Banks: bad and getting worse: the bigger the institution, the less you like it: the big four are again close to the bottom of the heap. .

Publication: Choice (Chippendale, Australia)

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COPYRIGHT 2002 Australian Consumers' Association

IN A NUTSHELL

* Those of you who bank with the big four (ANZ, COMMONWEALTH, NATIONAL and WESTPAC) are consistently the most dissatisfied. These institutions haven't increased their level of customer satisfaction since our earlier surveys in 1997 and 1999 and in some areas it's decreased.

* The wooden spoon goes to the COMMONWEALTH BANK. Nearly a third of its customers are dissatisfied--the worst result of the big four, and in fact overall. See Table 3, page n.

* Credit unions and building societies once again achieved the highest levels of customer satisfaction--see Table 3, page 11.

Our survey of CHOICE subscribers shows that the overwhelming majority--a clear 95%--consider banking to be an essential service just like electricity, gas or water. But many think they're getting a raw deal from the banks, particularly regarding the amount of fees they pay.

BEST AND WORST

* TEACHERS CREDIT UNION topped the list as the best financial institution in our survey--see Table 2, page 11. Unfortunately membership is limited mainly to teachers, trainers and other employees of public educational institutions and their families in NSW, the ACT and the NT. For details phone 13 12 21 or go to www.teacherscreditunion.com.au.

Other credit unions, building societies and banks might also have very satisfied customers, but we need 50 or more responses to be able to report on any company.

* BENDIGO BANK took second place. Its customers were highly satisfied with its branches in terms of staff knowledge, courtesy, ability to carry out instructions, opening hours and queue length. One reason for this might be the community bank model BENDIGO developed in 1998. Today, more than 80 community banks have already opened their doors. For more...

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