4 banking players make moves: What does it mean for you?

This week Heritage Bank and People’s Choice Credit Union merged to create Heritage and People’s Choice Limited. 

At the same time, Newcastle Permanent Building Society and Greater Bank have merged with Newcastle Greater Mutual Group.

But how do these moves affect you as a banking customer?

What is a bank merger?

A bank merger happens when at least two banks merge under a single name. Typically it's a more prominent financial institution taking over a smaller one. But in some cases, like the mergers mentioned above, the merged banks create a whole new institution.

When the two companies unite in this way, their products and services will be unified under the new name. However, this doesn’t happen overnight – it could take months or even years to complete the transition. 

To fully understand how these mergers will affect you, it's best to call your bank. But we’ve also included some official bank statements from their website below.

Newcastle Greater Mutual Group says:

“Newcastle Permanent and Greater Bank confirmed there will be no change to customers’ bank account details on merging, although customers will be able to use their Greater Bank or Newcastle Permanent card to access both brands’ ATM network for free.”

Heritage and People’s Choice Limited says:

“The new entity will continue trading under the existing brand names of Heritage Bank and People’s Choice for an interim period of approximately 12 months.”

Is it time to switch banks?

Choosing your bank requires some research, with or without mergers occurring. 

However, if you’re still unsure after these latest moves, plenty of other options are available. To aid you in your search, Mozo expert judges regularly analyse the best banks and crown them winners of the Mozo Experts Choice Australia’s Best Banking Awards^.

In the meantime, don’t forget to stay updated with the latest Australian banking news here at Mozo.