Value and values

Key Highlights

Goal three: deliver customer benefit

Customer benefit - Overview

Annual customer benefit

  2012/13 2011/12 2010/11 Difference between
11/12 & 12/13
Customer benefit   $25.00m   $20.14m   $31.17m  24%
Average customer benefit   $199.38   $155.35   $231.6  28%

Quality competitive product and service

 

Jun-13

(%)

Jun-12

(%)

Jun-11

(%)

Loans mix      
Personal 91.18 91.58 93.04
Commercial 8.82 8.42 6.96
Deposit mix      
Deposits at call 48.36 48.62 53.29
Fixed term 51.64 51.38 46.71

New products and services launched in 2012/13

  • National Call Centre hours extended to 8.00am – 8.00pm Monday to Friday
  • New Basic Home Loan product
  • bankmecu Super
  • Energy Smart Home Loan
  • PIN change at rediATMs
  • RediATM app for iPhone
  • SMS on demand

Competitive pricing benefit

bankmecu consistently aims to offer its customers competitive pricing compared to Australia’s four major banks. Independent financial services research group, Canstar Cannex, assessed that during 2012/13 our customers were collectively $25m better off than they would have been with the average of the four major banks. This is an increase in pricing benefits of $4.86m from 2011/12, which is due to our competitive term deposit products and maintenance of value across loan products and loan fees.

A fee-free banking option remains available to all customers. During 2012/13, bankmecu subsidised the cost of access to payment services to customers by $168,707 (2011/12: $716,988).

Social and environmental benefits

As at 30 June 2013, 88% of all customer deposits were lent to other customers. The remaining 12% of customer deposits and accumulated cash reserves were predominantly invested across a range of cash securities – Term Deposits and Negotiable Certificates of Deposit with Australian based Authorised Deposit-Taking Institutions regulated by the Australian Prudential Regulation Authority (APRA).

All customer deposits lent to other customers are subject to the Bank’s Responsible Lending and Investment Policy. As a consequence bankmecu continued to have low levels of impaired loans.

The Bank includes a range of responsible banking features in its loans, which encourage both investors and borrowers to make more environmentally and socially responsible choices.

The value of environmental and social loans as a percentage of the total loan portfolio has increased by 2.14% since 2009/10. Commercial lending with a social benefit has increased by 6.21% since 2011/12.

To date, the Bank has committed to offset 48,963 tonnes of carbon dioxide equivalents (CO2-e) in its Conservation Landbank for the cars it has financed, an equivalent of 12,240 cars taken off the road for one year. We have also committed to a total biodiversity offset of 417,662 m2 for new home construction financed.

bankmecu has an exemption from fees and charges for customers who represent an organisation or group that is recognised by the Australian Taxation Office as a not-for-profit organisation and operates a Community Access Account with a balance of $100,000. We also exempt fees and charges for any customer who cannot conduct his or her banking due to a disability.

This year bankmecu purchased 1,860 tonnes of carbon offsets from the Community Climate Chest (C3) to remain carbon neutral.

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Customer benefit - In depth

Quality competitive product and service

bankmecu will use its strong balance sheet and financial performance to maximise customer benefit by delivering quality, value-for-money financial products and services with a superior level of memorable service.

Product mix

  Jun-13
(%)
Jun-12
(%)
Jun-11
(%)
Jun-10
(%)

LOANS MIX

 

 

 

 

Personal

1.58

1.76

2.07

2.94

 

 

 

 

 

First home buyers

15.39

15.78

17.64

17.36

Interest only

12.81

9.28

9.20

8.91

Variable 250K+

14.01

14.29

13.78

12.61

500K+ variable

12.37

13.36

12.25

11.39

Standard variable

25.06

26.88

28.92

30.91

Total mortgage variable

79.64

79.59

81.80

81.18

 

 

 

 

 

