Greater says competition to the major banks is here

Date: 08/05/2011

Response to Senate Inquiry into banking competition, Greater says competition to the major banks is here.

The Greater supports any uniform measures that improve competition and make it easier for people to switch financial institutions.

People should also be aware that they do not have to wait for another inquiry to enjoy more competitive rates, lower fees and better service than they currently get from the major banks. Mutual building societies and credit unions like the Greater Building Society are already offering a better banking deal than the major banks, and it is much easier for people to switch than they may realise.

The Government does need to push ahead with key reforms like standardising the fee for the wholesale funding guarantee and retaining the guarantee on deposits in its current form to create a level playing field that will enable second tier financial institutions to provide competition to the majors. 

Practical measures like broadening the required use of comparison rates and better promotion of them will allow consumers to know the true cost of their loan or the true benefit of their investment after the inclusion of fees and charges.

With the help of Jerry Seinfeld, the Greater is letting consumers know of its superior offering with a new campaign, to air from tonight (Sunday), called The Great Escape (see separate release). The campaign reminds people that there are alternative financial institutions that can make it easy to escape from the major banks and bank fees.”

About the Greater:

The Greater Building Society is a Top 500 Australian private company (BRW 2010) with assets worth more than $4 billion. It provides financial services to almost 250,000 members in the Sydney, Hunter, Central Coast, Illawarra, North Coast, New England, and Western regions of NSW as well as in South-East Queensland and Townsville. The Greater has been named Australia’s Building Society of the Year in both the 2010 AFR Smart Investor Blue Ribbon and Mozo People’s Choice awards.

Media information: Craig Eardley 0437 477 493.