Credit Union service worth celebrating

October 17 is International Credit Union Day (ICU) a day of awareness building celebrated on the third Thursday of October since 1948. Around the country, credit union members will reflect on the credit union movement's history and promote their achievements, honouring those who have dedicated their lives to providing community minded financial services and support. 

Credit unions are unique in the world of financial services, created not for profit but to serve their members a credit cooperatives. Although marketing budgets can't compete with the big banks, the repeatedly outperform their larger rivals on service and pricing. 

Based on the results of the Mozo People's Choice Awards, Credit Unions and other mutual outpaced the larger banks in the rankings tables and overall customer satisfaction

This year ICU celebrations carry the theme "credit unions unite for good: a better way." As part of the day, credit unions in Australia are helping international development agency CUFA to raise funds for the Village Entrepreneur program to help villagers in Cambodia and Timor Leste to break out of poverty by providing sustainable small business income.

COBA CEO Louise Petschler says International Credit Union Day is positive recognition of credit unions developing local communities "Credit Unions in Australia have invested strongly in local communities and fostered positive economic development," she said.

"Credit unions are also giving back to help developing nations in our region end the cycle of poverty through better financial services and education."

To see how your financial provider measures up against Australian Credit Unions see the complete results of the People's Choice Awards here.