It’s never been easier to give the other banks the flick

With the introduction of new banking legislation on 1 July 2012, switching to enjoy customer owned banking with bankmecu will be even easier for your family and friends.

For customers that have accounts with another financial institution, it’s an ideal time to consider bringing your banking together and consolidating your accounts at bankmecu to save time and money.

bankmecu Managing Director Damien Walsh says, “the new switching legislation should encourage consumers to look around, compare products and the alternatives like customer owned banks, so they can take back control of their money and finances”.

“As a customer owned bank that lives by a responsible approach to banking, we give a commitment to our customers to offer competitively priced products. Our customers own the profits so they benefit from better interest rates and lower fees. And because we put customers first, we make decisions which balance the needs of all our customers” said Walsh.

Here’s how the new account switching legislation will work;

  • You contact the financial institution (bank, building society or credit union) you would like to move your everyday transaction account to.
  • Ask your new financial institution to contact your old financial institution to get a list of all your regular direct debits (like your regular gym membership, regular utility payments) or credits (like your salary) made from/to your old transaction account in the past 13 months.
  • You decide which regular direct debits or credits you would like to switch to your new transaction account, with the help of your new financial institution.
  • You sign a single form that authorises your new financial institution to provide all of the relevant organisations with your new account details.

“We encourage all Australians to switch to bankmecu for a better deal. In 2011 our customers were collectively $31 million# better off than they would have been banking with the big four banks,” Mr Walsh said.

# Source: bankmecu’s Cannex Valuation report June 2011. Canstar Cannex provides fact-based data and ratings to Australian consumers and financial institutions.

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