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Customer Owned Banking Code of Practice

Over 4 million Australians are members of Customer owned banking institutions. LCU meets the same regulatory standards as the larger banks and is a prudent and strong financial service provider.

The difference between a mutual bank and a larger, publicly listed Bank is a guarantee to serve LCU Members first.  LCU has worked closely with the Customer Owned Banking Association (the governing body of Australian Mutual Banks, Credit Unions and building societies) to develop the Customer Owned Banking Code of Practice.

What is the Customer Owned Banking Code of Practice?

The Code is an important public statement of the value LCU places on improving the financial well-being of its members and the education of the community. It reinforces the commitment of LCU to:

  • the benefits of mutuality
  • community involvement
  • fairer fees
  • customer or member service

How does it affect our members?

The Customer Owned Banking Code of Practice is how LCU delivers on a guarantee to serve its members first.  LCU upholds 10 key promises to outline how this is achieved:

LCU's 10 key promises to it's members:

  • LCU will be fair and ethical in all dealings with you.
  • LCU will focus on members.
  • LCU will give clear information about products and services.
  • LCU will be responsible lenders.
  • LCU will deliver high customer service and standards.
  • LCU will deal fairly with any complaints.
  • LCU will recognise member rights as owners.
  • LCU will comply with all legal and industry obligations.
  • LCU will recognise its impact on the wider community.
  • LCU will support and promote this Code of Practice.

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