Bendigo Bank

Based in the city of Bendigo in Central Victoria, Bendigo Bank is the only bank with a headquarter that is not situated within the capital city. It is owned by about 48,000 shareholders and listed publicly on the Australian Stock Exchange. It engages in unsecured loans, commercial mortgages, insurance, investment products, superannuation, foreign exchange, and trustee services. Moreover, it also provides customers with high quality banking services in the form of e-banking and 24-hour facilities.

Bendigo Bank, the main focus of which is to promote community progress, has over 500 existing branches, that include 150 company-owned and 190 community bank branches all across Australia. Its total assets amount to over $16 billion worth of management assets and $1.8 billion market capitalization assets. In 2005 to 2006, it has declared $116.7 million worth of profits.

Bendigo Bank believes that its progress also lies in the success of its own clientele. The growing client base is comprised of local citizens, business owners, and communities in Australia. Helping these clients achieve their goals only proves how serious it is with its commitment to serve, which attracts more prospective clients for the bank. And because of its wide array of services offered, communities also attract their own prospects.

In all the years of its existence, Bendigo Bank has poured all the necessary efforts in establishing a credible foundation for the successful bank that it is today. It has expanded through surmountable acquisitions that broadened its banking skills. Staff training and recruitment of specially skilled staff were also spearheaded to cater to the bank's growing needs. Moreover, Bendigo bank branches are well-equipped with world class customer information and banking systems as well as a loan application software to improve customer and administrative services.

Through its 148 years of banking history, Bendigo Bank is continuously working its way in providing the best services that focus on the welfare of the customers and their communities. Through this motivational goal, not only does it earn the loyalty of its clients but it also helps in the development of districts and towns in Australia. Bendigo Bank also developed alliances that all seem to be great opportunities for further growth. These alliances are with Tasmanian Perpetual Trustees, IOOF or Independent Order of Odd Fellows, Elders Limited, and the not-for-profit sectors in Australia.

History

The inception of Bendigo Bank dates back in the early 1800s during the Australian gold rush. The Bendigo goldfield, which is a settlement area, was comprised of thousands of families in shelters and tents located near the gold mines. A group of concerned and well-to-do citizens addressed the problem by giving out financing loans to miners so they can have a home of their own. Thus, Bendigo Permanent Land and Building Society was born. It has funded the homes of various miners that still exist today.

As the city of Bendigo prospers, so does the Bendigo Permanent Land and Building Society. It has become more renowned for its work ethics in dealing with financial management and has also gained much profit amidst the Great Depression era. As best described by a former manager, Frank Perrow, who has served the society the longest, the Bendigo Permanent Land and Building Society survives with a policy that supports the welfare of any regular individual in acquiring a home of his own. In fact, at the time of the Great Depression, instead of hounding people to pay up their mortgage loans, Perrow let the people keep their homes and allowed them to pay only when their financial circumstances improved. Under the policy that Perrow pioneered, the society continues to grow.

Under a new management by Brian Thomas in the 1970s, the society expanded across Victoria. Within 30 years, it has acquired a number of firms and building societies. To date, Bendigo Bank never ceased in making its services wider and better, not only through acquisitions but also thorugh the development of its products and services.

In the 1990s, the donwfall of the Pyramid Building Society of Victoria marked great difficulties for other societies in Australia. But surprisingly, the Bendigo Permanent Land and Building Society remains unshaken. The government even sought for its help so other building societies may cope with the current crisis. And because of the greater confidence and reputation that the Bendigo Permanent Land and Building Society has earned at that time, it was finally converted into a bank on July 1, 1995.

Overview of Products and Services

Bendigo Bank offers various kinds of personal, business, and community banking services. Australian citizens can choose a product or service that suits their banking needs. Anybody will find the products and services beneficial because Bendigo Bank prioritizes the welfare of its clients.

For home and personal banking needs, Bendigo Bank has many types of personal bank accounts

Bandigo Bank also offers several credit cards such as the:

  • Bendigo Bank Basic Black Credit Card
  • Bendigo Bank Gold Credit Card
  • Bendigo Bank Red With Interest Free Days Credit Card

Bandigo Bank also offers a variety of home loan packages, as well as a number of personal loans to choose from. It also has investment, insurance, and superannuation services that are very useful for individuals who want to plan for their future. Meanwhile, foreign currency services is also offered. These include telegraphic transfers, online telegraphic transfers, bank drafts, travelers cheques, and foreign cash.

Businesses can also enjoy various Bendigo Banking services such as the following:

  • business financing
  • cash management
  • equipment financing
  • electronic fund transfers
  • online web solution partnership
  • agribusiness lending
  • business credit cards
  • international trade product and services
  • foreign exchange products
  • merchant services
  • insurance services
  • margin lending

Moreover, Bendigo Bank has come up with a lot of services that benefit Australian communities. These involve community banking, community enterprise, the Community Enterprise Foundation, community initiatives, community sector banking, events and sponsorship, Lead On projects and activities, Oxfam Australia, and its very special publication entitled, "Banking on Community Spirit."

Generally, Bendigo Bank offers six types of banking services. These are branch, online, phone, ATM banking systems, and online applications. Most of its major branches are equipped with ATM machines that are available 24-hours and can be found all over Australia. Bendigo Bank branches offer various banking services such as savings accounts, deposits and withdrawals, savings and investment accounts, home loans, personal loans, credit cards, debit cards, superannuation, financial planning, insurance, business banking, agribusiness, and managed funds. All loan and credit, debit, or cash card applications may be accomplished online. Application assessment and results will be done within five days, in which the results will be communicated either through phone or email.

Through its total of 340 major branches, which includes 190 community banks, Bendigo Bank operate from 9 a.m. to 5 p.m. during weekdays and 9 a.m. to 12 noon during Saturdays.