Mortgage fixed 0–1 yr

1.80

3.39

1.76

2.68

Mortgage fixed 1–2 yr

1.91

1.62

2.13

1.26

Mortgage fixed 2–3 yr

2.77

0.83

1.32

1.94

Mortgage fixed 3–5+ yr

0.84

1.12

0.54

0.43

Total mortgage fixed

7.32

6.96

5.75

6.31

 

 

 

 

 

Credit cards

0.72

0.74

0.62

0.64

Overdrafts

1.92

2.53

2.80

3.24

Total revolving credit

2.64

3.27

3.42

3.88

 

 

 

 

 

Commercial

8.82

8.42

6.96

5.69

 

 

 

 

 

TOTAL LOANS

100.00

100.00

100.00

100.00

 

 

 

 

 

DEPOSIT MIX

 

 

 

 

 

 

 

 

 

Access accounts

25.70

25.68

30.16

30.16

Cash management account

1.30

1.38

2.06

2.06

Cyber Saver and high-yield accounts

21.36

21.56

21.07

21.07

Deposits at call

48.36

48.62

53.29

53.29

 

 

 

 

 

Fixed term

51.64

51.38

46.71

46.71

 

 

 

 

 

TOTAL DEPOSITS

100.00

100.00

100.00

100.00

Lending activity

Commercial lending has increased over the past 12 months into core strategic areas including disability, community services and community housing. Personal loans and continuing credit facilities continue to contract as a percentage of the total portfolio. Efforts are underway to try and turn this position around in an effort to also build a higher margin portfolio of loans.

Personal vs Commercial sector portfolios

 

 

Personal

Commercial 

 

2013

2012

Change %

2013

2012

Change %

Customers

119,123

123,085

 

6,297

6,417

 

Deposit balances

$1,947,185,856

$1,845,324,204

5.52

$658,750,678

$634,556,702

3.81

Loan balances

$2,146,027,747

$2,073,102,279

3.52

$186,261,936

$176,897,610

5.29

Note: the above figures do not include Fitzroy & Carlton Community Credit Cooperative Limited customers deposits and loans which were transferred to bankmecu on 15 June 2013.

Growth in the commercial loan portfolio outpaced that of the personal loan portfolio and highlights both significant potential and latent demand. Business in the commercial sector has been retained and developed with a combination of relationship management, product innovation and competitive pricing.

Commercial loans product mix

Industry sector % of total loans
Jun-13
% of total loans
Jun-12

Affordable housing

4.4

4.1

Aged housing

0.0

0.4

Agriculture, forestry and fishing

0.1

0.1

Community services

0.1

0.0

Construction

0.5

0.3

Disability

0.2

0.0

Education and training

0.9

0.9

Government and government services

0.3

0.3

Health care and social assistance

0.1

0.1

Manufacturing

0.2

0.2

Rental, hiring and real estate services

1.0

0.9

Services

1.0

0.9

Transport, wholesale and retail trade

0.2

0.2

Total

9.0

8.40

Major changes in the industry sector break-up for 2013 saw increases in the affordable housing and disability sectors and an introduction of a new category for community services.  A large loan to an aged housing provider was discharged reducing exposure to this sector to zero.

Wealth protection activity

Insurance Gross written premium 2012/13 ($) Gross written premium 2011/12
($)
Gross written premium 2010/11
($)

General insurance

17,834,617

16,910,617

17,556,256

Consumer credit insurance

2,381,428

2,147,066

2,407,656

Product and service development

bankmecu products and services aim to reflect our responsible commitment to banking and aim to appeal to our strategic markets. This requirement is written into the formal product development process.

bankmecu is investing in developing its digital capability. A project was implemented during the first half of 2013 to offer all registered Internet Banking customers an e-statement. The Bank also has a smartphone app in development and continues to offer customers the rediATM location app which is now also available in the Android format.

Feedback taken from the Customer Insights Survey highlighted a high level of satisfaction with digital banking services, particularly Internet Banking (87% satisfaction).

