Bank customers told: 'Demand a better deal'

Tuesday 09 November 2010

Article by Mozo

Bank customers across the country could be encouraged to compare credit card deals, savings accounts, interest rates and other aspects of their personal finances following the advice of industry experts.

David and Libby Koch of News Limited Newspapers have urged bank customers to note down all the products they have with a bank, calculate all the costs involved and then work out which ones they do not need and which ones they think they could find cheaper elsewhere.

The experts then advise consumers to get online and compare savings accounts, compare credit cards and search for better deals in general.

Failing that, the industry commentators urged people to march into their banks and "demand a better deal".

"You have the facts. You know how much you pay in fees and what products you have. You've been online and researched other options, now you have to confront your existing bank for some action," they said.

"Banks know it is better and cheaper to keep a good existing customer than go and find a new one. Don't be shy. Be confident, be forceful but be professional."

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