Bank Australia

Bank Australia is an Australian customer owned bank. Its stated purpose is to create mutual prosperity in the form of positive economic, social, environmental and cultural impact.[2]

Bank Australia
Formerly
  • Members and Education Credit Union (1957 - 2010)
  • bankmecu (2011 - 2014)
Consumers' co-operative
IndustryBanking
Founded1957 (1957)
Headquarters
Kew, Victoria
,
Australia
Number of locations
20 (2019)
Area served
Australia
Key people
Damien Walsh, Managing Director
ProductsRetail banking
Revenue A$119 million (2018)[1]
A$26 million (2018)
Total assets A$6.3 billion (2019)
Number of employees
427 (2019)[1]
Websitebankaust.com.au

It is a member of the Customer Owned Banking Association (COBA), the Australian Banking Association (ABA), the Business Council of Cooperatives and Mutuals (BCCM), and the Global Alliance for Banking on Values.[3].

Bank Australia is an unlisted public company. As of 30 June 2019 the company’s total assets were reported at $6.3 billion.

History

Bank Australia is an amalgamation of 72 credit unions and co-operatives. Starting in 1957 as the CSIRO Co-operative Credit Society, the bank expanded to become Australia’s first customer-owned bank in 2011, trading under the name Bankmecu.[4]

In 2015, the bank rebranded as Bank Australia.[5]

Former Australian credit unions that have been absorbed into Bank Australia:

  • ABG Credit Co-operative Limited
  • Ararat Credit Co-op
  • Ballarat Base & Associated Hospitals Credit Co-op
  • Ballarat Co-op Credit Union (GoldCredit)
  • Ballarat East Credit Union Co-op
  • Bendigo and District Credit Union (North West Country Credit)
  • Bendigo Credit Co-op
  • Bendigo Home and Hospital Credit Co-op
  • Burwood Community Credit Union
  • Choice Credit Union Limited
  • Colac & District Credit Co-op
  • College Credit Union
  • Daylesford Christian Family Co-op
  • Dependable Credit Union
  • Doncaster and Templestowe Credit Union
  • Echuca Parish Co-op
  • Echuca Parish Co-op (Echuca CU)
  • Education Credit Union
  • Fitzroy and Carlton Community Credit Co-op
  • Holy Redeemer Credit Co-operative
  • Intech Credit Union[6]
  • IPC Credit Union
  • Kennington Parish Co-op (Golden City Credit Co-op)
  • Kingmoor Co-operative Credit Society Limited
  • Kraft Employees' Credit Co-operative Limited
  • Laboratories Co-operative Limited
  • M B John Employees Co-op
  • Macaulay Community Credit Co-operative
  • Maroondah Credit Union
  • Maryborough Parish Co-op
  • Media Credit Union
  • Members Australia Credit Union
  • Mildura Parish Co-op
  • Mildura Parish Co-op (Mildura Credit) (Sunraysia Credit Union)
  • Moe Credit Co-operative
  • Outlook Credit Union
  • Professionals First Credit Union (APESMA)
  • Provident Credit Co-operative Limited
  • Redan – Sebastapol Co-op Credit Society
  • RegionalOne Credit Union
  • Sacred Heart Bendigo Co-op (Sandhurst Credit Union)
  • SEC Credit Union (Enterprise Credit Union)
  • Sirocredit (CSIRO Co-operative Credit Society)
  • St Alipus Co-op
  • St Bridgets Co-operative Society
  • St Columbas Co-op Credit Society
  • St Joseph’s Quarry Hill Co-op
  • St Kilians Co-op
  • St Mary’s Castlemaine & District Co-op (Castlemaine & District Co-op)
  • St Mary’s Golden Square Co-op
  • St Mary’s Kyneton Co-op (Kyneton Co-op)
  • St Patrick’s Co-op Credit Society
  • St. Agnes of Highett Co-operative Credit Society Limited
  • Stawell Credit Co-op
  • Tertiary Credit Union
  • Uni Credit Union
  • Waverley Credit Union
  • White Hills Parish Co-op

Responsible and ethical banking approach

Bank Australia’s position is that a responsible bank can make society better, and that where people and organisations put their money has a big impact on the world.

The company’s responsible banking policy defines how it embeds its values into the way it does business. Its full range of deposit and home lending products are certified as responsible by the Responsible Investment Association of Australasia (RIAA) .

Bank Australia is a signatory of the United Nations Global Compact , a member of the Global Alliance for Banking on Values and RE100 and is a Founding Partner of the Victorian Government’s TAKE2 pledge.

Clean money campaign

In 2018, Bank Australia launched their Clean Money campaign.

The campaign is based on the idea that where people put their money can do good, not harm, to people and the planet.

