Merger Update

The merger between Savings & Loans and Australian Central has hit a key milestone with a proposed new name for the credit union being put forward.

People’s Credit Union is the proposed name for the organisation and members will have the opportunity to vote on the new identity at the Credit Union’s Annual General Meeting on 28 October 2010.

If approved by members, the new name will take effect on 7 March 2011.

Determining the right name for the credit union has been a comprehensive process, with a large amount of research conducted with both members and the general public.

The new name describes exactly what the organisation will be: a credit union which is owned by members and focused on everyday people.

You can find out more about the voting process by viewing the information page for the Annual General Meeting.

What else is changing?

Changes have been made throughout the merger process. The first improvements as a result of the merger took effect on 1 December 2009, when some transaction fees were reduced across both credit unions, and Savings & Loans' Retirement & Pension account was brought into line with Australian Central's Club 55.

Products

In some instances, we have been able to pass on benefits immediately to members. For example, Savings & Loans’ members with Retirement & Pension accounts now receive the same interest rates and fees as the Australian Central Club 55 account.

Additionally, some term investment rates have been aligned with the same special rates being offered by both credit unions. We have also aligned the standard variable rates on home loans and aligned the personal loan range offered by each credit union.

From 1 September 2010, the service and lending fees charged by Australian Central and Savings & Loans were aligned, with significant reductions across our most common fees, and the removal of some other fees.

Branches and accounts

The integration of each credit union’s computer systems is also well underway, and is expected to be completed by the end of the year. Once this part of the merger is complete, members of Australian Central and Savings & Loans will be able to access their accounts across the expanded branch network of the new credit union.

A new suite of accounts will be made available to members once our banking systems are aligned and members will be made aware of any changes well before they take effect.

Any questions?

If you have any questions about the merger between Australian Central and Savings & Loans, please call us on 13 13 21 or email merger@accu.com.au