Credit union website helps unhappy bank customers find a better deal
28 December 2010
Australia's strong customer-owned banking institutions – credit unions and mutual building societies – have welcomed a poll commissioned from independent group CoreData[1] showing up to a million unhappy mortgage holders could be looking to leave their banks.
"Our doors are open," said Louise Petschler, CEO of Abacus, the mutual industry body.
Abacus has set up a web search for unhappy bank customers who want to find a local credit union or mutual building society alternative, at www.comesbacktoyou.com.au. The website explains how with mutuals, it all comes back to our customers.
"Our website helps explain what mutuals have to offer and how credit unions and building societies are regulated with the same protections and guarantees as the big banks."
"You can search for credit unions and building societies close to your preferred location – home or work – or profession or interests, with details and maps provided," said Ms Petschler.
"Of course CUBS also have national ATM access (direct-charge free), internet, phone and mobile banking and a full suite of cards and services - but we know many consumers want to see bricks and mortar. With more branches nation-wide than the CBA our website helps find local options."
"If you prefer a credit union with special expertise related to your workplace or interests, we can also help connect you with those options," said Ms Petschler. CoreData's research, reported today, shows almost a quarter of mortgage holders are keen to change institutions – compared to just 4% a year ago. Credit unions feature as the option of choice for 16% of consumers who want out. However, high exit fees charged by other lenders were holding many consumers back.
In early December the Treasurer Wayne Swan released a banking package that will promote the mutual alternative to the big banks, as well as banning exit fees from June 2011. Credit unions and building societies have welcomed moves to reduce barriers to choice and boost competition.
"We are at the start of a real change in banking – one that will work for consumers, not just big banks. And mutuals intend to do our part to give consumers choice and a fair deal."
"If you want a banking institution that subscribes to a code of fairness, that is accountable to customers, that tops satisfaction ratings, that consistently delivers a better deal than big banks, then a credit union will be a better choice for you."
"There is a credit union or building society for every Australian," said Ms Petschler. "Our 'comesbacktoyou' website makes it even easier to find an alternative to the big banks."
For more information, please contact:
Louise Petschler, CEO, Abacus
0408 239 226;
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
___________________________________________
[1] "Million Aussies eyeing loans switch" Nick Tabakoff Herald Sun & others, 28 December 2010
