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Over 50 years of More Generous Banking

In 1963 our founding directors had a vision to start a financial company for the financial well being of the employees of the City of Sydney Council employees. The credit union was to act as an alternative to banks, building societies and pay day lenders.

This alternative was very important because in 1963 borrowing funds for loans was extremely difficult and restrictive and there was a need for an alternative to traditional financial providers.

Over the years we grew by offering our services to 12 other councils, industries seeking financial protection for their employees and mergers with credit unions with a similar philosophy as ours. We also reached out into the community as word spread and we opened branches within the Sydney metropolitan area.

After a beginning that was restricted to personal lending and basic call savings we have developed into an organisation where members confidently conduct their banking with a full range of financial products and delivery channels whilst still maintaining our philosophical difference of "people before profit".

During our time, the SCU family has grown with numerous merges and has enabled us to provide more members with More Generous Banking. Our most recent merge invited Allied Members Credit Union and its two brands, Comtax Credit Union and Security Credit Union, to the SCU family.

These brands brought with them over 100 years of combined operation within the credit union industry and the knowledge and experiences gained within that time. Since the inception of Comtax Credit Union and Security Credit Union, both financial institutions have serviced local government departments. Comtax Credit Union, was established in 1948 to provide financial services to the staff and their families working in the Australian Taxation Office. Security Credit Union was established in 1964 to provide these same services to the staff and their families working in the Department of Human Services (previously known as Social Security).

To extend our service capability and grow our membership, in previous years, we have also been proud to merge with:

  • Parkes District Credit Union
  • Pinnacle Credit Union
  • Prospect Credit Union
  • Blue Mountains Credit Union
  • Sutherland Shire Council Employees Credit Union
  • Karpaty Ukrainian Credit Union

The most important ingredient in our success and differentiation compared to other providers has always been our staff. It is an element that our members continue to remind us and we are constantly compared superior to the banks and others.

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