Following on from our previous travel feature about accessing your money overseas, the next most important part of booking your holiday is making sure you will be covered in the event of an emergency. Personally I always take out a policy before travelling to any overseas destination, buts its not just me recommending you take our travel insurance Smart Traveller urges all Australian to take our travel insurance, saying that each year they assist over 25,000 travelling Australians in need.

Travel insurance covers you for things like medical bills in case of an accident while travelling, loss/theft, cancellation or disruption to flights and more.

A friend of mine recently returned from a holiday in Japan and dislocated his knee/ligament damage, without travel insurance he would have been responsible for large medical bills. I also recently returned from holidays where my return flight was cancelled and rescheduled for the following day, I had organised travel insurance through Companion Credit Union before I left so luckily I could claim my hotel for the night I was delayed, and transport to/from the airport due to the delay. Which I was very happy about!

Have you ever had to use your travel insurance? Tell me about it,

Cas

March 15th, 2010 | Leave a Comment »

A poll on our website currently shows that over 56% of members plan to travel in the next 12 months, and with the all time low prices of international flights it’s a great time to travel.

So the next few blog postings will revolve around one of my favourite topics- travel!!

So I thought I would start on a few travel basics, first of all you will need to be able to access your money while you are travelling.

There are a few ways you can access money when you are travelling overseas which may depends on what country you are visiting, so some research may be involved (personally I have always found Lonely Planet a good starting point!). Each of the following ways of accessing your money has their pros and cons:

- Travellers Cheques: Can be organised at your local financial institution (like ours!). Travellers cheques are safe, as long as you record the serial codes on the cheques and keep them separate from the cheques (in case they are lost or stolen). In most countries it’s easy to find somewhere to cash them.
- Cash Passport: acts similar to an ATM card, its PIN protected and you can use them anywhere. For added security you also receive 2 cards, which you keep separately incase one is lost or stolen then you will still be able to access your funds via your second card.
- Credit Card: can be used worldwide, you must use your credit card wisely though and protect your details from unscrupulous persons. You will be charged a withdrawal fee and also a higher interest rate for cash withdrawals. Having a credit card while travelling is handy for booking accommodation or flights through reputable agencies. But you will need to ensure you notify your financial institution you are travelling overseas. If you do lose your credit card and need it replaced while still overseas this can be costly.
- Debit Card: can be used like a credit card but instead you are accessing your own money, make sure you tell your financial institution you are travelling overseas. You will be charged an ATM fee in most countries. If you do lose your debit card and need it replaced while still overseas this can be costly.
- Foreign Currency: Foreign currency can be ordered through most financial institutions (like ours!). It’s handy to have a small amount of foreign currency for when you arrive at your destination so you can purchase drinks, hire a taxi etc.

I highly recommend selecting a couple of these options for when you go travelling, and try not to keep them all in the one spot. Just recently I met a girl overseas who had her purse pick pocketed out of her handbag. This meant she had no way of accessing any of her funds, luckily her friends all gave her money so she could get home ok.

Keep security in mind when you are travelling, its wise to keep your funds in different locations i.e. cash in your purse, credit card and debit card in the hotel safe etc.

Please keep in mind this is my personal opinion and not that of Companion Credit Union, you will need to research your destination and decide what suits your financial situation best.

March 10th, 2010 | Leave a Comment »

More than 95% of Companion members present at the Annual General Meeting held in Rutherford on Wednesday (25 November), voted in favour of the merger. The merged entity will form one of Australia’s largest credit unions, representing a combined membership of more than 180,500.

The merger between Companion Credit Union and Community CPS Australia, will become effective from 1 January 2010.

The business will trade as Companion Credit Union – a Division of Community CPS Australia Ltd throughout the Hunter Valley and Gunnedah regions. Among the benefits of the merger are an expanded branch network, enhanced products and services, and reduced risk due to greater market diversification. Companion staff will benefit from a national job network and comprehensive training programs.

Members can expect to see information about new products in their mailboxes in early December.

November 26th, 2009 | Leave a Comment »

Companion Credit Union Marketing Manager Cas Scott has been recognised as an emerging leader of the credit union and building society industry across Australia.

Cas, who is based at Companion’s head office in Cessnock, won the 2009 Bridges Emerging Leader Award at the Abacus 09 Convention this week on the Gold Coast.

Abacus – Australian Mutuals is the industry body for Australian credit unions, mutual building societies and friendly societies, and the Bridges Emerging Leader Award is a highlight of the annual industry convention. This prestigious award recognises up-and-coming credit union and building society managers who want to build a leadership career in the industry. Nominees must be under 35 and are assessed on their commitment to the mutual financial services industry, innovation in management, aptitude for leadership and their track record.

Cas received the award in recognition of her work at Companion Credit Union which includes the innovative ‘We’re Listening’ theme. All Companion members have ownership and a say in how Companion is run, the ‘We’re Listening’ theme builds on the core principles of mutuality ‘Member Ownership’.

The introduction of ‘We’re Listening’ included a new member designed and chosen logo, new corporate website  , a social blog website  , the Companion Community Grant which assisted over 55 local community groups in 2009, and much more.

Cas is planning on using the award to attend the World Credit Union Confernce in Las Vegas in 2010 and visit Credit Unions within the US and Canada.

November 18th, 2009 | 5 Comments »

This week shareholding members should start receiving their Member Information Document’s (MID) in the mail. While these documents appear lengthy they are actually very easy to read, and the table of contents makes it easy for you to find the information that is of specific interest to you. E.g. interest rates, constitution, Board of Directors etc.

The MID pack includes;

-          Notice of Annual General Meeting
-          Merger Information Sheet
-          Proxy Form
-          Reply Paid Envelope

You can read the MID in full at our Merger web page.

