As a Credit Union, our Members are both our customers and shareholders. All profits are reinvested into the organisation, to strengthen the Credit Union and return value to Members. Our Members also have a direct say in running the organisation. Members elect our Board of Directors and can stand for election themselves.

Our Strength
Victoria Teachers Credit Union has been in existence for over 30 years. We have over half a billion dollars in assets, and more than 77,000 Members. We are protected by the same safeguards that apply to all banks and financial institutions, and are regulated by the same authorities.

Our Membership
Most of our Members work in the education community, or are families of people working in education.

Board of Directors
The majority of our Board are current or former education workers. Several Directors are founding Members of Victoria Teachers Credit Union, and have extensive experience serving the education community. Our Board believe in Victoria Teachers Credit Union's philosophy of providing a fair deal to Members.

Board Charter and Fit and Proper Policy

Our Board of Directors has developed and adopted a Board Charter which deals with governance, the role and responsibilities of the Board, and the term and tenure of elected Directors - guided by the Australian Prudential Regulation Authority's (APRA) standard regarding Governance.

View our Board Charter

Additionally, the Fit and Proper Policy was developed to meet APRA's standard regarding Fit & Proper which took effect 1 October 2006. Required Constitutional changes resulting from the Board Charter and the Fit and Proper Policy were ratified at a Special General Meeting in August 2006. The Fit and Proper Policy is reviewed by the Board annually.

View our Fit and Proper Policy

The Board of Victoria Teachers Credit Union has established an Audit & Risk Committee. The purpose of the Committee is to assist the Board in the effective discharge of its responsibilities for financial reporting, internal controls, risk management, internal and external audit.

View our Audit & Risk Committee Charter

Elections
Members elect our Board of Directors by postal ballot. Each Member holds one share and has one vote. This means all Members have an equal chance to have their say and influence policy. Each Member is entitled to stand for election to the Board.

Annual General Meeting
The thirty fifth Annual General Meeting of Victoria Teachers Credit Union Ltd. was held at Leonda by the Yarra, 2 Wallen Road Hawthorn on Thursday 15 November 2007.

View the Presentation from the 2007 Annual General Meeting

View the Minutes from the 2007 Annual General Meeting

Special General Meeting
A Special General Meeting of Victoria Teachers Credit Union Ltd. was held at Leonda by the Yarra, 2 Wallen Road Hawthorn on Thursday 29 May 2008.

View the Notice from the Special General Meeting

View the Final Poll Letter from the Special General Meeting

Constitution

The Constitution of Victoria Teachers Credit Union details the rules and principles by which the Credit Union operates.

Constitution

Annual Report

View our latest Annual Report

Complaint And Dispute Resolution Procedure
The Credit Union has developed a Complaint and Dispute Resolution Procedure that gives Members the opportunity to register complaints and have them dealt with in a formalised manner. Download the Complaint and Dispute Resolution Guide for further information.

Complaint And Dispute Resolution Guide

For your convenience we have included a link to the Electronic Funds Transfer (EFT) Code of Conduct below. Please refer to this document if you have a complaint or concern about electronic funds transfers. The EFT Code governs the relationship between the Credit Union and Members when using electronic funds transfer services.

Electronic Funds Transfer Code of Conduct

Further information: Australian Securities & Investments Commission (ASIC)

Financial Services Reform Act
The Financial Services Reform Act is new government legislation that applies to financial institutions. The purpose of the Act is to ensure that all financial institutions provide clear advice, disclose their fees and charges, product features and benefits as well as their complaint and dispute resolution programs.

Victoria Teachers Credit Union’s licence became effective on 9 March 2004. Our Financial Services Guide (FSG) is to be read by you and any joint account holder and/or signatory. The FSG outlines the services we are authorised to provide and any commission we pay or receive in relation to these services. The FSG also provides you with information on how the Credit Union deals with disputes.

If you would like further information on the Financial Services Reform Act, please call our Member Service Consultants on 1300 654 822.