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About HMC STAFF CREDIT UNION
What is a Credit Union - Bond -
Mission - History
What
is a credit union?
A credit union is a group of people
who cooperate together, pooling savings, offering a full range of personal banking
services and making loans to each other at market comparable rates or
better.
Competitive rates can usually be offered
but this is not the key difference. The dignity and respect that each person derives as a part
owner of the organisation is the main benefit you get from dealing with your
own Credit Union.
When joining HMC Staff Credit Union, persons 18 years and over purchase
one share for $10.00 and persons under 18 submit $2.00 with their
application being 20% of the subscription price.
This entitles you to participate in all of the hmcstaff's services and
vote for your representative on the hmcstaff's Board of Directors.
Under this system hmcstaff exists for service to its' owner/members
- it does not exist for profit but a healthy profit needs to be made
for hmcstaff to maintain a prudential standing. Any profit that is made is added
to hmcstaff's Reserves to form the Capital to fulfil legislative requirements
and ensure that hmcstaff remains prudentially sound.
When joining proof of Identity is required in accordance with the
Financial Transactions Report Act. Share capital is redeemed if you resign
Credit Union membership.
Bond of
your credit union
The group of people around which a credit
union revolves is called it's "Bond". Hmcstaff's Bond consists of
Australian Customs Service employees and their families, and employees of:
- the Commonwealth Government who, through the
nature of their work, have dealings with Customs,
- Customs Brokers,
- Shipping Companies,
- Airline Companies,
- Importers and/or Exporters, and
- any organisation operating from within a
building occupied by the ACS.
All these can join hmcstaff and anyone who
feels that they have some sort of affinity with hmcstaff (e.g.
they want to invest money) can apply for admission to the Credit Union.
That does not mean that admission will be automatically granted but your
application will be given due consideration based on your circumstances and
requirements and availability of funds at the time of application.
Mission
of your credit union
To satisfy member savings and
credit needs with responsive and accurate service.
History
of your credit union
Originally when hmcstaff was formed in 1962 the Credit Union catered exclusively to Customs staff but, with
the recent upsurge in demand for Credit Union services, the Credit Union's Directors have
been encouraged to offer membership to the broader Customs family.
It is intended, however, that the Credit Union will remain unique by maintaining its'
Customs staff focus.
Over the years your Credit Union
has steadily progressed to the present strong financial institution that
exists today. Landmarks of
achievement include:
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1962 |
- Commenced
business (Click here to
read about the birth of your Credit Union)
Loan limit $40 (later
increased to $400)
Loan rate 10.83% pa.
Savings rate 6% pa.
- Membership exceeded 200
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1965 |
- It became
necessary to employ a full time assistant
- An office was established at 15 Young St., Sydney
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1967 |
- Customs
allocated space for your Credit Union in Customs House, Circular Quay,
Sydney.
- Membership exceeded 500.
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1970 |
- Life Savings
Insurance was introduced.
- A Secretary/Manager (John English) was
appointed.
- Family members were admitted.
- Budget Savings accounts were introduced.
- Payroll Deduction of loan repayments and savings deposits became
available.
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1973 |
- Accounting
records were transferred to computer.
- Your Credit Union expanded operations, allowing staff at Central
Office (Canberra) to join and a branch was established in Canberra.
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1974 |
- The Christmas
Club account was introduced.
- Membership exceeded 1,000.
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1975 |
- Processing of
transactions went "on-line" to a computer bureau situated at
Crows Nest in Sydney NSW.
- Additional office space was rented at 20 Loftus St., Sydney to
accommodate expansion of staff.
- Smart Savers account was introduced - a savings account with
restricted access until the target is reached.
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1976 |
- Your Credit
Union's office in Customs House, Sydney was extended to accommodate
all of your Credit Union's staff.
- Membership exceeded 2,600.
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1979 |
- A Branch of
your Credit Union was established at the Customs, Clarence St.,
offices.
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1984 |
- Term Deposits
(over $10,000) were introduced.
- Total Assets passed $4,000,000.
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1986 |
- VISA Credit
Card, operating under a services arrangement with the Credit Union
Association, was introduced for the "travelling" Customs
Officer.
- The VISA Card rate was 18% pa..
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1987 |
- Member cheque
books were introduced as a convenient way to access the S7 account.
- Your Credit Union's registered office was relocated to 7th Floor,
117 Clarence St., Sydney.
- hmcstaff celebrated 25 years of service to members.
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1988 |
-
Secretary/Manager, John English, left after more than 18 years of
service with your Credit Union. John was replaced by your Credit
Union's current General Manager, Tony Bowe.
- Term Deposits ($1,000 to $4,999 and $5,000 to $9,999) were
introduced.
- An encashment facility (through N.A.B.) offered to
"selected" members.
- Total Assets passed $6,000,000.
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1989 |
- It was
decided to pursue registration of your Credit Union in every State and
Territory in Australia.
- EDVEST Retirement Service was introduced.
- VISA Credit Card offered to members on a less restrictive basis
(particularly to those on "Whole of Net Pay").
- VISA rate held at 18% pa. even though competitors rates exceeded
the 20% pa. barrier.
- Direct Debits/Credits introduced for members convenience.
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1990 |
- Financial
Counselling connection made with Creditline.
- Canberra branch goes "on-line".
- "on-line" branch established at Link Rd., Mascot.
- Total Assets passed $7,000,000.
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This table is under construction
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2004 |
- Introduction of
the High Rate NOW (S32) account.
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............ |
- Still making
history!
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