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Small Business customers like NAB and St George
28 January 2010 |
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| The monthly Business Banking Customer Satisfaction Monitor published by East & Partners shows that small businesses rate their banks, as of November 2009, at 4.44 on a scale that ranges up to 10. The indicator has declined consistently over 18 months.
East also point out, in a research note published yesterday, that two of the big four banks now score lower than three on this monitor. NAB, however, rates most highly of the four. NAB leads the major banks with a score of 6.53, a similar ranking to St George, and has done so for around 15 months.
Joseph Healy, group executive NAB Business Banking said yesterday that “I do accept that SMEs have become increasingly dissatisfied with banks” but suggested that the annoyance was not solely due to increased margins on business loans.
“I think this [penalty fees] is a large part [of the reason], though. In large part it is because of the way that banks conducted themselves over the last 12 to 18 month during a time when the economy was much more uncertain.
Business customers, and SMEs in particular, were very concerned about the profits of the bank and the pricing of risk, and the terms and conditions that we’re trying to negate. Banks have not acquitted themselves well … in what was a challenging 12 to 18 months.”
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| Source : Banking Day |
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| 29 January 2010 | - Rates have to rise says KRudd |
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| | - St George says we are big enough and small enough |
| | - Aussie waiving personal loan application fee |
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| 28 January 2010 | - Inflation pushing interest rates up |
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| | - NAB slashes fees on small biz |
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| 27 January 2010 | - Four rate rises on the way |
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| | - Smaller lenders returning to mortgages |
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| | - Resi offering 5.7% home loans |
| | - ME Bank wants to help WA fire victims |
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| 25 January 2010 | - RBA to add $600 to mortgage repayments |
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| | - Melbourne house prices rising $766/day |
| | - Mortgage relief for Queenslanders |
| | - New bank rules to add to rates |
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| 22 January 2010 | - Westpac shuns first home buyers |
| | - Other majors reject Westpac ‘s LVR tightening |
| | - We still love our credit cards |
| | - Cardholders choosing credit over savings |
| | - Chinese growth leads to higher mortgage rates |
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| 21 January 2010 | - Three more rate rises coming soon |
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| | - ANZ lures business with bonus rate |
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| 20 January 2010 | - Westpac cuts LVRs for new customers |
| | - Housing shortage leads to higher prices |
| | - One stop shop for WA homebuyers |
| | - Westpac doesn’t want new home loans |
| | - RAMS turns off broker loans |
| | - Credit union driving 8 per cent car loans |
| | - 2016 Eftpos bug is dead and buried |
| | - Debtors are paying up |
| | - Bankwest zero fee account sizzling hot |
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| 19 January 2010 | - Two more rate rises coming soon |
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| | - Minnows take business from the major banks |
| | - Plenty of cars – any buyers? |
| | - Couples keeping separate accounts |
| | - Investors still have lots of cash |
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| 18 January 2010 | - Average Sydney home to top $1mil by 2019 |
| | - Demand returning to property’s top end |
| | - Stolen mail leads to boom in loan fraud |
| | - Banks hit and run on savings |
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| | - Bank and investor taxes to be slashed |
| | - Profitable banks under pressure to limit rate rise |
| | - Homeloans plants a tree for every borrower |
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| 15 January 2010 | - Big rate rises tipped for 2010 |
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| 14 January 2010 | - Westpac raises fixed mortgage rates |
| | - NAB on wheels poaching Westpac customers |
| | - 7,500 frequent flyer points for joining NAB |
| | - Personal loans staging a comeback |
| | - More expected to default in 2010 |
| | - Increasing wealth means higher rates |
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| 13 January 2010 | - Rate rises hurting housing market |
| | - More Aussies falling behind on mortgage |
| | - Rent to rise in 2010 |
| | - Sydney rents to hit $500 |
| | - Banks complain of high funding costs |
| | - Aussies lose $3K per year |
| | - NAB offering 0% on balance transfers |
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| 12 January 2010 | - ING cuts fixed rate mortgage rates |
| | - Credit card debt sneaking up |
| | - Credit cards – pay more than the minimum |
| | - Transfer xmas debt to a low rate card |
| | - ANZ giving prizes to women who save |
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| 11 January 2010 | - Mutuals are ‘safer than banks’ |
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| | - Builders struggling to get finance |
| | - Positive credit reports coming soon |
| | - ANZ is watching small biz customers |
| | - Retiring early is a thing of the past |
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| 08 January 2010 | - Rates to go up as shoppers splurge |
| | - Commonwealth dominating mortgage market |
| | - CBA, Westpac still own the mortgage market |
| | - MacBank returning to mortgages |
| | - Small Business turns on their banks |
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| 07 January 2010 | - Rates to rise more than 1% in 2010 |
| | - 50/50 chance of rates going up again |
| | - 2016 Eftpos problems fixed |
| | - Deposit guarantee limit to be lowered |
| | - Commonwealth makes some big promises |
| | - Small biz urged to seek higher rates |
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| 06 January 2010 | - New home sales fall away |
| | - Time right for first time property investors |
| | - Queensland property looks a good investment |
| | - WA leading in new home sales |
| | - Westpac borrowers leaving in protest |
| | - 2016 Eftpos bug affects thousands |
| | - ANZ paying bonus rates on savings |
| | - New year resolutions add to wealth |
| | - Take stock of xmas debts |
| | - Bendigo give $1m to fire victims |
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| 04 January 2010 | - Signs point to a better financial year |
| | - Mortgage fatigue can prove costly |
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