I am getting to the end of my tether with Westpac.
We have been in Oz eight years now and originally had everything with them. Mortgage, all insurances, credit card etc.
I have just cancelled my third out of four insurance policies we used to have with them. It went up 200% in three years despite having no claims? I can save $300 a month plus $400 annual fee by changing my mortgage provider. $4000 a year.
What really annoys me also is my elderly parents insist on transferring me $50 for my birthday every year. Westpac then deduct $15 as a processing fee. How greedy can they get?

My question, are all banks the same? Or is this the norm?

Always shop around for financial products

The title of this thread is different from the contents of your post

No, they are not in terminal decline

No .

Aussie banks prey on the loyalty of Aussie bogans. If you turned into a British bogan, your problem to sort.

Research is the key to finding the best financial institution for your needs. I find this a really helpful site, as it compares more financial products than other comparison sites I've used - everything from savings accounts, to insurance, fees and foreign exchange rates Home Loans, Credit Cards & Insurance Comparisons | Mozo

There are other sites, such as info choice and compare the market.

You don't need to buy your insurance policies from a bank - shop around, there are umpteen insurance companies.

Would you say that making $3.62 billion profit in 6 months is being in terminal decline?

If so, you have a weird definition of decline.

So... Let me get this straight. You didn't bother to shop around for the best deals on home loans and credit cards but it's the bank's fault?

It pays to shop around - I am a finance broker here and i see many people people ripped off by the big banks because they do not tell their customers how to save on their mortgages. They rely on loyalty and a lack of financial literacy. In some cases i see clients paying 5 K plus per year more on their mortgages for no reason and this adds up over time. Yes Credit Cards are the same simply changing to a low rate card can save you around 10% for a starter.

The big Banks are not in decline but their service to their clients can always be improved!

Our sponsored forum has articles on financial issues which may help you.

Cheers

Probably not a lot you can do about the processing fee on you parents money as I imagine its a foreign currency fee.

With the mortgage have you asked Westpac to do you a better deal? I asked my bank as there were better deals on the market and within a few days they were able to come back with an extra 0.25% off which again made them most competitive. A few years ago I did that with commbank too and got quite a bit off.

Yes always ask the bank for a better deal or an alternative loan or use a good finance broker as they have access to alternative lenders who normally beat the banks on their current offers. Smaller lenders will normally be .25 to .5 % lower than the banks. However at the moment everyone is trying to lock in their customers for the next 3 - 5 years so there are some good offers on at the moment.

Other ways to cut down on what you pay over the life of a loan is to pay on a weekly or fortnightly basis and the use of an offset account. i hope that helps John

All banks are twats , you just have to sort out what financial products you want and then get the best deal for each product you need .

If you want best value you need to manage and monitor your accounts closely online not leave it up to the bank and quarterly / bi yearly statements.

---And if you believe bundling accounts will be of benefit you will be relieved to also know that pigs ARE now flying ---on Thursdays.

n