Victoria Teachers Mutual Bank
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| File:Victoria-teachers-mutual-bank-logo-2015.jpg | |
| Industry | Banking |
|---|---|
| Founded | 1972 |
| Headquarters | Hawthorn East, Victoria |
|
Area served
|
Australia |
|
Key people
|
William Wolke, (CEO) Bernie Lloyd, (Chair) |
| Products | Retail Banking School & Preschool Banking Insurance Wealth Management |
| Total assets |  A$2.02[1] billion (2015) |
| Website | Victoria Teachers Mutual Bank |
Victoria Teachers Mutual Bank is one of Australia’s financial institutions, with more than 100,000 customers, over $2 billion in assets and the only financial institution in Victoria focusing on the Education Community.[1]
Apart from a focus on education, anyone can bank with Victoria Teachers Mutual Bank; this includes family, friends and the wider community. The Mutual Bank offers everyday banking services, loans, insurance and financial planning.
Victoria Teachers Mutual Bank differs from some other banks as it is owned by the customers, not external shareholders. Each customer owns an equal share of the organisation and profits are reinvested to add to its strength and security rather than to pay external shareholders.[2][3]
Being a customer owned financial institution; Victoria Teachers Mutual Bank is an Authorised Deposit taking Institution and is regulated by the same authorities as all other banks. The Mutual Bank has all the safeguards as other banks, including the Commonwealth Government’s bank deposit guarantee.
Head office is located at 117 Camberwell Road, Hawthorn East, Victoria.
History[4]
| Year | History |
|---|---|
| 1972 | VTU Credit Union established by 48 educators and $480 start-up capital |
| 1973 | Membership numbers were 334 and assets of $39,250 |
| 1975 | Introduction of monthly newsletter ‘Slate’ |
| 1976 | Commenced recruitment of School representatives and School visits initiated |
| 1977 | Financials indicated surplus budget overcoming operating deficit of formative years |
| 1977 | 5,338 Members |
| 1979 | Bond opened up to non government Schools |
| 1980 | Redicash service introduced meaning Members could withdraw cash from any bank in Australia |
| 1981 | Official opening of the VTU Credit Union’s Camberwell building by the Governor of Victoria Sir Henry Winneke |
| 1983 | Opened Moonee Ponds branch |
| 1986 | Significant year – Government teachers able to deposit whole salary to credit union account |
| 1987 | Number one credit union in Victoria based on asset size |
| 1987 | 37,559 Members |
| 1989 | Applevest Pty Ltd – Financial Planning service introduced |
| 1991 | Membership exceeded 45,000 and assets had surpassed $180 million |
| 1993 | Direct debits introduced |
| 1995 | Shareholding Membership had reached 50,271 by 30 June |
| 1996 | Assets exceeding $250 million |
| 1998 | Launch of website victeach.com.au |
| 2000 | Internet Banking service introduced |
| 2002 | Membership had exceed 60,000 and assets were over $500 million |
| 2005 | Expanded Home Loan range to match other institution offerings |
| 2007 | Mobile Lending team established |
| 2008 | Reached $1 billion in assets and membership exceeded 79,000 |
| 2008 | More use of technology including online newsletters, communications and online security |
| 2010 | Introduction of online account opening and online statements |
| 2011 | Launch of Mobile Banking service |
| 2012 | Membership exceeding 86,000, assets over $1.6 billion and new era as a Mutual Bank |
| 2013 | Awards continue as a Mutual Bank, having received three Mutual Bank of the Year awards |
| 2014 | Corporate citizenship program evolving with over $500,000 in support provided to the education community |
Awards[3]
| Year | Award |
|---|---|
| 2016 | Mozo – Experts Choice Awards - Travel Money |
| 2016 | Mozo – Experts Choice Awards - Offset Home Loan |
| 2016 | Mozo – Experts Choice Awards - Home Loan Package |
| 2016 | Mozo – Experts Choice Awards - Variable Investor Home Loan |
| 2015 | Mozo – People's Choice Awards - Top 5 Mutual Bank |
| 2015 | Mozo – Experts Choice Awards - Best New Car Loan |
| 2015 | Mozo – Experts Choice Awards - Best Used Car Loan |
| 2015 | Mozo – Experts Choice Awards - Best Unsecured Personal |
| 2015 | Canstar Fixed Rate Home Loan - Owner-occupied |
| 2015 | Canstar Fixed Rate Home Loan - Investment |
| 2015 | Money Magazine's Best of the Best awards Winner Cheapest Personal Loan - Bank |
| 2015 | Money Magazine's Best of the Best awards Winner Best Term Deposits - Long Term - Bank |
| 2014 | Mozo - Experts Choice Awards 2014 - Highly Commended |
| 2014 | Canstar Outstanding Value - Personal Loan |
| 2014 | Canstar Best Value Australia - Savings |
| 2014 | Mozo - People's Choice Awards 2014 - Top 5 Mutual Bank |
| 2014 | Mozo - People's Choice Awards 2014 - Most Recommended Bank |
| 2014 | Smart Investor Blue Ribbon Awards 2014 - Mutual Bank of the Year |
| 2014 | Money Magazine's Best of the Best awards Winner - Cheapest Personal Loan - Bank |
| 2013 | Mozo People’s Choice Awards – Australia’s Best Mutual Bank |
| 2013 | Mozo People’s Choice Awards – Best Customer Service & Most Trusted Bank |
| 2013 | Smart Investor Blue Ribbon Awards – Mutual Bank of the Year |
| 2013 | Australian Banking & Finance Awards – Mutual Bank of the Year |
| 2013 | Roy Morgan Customer Satisfaction Awards – Bank of the Month – January - July |
| 2013 | Finalist – Australian Lending Awards |
| 2013 | Winner – Money Magazine’s Best of the Best Awards – Cheapest Personal Loan - Bank |
| 2012 | Roy Morgan – Customer Satisfaction Awards – Bank of the Year |
| 2012 | Mozo People’s Choice Awards – Australia’s Best Bank |
| 2012 | Mozo People’s Choice Awards – Best Customer Service, Most Recommended Bank & Most Trusted Bank |
| 2012 | CANSTAR ‘Best Value Mutual Bank’ in Australia – CANSTAR Mutual Bank Awards |
| 2012 | Roy Morgan Customer Satisfaction Awards – Best Bank Australia – April- December |
| 2012 | Finalist – Australian Lending Awards |
References
- ↑ 1.0 1.1 Annual Report, June 2013
- ↑ Roy Morgan customer satisfaction research
- ↑ 3.0 3.1 http://www.victeach.com.au/About-Us/Our-Business/Our-Awards.html
- ↑ Celebrating 40 years – Our Journey. Publication, Victoria Teachers Mutual Bank.