New products and services launched in 2012/13

  • National Service Centre hours extended to 8am – 8.00pm Monday to Friday
  • New Basic Home Loan product
  • bankmecu Super
  • Energy Smart Home Loan
  • PIN change at rediATMs
  • RediATM app for Android
  • SMS on demand

Additional identified initiatives to be investigated in the coming 12 months include:

  • a review of everyday banking transaction fees
  • enhanced mobile banking services including and iPhone and Android apps
  • overseas transfers within Internet Banking
  • Near Field Communications smartphone trial
  • v.me online secure purchasing from VISA
  • Community Finance Centre Model
  • supported banking for people on low and fixed income
  • specialised banking and financial advice services for people with a disability

Call centre service performance

During 2012/13, the National Call Centre received 239,300 (2011/12: 256,749) calls actually answered by staff. Of these, 80% per cent were answered by a staff member within 40 seconds of the customer selecting the appropriate option (2011/12: 83.74% within 40 sconds).

bankmecu also received 969,255 calls to its automated banking service, Interactive Voice Response (IVR).

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Competitive pricing benefit

bankmecu will quantify and communicate the level of customer benefit it creates, retains and distributes.

As part of its budgeting and ongoing pricing review process, bankmecu will ensure sufficient pricing advantage for customers, compared to the four major banks.

Customer benefit

bankmecu aims to deliver customers an overall better pricing proposition than Australia’s four major banks. Each year, bankmecu employs an independent financial services research group, Canstar Cannex, to determine how much better off customers are in total by choosing to bank with us.

The Canstar Cannex figure is determined by comparing the pricing on bankmecu deposits, loans and transactions to that of the average pricing offered by the four majors. The Canstar Cannex valuation equates to pre-tax internal customer benefit returned to customers in the form of competitive interest rates and fees.

Annual customer benefit

  2012/13 2011/12 2010/11 2009/10

Difference between

11/12 & 12/13 (%)

Customer benefit ($ millions)

25.00

20.14

31.17

31.52

24

Average customer benefit ($)

199.38

155.35

231.60

220.60

28

Customer benefit return on reserves (%)

 7

7

12

15

 0

Note: Figures are provided to Canstar Cannex in July.

In 2012/13, Canstar Cannex determined the overall customer benefit to be $25.00m. The increase is due to the competitiveness of term deposit products and maintenance of value across loan products and loan fees. Transaction fee value was eroded over the past year due to the four major banks repricing fees on everyday transaction banking products, as part of an effort to build their funding from retail deposits

Customer benefit by product segment

Product Annual customer value 2012/13 ($1000s) Distribution: customer value
(%)
Annual customer value 2011/12 ($1000s) Distribution: customer value
(%)

Difference between

11/12 & 12/13 (%)

Deposit products

Rate based analysis

5,293

 21

4,710

23

0.38

Transaction based analysis

2,439

 10

1,365

7

-0.22

Total deposit products

7,732

31

6,075

30

-0.59

 

 

 

 

 

 

Lending products

 

 

 

 

 

Rate based analysis

12,793

 51

11,843

59

-.02

Lending fee analysis

4,477

 18

2,224

11

-.49

Total lending products

17,270

69

14,067

70

-.15

Total annual value

  2012/13 2011/12

Difference between

11/12 & 12/13 (%)

Total annual value ($)

25,002,852

20,143,396

24%

Total number of customers

125,404

129,662

-3%

Total annual value per customer ($)

199

155

28%

Note: customer figures were provided to Canstar Cannex in July.

The data indicates that each customer is on average $199.38 per annum better off by banking with bankmecu than banking with any one of the four major banks. This return is in addition to the contribution to customer wealth through the addition of profit to capital reserves.

Fair and reasonable fees

bankmecu charges transaction fees on the basis of the actual costs customers incur by their transaction behaviour; it ensures a fee-free banking option remains available, and it rewards customers for the level of support they offer the Bank with their business. Cost recovery complies with the Reserve Bank of Australia’s (RBA) expectations of clear cost-related pricing of respective payment channels to facilitate consumer choice.

