ACCC made a 'number of recommendations' to make switching banks easier for customers

ACCC Chair Gina Cass-Gottlieb says the consumer watchdog has made a “number of recommendations” for banks to ensure it’s easier for customers to change banks. “So firstly, we want banks to notify customers when they’re changing rates, including when they’re offering new rates to new customers, because frequently loyal and existing customers don’t get the benefits – so that customers are alerted to it and can change," she told Sky News Australia. “In addition, we have found that in the first six months of this year, customers who are on a bonus rate failed to meet the conditions for the bonus rate." She said 71 per cent on average were not getting the benefit of the bonus rate they were entitled to on their deposit account. “And so we are asking banks to alert customers if they are coming close to breaching the conditions which apply to whether they get a bonus rate.”