20110314 Vocational Day for Jessie-MemberFirst Credit Union

Today I visit a Financial Institution name “MemberFirst Credit Union” which is a small bank focus on individuals, especially on the people who live in communities. Shareholders of Credit Union are their members, so if you want to be their customers, then you must apply to become a member first. But why people want to be their members? Because the “interest rate”, members could get lower mortgage rate and higher saving interest rate instead of the annual dividends from the Credit Union.

      What’s the different between commercial bank and credit union in Australia? The product lines of Credit Union is smaller than commercial banks. For example “Foreign Exchange” and “Credit cards” are not provided by Credit union. Although they are restricted in some product lines but they provide better rates and services for members especially they are familiar with local people. And they are also one of the funding resources for companies such as Quantas. That’s why they are so popular here and your savings are 100% be guaranteed.   

     First Credit Union” in Merryland has over 5,000 members. And the manager is one of the Rotarians in Holroyd Club. When we talk about the closing daily balance, she said they usually leave one person to close account because all records are been inputted in the systems, why should we need to spend more manpower? In Taiwan, bank must to balance their account everyday and also usually off their duty around 7:00pm with all the coworkers. Quite late and inefficiency!! [Image] David, Me, Chistine in MemberFirst credit union.

David, Jessie, Christine in MemberFirst credit union

     Thanks Christine and David caring me to visit the “MemberFirst Credit Union" and I learn much here.
By Jessie