During 2012/13, the costs of providing payment access services totalled $5,328,147 (2011/12: $6,128,834). The total transaction fees paid by customers to cover these costs was $5,159,440 (2011/12: $5,411,846) representing a subsidy to users of payment services of $168,707 (2011/12: $716,988).

Annually, we conduct an assessment to ensure fees charged for any debt default work and related credit or other services represent cost recovery for the service provided or the work performed.

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Social and environmental benefits

bankmecu will maximise customer and community benefit through a responsible approach to banking, which includes responsibly investing customers’ funds for positive economic, social and environmental performance.

bankmecu will continue to keep its direct administrative operations carbon neutral.

Ethical investment and lending

bankmecu seeks to avoid any negative social and environmental impact arising from the Bank lending funds or investing customers’ savings in any unethical or socially and environmentally destructive manner. bankmecu has in place an Ethical Lending and Investment Policy, which guides the Bank’s activity.

As a customer owned bank, deposits are sourced from customers which in turn are invested in loans to other consumers. All deposits lent to other customers are subject to the Bank’s Responsible Lending and Investment Policy.

As at 30 June 2013, 88 per cent of all deposits were lent to other customers. The remaining 12 per cent of deposits and accumulated customer reserves were predominantly invested into the Australian money market in accordance with the requirements of the Australian Prudential Regulation Authority (APRA) that apply to all Authorised Deposit-Taking Institutions (ADIs).

Whilst APRA does not prescribe where these funds are invested, the Bank must comply with a complex set of rules around counterparty exposures and risk ratings. The practical implication of APRA’s requirements is that the Bank manages a diversified investment portfolio across a number of ADIs including the four major banks and regional banks amongst which it has fixed term deposits, negotiated certificates of deposits, bank bills, bonds, covered bonds, mortgage backed securities and floating rate notes.

It is not possible to determine the exact purpose to which each and every dollar invested in these APRA regulated ADIs and products is put. bankmecu can not and does not provide assurances on how funds we place in the money market are used within the scope of our Responsible Investment and Lending Policy.   

bankmecu holds shares in its subsidiary companies and is a shareholder in its two major service suppliers – Cuscal (a provider of wholesale and transactional banking services) and Data Action (a supplier of core banking and data network facilities). Its only other equity investment is in MyState Financial, an ADI based in Tasmania with operations also in Queensland.

The Board considers all bankmecu policies in exercising the Bank’s right to vote on behalf of customers.

The Bank’s comprehensive training program for all its lenders ensures that all lending is done in a responsible manner where the interests of both bankmecu and the customer are aligned.

bankmecu is fully compliant with the responsible lending obligations of the National Consumer Credit Protection Act 2009 and welcomes changes that further protect consumers.

Value of lending with an environmental and social benefit

bankmecu defines ‘total value of lending with an environmental and social benefit’ as lending to customers and organisations where the outcome improves the environment and/or social capacity and circumstance of the borrower and their community.

bankmecu has developed loan products with specific environmental and social benefits in mind, and these are tracked in the banking system. Individual loans with positive environmental and social benefits are also tracked.

bankmecu loans with environmental and social benefit

  2012/13 2011/12 2010/11

Environmental

Balances ($)

48,982,343

49,169,242

47,133,857

Number of accounts

2,233

2,436

2,456

% of portfolio

2.10

2.19

2.16

Social

Balances ($)

471,258,037

474,105,348

432,014,746

Number of accounts

1,732

1,664

1,604

% of portfolio

20.18

21.07

19.77

Other

Balances ($)

