Bank Australia

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Bank Australia
Consumers' co-operative
IndustryBanking
Founded1957 (1957)
Headquarters,
Key people
Damien Walsh, Managing Director
ProductsRetail banking
Total assetsA$4.32 billion (2016)
Number of employees
348
Websitebankaust.com.au

Bank Australia, formerly the Members and Education Credit Union (mecu), is an Australian mutual bank based in Kew, Victoria. In 2012, it reported that it had approximately 125,000 customers across Australia. The organisation employs 348 staff across Australia. Total assets were reported at A$4.32 billion, as of December 31, 2016.

Sustainability[edit]

Bank Australia's business practices are based on a values-based system focusing on environmental, social, and economic responsibility. The organisation undertakes a variety of initiatives to build capacity within the community through social programs, such as its Community Investment Program, which establishes how the organisation maximises its positive impacts in the community, prioritising those that are most relevant to the company's core business, products, services, members, and employees.[1]

On 25 March 2004, it became the first credit union in the world to become a signatory to the United Nations Environmental Programme Statement by Financial Institutions on the Environment & Sustainable Development. By becoming a signatory, it committed to promote positive interaction between economic and social development, and environmental protection, through development of a sustainability strategy.[2]

The strategy takes the form of a Sustainability Covenant, in agreement with the Victorian Government, through EPA Victoria in accordance with provisions of the Environment Protection Act 1970. The Covenant focuses on five key areas:

  • ethics and governance
  • employees
  • social impact
  • environmental impact
  • leadership and partnerships

In 2010, the company implemented staff sustainability awards to recognise staff who have made a significant contribution to sustainability in the workplace.

History[edit]

On 1 September 2011, the Members and Education Credit Union became Australia's first customer-owned bank, and changed its trading name to bankmecu.[3]

On 27 July 2015, the bank announced their subsequent and final change of name, to Bank Australia, from 17 August 2015.[4]

List of credit unions that have joined[edit]

Former Australian credit unions that have been absorbed into Bank Australia:[5]

  • 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 (Now trading as Intech Bank)[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

Domain name dispute[edit]

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'.[7]

References[edit]

  1. ^ "social". bankmecu.com.au. 31 March 2009. Archived from the original on 29 October 2011. Retrieved 12 July 2010.
  2. ^ "About mecu - mecu sustainability approach". mecu. Archived from the original on 30 January 2012. Retrieved 12 July 2010.
  3. ^ "Mecu blazes a trail as first mutual bank". The Australian. 2 September 2011. Retrieved 13 September 2011.
  4. ^ "Bank Australia". Archived from the original on 4 August 2015. Retrieved 27 July 2015.
  5. ^ "Socially Responsible Customer Owned Bank| bankmecu - responsible banking". bankmecu. 2009-03-31. Retrieved 2010-07-12.
  6. ^ "Merger News". Archived from the original on 11 February 2017. Retrieved 10 February 2017.
  7. ^ "Mecu Limited v. OZ8 Pty Ltd - Case No. DAU2016-0003". WIPO Arbitration and Mediation Center. 2016-03-15. Retrieved 2016-06-01.

External links[edit]