Challenge your bank

Want a better deal from your bank? Ask for it.

RACQ Bank CEO Michelle Bagnall has urged Queenslanders to reassess their relationship with their bank in the wake of findings from the Banking Royal Commission which determined that a number of the major banks prioritised profit and shareholder returns to the detriment of customers.

“It’s important to ask the hard questions if you’re not getting the best deal from your bank, ,” Ms Bagnall said.

“Challenge your bank on their interest rates, challenge the fees you’re being charged and ask why they can’t offer you a better deal.

“Challenge your bank to do the best they can for you as a customer.”

Ms Bagnall called on banks to focus on customer needs above profits.

“The Royal Commission was necessary because profits and shareholders were prioritised over customers’ needs and it’s time that focus shifts to doing what is best for the customer,” she said.

“Customer-owned banks aren’t perfect, but we hold ourselves to a higher standard and we’re constantly challenging ourselves to do better for our members.

“We’ve kept our interest rates as low as we can for as long as possible, even if it means taking a profit hit to do so.

“It’s not something we can sustain forever but we’ll keep doing it for as long as its viable.”

The recommendations handed down by the Royal Commission are expected to affect the whole banking industry.

“We’re now carefully examining these recommendations for any opportunities where we can enhance our services to our members,” Ms Bagnall said.

“In many cases, we’re already meeting the Royal Commission’s recommendations in the way we do business with our members.”