1,815,010,880

1,726,725,132

1,706,390,471

Number of accounts

38,873

39,938

42,044

% of portfolio

77.72

76.74

78.07

Of the loans with an environmental benefit, $24.3m comprises personal loans or car loans. Balances in these loan types have fallen from $27.0m as at 30 June 2012, resulting in the drop of loans with an environmental benefit. Lending with a social benefit has decreased 0.60 per cent. This is mainly due to reduced lending on preferential terms to first home buyers. This reduction is due to lower demand in the market from first home buyers, combined with existing home buyers making additional repayments on their current loans. Commercial lending with a social benefit has increased from $101.7m to $108.0m – an increase of 6.21%. The value of loans with either an environmental and social benefit as a percentage of the total loan portfolio has increased by 2.14% since 2009/10. The number of environmental and social loans as a percentage of the total loan portfolio has increased by 1.24% since 2009/10.

Products and their features

bankmecu products and services reflect our responsible commitment to banking and aim to appeal to our strategic markets. This requirement is written into the formal product development process.

Environmental

  • goGreen® Car Loan, providing pricing incentives for safer, energy efficient cars as well as the offset of carbon emissions generated by all cars financed during the term of the loan
  • goGreen® Home Loan, providing pricing incentives for the construction of 7 star + houses
  • eco-pause, providing a home loan feature to encourage the installation of energy and water efficient appliances within the home
  • biodiversity offsets for new home construction loans
  • environmentally responsible plastic debit and credit cards (cards without chips)
  • electronic statements or double sided customer mailed statements
  •  e-communications
  • Home Buyers Personal Loan, offering a lower rate for sustainable improvements to a home
  • Energy Smart Home Loan,  to provide finance to homes that include the Alkimos Beach Energy Smart Home Package provided by Lend Lease

Social

  • Premium First Home Buyers Loan, providing a low ongoing interest rate and other socially and environmentally responsible home loan features. Including, Family Loan Repayment Pause and Eco Loan Repayment Pause
  • project finance for community housing organisations
  • banking for the community sector
  • banking for students, offering incentives for younger customers to save
  • Family Loan Repayment Pause, providing a loan pause when a new child enters a family
  • a rebate of $200 for car loan borrowers 25 and under who take an advanced driving course
  • conservative credit approval policies to ensure borrowers can afford debt
  • assistance for borrowers experiencing financial hardship
  • exemptions from transaction fees and charges for community sector organisations and disadvantaged individuals

Consumer credit requirements and our lending policy require careful consideration as to whether customers can afford the repayments on their loan, which minimises any possibility the loan will cause hardship. bankmecu does not provide pre-approved increases in credit limits on credit cards or provide incentives which encourage customers to increase their level of spend on credit cards.

goGreen® Car Loan

bankmecu recognises the need to reduce impacts indirectly caused by motor vehicle financing. As a result, we developed the award-winning goGreen® Car Loan.

The goGreen® Car Loan encourages people to purchase more environmentally efficient cars. The more energy efficient the car is, the better the interest rate on the loan. bankmecu also offsets the greenhouse gas emissions produced by the car, based on average annual vehicle emission figures, for the term of the loan.

The amount of greenhouse gas emissions offset for cars financed by bankmecu is in accordance with guidance received from Landcare Australia that the average car in Australia produces four tCO2-e per year. The Bank offsets greenhouse gas emissions by restoring and protecting trees in the bankmecu Conservation Landbank. Trees in the Conservation Landbank will absorb enough tCO2-e in their lifetimes to offset the greenhouse gas emissions generated by cars financed.

Greenhouse gas emissions

Period

Greenhouse gas emissions (CO2-e) offset
(tCO2)

1 January 2008 – 30 June 2008

5,255*

1 July 2008 – 30 June 2009

9,248

1 July 2009 – 30 June 2010

9,512

1 July 2010 – 30 June 2011

8,732

1 July 2011 – 30 June 2012

8,516

1 July 2012 – 30 June 2013

7,700

TOTAL

48,963

*This figure is calculated by Greenfleet methodology which uses 4.3 tonnes of CO2-e per average car. bankmecu is now working with Landcare Australia, who provided guidance of four tonnes of CO2-e per average car.

