Power Credit Union
Power Credit Union was named such because when it was still being formed, the founding members held their first few meetings at the Pyrmont Power Station. This was in mid-August of 1958 and the union originally involved employees of the NSW Electricity Commission.
On September 10 of the same year, the union was officially born and was named the NSW Electricity Commission Employees Savings and Loan Co-operative Ltd. Its goal was simple to extend financial assistance to people working in the field of electricity in the form of low-cost loans. Of course, by virtue of its name, the co-operative was first and foremost, concerned with the needs of NSW Electricity Commission workers.
The decision to create the union proved to be such a great success that after only eight years, a total of 300 credit union members have been registered while its assets easily reached the one million mark. In 1990, union members made another significant achievement when they renamed their group as Power Credit Union.
Today, the co-operative has more than 8,500 members, each one equally entitled to avail of various financial support from the group that they partly own. Some of the more popular financial package available for every credit union member are personal loans, home loans, investment loans, and deposit savings accounts. For the loans, Power Credit Union offers an insurance coverage that it makes available to member loan applicants courtesy of CUNA Mutual General Insurance.
New members are always welcome to join Power Credit Union. Initially, they will have to purchase at least one share which carries a very nominal fee. In return, they are afforded certain rights, including applying for loans and having a say on how to run the co-operative. In particular, new members have voting rights especially when electing new union officers who will sit as board directors. This is applicable to all members without regard to the actual number of shares that they hold.
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