Page 32 - ETU Journal Winter 2017

Member Bene ts > Banking
New partnership brings the
workers’ bank to ETU members
A new partnership has paved the way for ETU members in Victoria to join Unity Bank and take advantage of low-interest credit cards, home loans and cutting-edge features like Apple Pay.
Secretary Troy Gray says members have told him in recent years they were fed up with the big banks.
“Insurance scams, poor service, fee hikes and greedy pro ts. It’s time the workers had a workers’ bank – one that puts people rst.”
“We searched for a bank the union could wholeheartedly recommend to members. We found it. Then we made it even better.”
The deal, which the union does not bene t from, enables members
to have access to a low 10.12% rate credit card, with 55 days interest free on all purchases. The same rate applies for cash advances through the card – less than half the cost of most of the big banks.
Troy says the union went with Unity because it comes from the union movement. In the 1970s, maritime workers set up a member-owned cooperative that could secure whar es’ and seafarers’ loans when the big banks wouldn’t.
Since then, he said Unity has grown to cover more workers in more industries – including power, mining, forestry and energy.
“Today Unity Bank has over 40,000 members and o ers every service you’d expect from a big bank. But Unity is 100% owned by the members – not by shareholders.”
A highlight of the o er includes
all members having access to a dedicated Relationship Manager, Seamus Ryan, based at the union o ces and travelling between worksites, ready to o er guidance and support.
Troy said, “We see this new partnership as the next step in looking after the members and their families. I am proud to recommend Unity Bank to all members.” n
Unity best bet to
Mark has little sympathy for his competition, saying the dominant players in the sector have got away with too much for too long.
"The major banks have essentially empowered the government to introduce this tax as a result of their poor corporate behaviour over many years which has resulted in a call for a Royal Commission - and rightly so." n
BANK TAX QUICKFACTS:
Q: What's being taxed?
A: All deposits with the big four banks (plus Macquarie) over $250k in their accounts - the banks pay it directly to the government
Q: What will happen?
A: The big banks have said they'll pass on the cost of
the tax to customers in interest, fees and charges
Q: How can I avoid paying more for banking services and my mortgage?
A: Switch to a smaller bank that isn't a ected, like Unity Bank
avoid Turnbull's
new bank tax
In Malcolm Turnbull's May Budget there was one big surprise - a $6 billion new tax Ton the biggest banks.
he move comes in response to mounting community pressure on the government to crack down on the banks on a range
of fronts. In recent years scandals, ballooning pro ts and customer frustration has led to calls for a Royal Commission into the practices of Australia's banking sector.
While Turnbull's new tax is designed to look like a swipe at the unpopular banks in an e ort to woo sceptical voters and stave o Royal Commission calls, it's ordinary people who may end up footing the bill.
Mark Genovese, Chief Executive of Unity Bank, which is not a ected by the new tax, said it's the big banks' deference to corporate shareholders that will ultimately lead to them passing on the $6 billion cost to customers through higher interest and fee charges.
Mark said there are no laws on what a bank can and can’t charge on most things they do, "this is why competition is important and that people vote with their feet."
"The big banks have already signalled they'll ick this new tax on deposits onto customers in order to maintain record pro ts for shareholders. Unity and other member owned banking institutions aren't a ected and we won't be passing on any new costs.
We put people rst."
THE ETU > WINTER 2017
www.facebook.com/etuvic
32