Local banking product introduced nationally
Wagga Mutual’s Community Sponsorship Account is launching nationally today (1 February), after Community CPS Australia embraced the concept and is implementing it across its other markets in South Australia, the Australian Capital Territory, Western Australia and the Hunter Valley.
Wagga Mutual introduced the account – which is now called Community Reward Account – in 2002, and has raised more than $1.1 million for community organisations in the Wagga area.
Andrew Toole, Regional Manager at Wagga Mutual, said he was pleased to see a banking product developed locally introduced in other markets to support local communities.
“The Community Reward Account is deeply embedded in the culture of Wagga Mutual, so it’s great to see that our parent organisation feels the same way. Launching the account in more markets means more financial support for more community organisations across the country,” said Mr Toole.
“The account is yet another way we give back to the community, providing a direct link between the members’ investment in the credit union and the organisation’s investment in the community. Last financial year alone we distributed more than $150,000 to Wagga charities, community groups, sports clubs and other not-for-profit organisations.”
Members who open a Community Reward Account select the charity, community group or not-for-profit organisation they wish to support from a list of registered recipient organisations. If their favourite cause is not on the list they can encourage this organisation to speak to Wagga Mutual about registering.
At the end of each financial year, Wagga Mutual adds up the average balance held in all Community Reward Accounts linked to each registered organisation and donates up to 1.5 per cent of that balance to the organisation.
Ray Willett, President of the Wagga Wagga Rescue Squad said that the Community Sponsorship Account – as it was previously known – delivered great benefits to the Squad.
“The bonus payments the Rescue Squad receives each year from the account help us to maintain and purchase much needed rescue equipment to ensure the safety of our local community,” said Mr Willett.
“We are very appreciative of how the local community and our volunteers have supported our organisation through the Community Sponsorship Account.
“I would definitely encourage all community groups to become a recipient; there is no catch, just great benefits for all involved".
Organisations interested in being listed as recipient organisations can obtain a registration form at any Wagga Mutual branch or online www.waggamutual.com.au. Applications will be assessed by the local management team to ensure a community benefit is delivered by the
registering organisation, and will then be approved on that basis.
ABOUT THE COMMUNITY CPS AUSTRALIA GROUP
Community CPS Australia is a two-time winner of Money Magazine’s Australian Credit Union of the
Year Award. With more than 185,000 members, Community CPS employs 585 staff across branches
in South Australia, the Australian Capital Territory and operates as Wagga Mutual Credit Union in
Wagga Wagga, Companion Credit Union in the Hunter Valley and United Community in Western
Australia. Community CPS Australia is now one of the country’s leading credit unions with assets
under management approaching $4 billion. For more information visit www.communitycps.com.au
Wagga Mutual introduced the account – which is now called Community Reward Account – in 2002, and has raised more than $1.1 million for community organisations in the Wagga area.
Andrew Toole, Regional Manager at Wagga Mutual, said he was pleased to see a banking product developed locally introduced in other markets to support local communities.
“The Community Reward Account is deeply embedded in the culture of Wagga Mutual, so it’s great to see that our parent organisation feels the same way. Launching the account in more markets means more financial support for more community organisations across the country,” said Mr Toole.
“The account is yet another way we give back to the community, providing a direct link between the members’ investment in the credit union and the organisation’s investment in the community. Last financial year alone we distributed more than $150,000 to Wagga charities, community groups, sports clubs and other not-for-profit organisations.”
Members who open a Community Reward Account select the charity, community group or not-for-profit organisation they wish to support from a list of registered recipient organisations. If their favourite cause is not on the list they can encourage this organisation to speak to Wagga Mutual about registering.
At the end of each financial year, Wagga Mutual adds up the average balance held in all Community Reward Accounts linked to each registered organisation and donates up to 1.5 per cent of that balance to the organisation.
Ray Willett, President of the Wagga Wagga Rescue Squad said that the Community Sponsorship Account – as it was previously known – delivered great benefits to the Squad.
“The bonus payments the Rescue Squad receives each year from the account help us to maintain and purchase much needed rescue equipment to ensure the safety of our local community,” said Mr Willett.
“We are very appreciative of how the local community and our volunteers have supported our organisation through the Community Sponsorship Account.
“I would definitely encourage all community groups to become a recipient; there is no catch, just great benefits for all involved".
Organisations interested in being listed as recipient organisations can obtain a registration form at any Wagga Mutual branch or online www.waggamutual.com.au. Applications will be assessed by the local management team to ensure a community benefit is delivered by the
registering organisation, and will then be approved on that basis.
ABOUT THE COMMUNITY CPS AUSTRALIA GROUP
Community CPS Australia is a two-time winner of Money Magazine’s Australian Credit Union of the
Year Award. With more than 185,000 members, Community CPS employs 585 staff across branches
in South Australia, the Australian Capital Territory and operates as Wagga Mutual Credit Union in
Wagga Wagga, Companion Credit Union in the Hunter Valley and United Community in Western
Australia. Community CPS Australia is now one of the country’s leading credit unions with assets
under management approaching $4 billion. For more information visit www.communitycps.com.au
