Banks customers ignore BankWatch despite high fees
Thursday July 16, 2009
Recent reports detailing banks profits and high fees may anger customesr, but it appears that people are taking little action to prevent paying higher rates with the Rudd Government BankWatch program being largely ignored.
BankWatch was introduced in November 2008 and was described as an ideal method to make it easier for banks customer to switch banks through a "listing and switching" service, eliminating the complicated paperwork and account transferring issues. However, according to a National Australia Bank spokesperson customer interest is very low with approximately two customers a week using the system. This is surprising news considering all the recent reports outlining ATM fees and mortgage rate increases.
The BankWatch program was designed to allow people to "vote with their feet" by easily leaving their current banks to competitors if better rates were offered, creating a far more balance bank and finance industry.
Under the BankWatch program Australian banks agreed that they would provide their customers with complete lists of any regular credits and direct debits in order to identify their transfer needs while banks also offering assistance in establishing direct debits.
Reasons for the lack of action on customers behalf ranges from customer satisfaction to BankWatch still being too complicated. It has been recommended that the program be reviewed after twelve months with a discussion as to whether a centralised system is more ideal for the Australian banking system and customers.
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