Members place a premium on fair fees and personal service

Teachers Credit Union attributes its joint first place score in CHOICE’s survey on personal banking satisfaction, to its strong emphasis on customer service and fair fees and charges.

“We’re delighted to have achieved the joint highest overall everyday banking satisfaction ratings this year. We’ve been placed highly in previous CHOICE banking satisfaction surveys, and this accolade gives us the best news we could wish for – that our members continue to be happy with the service and products they get from us,” said Steve James, CEO of Teachers Credit Union.

“We believe we are able to offer a more personal service than some other financial institutions. Our heritage is in servicing our members, and taking that extra step to help them is part of our philosophy. We understand their needs, and we take a personal approach,” Steve James said.

Teachers Credit Union is the largest credit union in NSW and the third largest in Australia based on on-balance sheet assets. It currently has more than 156,000 Members and over $2.8bn in assets. It operates in NSW, ACT, WA and the Northern Territory.

Other credit unions also scored highly in the CHOICE survey of 3000 people. Steve James explained, “There are three key elements that give credit unions an ‘edge’ – values, service and fair fees and charges.”

Credit union values – equity, co-operation and integrity - are a significant attraction for many people. Because credit unions are owned and democratically operated by members, the culture is based on returning profits to members by enhanced products and services, not satisfying shareholder needs or demands.

Teachers Credit Union also has the rare distinction of being able to demonstrate strong and genuine member support. According to Abacus industry analysis, it has one of the highest retention of members of all credit unions and building societies in Australia. Almost half of Teachers Credit Union members stay with it for 20 years or longer.

“Our own bi-annual member satisfaction surveys consistently reveal a 90%+ satisfaction rating – generally unheard of in financial services. We’re very proud of that,” Steve James said.

Media contact:

Gillian Tatt
Senior PR
Email: gtatt@teacherscreditunion.com.au
Ph: 02 9735 9825
Mobile: 0448 259 942.