The history of Transport Mutual Credit Union (TMCU) is a classic Australian credit union story. However, they have bucked the merge-to-grow-and-prosper trend and have happily maintained their niche based in Surry Hills, in inner Sydney.
TMCU was begun by and for the staff of the NSW Department of Main Roads and their families. This has been a common story in Australia where industries and individual workplaces, especially in the public sector and often through trade unions, bonded together to form credit unions.
Their name changed to RTA Staff Credit Union when the Department of Main Roads became the Roads and Traffic Authority (RTA) in 1989 and when the RTA became Roads & Maritime Services, the members voted to change the name to Transport Mutual Credit Union.
Australian Mutuals History holds copies of TMCU’s Reach newsletter, including the edition of February 2022 which features a great interview with TMCU Director, Clement Siu.
Here are some snippets from the Q&A with Clement:
How long have you been a Member of TMCU?
I have been a member since I was with the former RTA which is now part of Transport for NSW. I joined at the time as I was part of the Rec Club and I saw how TMCU had supported the running of a number of social activities at the time. I signed up one day in the office with a credit union member on site at work.
What’s your role on the TMCU team?
My role at the moment is to serve our members in my capacity as one of the Board Directors and also as a member of the Product Innovation Committee and also as the Chair of the Audit Committee.
Is it a coincidence that TMCU has released the “Clement” card, or did you have something to do with the idea?
That’s a very good question! The short story behind it, was that the Board as a team identified in our last planning session (we do this every 3 years or so) a gap in our lending product range. With some brainstorming with the TMCU Product Innovation Committee and the Board we developed the Clement card which provides no fuss line of credit to our members with no interest charged.
What do you like most about the credit union?
The team - both the staff and Board that backs TMCU like a family.
Do you have any recommendations for members who want to serve on the TMCU Board?
Don’t feel afraid to put your hand up to help, whether on the Board or any way you like to help shape the future of your TMCU – reach out to any of the Board members or TMCU if you would like to help.
