Bank customers – ask and you shall receive

Fewer than one in 10 participants in a big recent Choice survey on banking in Australia said they would be likely to switch their transaction account in the next 12 months. The hassles involved – such as changing all your direct debits and credits – hold many people back from switching. One in four participants said they would be more likely to switch if they could keep the same account number (in the same way you can keep your mobile phone number when you switch network carriers).

Another issue is setting up new passwords and PINs. “I’ve finally memorised my full credit card number, PIN and two passwords/codes – it would be too hard to reset all these,” said one member. Before switching your savings account, says Choice, give your current provider one last chance to match the offer of the other institution.

And if your current savings account has a higher introductory rate for new customers, ask them to give that to you as well. Even if you don’t get this rate for your existing funds, you may get it for any new deposits. If you’re paying interest on your card, check with your bank that you have the lowest rate possible. You can also ask for your annual fee to be waived before it comes due.

Source: Choice