The merger between Savings & Loans and Australian Central took effect on 1 December 2009. As we’ve advised in previous updates, it will take over 12 months to fully integrate the two credit unions' products, branches and services, though changes and improvements will be gradually introduced over time.
What 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 will be aligned, with significant reductions across our most common fees, and the removal of some other fees.
Community involvement
Offers available to members through the credit unions’ community activities have already been expanded as a result of the merger, with an allocation of tickets in the Australian Central Community Lottery available exclusively to Savings & Loans members.
Members of both credit unions also received access to discounted entry to the Savings & Loans Coast to Coast recreational bike ride, along with access to a VIP area at the end of the ride.
New name and brand
The process of developing and launching a new brand and logo for the credit union has begun, and members will be asked to approve our new name at our Annual General Meeting in October. Member feedback has been gathered through focus groups and surveys throughout the development of the name and brand.
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 11 82 or email merger@savingsloans.com.au
