The Meeting Place

Which bank has the worst reputation?

The image and trust of major banks and some financial services organisations has plummeted, according to an annual survey.

Results from the 2019 Corporate Reputation Index show AMP and the four major banks are all in the bottom 10 in this year’s Index.

AMP fell 18 places from last year to rank 60th - the lowest place on the reputational list, with NAB falling 15 places from last year to rank 58th overall, CBA’s spot remained unchanged at 57th, Westpac fell nine places to rank 55th, and ANZ fell 16 places from 2018 to rank 51st in this year’s list.

The study - which surveys more than 10,000 Australians and has been conducted each year since 2008 by the global Reputation Institute - also shows that Air New Zealand has claimed the title of Australia’s most reputable company in the annual survey for the third year running.

Which bank do you think has the worst reputation in Australia?

8 comments

i wouldnt deal with a bank,   have had an account with a CREDIT UNION  for years,   couldnt ask for better service, or help with anything,  

Inclined to agree with you although I am forced to do some of my banking with one of the majors.  

Yes, I have been with a local Credit Union for around 15 years now and couldn’t be happier with the service I have received.  The fact that any contact I need to make (which is very rare) means I am dealing with someone only a few kilometres distant adding to my confidence with them, too.

How is Air New Zealand named Australia’s most-trusted brand when it is NOT even Aussie ???

Quite right, Abby - just shows you what a rubbish survey this is and not worth the paper it is written on.

No more and no less than another article joining the populist, feel good pile on to bash the banks.

Where oh where is some common sense reportage giving the banks credit for the 98% or more of good service that they provide to millions of customers and businesses.

From what I've read, the survey shows which companies (from anywhere) Australians trust most, rather than which Australian companies we trust most.

The 2019 Corporate Reputation Index conducted each year since 2008 by the global Reputation Institute, showed half of Australia’s top 60 corporations had strong or top tier reputations, an improvement on 2018.

Australia’s most-trusted companies 2019 (movement on 2018 in brackets)

1. Air New Zealand (0)
2. Qantas (+1)
3. JB Hi-Fi (+3)
4. Toyota (-2)
5. Mazda Australia (0)
6. Aldi Australia (+3)
7. Samsung (+3)
8. Woolworths (+14)
9. Hyundai Australia (+2)
10. Nestle Australia (+3)

The survey asked Australians to rate the companies based on how they felt about each company based on products and services, innovation, workplace, citizenship, governance, leadership and performance. AMP fell 18 spots to No. 60, displacing News Corp Australia at the bottom of the rankings. The media company ranked 59th, ahead of NAB at No. 58. Commonwealth, Telstra and Westpac took the 57th, 56th and 55th spots on the list.

Source.

Maybe banks should stop ripping people off and investing their money in more ethical and environmentally friendly business.

I am fed up with my bank (ANZ) because they closed my local branch last year.  Then they closed the next nearest branch soon after that.  They made an arrangement with the local post office to do simple banking there, but as of January this year that option is no longer in existence.  So now, if I need to attend in person at a bank, I have to travel for an hour there and back to the closest branch.  Hardly what I would call customer "service", and what happens if I can no longer drive??  Would have to get two buses there, two buses back, and drag my wheelie walker.........recently I've had to cash in coins, and get some documents signed......can't do that online.  Nack to keeping money under the mattress perhaps!

It is called cost cutting or put it simply more profits for them. They want everyone to go cashless in the future and do all banking via digital. Looks like you need to swap banks patti, just find one the closest.

wanted to change from one credit card to another with Bankwest.  had to ring up and make an appointment as you cannot ring your local branch directly. Four days later we arrived for our  9 a.m. appnt...you would think I was wanting to buy the Sydney Harbor Bridge.  The questions came thick and fast why I wanted another card, why I wanted to up the limit and then was asked to provide evidence of our fortnightly super pension.  The fact that it was paid in every fortnight for the last 27 years to this particular branch meant nothing.  Had to go home ring the super people, get them to email me a letter stating the amount we both get every fortnight with the day's date on the top.  Then I had to email to the woman at the bank.  she is yet to get back to me to make yet another appointment!!!!!!!!!  We both have excellent credit ratings I might add and we have a sizeable amount on term deposit.

Why we were not informed that we needed this paperwork when we rang up to make the initial appnt I do not know and I expressed the same to the woman who interviewed us.  She knew we were ticked off!!

 

Now have to wait for her to ring and make another appointment.  What a plain in the proverbial!!

Customer service..must be joking!!

Did exactly that change at my local ANZ branch but without wanting to up the credit limit. Just wanted a cheaper fee card without bonus points. Went smoothly and within a few days I had the new card and my yearly fee is now $40 instead of $110. Maybe I was lucky, eh?

credit union,   NO CHARGES,    

 

probably easier when you dont want to change from one type of card to another.  we were going from a fee paying card with points to one with no fee, no points, free travel insurance (dont think we will be using that)and no overseas transactions fees. (plus upping the limit to double what we had).  The questions you are asked is unbelievable and it would have helped if they had told us before the appontment as we could have brought more info with us.  we had to rely on our not perfect memories for a lot of the info they needed.

we were there for an hour, the darn computer would not accept the information right at the end and the girl had to ring through to their computer section get someone to remotely work the computer to get it sorted.  we were extremely stressed at having to sit there going through all this rigmarole and were glad to leave.  the feedback form they will be sending will not be to their liking I can assure you.

For me by far the worst is the Bendigo Bank, formerly the Adelaide Bank, and some building society before that.

Their appalling service saw only 1 teller struggling to keep up with a growing line of disgruntled customers attempting to get their banking done during their lunch break.

The teller then decided to balance/check the 'float' in her till despite being told by a waiting customer they were on a lunch-break and fast running out of time, she arrogantly proceeded without getting another teller to fill-in or open another counter.

When I lodged a strongly worded complaint with the bank head office, I was invited to take my business elsewhere and I did.

My only complaint I had with the CBA I contacted the Banking Ombudsman, which really annoyed the bank, but got prompt results. 

I have had never a problem with Bendigo Bank, been with them for years, always very helpful and customer service has been exceptional. All banks have their problems. I like to support a bank that helps the community.

has anyone on here received a refund for fees charged for financial advice and never given??  Been in contact with CBA with whom I had super at one stage and asked for a refund...that was 4 months ago and so far no reply!

Yes I got a refund from my bank for an over payment made 2 years ago. I wasnt even aware that I had overpaid. They sent me a letter of apology. 

Yes I got a refund from my bank for an over payment made 2 years ago. I wasnt even aware that I had overpaid. They sent me a letter of apology. 

8 comments