CUA (company)

For other uses, see Cua.

Credit Union Australia

Type	Credit union Customer-owned financial institution
Industry	Financial services Banking
Founded	1946
Key people	Chris Whitehead CEO Alan Beanland Chairman
Products	Banking Investment Insurance Financial Planning Financial Planning
Employees	927 (2011)
Website	cua.com.au

CUA (commonly known as Credit Union Australia ) is a credit union in Australia. CUA is Australia’s largest customer-owned financial institution, providing an extensive range of banking products and services to over 400,000 customers. CUA is 100 per cent owned by its customers, not shareholders, so all profits are reinvested back into the business in the form of more competitive products, better interest rates and lower fees instead of being paid out in dividends.

CUA has a national presence with around 80 branches across the eastern seaboard and in Perth, 24/7 telephone and internet banking, Australian located call centres, SMS banking and mobile lenders. Customers also have access to over 3,400 ATMs through the rediATM network – one of the largest ATM networks in Australia.

CUA offers a compelling alternative to the traditional Australian banking model and proactively promotes greater competition within the Australian financial services industry to ensure customers get the best deal.

CUA was awarded ‘Credit Union of the Year’ at the 2010 Australian Banking & Finance Awards, the 2010 Australian Financial Review Smart Investor Blue Ribbon Awards and the Your Mortgage Magazine Awards 2010.

Products and Services

CUA provides an extensive range of everyday banking products with competitive rates and no account keeping fees. Products and services include mortgage loans, personal loans, health insurance, general insurance, credit and debit cards, financial planning, savings and transaction accounts, investment products, term deposits, foreign currency, commercial finance and corporate investments.

History

CUA was founded in 1946, growing out of several small Queensland based credit unions in the 1940s with just 180 members. Since then, through the amalgamation of more than 150 credit unions, CUA has grown to become the largest credit union in Australia. A summary of its history follows:

1946 – 1965	This period saw the amalgamation of the Catholic Thrift and Loan Co-op, the Thrift and Loan Credit Union and Postal Workers Co-op Credit Society. From these humble beginnings rose several decades of mergers, which saw each of these original credit unions ultimately became part of what is known today as CUA.
1966 – 1980	The Queensland Postal Cooperative Credit Union was founded by staff of the General Post Office in Brisbane in 1966 and following various mergers, in 1980 changed its name to Credit Union Australia to reflect the diversity of the membership base.
1981 – 1996	Financial planning and insurance divisions were launched. Landmark 24 hour ATM service introduced. Home loans were added to Credit Union Australia’s suite of products. A number of mergers during this period saw Credit Union Australia’s membership swell to over 113,700.
1997 – 2007	Credit Union Australia rapidly expanded its presence into Victoria, New South Wales, the Australian Capital Territory and Western Australia though mergers with CPS Credit Society, Metropolitan Credit Union and Australian National Credit Union (ANCU). Following its merger with ANCU in 2006, Credit Union Australia became the country’s largest credit union by membership, staff numbers and assets. Credit Union Australia was officially rebranded to ‘CUA’ in 2007 with a new logo.
2009 onwards	CUA merged with Victorian based Plenty Community Credit Union in 2010. Membership numbers have frown to over 400,000. Assets under management topped †$8.8 billion in CUA’s FY2011 interim financial results.

References

†CUA’s FY2011 Interim Financial Highlights announcement: http://www.cua.com.au/wps/wcm/connect/website/home/sitetools/news/increasesearnings

External links

• CUA website
• CUA Facebook website
• rediATM website