Research before taking the leap
(5 July 2012 – Australia) The new transaction account switching service has started which empowers customers to change their transaction account from one financial institution to another.
The Australian Bankers’ Association (ABA) said the new service will make it easier to switch transaction accounts from one bank to another but advises that it’s important to do your research before taking a leap.
ABA chief executive Steven Münchenberg, said before deciding which bank account is right for you, first you need to know what is on offer.
"Banks offer a range of products to help you manage your money on a day-to-day basis and save a little along the way.
"Researching transaction accounts has been made much easier with the Internet. Bank websites carry huge amounts of information and there are independent Internet tools to compare products, for example, Canstar1 and InfoChoice2."
"Of course, you can also pick up the phone and speak to your bank about any questions you have about their products and services and whether they can match any other deal on offer," said Münchenberg.
"All consumers should realise they have power. Banks want your business, and they’ll be working hard to retain and to attract new customers as the switching service gets underway. It’s a good time for people to really consider whether their bank transaction account is working for them."
Banks are also introducing new innovations on their transaction accounts. With 24/7 access to your money and the ability to do your banking online from your lounge room, banks have made their products and services easier to access and available at a time which suits you. Also, now some banks are offering mobile phone banking so that you can check your accounts and make payments while you’re on the go.
ABA chief executive Steven Münchenberg, said before deciding which bank account is right for you, first you need to know what is on offer.
"Banks offer a range of products to help you manage your money on a day-to-day basis and save a little along the way.
"Researching transaction accounts has been made much easier with the Internet. Bank websites carry huge amounts of information and there are independent Internet tools to compare products, for example, Canstar1 and InfoChoice2."
"Of course, you can also pick up the phone and speak to your bank about any questions you have about their products and services and whether they can match any other deal on offer," said Münchenberg.
"All consumers should realise they have power. Banks want your business, and they’ll be working hard to retain and to attract new customers as the switching service gets underway. It’s a good time for people to really consider whether their bank transaction account is working for them."
Banks are also introducing new innovations on their transaction accounts. With 24/7 access to your money and the ability to do your banking online from your lounge room, banks have made their products and services easier to access and available at a time which suits you. Also, now some banks are offering mobile phone banking so that you can check your accounts and make payments while you’re on the go.
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