February 2000 Volume 81 Number 2 "serving the protectors"
PCU turns 30

n February 2, 1970, the South Australian Government of the day registered a new Industrial and Provident Society to be known as the South Australian Police Association Credit Union Co-operative Limited. Next month, some 30 years later, that same credit union - now known as Police Credit Union Limited - continues to provide financial services to the police communities of South Australia and Northern Territory.

PCU chairman, Peter “Spoggy” Graham, commented at the 1999 annual general meeting that, “this credit union was started by police for police... Not bad for a bunch of coppers!”

When the credit union was first formed, it carried out its operations from a room less than 4m2 on the second floor of the Police Association building. This occupancy was kindly donated by the association.

In 1971, Peter Warman was seconded from the police department to undertake the role of the Credit Union’s first full-time secretary/manager. By 1972, the credit union had expanded and its seven staff rented premises at 17-19 Carrington Street from the Police Association.

Peter Warman tells amazing stories of borrowing funds from directors of the board to enable loans to be funded to members, and loan transactions being settled from a suitcase in the back of a car. What would the regulators of today think!

By 1978, PCU became the first credit union in South Australia to install a 24-hour automated teller machine. The then Commissioner of Police, Mr Laurie Draper, officially opened the Credit Union’s new premises (those now occupied in the Carrington Street building) on June 11, 1979.

In the early 1980s, the board responded to a request from the Northern Territory Police Commissioner for credit union services to be brought to the Territory. Now, in 2000, two magnificent branches operate out of Darwin City and Casuarina Shopping Centre.

This success continued and expanded throughout the ’80s and ’90s. Nurses, ambulance and emergency services employees became part of the credit union story. Also during this period, the credit union responded to members’ requests for a wider range of services.

Insurance and financial planning specialists were brought into the organization to meet this growing member demand. Today, over 12,000 members renew their household and motor vehicle insurance with the credit union. And thousands of retired members have attended PCU retirement seminars upon reaching the twilight of their careers.

Products such as home loans, lines of credit, Visa debit card and MyCard credit card together with B-pay and giroPost are just part of PCU’s expanding range of services.

Above all, the PCU has not and will not forget its roots. Its history has shaped it and given it an opportunity to be successful. With the advent of the new millennium, PCU acknowledges the vision and tenacity of its founders.

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