social inclusion
bankmecu acknowledges a community need for low-cost, convenient and effective access to everyday banking facilities. The absence of these facilities is known as ‘financial exclusion’. Financial exclusion is the lack of access by certain consumers to appropriate low cost, fair and safe financial products and services from mainstream providers. Financial exclusion more often applies to lower income consumers and/or those in financial hardship. Financial exclusion is observable at individual, family or household level, but can also be heavily concentrated in suburbs or regions, and sometimes among ethnic minorities. Financial exclusion can also apply to individual small businesses, non-profit organisations and other community enterprise organisations.
bankmecu recognises some social groups are particularly affected by financial exclusion including:
- low income families
- the unemployed
- the elderly
- students
- those living in remote and rural areas
- immigrants and those with little English
- those with disabilities
- indigenous communities
Financial services organisations are able to play a role in tackling financial exclusion through the provision of basic banking facilities and insurance products. mecu has in place a Board adopted Financial Inclusion Policy to reduce financial exclusion and improve access to financial products and services across identified potentially disadvantaged groups.
bankmecu has available the option for customers to bank fee-free.