“With our size, we can’t compete on price against other larger financial institutions. However, we can give them a high level of service, human interaction, and a personal touch typical of the caring nature of credit unions” – John Kenny, Chair, Firefighters Credit Co-operative (1998)
Teachers Mutual Bank (TMB) is one of the biggest customer owned banks in Australia and along with its core identity it also manages the brands Health Professionals Bank, UniBank, Hiver Bank and Firefighters Mutual Bank. The latter became the brand associated with Fire Brigades Employees Credit Union when it merged with TMB. Therefore, when Firefighters and Affiliates Credit Co-operative merged with TMB in 2021, members of the former would’ve been thankful that the group is practiced in the service of firefighters.
When Firefighters Credit Co-operative Chair, John Kenny, made the above statement in 1998, they had a membership of 3,000, one branch and a staff of four. It was registered as UFU Credit Union Co-operative in Fitzroy, Melbourne in 1976 by members of the United Firefighters Union, the union for Victorian firefighters.
A profile of the credit union in Cuscal’s Directions magazine in 1998 discussed the “special requirements” that such small industrial credit unions must make in order “to retain and build their membership year after year amidst an environment populated with larger competitors”. These requirements, “include the credit union visiting the workplace in order for members to complete loan applications; offering an EasyCheque Service where the credit union attends to mailing out cheque payments on its members’ behalf; and assisting members to manage their financial affairs”.
The Directions profile notes that Firefighters was one of the first credit unions to introduce enterprise bargaining into their workplace. It states that the credit union considered that the existing industry award was out of date and unfair to the needs of its staff.
In 1998, Firefighters’ bond included members and family of the United Firefighters Union, the Country Fire Authority (Vic), Melbourne Fire and Emergency Services Board, Emergency Services and the Ambulance Service of Victoria.
Firefighters and Affiliates Credit Co-operative Limited timeline
02/02/1976 - Registered - UFU Credit Union Co-operative Limited - VIC
01/11/1979 - Accepted engagements of Eastern Hill Co-operative Credit Society Limited
01/05/1993 - Name changed to Firefighters Credit Co-operative Limited
16/12/2004 - Name changed to Firefighters and Affiliates Credit Co-operative Limited
01/01/2005 - Merged with IMG Credit Union Limited continuing to trade as Firefighters and Affiliates Credit Co-operative Limited
March - 2021 - Transferred engagements to Teachers Mutual Bank
