Community First Credit Union Ltd

Community First Credit Union Ltd

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Routing Number: 231204
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Community First Credit Union Ltd Phone Number: 1300 13 22 77

More Community First Information:

First, changes to the Financial Claims Scheme, reduces the cap to $250,000 on 1 February 2012. What does this mean?

The Financial Claims Scheme ensures that depositors with credit unions, banks, and building societies will be guaranteed repayment of their funds in the extremely unlikely event that any banking institution faces stress. The Scheme includes a guarantee of $250,000 per person per institution. Existing term deposits in place at 10th September 2011 have a continuing $1 million guarantee until December 2012.

Community First is safe and secure. Community First is strong and secure for all Member deposits. This includes those deposits above $1 million. Some of those key indicators of our financial strength and stability include: Capital Adequacy Ratio in excess of 15% (banks are only approximately 10%)

Capital is the cornerstone of financial strength. Capital exists to provide a buffer to absorb unanticipated losses and, in the event of problems, allows the financial institution to continue to operate whilst the problems are being resolved. Community First has a strong capital position, currently standing at around 15.5% which compares to Australian Banks sitting at around 10% (i.e. 50% stronger than Australian Banks)

What this means is that in the unlikely event of financial difficulty, after paying all our debts (including deposits) out of our assets, Community First would still have approximately $54 million left to distribute to our Members.

Community First Credit Union Ltd Locations

Bankstown Central – Podium Level Shop 003 North Terrace
Bankstown NSW 2200

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