The merger between RACQ and QT Mutual Bank was implemented yesterday, marking the beginning of RACQ's "banking journey".Under the terms of the merger QT Mutual is now a banking subsidiary of RACQ, which is a provider of motoring and related services and insurance. RACQ is also a mutual.RACQ has 1.5 million members and QT Mutual 60,000. RACQ wants to move into banking and QT Mutual wants scale so that it can invest in banking services.QT Mutual will retain its staff and branches. Its chief executive, Steve Targett, will report to RACQ chief executive Ian Gillespie.RACQ attracted some criticism at its annual general meeting on Tuesday over its voting system for directors. Nominations for director positions were on the meeting agenda but there were not enough members to meet a minimum requirement for voting (five per cent of members must vote for an election to be valid).As a result, the board will decide on the new directors. One candidate for a board position questioned whether the voting system represented mutual values.