Customers Disgruntled With Big Four Banks

A customer satisfaction survey has revealed that consumers rate credit unions and building societies far higher than the big Four Banks.

Westpac, ANZ, Commonwealth Bank and NAB are most disliked for high fees, shabby service and their failure to pass on full interest rate cuts.

Consumer group Choice stated that customers should boycott banks if they are dissatisfied with the service that they receive.

The survey further revealed that members found that the big banks performed well when it came to ATM and branch access.

In its review notes it became apparent that consumers weigh up poor service, fees and interest rates against convenience.

The Big Four banks are expected to post a collective $15.7 billion profit for the year, ranked the lowest for everyday banking, while Credit Unions and other financial institutions topped the charts.

Credit Union Australia and Teachers Credit Union ranked the best overall for everyday banking at 84 per cent, followed by Bendigo Bank on 82 per cent, NAB 61 per cent, the Commonwealth 64 per cent, Westpac 65 per cent and the ANZ 66 per cent.

ME Bank, ING Direct and Bankwest customers were happiest with home loans.

For credit cards, ME Bank, Bendigo Bank and Credit Union Australia got top billing and GE Money came last.

Published on October 10-nd, 2009 in Financial Planning
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

More on this topic