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About credit unions
About credit unions - EECU
|Credit unions are different to banks and other financial institutions. Like banks, credit unions are regulated by the Australian Prudential Regulation Authority (APRA), and are subject to the same regulatory standards as all major banks and financial institutions in Australia.|
|However, unlike banks, credit unions are owned by their members, meaning they are not driven by the need to return dividends to external shareholders. Instead, profits are put back into the credit union in the form of innovative new products and services, fair fees, competitive interest rates and high levels of personal service.|
Traditionally, credit union members often share a common interest which brings them together and provides a sense of unity.
In EECU’s case, the membership bond is the ExxonMobil community – employees, long-term contractors and their family members. Once you become a member you can be a member for life, regardless of any change in your employment or family situation.
As a member, you have a direct say in how we’re run by voting in our annual Election of Directors. Plus all members can run for election to the Board.