To date, bankmecu has committed to offset 48,963 tCO2-e in its Conservation Landbank for cars financed. This is equivalent to 12,240 cars being taken off the road for one year.

bankmecu also recognises the largest cause of accidental death is motor vehicle accidents. As a result, we price our car loans to provide an incentive for drivers to purchase safe cars. A customer purchasing a vehicle with an ANCAP Rating of five is eligible for our lowest car loan rate.

bankmecu car loans by vehicle characteristics in 2012/13

  Loan value ($) %

ANCAP 5-star

6,393,809

47.2

ANCAP 5-star plus Greenhouse rating 7+

1,507,481

11.1

Greenhouse rating 7+

1,049,021

7.7

Neither rating

4,608,599

34.0

goGreen® Motor Insurance

Through our insurance underwriter Allianz, customers can purchase goGreen® Motor Insurance.

Reduced premiums are calculated on the basis that the car insured will be driven by no more than two nominated drivers who are 25 years or over and will not be driven more than 10,000 kilometres during the period for which it is insured.

Forty-nine customers purchased goGreen® Motor Insurance in 2012/13.

Home Buyers Personal Loan

A bankmecu home buyer personal loan offers a discounted interest rate on loans for the purchase of sustainability improvements into a home. This loan product was created to encourage people to install features in their homes including, but not restricted to, solar panels and wind electricity generation, grey water recycling systems, insulation and rainwater tanks.

bankmecu funded 29 Home Buyer Personal Loans for sustainable purposes plus one of the now discontinued goGreen® Home Improvement Loans in 2012/13. The total advanced amount was $360,012 (average $12,116).

Environmental loan repayment pause

bankmecu has in place an environmental home loan repayment pause for those customers currently servicing a loan who wish to make energy and water efficiency improvements to their home. Existing borrowers are able to delay home loan repayments for three months or halve repayments for six months to enable the purchase of home improvements that will increase the energy and water efficiency of their home.

bankmecu approved five environmental loan repayment pauses in 2012/13, equating to over $37,000 in loan repayments that were allocated to meeting the cost of home improvements.

Biodiversity offsets for new home construction loans

bankmecu has in place the provision for a biodiversity offset for new home construction loans. Our Conservation Landbank allows us to offset the loss of biodiversity resulting from new home construction financed by bankmecu.

In 2012/13, bankmecu financed 153 properties with a total land area of 85,740 square metres and a loan value of $49,520,633.

 Conservation Landbank property acquisition and biodiversity offset provision

  Credit (m2) Debit (m2) Available balance

1 Dec 2008 – 30 June 2009:

2,010,000

44,789

 

1 July 2009 – 30 June 2010

2,360,000

112,753

 

1 July 2010 – 30 June 2011

2,208,000

95,718

 

1 July 2011 – 30 June 2012

1,035,990

78,622

 

1 July 2012 – 30 June 2013

1,663,000

85,740

 

TOTAL

9,276,990

417,622

8,859,368

Environmentally responsible plastic cards

bankmecu was the first financial institution in Australia to launch debit and credit cards using PETG plastic. The use of PETG rather than PVC enables the virtual elimination of chlorine and a range of other toxic chemicals from the card production process.

However, with the introduction of the chip card, bankmecu cards are now a mixture of PETG plastic and standard plastic.

Further development has been undertaken in conjunction with Cuscal and Placard into other environmentally responsible plastics. New plastic has yet to be made suitable for the thicker chip cards.

Premium First Home Buyers Loan

Our Premium First Home Buyers Loan offers a low variable interest rate for people who qualify for a First Home Owners Grant. It allows first home buyers to borrow up to 95 per cent of the valuation amount.

The loan was introduced to assist first home buyers enter the property market.

