A peak industry body has launched a new campaign urging consumers to change over from banks who inflate their fees and mortgage rates as a result of the incoming bank levy.
The Business Council of Co-operatives and Mutuals (BCCM) said that consumers should vote with their feet if the larger lenders hike rates and charges.
“The new bank levy comes into force on July 1 and if the big banks pass that on, we are urging Australians who find themselves paying more fees or higher rates to make the switch,” said Melina Morrison, CEO of the BCCM.
With a 20 basis point rise already on the table, this will put further strain on working Australians, she added.
“It is cheeky for the banks to cry poor. Switching banks is the best way for consumers to make it clear that they are not walking ATMs for the big banks.”
Many of the smaller, customer-owned banks provided better value to everyday Australians, Morrison said, as they are bound to do the right thing by their owners.
To encourage this switch, the BCCM has launched a new website and social media campaign, #switchdontbitch.
“We are urging consumers to switch rather than bitch. And we’re saying that July 1, the beginning of the new financial year is a great ‘line in the sand’ date to make the switch,” Morrison said.
“If you make the switch to a better value bank, we’re asking you share that on social media with the hashtag #switchdontbitch. Your actions will show others that there might be a better deal out there for them as well.”
“We invite everyone to visit our website www.switchitup.com.au where they will find more information on switching.”
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