Move Your Money

Help shift the balance of power in banking back towards consumers.
 
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01 .Thank you

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CHOICE thanks our campaigns supporters for signing our Move Your Money petition which officially closed in September 2012. Over 4500 Australians signed up to give the CEOs of the big four a message they understand.

Official figures from earlier this year confirmed that more and more Australians are voting with their feet and seeking a better deal elsewhere. Record numbers of Australians are taking their home loans to a new lender.

More good news for consumers came on 1 July with the introduction of both easier transaction account switching and also better protections on credit cards. These are both reforms CHOICE has campaigned for and we expect will bring real benefits.

We have updated our Switching Kit to include these changes.  Also don't forget to check out our unbiased comparison tool Compare, Ditch and Switch for help finding a better banking deal.

CHOICE will continue to fight for a more competitive and fairer banking sector. To help us with our campaigns be sure to sign up as a campaigns supporter.  

 
 

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The CHOICE Move Your Money campaign is calling on Australians to look beyond the ‘big four’ banks to save money and drive competition.

Help shift the balance of power in banking back towards consumers with three simple steps:

1. Sign up: sign the Move Your Money petition and deliver a message to the ‘big four’ bank CEOs that enough is enough. 

2. Shop around: we’ll help you find a better deal with independent and trusted information on home loans, credit cards, savings and transaction accounts, including through the Compare, Ditch & Switch comparison tool. Everyone who signs up to Move Your Money will be emailed a CHOICE switching kit

3. Switch: we’ll share experiences from Move Your Money supporters who find a better deal, including those who dump their ‘big four’ bank in favour of smaller institutions such as credit unions and mutuals

What is the message to the ‘big four’ bank CEOs?

We think it’s wrong that at a time of record profits, Australia’s major banks are willing to take their customers for granted. The major banks rely on perceptions that switching is too much hassle or that there are no better deals out there. But experience shows that consumers can save by also ‘thinking small’, and moving your money is now easier than before.

Move Your Money is sending the ‘big four’ bank CEOs a message that Australian consumers are prepared to look for a better deal, and if they find one with a smaller institution, they will ditch their big bank.

What’s the next step?

Signing the Move Your Money petition delivers a message to the ‘big four’ banks. Throughout the campaign, we will be communicating with everyone who signs the Move Your Money petition, providing information on how to look for a better deal on home loans, credit cards, savings and transaction accounts, and giving campaign updates. We will also be encouraging Move Your Money supporters to share their stories about switching, providing tips and encouragement.

What else do I need to know?

CHOICE’s Move Your Money petition is powered by Change.org, an online platform for social change, and a separate party to CHOICE. We are using Change.org to try and spread the message about Move Your Money as quickly and as widely as we can.

CHOICE will be emailing supporters using Change.org’s platform, and Change.org will email you to find out if you wish to hear about other campaigns they host. You will be given the option to unsubscribe from any further communications.

For more information, please read our full FAQs.

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Sign up to be a CHOICE Campaigns Supporter!


What is the aim of the Move Your Money campaign?

CHOICE believes that the big banks are taking Australian consumers for granted. The CHOICE Move Your Money aims to change that by providing consumers with the information they need to find a better deal and switch, thereby putting pressure on the banks to compete and put consumers first.

Is this the same as international Move Your Money campaigns?

The CHOICE Move Your Money campaign is focused on helping Australian consumers get a better banking deal. However, we have seen the power of similar campaigns internationally, for example in the US, where over four million accounts have moved from major banks over 18 months, with another 12 million predicted to follow.

Who is change.org?

Change.org is an online platform for social change and a separate party to CHOICE. We are using Change.org to spread the message about Move Your Money as quickly and widely as we can. You can read more about their client policy.

What will happen to my personal details if I sign CHOICE’s petition?

By signing CHOICE’s Move Your Money petition, you accept Change.org’s terms of service

CHOICE will be emailing supporters using Change.org’s platform, and Change.org will email you to find out if you wish to hear about other campaigns they host. You will be given the option to unsubscribe from any further communications and you can also delete your Change.org account at any time.

Why is CHOICE using change.org?

We are using Change.org to spread the message about Move Your Money as quickly and widely as we can. There is no financial relationship between CHOICE and change.org.

Does CHOICE receive any money by offering Compare, Ditch and Switch?

No. CHOICE does not receive any money by offering Compare, Ditch and Switch.

Is Move Your Money anything to do with the CHOICE Big Bank Switch?

No. CHOICE partnered with group switching specialists One Big Switch in the CHOICE Big Bank Switch campaign, which ran from 31 July to 14 August 2011. Over two weeks, the campaign attracted over 40,000 registrations from consumers, showing a strong appetite in the community for group switching.

CHOICE has not joined in any campaigns with One Big Switch since the Big Bank Switch ended on 14 August 2011, and is not involved in any new group switching around mortgages, energy, or any other products. However, as we found through the CHOICE Big Bank Switch, we believe that group switching has great potential to create savings for consumers in essential areas like banking products and energy. We hope to see many more businesses use the power of group switching and group buying to secure benefits for consumers. Further, if you are receiving communications from One Big Switch and wish to unsubscribe, you can contact them through their website.

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Banks mine fee transaction gold - 4/03/2012

  • $166.4 billion – The amount Australians keep in transaction accounts with the Big Four that earn little to no interest.
  • $7.16 billion – A conservative estimate of the amount we gift the Big Four by leaving additional funds in transaction accounts.

Australian banks use domestic deposits as an imperative part of their funding mix, especially when global markets are instable. While those with term deposits and high-interest savings accounts are compensated accordingly, if you have additional money in a transaction account then you’re gifting the banks free funding, which they can use to lend and earn interest.

