• Home
  • Articles
    • Front Page
    • General Interest
    • Letters to the Editor
    • Snippets
  • Competitions
    • Do you know Canowindra’s Top Tradie
  • Our Community
    • Our People
    • Question of the Week
    • Be Seen
    • Jobs in The Central West
  • Special Interests
    • Rural Round Up
    • Health & Wellness
    • Loving Local Living
    • My Place
    • Real Estate
  • Sports
    • Bowls
    • Canowindra Junior Rugby League
    • Rugby League
    • Cricket
    • Footy Tipping Competition
    • Golf
    • Rugby Union
    • Swimming
    • Touch Football Results
    • Tennis
    • Other
  • Contact Us
    • Contact Us
    • Advertise with Us
    • Testimonials
    • Subscribe to the Phoenix
    • Submit an Article

The Canowindra Phoenix

Your free weekly guide to what's happening in and around Canowindra.

Home » How are we different to Banks?

How are we different to Banks?

11 June, 2014 By Canowindra Phoenix Editor

FCCU logo

While credit unions and banks are both financial institutions that offer similar services (such as accepting deposits and lending money), the main difference between a credit union and a bank is that the “customers” of a credit union are members and they own the institution!

The Credit Union is a financial co-operative owned and operated by a group of people (our members) who agree to assist each other, saving together and then lending these savings to one another at a reasonable rate of interest.

A bank is an institution that accepts deposits and channels those deposits into lending activities, either directly or through capital markets. A bank exists with a profit motive to generate income for its shareholders.

First Choice Credit Union, previously known as Calare Credit Union, was established in 1970 by staff from Canobolas, Boree and Molong Shires (now known as Cabonne Shire Council) and Orange City Council. These people pooled their savings to lend to fellow workers who could not get a loan from a bank.

Credit Unions are not for profit organisations, run by elected members, who form a board of directors.  This means essentially that a Credit Union is run by members for members.  Any profits are then put back into lower fees and charges and better products and services

Our community support

First Choice is dedicated to supporting their local communities and one of the ways in which they do this is through sponsorships and donations to a range of worthwhile causes.

Recently they have supported many local organisations and charities such as Lisa Cartwright’s Lifesaving Equipment Appeal, Canowindra Rugby League Football Club, Clinical Trials for Breast and Prostate Cancer, Cudal Community Children’s Centre and many more.

Filed Under: Articles, General Interest

More News

Why Not Go Dry This July?

23 June, 2022 By Canowindra Phoenix Editor

Dry July is a fundraiser that encourages you to go alcohol-free in July to raise funds for people … [Read More...]

Additional $40 Million For Cowra Hospital Redevelopment

23 June, 2022 By Canowindra Phoenix Editor

Member for Cootamundra Steph Cooke has welcomed today’s 2022-23 NSW Budget announcements, which … [Read More...]

Canowindra Real Estate Are Excited To Offer ‘Clearview’ For Sale

23 June, 2022 By Canowindra Phoenix Editor

'Clearview' offers fertile soils and pasture improved paddocks which are currently utilised in the … [Read More...]

More articles in this section

  • Affordable Preschool Locked In
  • Cabonne Council Meets With New Minister
  • Get Ready For Showtime!

More Food & Wine

ANZAC Treat

23 April, 2020 By Canowindra Phoenix Editor

Caramel ANZAC Slice SLICE • 2 Cups Plain Flour • 2 Cups Brown Sugar • 2 Cups Rolled Oats • 1 … [Read More...]

Enjoy a Cold Christmas Pudding!

16 December, 2015 By Canowindra Phoenix Editor

Ingredients 2.25 litre vanilla ice cream 2 x 125 punnets of pistachio kernels 1 teaspoon … [Read More...]

The Bite…Coffee Culture

8 July, 2015 By Canowindra Phoenix Editor

It is a fair generalisation that Australians are culturally obsessed with their coffee. Across the … [Read More...]

More articles in this section

  • The Bite…Winter Warmers
  • In The Vines…Philip Shaw’s New Cellar Door
  • The Bite…Orange Cafe Culture

More Sport

Men’s Bowls

23 June, 2022 By Ian Nelder

Last Sunday a Major Fours match was played with Nigel Knight, Sparky Wright, Brian McClintock and Ian Nelder against Ben Rooke, Westy Wyburn, Tony Tuimauga and David Crowe. After 15 ends the scores were level at 10 all. On the next end Crowy’s team scored 4 shots. After that Crowy’s team edged away winning the […]

Latest Print Edition

Click here to download the recent issue (688) of The Canowindra Phoenix (2mb PDF) 23rd June 2022

AWARDED 2018 BEST BUSINESS IN CABONNE

Stay Connected

The Canowindra Phoenix would like to thank you, our Facebook friends, for your continued support and readership!

likeusonfacebook

Canowindra Booklet

Click here to download the 2018 Canowindra Booklet – Explore “The Place You Call Home” Like a Local

Central West Rural Round Up Booklet

Click here to download the Central West Rural Round Up Booklet

Search the Phoenix

Recent Articles

  • Snippets… 23 June, 2022
  • Men’s Bowls 23 June, 2022
  • Local News In Your Pocket 23 June, 2022

Contact the Phoenix

Street Address: 84 Gaskill Street Canowindra NSW 2804
Postal Address: PO Box 203 Canowindra NSW 2804
Phone: (02) 6344 1846

Editorial Phone – 6344 1846
editor@canowindraphoenix.com.au

Sales Phone – 0498 202 025
sales@canowindraphoenix.com.au

View our Privacy Policy.
View our Conflict Resolution Process.
View our Ethics and Complaints Policy.
Want to advertise with us?
Information on our Community Promotions.

 

 

 

 

 

Submit an Article

We are always looking for new articles of interest to the local community.

Please feel free to submit an article for possible inclusion in a future issue.

To submit an article, click here to use our online article submission form.

Receive The Phoenix via Email

* indicates required

Copyright © 2022 · Website setup and support: CompleteWPCare