned bank, Woolworths Team Bank is proud to uphold these values and continue to put our members first.

Click here to Woolworths Team Bank and apart of a customer-owned bank! Where you live life on your terms.