The aim of the MID is to enable you to make an informed decision when voting on the proposed merger. The Board of Directors and management are unanimous in their support for the merger, and recommend you vote for the resolution relating to the merger.

We urge you to read the information and vote using the enclosed proxy form or in person at the AGM. The AGM is being held at:

25 November 2009
Maitland City Bowling Club, Rutherford
6pm start
RSVP before the 16th November on 49911 744 or agm@companion.com.au

If at any stage you have queries regarding the proposed merger feel free to contact your local branch or myself directly robrien@companion.com.au

Ray

October 19th, 2009 | Leave a Comment »

For all prospective first home owners, there have been a few changes this month to the NSW and Federal Governments First Home Owners GRant (FHOG).

The total First Home Owners Grant for established homes is now $10,500, while for new homes the total is now $17,000. These amounts are due to reduce further after the 31st December 2009, which you can refer to by visiting the NSW Governments webpage. Commentators are speculating with the reductions in the FHOG, property in the lower end of the market should reduce slightly in price, which is great news for prospective buyers!

If you are interested in how much can you borrow, what sort of deposit is required or what will my repayments be check out the range of calculators available to you. Or if you are ready to purchase you can also apply online through our webloans.

October 12th, 2009 | Leave a Comment »

I read a great article from Money Magazine (September 2009) by Maria Bekiaris about Credit Union Myths and I thought it would be great to share a summary of this with you;

Myth 1- I have to be a member of a particular group to join
Although a few credit unions are still ‘bonded’ meaning they are only open to certain people working in a certain industry or for a particular employer, most credit unions and building societies are open to everyone. If you do join a credit union you’ll have to buy a ‘share’ that will set you back somewhere between $2 and $10. If you leave the credit union you’ll get this back. Mutual building societies on the toher hand generally done ask you to buy a share.

Myth 2- The products are not as good as the banks
Whether you want a home loan, transaction account, personal loan, credit card or savings account, chances are a credit union will have something to suit your needs and often they’ll pay a better rate or charge lower or fewer fees.

Myth 3- They’re not as safe as banks
All credit unions meet the same high standards as banks and are covered by the same protections. Credit Unions and Building societies are governed by APRA (Australian Prudential Regulation Authority) and therefore follow all the same rules and regulations as other authorised deposit taking institutions (ADI’s) such as banks.

Myth 4- Its too tough to access my money
You can definitely cross this one off your list! The combined rediATM and NAB ATM network is over 3,100 ATM’s nationally.

Myth 5- Switching is too hard
One reason many of us stay with our current institution is that it seems too much of a hassle to change. This is especially the case when it comes to transaction accounts- particularly if you have direct debits or periodic payments coming out of the account. The good news is the government has introduced measures that are intended to make it easier to switch from one institution to the other, and both the institution you are leaving and the one you are moving too have to help you.

There are 117 credit unions and 8 building societies across Australia- so there are lots to choose from!

September 8th, 2009 | Leave a Comment »

Big news today- the National Australia Bank is joining its ATM with the existing rediATM network. The rediATM network will now include more than 3,100 ATMs, in NSW the number of rediATMs almost double from 556 to 1004.

This is great news for Companion Credit Union members as you will now have access to even more direct charge free ATMs, helping you to save money on fees. And even better still you will be able to find rediATMs in more places, giving you added convenience.

All NAB-owned ATMs will display the NAB logo and all ATMs within the combined network will display the rediATM logo.

** The new combined network will be available in the coming months (once all regulatory approvals have been made). We will let you know when you will have direct charge free access to the NAB network**

July 15th, 2009 | Leave a Comment »

With the continuing economic changes we all wonder what our children or grandchildren are going to be faced with in regards to their adult financial future:
- Will they beable to afford to purchase their own home ?
- Will HECS be abolished and tertiary education become an unaffordable option ?
- Will the government pension payments cease to exist ?

So frequently we are asked by our members what is the ideal age to encourage children to start saving & secondly ideal ways & tips to encourage this pattern early without discouraging them so they can achieve the best financial start in life.

Research has shown that you can start educating children from as early as pre-schooling age just through some simple ways such as:

• Pocket Money
Rather then purchase your child lollies or small toys during shopping outings, encourage your child to help you do some small jobs around the house beforehand (ie; collect mail, water plants, care for pets) for small amounts of pocket money. Then they can utilise this money to purchase something to that value on their next outing.

• Needs vs. Wants
During playtime at home set up a pretend shop with of a variety of items using proper money. Help them with decisions and prioritising items that they really need for their money (ie; milk, bread & fruit rather then lollies, chips etc)

• Setting Goals
Let your child pick a toy or item they would like from a toy catalogue. Do up a simple chart by sticking a picture of this item on a piece of paper or cardboard then place on display. The child can then map their progress by marking or placing stickers each time they receive pocket money. Continue the process until enough money is reached to purchase their item. Ensure to give praise along the way.

Remember teaching children at this age to save should be made fun by using various games and techniques such as listed above.

Feel free to share your tips on ways you encourage your children to save …

Lisa

PS – Ask your local branch for a “piggy” money box which are provided FREE to our members.

July 7th, 2009 | Leave a Comment »

Companion said ‘We’re Listening’

Guess what? We meant it!

Over the past month the exclusive members only Companion Community Grant has given away over $20,000 to 57 local not-for-profit groups. Members nominated organisations they thought could use a helping hand, and a panel of members helped distribute the funds to the successful recpients.

Now that’s listening to your members!

If you would like to register your interest for the 2010 grant let us know

Photos of the presentation days and the list of recipients can be found here

Feel free to share your Community Grant Story here by clicking on ‘Leave a comment’

Cas. S

June 22nd, 2009 | 2 Comments »