What is a mutual bank in Australia?
A mutual bank is a bank that is owned by its customers, who are also referred to as members. Mutual banks offer the same types of products and services as traditional banks, such as transaction accounts, savings accounts, home loans and credit cards. They are also typically community-focused.
How does a mutual bank work?
One of the central aims of a 'mutual bank' is to promote savings, and one of the ways it does this is to provide ownership in the bank for people who deposit money. Such depositors become entitled to vote at shareholder meetings, for example, and they also receive dividends on shares.
Who is Sydney Mutual Bank?
Joined in 1986 when the original name was Department of Social Security Credit Union, then Social security credit union, then Security Credit Union, now known as Sydney Mutual Bank. The customer service has always remained great and delivered with respect for its customers over all those years.
Is Sydney Mutual Bank a credit union?
Sydney Mutual Bank is a credit union with strong community ties and a range of products and services to meet personal and business banking needs.