It's now Bankmecu

A BENDIGO credit union will be among the nation’s first customer-owned banks.Mecu officials will launch Bankmecu today.The official changeover will start from September.The credit union sent letters to customers alerting them to the change this week.Community Foundation for Bendigo and Central Victoria chairwoman Sue Clarke said her philanthropic group was a member of mecu.She welcomed the credit union’s transformation.“I think the main thing is that it will still have a very strong membership base,” she said.“The way they have done it is to their credit.”Federal government banking reforms have allowed mecu to become a bank.Mecu chief executive officer Phylip Doughty said the Australian Prudential Regulation Authority and the Reserve Bank of Australia had approved the new name.“The federal government wants to see more competition in banking, and we will take up that challenge,” he said.“Present mecu customers will notice minimal differences, they’ll still get the same personal service, but we will now be able to reach out to a new group of younger customers for whom the idea of a customer-owned bank appeals.”“Our company name will remain mecu Limited. “Our co-operative ownership, our values, our products, our personal customer service and our responsible approach to banking will not change.”Ms Clarke’s group invests its funds and uses the income it earns to inject it back into the community.The group offers assistance across five municipalities – City of Greater Bendigo and Campaspe, Loddon, Central Goldfields and Mount Alexander shires.Ms Clarke said it was important for her group to have strong links with the banking sector.“We certainly have relationships with a number of banks excluding mecu,” she said.“I see no reason why it wouldn’t be successful with their membership base.”