mecu frequently asked questions
what does mecu stand for?
At mecu we say our name stands for socially responsible banking! However you may be wondering where our name came from. In 2003, mecu was formed as a result of a merger between Members Australia Credit Union and Education Credit Union. Upon merging, the credit union became Members and Education Credit Union Limited, or mecu for short. In 2005, mecu changed its registered name to simply mecu Limited to reflect our diverse membership. We refer to mecu as M E C U so we are not confused with Members Equity Bank. Call us whatever you like, as long as you call us your favourite place to bank!
how are credit unions different from banks?
Credit unions differ from banks and other financial institutions in that the members who bank with the credit union are its owners.
The origins of financial cooperatives, also known as ‘people’s banks’ can be traced back to Europe in the year 1852, when a group of pioneering social entrepreneurs responded to the need of poor rural communities who couldn’t access affordable finance.
Since this time credit unions have spread throughout the world. Today there are more than 46,000 credit unions operating in 97 countries providing a different kind of banking to over 197 million people and managing in excess of AUD $1.2 trillion in assets.
More information about what is a credit union can also be found on the World Council of Credit Union website.
how is mecu different from other credit unions?
mecu is unique to many other credit unions in Australia in many ways. One of which is that it is the first credit union in Australia to be assigned a long and short term credit rating from international ratings service Standard & Poor’s, a testament to our financial strength and way of doing business. Click on the press release titled 
S & P Assigns Its First Rating to a Credit Union In Australia to read more.
mecu is also commited to being at the forefront of sustainable and socially responsible banking with awards and accolades both nationally and internationally for products such as the Low Rate VISA Credit Card, goGreen Car Loan and goGreen Home Loan. Click on the press releases below to read some of our achievements in this area.
socially responsible credit card awarded
Victoria's largest credit union - mecu receives ACCA award for sustainability reporting
