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Local banks make Kiwis happier

NZ NewswireNZ Newswire 19/05/2016

Promotional material from Australia's so-called 'Big Four' banks, The Commonwealth Bank, National Australia Bank, ANZ and Westpac. © Ian Waldie/Bloomberg Promotional material from Australia's so-called 'Big Four' banks, The Commonwealth Bank, National Australia Bank, ANZ and Westpac. An overwhelming majority of New Zealanders believe they are being overcharged in bank fees, considering the profits the local financial institutions are returning.

Around four in five people believe they are paying too much in fees, especially when the big four Australian-owned banks made a combined profit of $4.59 billion in New Zealand last year.

The profit made by ANZ, ASB, BNZ and Westpac works out to be around $1000 per person.

If banks want to improve their customer satisfaction rating, the best way to do so is by offering lower fees and charges according to the survey conducted by Consumer NZ.

Overall, New Zealanders using locally-owned banks are happier than those at the big four counterparts, with 15 per cent more people very satisfied with their bank's performance.

TSB Bank customers were the happiest when it came to bank fees, with 83 per cent very satisfied that they were reasonable, followed by The Co-operative Bank at 65 per cent.

Meanwhile, just over half of those who used Australian banks were happy.

A total of 1020 New Zealanders aged over 18 were surveyed.

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