Disclosures & Publications

Our disclosure documents contain important information about the terms and conditions, fees & charges, transaction limits etc that apply to accounts or access facilities.

You should retain the relevant document for future reference as the information will also apply to new accounts you obtain or to facilities for accessing these accounts.

For your easy reference here are the relevant documents (click on the links below to access the relevant disclosure documents).

 

Regulatory Disclosures

These documents contain information about Geelong Bank's capital structure and credit risk at the end of the recent quarter, and remuneration disclosures as at the end of the financial year.

They are prepared in accordance with:

  • Geelong Bank's commitment to transparency of its financial position; and
  • Prudential requirements which set standards for public disclosure of key financial indicators of authorised deposit-taking institutions.

Members with queries about this information are encouraged to contact the credit union.

Prudential Disclosures as at 30 June 2018

Prudential Disclosures as at 30 June 2018

Geelong Bank is an Approved Deposit Taking Institution (ADI) as are all banks. We are prudentially regulated by the Australian Prudential Regulatory Authority (APRA). All ADI’s are subject to the depositors protection provisions of the Banking Act of 1959.

As part of the new Financial Claims Scheme (FCS), all deposits up to $250,000 per member held with Credit Unions, Australian Banks, and Building Societies are guaranteed by the Australian Government.

Your Board and Management would like to communicate Geelong Bank's strong financial position and take this opportunity to assure our member-owners that Geelong Bank is a safe and secure financial institution worthy of your confidence. The foundation of our success has been our sound business practices and our commitment to protecting our member-owners’ assets.

Geelong Bank is a mutual and meets the same strict, legally enforceable standards as banks under the Banking Act regulated by the Australian Prudential Regulation Authority (APRA). Geelong Bank is a prudent and responsible lender. Mutuals have the lowest levels of arrears in the Australian lending market.

On the face of things, Mutuals and banks may look similar. We offer similar services and have similar products. But there is a distinct difference. Banks exist to make profits and pass the money along to their shareholders. Mutuals exist to serve their members through people helping people.

We are committed to continuing to provide superior service while maintaining your trust and confidence.

More Information

The Customer Owned Banking Code of Practice is the code of practice for Australia’s Mutuals. The Code has been developed in close consultation with the community, government, consumer groups and our members.

Mutuals and Building Societies are owned by our members — this is what being a mutual means. As such, we are focused on member-benefit, community involvement, fairer fees and customer service.

As Mutuals we already comply with a range of regulatory requirements including:

Responsible financial management requirements (under the Banking Act 1959 and our regulation by APRA)

Corporate and financial services’ licensing, advice and training, and disclosure regulation (under the Corporations Act 2001 and our regulation by ASIC)

Consumer Credit Laws

Privacy, fair trading and other Commonwealth, State and Territory legislation.

More Information

Please click on the links below to download our recent publications.

Annual Reports

Note: these publications are provided in .pdf format and require version, 4.0 (or later) of Adobe Acrobat Reader. You can download Acrobat Reader by clicking here.

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