Great Southern Bank (formerly known as CUA) is owned by, and operates for, the benefit of its customers! What that means is that they offer outstanding customer service, competitive interest rates, and their profits get returned to you as better rates and lower fees.
At CUA, your funds are secure.
As a full-service and deposit-taking banking institution, CUA takes pride in managing member funds with fiscal prudence and high financial standards. CUA is provincially regulated by the Nova Scotia Credit Union Deposit Insurance Corporation (CUDIC).
We will change our name to Great Southern Bank on 1 June 2021. That is the day our website and app will change from CUA to Great Southern Bank.
Australia's biggest customer-owned bank has undergone a full rebrand, with Credit Union Australia (CUA) becoming Great Southern Bank. The move comes on the 75th anniversary of the formation of CUA, and according to their CEO Paul Lewis, the renaming was a product of months of research and workshopping new ideas.
Is CUA Health nonprofit? No, but CUA's parent company HBF is not for profit.
CUA's CEO, Paul Lewis, said the bank had conducted research which showed that it needed to change its name from a 'credit union' to a 'bank' due to younger adults not having a strong understanding of what a credit union was or how it operates. ... Mr Lewis said CUA would remain owned by its customers.
All credit unions, mutual banks, and building societies are regulated under the Banking Act as Authorised Deposit-Taking Institutions (ADIs), so they are as safe as any other banking institution. Learn more about mutual banks and customer-owned banking here or find out who the mutual banks in Australia are.
Australia's largest credit union CUA is rebranding as 'Great Southern Bank', transitioning to trade as a 'bank' in 2021. Update 1 June 2021: CUA has officially become 'Great Southern Bank'.
Today, Great Southern Bank becomes the new trading name of CUA, Australia's largest customer-owned bank.
Osko and NPP
We offer NPP Payment and subscribe to Osko under the BPAY Scheme. As part of NPP and Osko, we allow customers to make and receive most Osko Payments in near real-time, subject to the limitations set out in these terms and conditions.
Features and Benefits:
No need to worry if something is due before pay day. Your chequing account will be overdrawn (subject to limit approval) until you can replenish the funds in your account within 30 days.
Because membership represents ownership, you will likely have a stronger relationship with CUA than any other financial institution, and therefore we call you a member. For more information on how to become a member, please contact our Customer Contact Centre at 492-6500, or fill out the membership application online.
The Australian Government provides a guarantee on deposits of up to $250,000 per customer at Australian banks, building societies and credit unions.
Why are credit unions safer than banks? Like banks, which are federally insured by the FDIC, credit unions are insured by the NCUA, making them just as safe as banks. The National Credit Union Administration is a US government agency that regulates and supervises credit unions.
Limited accessibility. Credit unions tend to have fewer branches than traditional banks. A credit union may not be close to where you live or work, which could be a problem unless your credit union is part of a shared branch network and/or a large ATM network like Allpoint or MoneyPass. Not all credit unions are alike.
By 30 June 2018, CUA had expanded our reach and we are now contributing to the financial wellbeing of 515,577 Australians through our banking and insurance products and services. This includes 473,130 banking members – an increase of more than 20,000 over the past year.
Commonwealth Bank was founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912, empowered to conduct both savings and general banking business. Today, we've grown to a business that serves 15.9 million customers, employs 48,900 people and has more than 800,000 shareholders.
Mutual funds combine the benefits of diversification and professional management with affordability for the average investor. CUA has access to a wide variety of mutual funds from several well known fund families including NEI Investments, Trimark, Fidelity, just to name a few.
Credit unions typically offer lower fees, higher savings rates, and a more hands-and personalized approach to customer service to their members. In addition, credit unions may offer lower interest rates on loans. And, it may be easier to obtain a loan with a credit union than a larger impersonal bank.
Common reasons for rebranding
One qualifying factor is that the ADI must have a minimum of $50 million in assets. This suggests credit unions request to trade as banks from this point in order to receive the necessary support in managing growing assets.
CUA has today confirmed it has registered a new trading name of Great Southern Bank which marks the next step in its evolution as Australia's largest customer owned banking organisation. “For 75 years we've remained steadfastly focused on helping all Australians own their own home,” CEO Paul Lewis said.
With more than 1,100 dedicated associates we provide exceptional service to our customers and it is our goal to understand what matters most in every interaction we have with them. With $5.5 billion in total assets, we are headquartered in Springfield, Mo.