Bank Australia

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Bank Australia
Consumers' co-operative
Industry Banking
Founded 2003 (2003)
Headquarters Kew, Victoria, Australia
Key people
Damien Walsh, Managing Director
Products Retail banking
Number of employees
348
Slogan responsible banking
Website bankaust.com.au

Bank Australia, formerly bankmecu and prior to that, the Members and Education Credit Union (mecu), is an Australian financial co-operative based in Kew, Victoria. In 2012, it reported that it had approximately 125,000 customers across Australia. The organisation employs 348 staff across Australia and holds assets in excess of A$2.8 billion.

On 1 September 2011, mecu Ltd became Australia's first customer owned bank, and changed its trading name to bankmecu.[1]

On 27 July 2015, the bank announced their subsequent and final change of name, to Bank Australia, from 17 August 2015.[2]

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.[3]

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.[4]

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]

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

Domain name dispute[edit]

Bank Australia launched a domain name dispute on 21st 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'.[6]

References[edit]

  1. ^ "Mecu blazes a trail as first mutual bank". The Australian. 2 September 2011. Retrieved 13 September 2011. 
  2. ^ "Bank Australia". Retrieved 27 July 2015. 
  3. ^ "social". bankmecu.com.au. 2009-03-31. Retrieved 2010-07-12. 
  4. ^ "About mecu - mecu sustainability approach". mecu. Retrieved 2010-07-12. 
  5. ^ "Socially Responsible Customer Owned Bank| bankmecu - responsible banking". bankmecu. 2009-03-31. Retrieved 2010-07-12. 
  6. ^ "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]