Maroondah; A Credit Union With A Difference

By Author: Mauricio Cazador
Total Articles: 4762
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Since its inception in 1959, Maroondah Credit Union (MCU) has embodied the fervent belief of creators; that everyone should have access to basic financial products and services, effectively enabling members to take control of their own financial futures. Operating on the strength of this conviction MCU has now grown into providing financial products and services to over 14,000 individuals and businesses in the eastern suburb of Melbourne.

Maroondah credit union does not simply allow access to its products. With a business model based on fairness, personal service and respect, they respect and recognize that their members are their prime purpose of existence. Their members also enjoy rights that other share holders-owned and driven, organizations will not offer. Maroondah credit union puts people before profit. Their mission states that “with an outstanding level of personal service, we provide professional and competitive financial products to our members in ways that increase member, organizational and community value”, and through their vision they always strive to be a competitive and financially ...
... strong credit union which satisfies the needs of members and contributes to the sustainability and quality of life in our served communities.

Maroondah credit union ltd as a credit union is a community based and focused organization. Its roots are firmly planted in the area of assisting the community in which it operates. Initially it gave access to restricted credit, and other financial products, to those in the community that found it difficult, if not impossible, to acquire them through banks. Times ad circumstance have changed to a point where numerous financial institutions are actively pursuing people to provide them with financial products. Credit unions that wish to be true to their ethos now need to identify how they can leverage their proposition to add value to their communities in ways that are not just derived from conventional financial products.

The board and management of Maroondah Credit Union are very well aware of the need for financial literacy in the community to allow consumers to understand their own positions and options for them to improve those positions. MCU tries to educate its membership through regular communications but it also committed to broadening that financial education to the general community beginning with secondary school students.

One area that has not received much attention in the financial services industry is the opportunity to influence buyer’s selection of environment sustainability initiatives in their major purchases. MCU will provide significant financial incentives to buyers of new homes or extensions, renovators, or purchasers of major appliances to select products that support environmental sustainability.
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