The changes you can bank on

Seymour Telegraph - - THE TELEGRAPH - The Sey­mour GMCU team circa Novem­ber 2018. Lo­cal faces pro­vid­ing lo­cal ser­vice to lo­cals (and more than halfway to its own cen­te­nary).

Goul­burn Mur­ray Credit Union has been part of the Sey­mour com­mu­nity for al­most 60 years.

That might be a long way from 175, just a third of the town’s life­time; it goes with­out say­ing GMCU is ready to cel­e­brate the his­toric mile­stone.

GMCU has grown to meet the needs of its mem­bers, peo­ple sav­ing and bor­row­ing with the pro­vi­sion of a full range of com­mu­nity bank­ing prod­ucts and ser­vices.

Each year, it puts thou­sands of dol­lars back into the com­mu­nity, in the form of spon­sor­ship and do­na­tions. In Sey­mour alone, the branch sup­ports many schools, sport­ing clubs, emer­gency ser­vice groups, ser­vice clubs and vol­un­teer or­gan­i­sa­tions.

GMCU deputy chief ex­ec­u­tive Peter Thomas said now was also the time for peo­ple to in­vest in Sey­mour and buy their own home.

“With bor­row­ing rates be­ing low and very com­pet­i­tive, now may be the time for peo­ple rent­ing or liv­ing at home with mum and dad, to pur­chase their own home,” he said.

“Low rates make it eas­ier for peo­ple en­ter­ing the home loan mar­ket be­cause their re­pay­ments are more af­ford­able.

“If your bud­get is tight, a fixed rate loan is a great way to safe­guard those re­pay­ments for a few years; in any case, low rates are also a great op­por­tu­nity to build a buf­fer by get­ting your loan in ad­vance.

“Any ex­tra pay­ments you make come straight off the loan prin­ci­ple and start to save in­ter­est right away. Get­ting your loan in ad­vance will cre­ate a cush­ion you can use if rates rise in the fu­ture, if you need a re­pay­ment hol­i­day, or even just to re­draw and spend later.

“And our spe­cial of­fer rate of 3.59 per cent makes it that much eas­ier.”

GMCU was orig­i­nally a vol­un­teer-run op­er­a­tion known as St Mary’s Co-op­er­a­tive Credit So­ci­ety, serv­ing mem­bers just once a week from a kiosk out­side the Catholic parish church in Craw­ford St, Sey­mour.

On Oc­to­ber 18, 1963 founder of the St Mary’s Co-op­er­a­tive Credit So­ci­ety Ed­die Moy­lan moved that a ‘credit so­ci­ety’ be formed.

In ad­di­tion to Mr Moy­lan, di­rec­tors for the St Mary’s Sey­mour Co-op­er­a­tive Credit So­ci­ety Ltd in 1963 were R Evans, R An­der­son, L Gor­man, A Cly­des­dale, A Han­gan, R Wat­son, R Kamsma, AB Hunt, F San­der­son and O Lubeck.

At the first an­nual gen­eral meet­ing on March 31, 1964, chair Mr R W An­der­son re­ported mem­ber­ship was 44 share­hold­ers, with paid up cap­i­tal of 211 pounds, 10 shillings and no pence.

Dur­ing the early years, board meet­ings were held at mem­bers’ homes and, some­times, the Prince of Wales Ho­tel in Emily St.

In the early 1970s, an of­fice was set up at 4 Tal­la­rook St and was opened on a part-time ba­sis.

The or­gan­i­sa­tion moved into the of­fices of Te­han Solic­i­tors in the old town hall, in Sta­tion St, on a shared ten­ancy ba­sis, in 1977.

The shift to a per­ma­nent home, at 72 Sta­tion St, started with a val­u­a­tion and ne­go­ti­a­tions in 1979, with a con­tract to buy tabled on March 5, 1980.

With a $50,000 ad­vance from the Shep­par­ton Credit Union, the site was fit­ted and fur­nished for what was soon to be­come Sey­mour and Dis­trict Credit Union Co-op­er­a­tive Ltd.

Also, in July that year, a full­time man­ager was ap­pointed and an of­fi­cial open­ing was held on Au­gust 30.

In 1982, there were 1176 share­hold­ers and 1050 non­share­hold­ers; and it was about this time the Sey­mour co­op­er­a­tive be­came a branch of the Shep­par­ton Credit Union, which be­came GMCU just a few years later.

Credit unions of­fer dif­fer­ent bank­ing, based on mem­ber ben­e­fits, com­pet­i­tive pric­ing, fairer fees and com­mu­nity fo­cus.

GMCU also has branches in Shep­par­ton, Mooroopna, Kyabram, Echuca, Be­nalla, Nu­murkah, Euroa and Kil­more.


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