The figures above are estimates, because recent funding ratios are not publically available. We’ve included transaction account deposits for the Big Four only, so the figures can only go up.

*Calculations based on official data from APRA and the RBA accurate to December 2011.

Fees still fill coffers

[Note:  Transaction account data is for the Big Four only, and fees are based on 17 institutions.]

Each financial year, the RBA surveys 17 major financial institutions about their banking fees. The latest data from the 2010 financial year indicates banks received $4.24 billion in income from fees on everyday banking products. Considering competition in banking has driven a number of financial institutions to deliver fee-free everyday banking products, we think consumers are still paying too much.

There is some good news, penalty fees have been cut literally cut in half. Exception fee income fell from $1.29 billion in financial year 2009 to $652 million in financial year 2010. Housing loans earn the most in fees from households at $1.31 billion, credit cards follow closely at $1.26 billion and transaction accounts earn $1.19 billion despite there being many fee free products now available on the market.

Bank’s bottom line not the only story

Banks cry poor, and consumers want a fair go – it’s an age old story, but it can have a happy ending. We know Australia needs a healthy banking sector to support its already strong economy, but it’s time more consumers received a better deal.

While the banks are busy protecting their bottom line, The People’s Watchdog wants to deliver a different message – if you’re fed up with bad behaviour from your bank, it’s time to move your money.

Move your money 190Move Your Money campaign launches in Sydney’s banking HQ - 20/02/2012

CHOICE has launched the Move Your Money campaign in Sydney’s Martin Place, the headquarters of Australia’s big banks.

On the morning of Sunday 19 February, the CHOICE campaigns team took to Sydney’s central business district armed with the Move Your Money wheelbarrow, piles of ‘fake money’ and a ringing bell. This symbolised the call to action for Australian consumers to look for a better deal beyond the major banks, and if they find one, move their money and save.

The campaign is inspired by the success of similar Move Your Money actions internationally. This includes in the United States where already four million consumers have moved transaction accounts from larger to smaller community-based institutions, described as the move from ‘Wall Street to Main Street’.

The CHOICE Move Your Money campaign launch was accompanied by the publication of a new investigation showing that banks were failing to provide consumers with Home Loan Fact Sheets, one of the Australian Government’s key consumer banking reforms.

On a day that was dubbed ‘switching Sunday’, the Move Your Money launch also coincided with separate bank switching calls to action from the union movement and ABACUS, the body representing Australian credit unions and mutuals.

You can join the CHOICE Move Your Money campaign by signing the petition.


Share your Move Your Money experience with other campaign supporters.

Are you fed up with the big four banks? Have you started shopping around for a better deal?

Send us an email; put a note on our Facebook wall; or send us a tweet @choiceaustralia

Judi, Adelaide

I have a home mortgage with ANZ, the first of the big 4 to raise their interest rates out of step with the Reserve Bank.  The remuneration paid to the executives of the big 4 banks is absoultely outrageous and scandleous, and this, together with raising interest rates, whilst sacking workers, is ever widening the gap between the haves and the have nots.  A bank is supposed to offer services to their customers - we are the clients - they are supposed to work for US, not their share holders! If they cannot reflect that perspective in their operations and decision making, then I for one, am  going to walk away with my money and my business, which I will give to a financial institution that sees me as the all important client, rather than considering their share holders to be the most important people to serve.

Debbi, ACT

So sick of the banks being able to do what they want. Crying poor but at the same time raking in massive profits and spending unethical amounts of money on their executives. Can't wait to find a good deal and ditch CBA!

Natasha, Merrimac

I've already switched to a Not-Big-4 bank and will certainly be encouraging ALL my friends, contacts and associates to do so. Why? Because interest rate hikes for the sake of increasing an already inflated profit is unacceptible. The working class are suffering right now and have been for almost 3 years - give them a break!!!

Fred, Bowraville

I have already closed my Visa debit card account because I am appalled by the actions of the big 4 banks.

Christy, Melbourne

A chance to hit back. I like the sound of that.

Caroline, Brunswick West

I'd been thinking of changing anyway, now I'm convinced.

Carole, Melbourne

Many people are finding economic conditions tough at the moment. It would be good if the banks could be mindful of their customers rather than on huge profits.

Shanan, Victoria

I want a better deal!

David, Barry's Reef

Just swapped and am in the process of transfering direct debits.

Margie, Brisbane

We've only ever had the one mortgage [like we been loyal] but I do not understand why the rate has not come down.  I resent the lack of reciprocation from the big banks to Australian customers [think taxpayers] who kept them safe during the GFC.  Come on NAB and ANZ - do the right thing.

Annamarie, Sydney

Talk about price fixing, the fact they raises interest rates when it suits them and not inline with reserve bank is a disgrace.

Tony, Wagga Wagga

Fed Up, & I'm a shareholder too!!!

Kameel, Mount Waverley

Big banks just don't listen!

Mark, The Slopes

To assist competition.

Julia, Fernvale

Need to save money on my outgoings.

Joseph, Peel

I'm fed up with paying fees that bear no relationship with the actual service provided.

Jane, Heidelberg Heights

I am not a homeowener yet but am hoping to be one soon. I'm a single income earner and not looking forward to being hamstung by taking on a mortgage with one of the big banks when that time comes!


To help you find a better deal, CHOICE has put together this switching kit.

Use the kit to work out the most important features you need in a transaction account, credit card, home loan and savings account.

Take some time to use the tips in the kit to save money and drive competition.

You can also compare different banking products using CHOICE's Compare, Ditch & Switch comparison tool.

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