Mutuals beat banks on service - so make the switch
01 October 2009
Consumer group CHOICE’s survey on personal banking satisfaction has just been released, showing customers of the big four banks are “far less satisfied” [1] with their financial institution than customers of credit unions and building societies.
Over 3000 CHOICE members were surveyed, rating their satisfaction with their banking institutions for personal banking, home loans, credit cards along with customer service, fees, ATM access, interest rates and branch locations.
CUA and Teachers Credit Union scored equal first place for everyday banking, with an overall satisfaction score of 84%.
All building societies and all credit unions tied for next place, with 83% as an overall score.
The big banks trailed far behind, with ANZ being the highest with a 66% satisfaction score for everyday banking, followed by the other major banks.
“This again confirms what we’ve known all along: credit unions and mutual building societies offer Australians more in every way – outstanding customer service, competitive rates, and fairer fees,” said Abacus CEO Louise Petschler.
“It’s not hard to make the switch to a credit union or mutual building society – there are account switching obligations on banks to make it easy - and you could save yourself a lot of money. Recent independent analysis by InfoChoice showed that borrowers could save up to $32, 000 on their home loan if they look beyond the big four banks to a credit union or building society .
“Outstanding service and saving thousands – what else could you ask for?”, Ms Petschler said.
Over 4.6 million Australians already bank with a credit union or mutual building society [2].
To find a credit union or mutual building society near you, go to www.abacus.org.au and click on the links.
For more information or to speak to Louise Petschler, CEO of Abacus, please contact:
Pamela Eldridge
Senior Adviser – Media
02 8299 9024, 0423 843 790
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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