Laboratories Credit Union Limited

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People believe a lot of things about smaller banks, credit unions and mutuals that simply aren't true. So these coming months we are busting some banking myths.

Bank Mythbusters 

Banking Myth #129:

Smaller banks can’t offer the same service as bigger banks...

Reality:

LCU is member owned, meaning our focus is providing the best possible service to you the customer, not to shareholders. Since 1954, LCU has prided itself on putting people before profit. Being a member-owned financial institution, our profits go back to our customers – not to shareholders – by providing competitive interest rates, fairer fees and the very best services and products available. When you call us you will always speak to a person – no overseas call centres or automated phone systems here – a true one call service outcome. Inside our branch you’ll love the personal attention you receive from each and every staff member. And online, our web and mobile apps are second to none, offering 24/7 access to your funds whenever and wherever you are.

At the end of the day, credit unions are all about people helping people. Come in and discover the difference at LCU. 

Enquire Call 02 9859 0585

 

Banking Myth #162:

The big banks are much safer than smaller banks...

Reality:

All Australian financial institutions are protected by the same government regulations, meaning your money is safe no matter who you bank with. There’s been a long-running belief that only the big banks are able to provide customers with the financial strength and security they expect. The good news is, all Australian banks and financial institutions – including LCU – are covered under the Banking Act, with oversight by the Australian Prudential Regulation Authority (APRA).

Under the Financial Claims Scheme (FCS), certain deposits are protected up to a limit of $250,000 for each account holder at any bank. This means your money is safe, no matter how large or small your financial institution is. 

Whatever your financial and banking needs, LCU has you covered!

 

Banking Myth #87:

Only the big banks have the mobile & online services I need...

Reality:

Not only does LCU offer great online services, we are often one of the first to adopt the newest technology. There’s been a long-held perception that only the big banks are able to provide customers with the modern technological services they expect. The good news is, this couldn’t be further from the truth. At LCU you can enjoy the exceptional customer service that credit unions have always been known for, plus have access to the very latest mobile and online banking services. We have a secure online banking portal on our website, as well as a dedicated mobile app for both iOS and Android for 24/7 access anywhere in the world. We support NFC payments using Apple Pay and Google Pay TM, as well as transfers which arrive in under a minute with Osko.

Whatever your digital and online banking needs, LCU has you covered!

 

Banking Myth #125:

Only the big banks have competitive loan rates...

Reality:

LCU can be very competitive on loan rates as we operate for members instead of shareholders. There’s a common misconception that only the big banks are able to provide customers with the best deals on home loans. We’re here to smash that myth. Credit unions have long been an excellent alternative to traditional banking institutions, and at LCU, we can offer deals that not only match but can often beat the big finance providers. Being member-owned, our profits go back to our customers through competitive interest rates, fairer fees and community investments in our local area. All this while still providing exceptional levels of customer service and cutting-edge digital and online banking services.

Whatever your finance and banking needs, ask LCU how they can help! 

 

Banking Myth #139:

Only a broker can get me a good home loan deal...

Reality:

Staff at LCU don’t work on commission, so can offer unbiased advice about the best loan for you. It’s long been thought that only a broker will offer the best advice on home loans. It makes sense in theory, but in practice, the advice offered can sometimes be biased towards lenders that offer the broker the best commissions. Credit unions have long been a trusted alternative to traditional banking institutions, and at LCU, we can offer loan products that not only match but often beat the big finance providers. Being member-owned, our profits go back to our customers through competitive interest rates, fairer fees and community investments in our local area. All this while still providing exceptional levels of customer advice as well as cutting-edge digital and online banking services.

Whatever your finance and banking needs, ask LCU how they can help!

Enquire Call 02 9859 0585