Bank Australia states that their money is clean because it is never loaned to industries such as:

They say they prioritise lending to:

  • Individuals, ensuring it is an amount they can afford to repay
  • Community housing and specialist disability accommodation
  • Sustainable and affordable housing
  • Community renewable energy projects
  • Not-for-profits

Sustainability

Bank Australia has made a range of public commitments to sustainability and environmental practices.

Business operations

Bank Australia has been carbon neutral since 2011 and in 2018 became certified carbon neutral by the Australian Government’s National Carbon Offset Standard.

Ahead of the Paris climate change talks in 2015, Bank Australia made seven commitments as part of We Mean Business platform.

In 2019 they switched to 100% renewable energy. It was the first bank in Australia to do so.

Conservation Reserve

The Bank Australia Conservation Reserve is a 927 hectare private land reserve owned by the bank and its customers. The reserve is located in Victoria’s Wimmera region and is made up of three properties and is protected from development forever through a conservation covenant. The company purchased the first of the three properties in 2008 in response to customer concerns about the environment.

Greening Australia and Trust for Nature manage the Reserve.

In 2018, Bank Australia in partnership with Greening Australia and Trust for Nature won the Banksia Large Business Award for the Conservation Reserve’s ten-year strategy .

Impact Fund

Bank Australia allocates 4% of their after tax profits to the Bank Australia Impact Fund. The fund supports projects and partnerships that “benefit people, communities and the planet” .

As part of the Fund, the Bank runs an annual customer grants program, many concerned with investment in sustainability and community renewable energy projects.[7]

Locations

Bank Australia is 100% Australian based and has a public commitment to keep jobs in Australia.

The company’s head office is in Kew, Victoria and its National Contact Centre is located in Moe in the Latrobe Valley in Victoria.

Bank Australia has branches in ACT, QLD, NSW, South Australia and Victoria .

Products and services

Bank Australia offers a full suite of banking products including everyday banking, savings, term deposits, personal and car loans, home loans, credit cards and commercial banking services.

It operates digital banking services through internet and mobile app banking. Customers also have access to Apple Pay, Google Pay and Android Pay, Round UP, and fee free withdrawals at Bank Australia ATMs and all of the major banks’ ATMs.

As an authorised deposit-taking institution (ADI) , Bank Australia is covered under the Financial Claims Scheme . Bank Australia is guaranteed by the Federal Government, as per other Australian banks.

Awards and recognition

Banksia Sustainability Award, Banksia Foundation

  • 2018 Winner: Banksia Large Business Award[8]

Business Leadership Award, Climate Alliance

  • 2018 Winner: Board Leadership of the Year

CANSTAR[9]

  • 2019 5 Star Rating: Home Lender
  • 2018 Winner: Customer-Owned Institution of the Year award
  • 2018 Winner: Customer-Owned Institution of the Year – Everyday Banking
  • 2019 Winner: Customer Owned Institution of the Year

Mozo[10]

  • 2019 Winner: Excellent Banking App
  • 2019 Winner: Outstanding Customer Satisfaction
  • 2019 Winner: Excellent Customer Service
  • 2019 Winner: Highly Trusted
  • 2019 Winner: Most Recommended
  • 2018 Winner: Green Car Loan

Domain name dispute

Bank Australia launched a domain name dispute on 21 January 2016 for the domain names bankaus.com.au and bankaustralia.com.au. In a single-member judgement on behalf of the WIPO Arbitration and Mediation Center, the claim was denied. As the domain names in question were registered in 2011 and 2008 respectively, there was no evidence that their owner had registered them to 'prevent the owner of a name, trademark or service mark from reflecting the mark in a corresponding domain name' (cybersquatting) or 'primarily for the purpose of disrupting the business or activities of another person'.[11]

gollark: For 1000% efficiency, which is good.
gollark: I know a decent amount about NC reactor design, but focus on the "horrendously oversized" sort.
gollark: We could put fluxducts on poles or something.
gollark: Not really.
gollark: I was thinking about designing tunnels which we can also run rails and, say, water lines in.

References
  1. "2018 Corporate Report" (PDF). Bank Australia.
  2. "About us". Bank Australia.
  3. "Global Alliance for Banking on Values". Bank Australia.
  4. "Mecu blazes a trail as first mutual bank". The Australian. 2 September 2011. Retrieved 13 September 2011.
  5. Pretty in Pink, Brand New, 2015, retrieved 24 November 2019
  6. "Merger News". Archived from the original on 11 February 2017. Retrieved 10 February 2017.
  7. Renewable energy community projects receive $110,000 of grants, The Green List (published 31 July 2019), 2019, retrieved 24 November 2019
  8. "2018 Banksia large business award". Banksia.
  9. "Customer owned institution year 2019". CANSTAR.
  10. "Choice awards". Mozo.
  11. "Mecu Limited v. OZ8 Pty Ltd - Case No. DAU2016-0003". WIPO Arbitration and Mediation Center. 15 March 2016. Retrieved 1 June 2016.
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