The Sunday Age has suggested today that “THE big banks are keeping most of their customers despite their refusal to pass on full rate cuts and a government ban on excessive exit fees.” (http://www.theage.com.au/victoria/customers-staying-loyal-to-the-big-banks-20120505-1y60y.html)
I’d strongly question whether it’s loyalty that’s stopping people. Loyalty is the unwavering love or commitment that one sees from a dog or a good friend. That doesn’t sound like a relationship one has with a bank to me.
I’d suggest the reason is more likely to be that people will think it will be just too damn difficult to make the move, knowing what it was like the first time around. That’s certainly the way I’m thinking.
I find I’m on a bit of a twin edged sword here. ANZ Bank is a key part of my superannuation portfolio, so naturally I would like them to be profitable and to provide me a reasonable return. However, I also continue to be appalled with the corporate greed displayed by all four of the big banks in Australia (Commonwealth, Westpac, NAB, ANZ).
And please don’t try and tell me they’re competing with each other. What a load of bollocks.