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Australia's major banks fare badly in consumer satisfaction survey.

Global Banking News-2 October 2009-Australia's major banks fare badly in consumer satisfaction survey(C)2009 ENPublishing -

Global Banking News - 02 October 2009(c)2005 - Electronic News Publishing -

The big four banks in the Australia have fared badly in a consumer satisfaction survey.

The survey shows that in terms of consumer satisfaction, the four banks are well behind credit unions and building societies in the country. NAB (NAL.DE), Commonwealth Bank, Westpac Banking (NYSE: WBK) and ANZ (NYSE: ANZ) have fared badly because of their high fees, shabby service and reluctance to pass on full interest rate cuts to customers.

Many customers said that they are continuing their association with these banks because it is too hard to switch banks, or believe that they are all as poor as each other. The customer survey however showed that big banks did perform well when it came to ATM and branch access.

The survey was conducted by consumer group, Choice.

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Publication:Global Banking News (GBN)
Date:Oct 2, 2009
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