We all love to hate our bank, don’t we?
Well, to be honest with you, we think that most banks bloody deserve it!
However, it seems that in recent years, the banks have started to pay attention and even to an extent, care.
Admittedly, this usually applies to the smaller banks and the building societies and credit unions of the land.
The ‘big four’ banking behemoths in Australia (CBA, ANZ, NAB and Westpac) are still mostly of the opinion that we are simply going to be banking with them by default no matter what they do and how much they mistreat and overcharge us. The little stunt NAB has pulled two years ago with their so called ‘breakup’ campaign remains, in our opinion, just that: a stunt!
The scare we all got during the Global Financial Crisis caused many of us to even further shun smaller banking institutions as well as foreign owned subsidiaries like ING and RaboBank. This is despite the fact that ALL bank deposits in Australia (up to 250K per customer, per institution) are government guaranteed which means your risk of losing any of your money is almost zero, regardless of who you bank with.
While the ‘big four’ have been stuck in their ways, many smaller operators have really picked up their game and have come out with very competitive offerings as far as their fees and charges on various banking services as well as the interest rates they charge on mortgages and pay on savings.
The credit unions and building societies, which are owned by their customers as opposed to shareholders, have always been in a league of their own when it comes to treating their customers right and being competitive in their offerings. This has not changed.
We would really like to hear your views and opinions on the institutions you bank with.
Are you satisfied with their services and fees?
Do you think you are being treated fairly by them?
If yes, why? If not, what’s stopping you from switching?
What services do you feel are lacking on the financial services scene in Australia?
Were you aware of the government guarantee on deposits? Did you know it applies to ALL banks, credit unions and building societies operating in Australia, regardless of their ownership, management structure or size?
Please let us know in the comments below.
To reward you for your time, Mozo will draw a Macbook Air and an iPad mini amongst all those who complete the survey. Also, every person who completes the survey will get a $20 discount voucher for online wine retailer WineMarket.
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