Customer owned banks In Australia – A customer owned bank refers to a financial instituteor organization owned by its members or customers and not by shareholders, which is common custom. This type of banking and ownership is also called mutual banking.
Customer owned banks In Australia – Alternative Banking
Among the features of customer owned banks include the following:
- The yield is advantageous and favorable to members, depositors, and customers
- It offers similar services like any other banks such as credit cards, loans (personal and home), savings accounts, time deposits, and online banking
- Members have equal vote
- Members have mutual profits
- It offers secured banking
- It supports locals with small and medium size businesses
- Good for start up business
Customer owned banks In Australia – Popular
Among the well-known customer own banks in Australia are Heritage Bank, Bankmecu, BankVic, Beyond Bank Australia, and Hume Banks. There are still other banks offering similar features and saving processes but we only listed five of the most famous and well-trusted banks. Here they are:
Heritage Bank is the largest operating customer-owned bank in Australia. The bank was established in 1875 and has been providing banking services to Australians since then. It has helped business owners and starters to achieve financial stability. The bank operates by allowing their customers to have a fair share of their money with competitive interest, instead of distributing the profit to shareholders.
They see to it that their customers are satisfied and financially competitive. This initiative is based on their idea of People first in every business they perform. As of now, Heritage earns its name as one of the highest paying interest rates and largest customer-owned bank in the country.
Bankmecu is the first 100% customer owned bank in Australia. As of today, it represents 56 credit unions. The bank is based in Kew, Victoria. This financial institution provides services to their customers based on their philosophy and tagline, “Responsible Banking”. It has more than 125,000 customers all over the country. It offers competitive interest on its banking services. Among the services it offers include:
- Home loans
- Car loans
- Personal loans
- Business loans
- Credit cards
- Term deposits and among others
Previously operated under the name Police Financial Services, Ltd. in 1974, also known as the “Police Credit”, BankVicwas transformed in 2013. It may be one of the newest customer owned banks in Australia but its services are beyond compare. As of today, it serves the police force and other service workers’ emergency activities. It also provides its services to individuals in health and public service industries, as well as their relatives and friends.
Beyond Bank Australia
Another customer owned bank in the country, Beyond Bank Australia is Community CPS Australia’s trading name. A South Australia based bank, before it became a customer owned bank, Community CPS was previously one of the country’s largest credit union institutions.
Hume Bank came from the region of Albury-Wodonga. In the last 60 years, it was previously known as Hume Co-operative Building & Investment Society until it assumed the name ‘bank’ next to its corporate name in 2014. As of today, it operates with 19 branches, and 47 automated teller machines. It serves more than 58,000 customers across the country.
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