Election banking special: Canberra’s fat cats won’t be helping you
Analysis: No matter who is running this country in less than three weeks, don’t rely on them to get stuck into the banks for ripping you — the innocent and hardworking customer — off.
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No matter who is running this country in less than three weeks don’t rely on them to smack the banks.
The nation’s biggest financial institutions have ripped you, the innocent and hardworking customer, off.
And they’ve racked in billions of dollars through this theft.
The big four banks and other large financial services’ firms were among those named and shamed in the financial services’ Royal Commission for doing a series of disgraceful acts.
This included taking advantage of customers by stinging them charges and giving them nothing in return — known as fees for no service.
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They gave you dodgy financial advice, allowed money laundering to happen under their nose and failed to pay out legitimate life insurance claims.
It doesn’t get much worse than that.
Commissioner Kenneth Hayne’s final report handed down 68 recommendations but it will take time for these to be implemented by whoever is running this country in a few weeks’ time.
But the fact is no one cares more about your money than you.
Don’t wait for those fat cats in Canberra to enforce Hayne’s recommendations.
As they say, take the bull by the horns and take control of the situation yourself.
The banks are running scared at the moment.
They hate having their cherished brands dragged through the mud and that’s exactly what’s happened to them over the past year or so.
Check every financial product you have, even if it’s one at a time, week by week, and phone them up and ask questions.
Ask what fees you are paying and what you are getting in return from them.
Chances are they will move heaven and earth to keep you and if you find a better deal elsewhere don’t be afraid to tell them you’re switching banks.
They won’t want to lose you.
No matter what you do, you have to care about your money because they don’t.
And most importantly keep the bastards honest.
Sophie.elsworth@news.com.au
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