Plenty of choice when switching financial institutions
Read the letter our CEO Don Magin sent to The Newcastle Herald to point out that people have the choice of switching to any financial institution under the government’s new tick and flick (transaction account switching) reforms.
Nicholas Hossack from Australian Bankers’ Association (“Banks smarten up as consumers use power” (Herald 28/6) gave a good summary of the government’s new account switching reforms which came into effect on July 1. But, it is important to clarify that the reforms make it easier for people to switch their transaction (savings) accounts to any Australian financial institution, not just from one bank to another.
Hunter people have a number of strong alternatives to the major banks in The Greater, Newcastle Permanent, Hunter United and Maitland Mutual. Building societies and credit unions are regulated the same way as the banks and are also a very safe place in which to invest money. Deposits under $250,000 are guaranteed by the Government just like they are with the banks.
The reforms mean that your new financial institution will be able to do the switching work for you, making sure your direct credits and debits transfer over to your new account.
I encourage people who are not happy with the fees, rates and service they are getting with their transaction account to talk to their current financial institution or shop around for a better deal. Switching is easier than you think and you aren’t limited to a switch to another bank.
Greater Building Society
This letter was published in the Newcastle Herald today, July 3, on p 12.
Are you thinking about switching transaction accounts? If not, why not? Will these reforms help you to switch? Let us know your thoughts below.