The number of first home buyer commitments, as a percentage of total owner-occupied housing finance commitments, was 14.6 per cent in May 2013 (May 2012: 17.8%; May 2011: 15.4 %).

Source: http://www.abs.gov.au/ausstats/abs@.nsf/mf/5609.0

bankmecu advanced 146 loans to first home buyers, totalling $43,646,325, in 2012/13. This represented a fall in lending to first home buyers of 15 per cent, and is largely a result of soft real estate market conditions experienced since the start of 2011, combined with changes to Government First Home Owner Grants. The average loan size was $298,947, up from $282,202 in 2011/12.

Community housing finance

Access to safe, secure and affordable housing is an issue of material importance to our customers. We are working with the community housing sector to provide finance suited to their needs.

As at 30 June 2013 bankmecu loans to the community housing sector totalled $101.1m.

Banking for students

The mySaver product offers customers aged up to 25 years incentives to save, with bonus interest rates and transaction fee rebates.

As at 30 June 2013, there were 11,011 mySaver accounts with a total value of $18,827,129.

Family loan repayment pause

To ease the financial burden on growing Australian families, bankmecu offers a family loan repayment pause on a number of home loan products. This feature allows customers to defer payments on their mortgage for up to three months or reduce mortgage repayments by half for up to six months when a new child comes into the family.

The Bank approved 50 loan repayment pauses in 2012/13 with an average deferment in repayments of $6,179 per pause.

bankmecu VISA credit card

bankmecu has two credit card offerings:

  • The low-rate VISA credit card, which offers a low interest rate with an annual fee, is suitable for customers who maintain an outstanding balance each month
  • The 55-day interest free VISA card with no annual fee is suitable for customers who pay off their outstanding balance each month

We provided 198 new low rate VISA credit cards with total limits of $1.26m (average limit of $6,384) in 2012/13 and 1,322 55-day interest free VISA credit cards with total limits of $6.17m (average limit of $4,670).

Responsible approach to credit card finance

bankmecu takes a responsible approach to credit finance by promising not to offer unsolicited credit limit increases, or encourage card holders to increase their credit limit or level of spending. Customers investing money with bankmecu know that when their funds are used to finance credit card debt, this is done in a responsible way.

Changes to legislation mean banks now need customer consent to offer pre-approved credit limits, however, bankmecu will not engage in actively seeking consent for the purposes of extending credit.

As a result of the Bank’s responsible approach to credit, it enjoys low levels of impairment.

For information on the new government reform, visit: www.choice.com.au

Exemptions from transaction fees and charges

We offer an exemption from fees and charges for customers who represent an organisation or group that is recognised by the Australian Taxation Office as a not-for-profit organisation and operates a Community Access Account with a balance of $100,000. We also exempt fees and charges for any customer who cannot conduct their banking due to a disability.

The total number of accounts exempt from fees and charges in 2012/13:

Category of account No. of accounts

bankmecu loan packages

624

Schools

142

Not for profits

94

Customers

81

bankmecu accounts

5

TOTAL

946

Carbon neutrality

Our carbon management strategy is built around a framework of:

  • measuring
  • setting objectives
  • avoiding emissions
  • reducing
  • containing
  • assessing; and
  • offsetting

The Bank became carbon neutral for the first time in 2011 by using the above strategy and purchasing offsets equivalent to the residual emissions generated in the 2010/11 financial year.

This year bankmecu purchased 1860 tonnes of greenhouse gas emission offsets from the Community Climate Chest (C3) to achieve carbon neutral operations.

In addition to offsetting our own operational emissions, bankmecu’s print provider Print Media Group purchases sufficient carbon offsets to ensure all the operational greenhouse gas emissions generated during the print production process have been calculated and offset.

As a result, Print Media Group purchased 23.5 tonnes of carbon offsets on behalf of bankmecu to cover the Scope 3 emissions associated with bankmecu’s printed products in 2012/13.

bankmecu also offsets the greenhouse gas emissions from cars it finances.

Our emission profile.

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