Bank CEO backs "tick and flick"
ALMOST 50 per cent of Australians would be prepared to dump their banks if red tape was eliminated to make switching their accounts simpler, according to independent research released this month.
Heritage Bank CEO John Minz welcomed the news, saying the Federal Government "tick and flick" account switching reforms starting in July would make changing banks easier than ever before.
The Roy Morgan research found one-in-five Australians were likely to change financial institutions in the next year, rising to almost 50% if the paperwork and administrative effort was substantially reduced.
"That's great news if you are unhappy with the way you're being treated by the big banks and want to switch to an alternative like Heritage, Australia's largest customer-owned bank," Mr Minz said.
"The Roy Morgan report shows Australians are keen to switch to alternatives such as Heritage that offer competitive interest rates, fairer fees and charges and the convenience of branches and ATM networks."
From July 1, instead of requesting a list of regular debits and credits from their 'old' bank, Australians can let their 'new' bank do the work for them by signing authorisation forms to allow the establishment of regular debits and credits to the new transaction account.
"The administrative hassle of switching accounts has been an impediment for people wanting to switch, but this won't be the case for much longer," Mr Minz said.
"We encourage Australians to shop around and look at just what a good deal they can get on their accounts, home loans and credit cards by switching to a customer-owned bank such as Heritage."