Customers are the most important people in the credit union, building society and mutual bank sector and their needs and rights are our highest priority.
Credit unions, building societies and mutual banks are Authorised Deposit-Taking Institutions (ADIs) regulated under the Banking Act 1959 by the Australian Prudential Regulation Authority (APRA), and the Corporations Act 2001, by the Australian Securities and Investment Commission (ASIC).
Credit union, building society and mutual bank customers can carry out their financial transactions safe in the knowledge that all mutual ADIs are subject to the same rules, regulations and legal standards as the big banks.
Customer satisfaction surveys consistently show that credit union, building society and mutual bank members are happy with the products and services they receive, and most would recommend their customer owned banking institution to friends and colleagues.
All credit unions, building societies and mutual banks are members of an external dispute resolution (EDR) scheme approved by ASIC. If something does go wrong, and you have a complaint about your credit union or building society, you should first raise that complaint with your credit union, building society or mutual bank. If you are unhappy with their response to your complaint, you can then raise your complaint with the appropriate EDR scheme.
To find out which EDR scheme to contact, ask your credit union, building society or mutual bank. Alternatively, you can contact the EDR schemes direct as follows:
Financial Ombudsman Service – Mutuals Division
1300 78 08 08
Credit and Investments Ombudsman Limited (formerly Credit Ombudsman Service Limited)
1800 138 422