Banking Reform Poll

Treasurer Wayne Swan recently announced a suite of banking reforms geared at increasing competition in the Australian finance industry.

For more details on the reforms, visit the Mozo Bank Reform page.

*UPDATE*

The poll is now closed – thanks to all who took part.

Banking Reform Poll was last modified: June 29, 2015 by Mozo

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12 Comments - Write a Comment

  1. The reforms that W.Swan put up were already in place with exit fees ,we should look at the USA how they fund homes with out the family loosing everything if one looses a job,or a critical medical problem also I believe that repayments on housing loans in the USA are tax deductable

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  2. Banks should pay interest on all deposits however small it is with no account fees charged. They make money out of our deposits why should we pay them for doing this? Personal loan interest is about 15%why should monthly account fees be paid? Why should the loan set up fees be paid when the banks are charging 15% interest and pay us 5% for our deposits of 5000 and more. We are not paid fees for making a big deposit. Credit card are charged about 15 to 21% interest why should we pay annual fees for the credit card? Banks were allowed to charge annual fees provided they reduced the interest charged. Now that they are not regulated they are imposing fees on every transaction they can come up with and able to get away with it.All bank Fees should be regulated as it is cheating in disguise.

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  3. Good on you Mozo for the poll. Big banks need to be held accountable for their actions. The economy is suffering enough at the moment, the big banks are continually greed. And greed shall inherit the world.

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  4. Nothing really changed. The problem with the banks is the control they have.
    They are not accountable for their actions and can do as they please. Try and work out a complaint with them. If you do get an answer I’ll bet it is not your way. They lose files, documents will not answer questions unilaterally change agreements, provide documents that never existed, breach your privacy etc. I’m sorry but most people are ignorant to these facts and only find out if they have a dispute.

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  5. This won,t make any difference, the banks are a law unto themselves, they
    should be taking more notice of of
    Big John from Aussie Home Loans, he
    knows what he is talking about.

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  6. I think the general public have had it up to the eyeballs with the unadulterated, escalating greed of the big banks. Its sickening when you hear about the unbelievably exorbitant salaries they pay for CEO’s that, quite frankly, are simply NOT WORTH the money thrown at them. Their overpriced salaries are costing us a fortune and Mr and Mrs Average have had enough of having interest rates hiked to the heavens to fund such extravagance. What we need is MORE COMPETITION in banking .. pure and simple. The more banks, the better. When the banks here have to scramble and compete to get our business, only then will their apathy and complacency be (finally) replaced by customer care and the eventual offering of a good product! The only thing the Big Four care about is the big end of town (big businesses and millionaire punters); they couldn’t care less about “ordinary” investors. No wonder the public are scrambling to do their banking with alternate institutions, eg credit unions and on-line offshoots (eg UBank and MeBank). Many of us are totally disillusioned and thoroughly disgruntled with the “Big Four” especially the condescending inference that they are doing us a favour by having our money in their coffers! Thanks for nothing! Westpac, Commonwealth and St George expect you to smile when they give you a pittance on your investments and charge you the earth for a mortgage. They will get ZERO sympathy from a public that has been mistreated, ignored and ripped off for too long! Be warned banks, Mr & Mrs Average now realise we are no longer your priority, however, we are getting more money-savvy and their (once) loyalty to you is now thin on the ground. My advice to anyone with investments and mortgages with the banks is to (regularly) shop around and give the banks the same loyalty they give you (which is ZIP!).

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  7. SEEMS WE HAVE TO GO BACKWARDS BEFORE WE GO FORWARD ;SO MUCH FOR DEREGULATION OF BANKS, YEARS AGO!!!
    MORTGAGE INSURANCE PORTABILITY ALSO NEEDS TO BE ADDRESSED AS DOES PRODUCING SIMPLE CURRENT STATEMENTS ABOUT BALANCE OWING, PRINCIPAL AND INTEREST AND OTHER CHARGES.(GOOD FOR COMPARISON WITH OTHER PRODUCTS AVAILABLE AT ALL TIMES THROUGHOUT THE LOAN AND CONSIDERATION AS TO IF IT IS AT ALL BENEFICIAL TO CHANGEOVER.)WE CAN’T ALL BE ACTUARIANS!
    PROFITS TAX WILL LIKELY HURT INVESTORS AND ULTIMATELY THE LITTLE GUYS’ SAVINGS.DON’T FORGET MONEY IS WHAT MAKES THE WORLD GO ROUND; WITH ITS’ROLLING CIRCULATION AND COMPOUNDING AFFECT – GOOD FOR INDIVIDUALS, BUSINESS, GOVT AND OUR STANDARD OF LIVING.

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  8. I once had a personal friend with the vegemite bank. A number of the bank’s errors later my friend decided he’d had enough and wanted to switch. As a CPA I negotiated for him and lost even though the errors were all but admitted. It cost my friend $4k to switch. I’ll never eat vegemite again!!

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