Bank customers told #switchdontbitch about bank levy
Coining the tagline ‘switch don’t bitch,’ the Business Council of Co-Operatives and Mutuals is urging bank customers to consider boycotting the bank levy coming into play on 1 July by switching to a mutual bank or credit union with higher satisfaction ratings.
Business Council of Co-Operatives and Mutuals chief executive, Melina Morrison said the co-operatives and mutuals body had launched a website to encourage people to switch banks should the big four pass the cost of level onto customers.
“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,” she said.
“A quick search will make it patently clear that there are many alternatives and… good deals.”
Morrison said that campaign, which had employed the use of social media tag #switchdontbitch was a stance against further strain on the budgets of working class Australians.
“A 20 basis point rate rise to pay for the levy has already been put on the table,” she said.
“Switching banks is the best way for consumers to make it clear that they are not walking ATMs for the big banks.”
Recommended for you
TAL has introduced four new courses to its Risk Academy focused on ethical dilemmas as part of Ethics Month to help advisers meet their CPD requirements.
Unadvised Australians believe they need $2 million to retire comfortably, according to Colonial First State, a wide variance compared to advised individuals which estimate $1.3 million.
Financial advisers can now access Vanguard’s diversified managed account strategies on HUB24 and Netwealth, marking a “significant expansion” through new distribution channels.
The heads of two financial advice licensees have joined the board of the Financial Services Council as it looks to deepen its engagement with the space and strengthen its representation.
