Sick of excuses? NAB says it's time to switch

25 February 2012

National Australia Bank today launched a concerted campaign to help unhappy bank customers switch to NAB.

The campaign, which includes the announcement of a dedicated switching team, comes just two weeks after NAB made the commitment to its customers that it would have the lowest standard variable rate of the major banks throughout 2012.

NAB today announced that it would:

  • Launch 13 SWITCH: a new, dedicated bank switch helpline as part of a ramp-up of its Melbourne and Sydney-based customer call centres;
  • Offer $100 for customers switching everyday banking to NAB – including a $50 rebate for the transaction account fees charged by their current bank in the past year when a customer opens a NAB Classic Banking account and deposits $1500; and
  • Launch an advertising campaign highlighting the reasons it’s time to switch to NAB.

Lisa Gray, Group Executive Personal Banking, said NAB’s commitment was to be competitive.

“For over 32 months, NAB has had the lowest standard variable rate of any of the major banks, saving our customers up to $37 a month on the average $300k mortgage.

“We have led the sector, and abolished the most disliked fees. In September 2009, NAB removed overdrawn account fees. In January 2010, NAB removed account keeping fees, and in December 2010 we removed home loan early exit fees for all of our customers.

“We know that what is good for customers is good for our business. In 2011, we broke up with the major banks, and during the course of the year, 650,000 customers voted with their feet and joined NAB.

“I am pleased to announce today that NAB is launching a new switching team, designed to make switching banks easier. We know that the process can be difficult, but we think that customers should have the ability to walk down the road and get a better deal, which is why we want to make it simpler and easier to switch to NAB,” Ms Gray said.

Estimates show the most hated bank fees – basic transaction account keeping and overlimit fees, which were abolished by NAB – are still costing Australians at other banks more than $300 million per year:

  • ANZ: $57 million
  • Westpac: $96 million
  • CBA: $160 million

“NAB is committed to giving customers an alternative. We want to ensure that customers have the ability to get a better deal and switch to NAB,” said Ms Gray.

NAB bankers are now available on the 13 SWITCH helpline to help guide personal and small business customers through the switching process:

  • Open new transaction accounts and credit cards, as well as refinance home loans;
  • Help existing customers to avoid fees by consolidating accounts and switching to NAB – as some banks still charge monthly fees;
  • Help customers set up internet banking over the phone;
  • Provide customers with lists of most commonly used direct debit companies and up-to-date company-specific information on how to switch over direct debits;
  • Guide customers through the switching process;
  • Give them details about the switching tools available on nab.com.au/switch to help them do it in their own time; and
  • Prepare customers with the relevant documents needed prior to going in branch to complete the switch to NAB.

NAB is looking for experienced call centre workers in Sydney and Melbourne to join the team, see nab.com.au/careers.

For more reasons to switch, visit www.nab.com.au.

Media contacts

George Svigos
0459 841 579

Jessica Forrest
0457 536 958