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While it may have started out life under a different name, BankVic had the same principles when it was established back in 1974 as a credit union as it does today. Created to improve the financial wellbeing of its members within the Victoria Police, BankVic offered a range of financial products backed by personal service.
Over the years, the organisation extended its services to members of the health, emergency and public services sectors, retaining its heritage while advancing forwards to remain relevant within changing times. Today, BankVic is still based in Victoria, with a membership that has expanded to more than 112,000.
With $1.78 billion in assets, the bank prides itself on the fact that it is big enough to matter, while still remaining small enough to care about the financial wellbeing of each and every one of its members. One way the bank emphasises this is with the fact that it proudly says it has never foreclosed on a home loan.
In the present and going forward, BankVic exists to strengthen the communities it serves. Its aim is to build healthy communities that are financially, socially and environmentally sustainable. Three key ways it works towards this goal is through its business practices, its sustainability initiatives, and its community involvement.
In terms of business practices, the bank only engages in responsible lending practices to discourage members from over-extending themselves financially. It also provides independent financial counselling to members who are experiencing financial hardship, and it carries out regular reviews of its product range to ensure it offers competitive interest rates and low fees.
As for environmental sustainability, BankVic has introduced a number of green initiatives, including the introduction of eCommunications and eStatements, online forms for members, and electronic voting for Director elections. It also utilises environmentally-friendly paper using mixed sources, it recycles paper and office products, and uses double-sided printing on paper-based statements and marketing materials.
Meanwhile, the bank’s community involvement can be seen mainly through its sponsorships and partnerships. Within the Police Sector, BankVic supports The Police Association Victoria, Victoria Police Legacy, The Victoria Police Blue Ribbon Foundation, the Victoria Police Amateur Sports & Welfare Society, and the Law Enforcement Torch Run Victoria. The bank also extends its support within the Health Sector and the Emergency Services Sector via various foundations.
While it may be a smaller bank, BankVic offers a wide range of financial products and services, including everyday accounts and savings products, loans and insurance, and of course, credit cards. For a smaller financial provider, the bank has plenty to offer in the way of credit cards, providing the opportunity to save and the opportunity to earn rewards.
Like the bigger banks, BankVic offers all the latest payment tech on many of its offerings, with Apple Pay now available, as well as Touch ID and Face ID for iOS users. BankVic members were also among the first to take advantage of real-time payments via Osko, after launching its New Payments Platform (NPP), beating many of the big banks to the punch.
BankVic is also the proud recipient of several awards, receiving recognition within the industry across its banking range. One of its credit cards has received a 5-star Canstar rating, and it may only be a matter of time before its other cards also receive recognition. Why? Not only do these cards offer value in their low annual fees and rates, they also provide cardholders with functional features and some really nice rewards.
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