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.