Frequently Asked Questions

Topics

1. Merger FAQs

1. Merger FAQs

   1. What is happening?

      Our members have voted in favour of a merger with Australian Central. From 1 December 2009 we have operated as one organisation with two seperate brands.

   2. When will the merger happen?

      The legal merger took place on 1 December 2009. However, the two credit unions will continue to operate under their own brands for up to 12 months while the two organisations are being integrated.

   3. Is my money safe?

      Completely safe.  Your deposits are safe and are still protected by the Government Guarantee.

   4. Does this mean that either Savings & Loans or Australian Central were in financial trouble?

      Definitely not.  Both credit unions were stable and successful in their own right.  We chose to merge because it will give us more opportunities to offer even better value to our members in future years.  Being a bigger credit union will help us do some things more efficiently and we can pass on the benefit of that to our members.

   5. Is Savings & Loans turning into a bank?

      Absolutely not. We’re proud to be owned by our members and the merger with Australian Central has reinforced our mutual structure.

      Remaining member-owned is our main priority, and this merger has provided us with the financial strength to ensure we remain sustainable and continue servicing our members into the future.

   6. Why is a bigger credit union better?

      We aren’t getting larger just for the sake of it – the new, larger credit union will help us remain a competitive alternative to the big banks. Being larger means that we can reduce operating costs per member.

      The size and strength gained through the merger will create new efficiencies and opportunities, and enable us to do things that would not have been possible for each credit union on its own. This will include providing members with access to more branches and a wider range of products and services.

      Getting bigger doesn’t mean that we’re losing sight of our members and our values.

   7. Why is the merger good for Savings & Loans?

      The merged credit union is stronger and better positioned to grow. It provides strategic opportunities to offer an even better member-owned alternative to banks. We will be able to offer improved member benefits such as access to a broader range of products and services and a wider distribution network including more branches.

   8. What will the new credit union be called?

      We’re in the process of developing a new name and brand. This may retain elements of the Savings & Loans and Australian Central brands and will be unveiled in future months.

   9. Why have a new brand – wouldn’t it be cheaper to keep either Savings & Loans or Australian Central to reduce costs?

      We’re developing a new credit union and it’s important to make sure members of Savings & Loans and Australian Central feel equally attached to their organisation.

   10. What happens to my share in Savings & Loans?

       All member shares in Savings & Loans have been transferred over to Australian Central.

   11. I'm a member of both Australian Central and Savings & Loans - what does that mean for my accounts?

       Until our systems are integrated, which may take up to 12 months, you can continue operating your separate accounts as you have in the past. When we get closer to bringing all of our computer systems together, we’ll be in touch about any changes to your account or member numbers.

   12. Will any new products be avaliable as a result of the merger?

       One of the reasons for the merger is that it offers members of both credit unions an improved range of products and services.

   13. Will my card/cheque book be replaced after introducing a new brand?

       When the new name and brand is implemented and a new card or cheque book is ordered, it will be issued under the new name.

       Your access, PIN and password details will not change as a result of the merger.

       Your existing card or cheque book can continue to be used. Over time these will be replaced as new or replacement cards and cheque books are issued. While the new name and brand is being developed, you may notice some slight changes to our legal and trading names on these items.

   14. I have money going into/from Savings & Loans regularly - has anything changed as a result of the merger?

       It will be some months before you see any changes to your accounts with Savings & Loans. If there are any changes you need to be aware of then we’ll give you plenty of notice.

   15. Will Savings & Loans close branches?

       Where both credit unions have branches in the same place, we will review these locations. It's likely that, because of the increased size of membership, we will move or expand these existing branches to newer, bigger premises to better serve members' needs.

   16. Will my branch close?

       The new credit union will not remove itself from any locations. Where Savings & Loans and Australian Central have current branches close to each other, the branches may be moved to larger premises to make room for more members and staff.

   17. Will new branches be opened?

       Once integration of the two organisations takes place, we will start investigating options for expanding our branch network. The opportunities to open new branches will be much greater with the new credit union.

   18. Where will new branches be located?

       No decisions will be made regarding new branches until the full merger is complete, however there are initial plans to open four new branches in the Adelaide metropolitan area and surrounds within the next two years.

   19. Where will the new head office be?

       Savings & Loans and Australian Central are proud to be based in Adelaide and the head office of the new credit union will remain here. It has not yet been decided whether we will be based in the current Australian Central office or Savings & Loans’ premises, or span the two temporarily.

   20. Will Savings & Loans still support young carers/The Smith Family/Salvation Army and its sponsorships after the merger?

       All current agreements will be honoured, and the new credit union will have the same commitment to the community as Savings & Loans and Australian Central do currently.

   21. What does the merger mean for staff?

       No member facing staff will lose their jobs because of the merger.  There will be some rationalisation of managerial and specialist roles but, at the same time, there will be many opportunities for staff in the new, larger credit union.

   22. What will happen to community activity and sponsorships like the Savings & Loans Cycling Team and Credit Union Christmas Pageant?

       The new credit union will honour all contracts with sponsorship partners.

   23. Will the staff in my local branch change?

       Some staff may change branches after the merger but, where this happens, it will be a gradual process and we won't make changes to the entire branch.

   24. What will happen to my loan?

       Your existing loan contract remains valid.

   25. What will happen to my online banking access?

       There will be no change for a number of months.  In the medium term, we will look to combine the banking systems of each credit union and you may see some small changes at that time.

   26. What will happen to my rates or fees and charges?

       In the short term, you will see little change.  In the longer term, the intent of the merger is to offer improved member benefits.

   27. Will I have to call a different telephone number now?

       The phone numbers will stay the same in the short term. However, there may be some changes next year. If there are changes, we will let you know with plenty of time.