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About Satisfac
Annual Report 2008
Click on this link to view or download Satisfac's 2008 Annual Report.
Australian Credit Union Movement
Satisfac is an affiliate of Abacus - Australian Mutuals the peak industry body for Australian Credit Unions and Mutual Building Societies. As a group, credit unions have one of the largest customer bases of any financial institution in Australia. Today, more than 3.5 million people have all, or part, of their financial requirements met by credit unions.
Community Involvement
Satisfac endeavours to support its community in various ways. We provide financial assistance to educators pursuing continuing professional development. While we support teachers as our founding Members, we also recognise that our membership is now much broader.
Since 1996, Satisfac has been a contributing sponsor of the Credit Union Christmas Pageant and more recently Satisfac has formed a major partnership with the Smith Family.
Complaints
While we do not expect that you will experience any problems with your accounts or services at Satisfac, we do encourage you to contact us with details of any complaints you may have. If you feel our staff are not able to satisfactorily resolve your complaint, and you wish to take the matter further, our dispute resolution process is available to you free of charge. Further information is available at the Credit Union Dispute Resolution Centre.
Privacy
At Satisfac we understand the importance of protecting each individual's right to privacy, particularly that of our members, and we are committed to complying with the Privacy Act 1988, the National Privacy Principles and the Credit Union Code of Practice. For more details click on our link for Privacy below.
Our History
Satisfac was first established as a financial co-operative called SATISFACS, South Australian Teachers' Institute Savings & Finance Co-operative Society. From humble, but inspired beginnings at Pennington Terrace, North Adelaide in July 1958, Satisfac has prospered and become a significant financial services provider in South Australia.
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Our Mission
Our Mission is to identify and satisfy our Members' individual needs for financial services in a flexible, responsive, and personal manner.
To implement this mission:
- We will prudently manage our activities to maintain financial stability for the benefit of our Members, who are also our shareholders.
- We will respond in a direct and timely manner to the needs of our Members.
- We will continuously develop and improve our processes, products and services for the benefit of our Members.
- We will maintain the authority levels and working environment which enable us to take direct personal responsibility for giving Members an accurate and professional response, every time.
- We will commit ourselves to the values of the Australian Credit Union Movement.
Legislative Environment
Satisfac is incorporated under the Corporations Law as Satisfac Direct Credit Union Ltd. ABN 36 087 651 232. We are a Member-owned institution and operate under the governance of a Board Of Directors. Directors are democratically elected to the Board by Members. Ultimate authority remains with Members who are entitled to vote at general meetings, including the Annual General Meeting, and can nominate for election to the Board. Under the Australian Prudential Regulation Authority (APRA), deposits in all supervised institutions - whether the largest bank or the smallest credit union - are equally protected and subject to the same regulatory framework. |
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