Time to switch? More than half of Aussies experience “bank rage”

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More than half of Australians have experienced “bank rage” – anger or significant frustration toward their financial institution – it has been claimed. And the Big Four have come in for a bashing.

According to research conducted by Colmar Brunton and commissioned by Heritage Bank, 53% of respondents  have suffered from bank rage in the past. Around twice as many Big Four bank customers (59%) have felt anger and frustration, compared to those with a mutual bank, credit union or building society (31%).

Other findings included:

  • Nearly one in five people said they feel more frustration towards their financial institution than other organisations they deal with (18%).
  • Around one in five (22%) said they want to switch institutions but believed it was too difficult to do so.
  • Two in five have already switched because of a very negative experience or incidence (41%) – this is higher amongst those now banking with a mutual bank, credit union or building society (56%).
  • Almost 57% of customers with a mutual bank, credit union or building society said they have never felt any frustration toward their bank, compared to only 26% of those with a major bank.

Heritage CEO Mr John Minz said people who were frustrated with their big bank now had the perfect opportunity to make the switch to a more satisfying banking experience.

“Our research shows there is a groundswell of anger and frustration out there about the excesses of the big banks, directed at things like massive profits, unfair fees and poor service,” said Heritage CEO John Minz. “But you don’t have to be trapped by the big banks and keep suffering bank rage.”

“New Government reforms offer the ideal chance to say bye, bye bank rage and hello to alternatives,” he added.

The new ‘tick and flick’ reforms now mean that people who want to switch their bank accounts can simply sign an authorisation form allowing the transfer of direct debits and credits to a new account, with the new bank doing all the work.

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  • Pascoe says on 10/07/2012 06:53:23 PM

    Bank Rage alright, just been knocked back by Westpac for a 40k top-up when I have 5.0mill in assets that they hold with an LVR of 50%. Might be something to do with offshore processing of applications and having no idea. Bye Bye Westpac. I will take my 2.5mill in loans somewhere else.

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