WEBVTT - Amanda Morrall: Is it worth changing banks? 0:00:05.761 --> 0:00:09.441 You're listening to the Weekend Collective podcast from News Talks. 0:00:09.441 --> 0:00:13.681 I'd be your give me all your time, what's the crime, 0:00:13.841 --> 0:00:16.441 Give me your money, give me all your. 0:00:16.441 --> 0:00:17.761 Time, what's the crime? 0:00:17.921 --> 0:00:20.881 Give me your money, give me audien time. 0:00:21.001 --> 0:00:21.841 What's the crime? 0:00:22.041 --> 0:00:23.481 Give me your money? 0:00:23.601 --> 0:00:30.121 Give them mon and and come on what you need. 0:00:29.801 --> 0:00:30.721 To make your. 0:00:35.401 --> 0:00:35.761 Thank you? 0:00:48.001 --> 0:00:50.321 Yes, welcome back. Well that was a song about money 0:00:50.361 --> 0:00:52.321 if you missed it, and that is because it is 0:00:52.321 --> 0:00:54.361 a subtle hint. By the way, my name is Tim Deversion. 0:00:54.361 --> 0:00:57.601 This is the Weekend Collective. But that is a subtle hint. 0:00:57.921 --> 0:01:00.521 This hour is about money because it's called Smart Money. 0:01:00.521 --> 0:01:03.121 We want you calls O one eighty text nine one 0:01:03.161 --> 0:01:05.801 two and don't forget if you miss any of the hours. 0:01:05.801 --> 0:01:07.601 We've had some pretty a couple of pretty full on 0:01:07.721 --> 0:01:10.161 hours on the show this afternoon. Whi's been great fun, 0:01:10.441 --> 0:01:13.961 lots of good feedback, feisty feedback to But anyway, if 0:01:13.961 --> 0:01:15.721 you've missed any of it, you can check out our 0:01:15.721 --> 0:01:19.321 podcast on iHeartRadio look for the Weekend Collective, but right 0:01:19.321 --> 0:01:23.001 now for Smart Money. My guest is well, she's no 0:01:23.121 --> 0:01:24.801 stranger to the show. She I don't know how long 0:01:24.841 --> 0:01:27.521 she's been coming in to grace us with her presence. 0:01:27.721 --> 0:01:30.681 She's a financial commentator or a money coach, you might say, 0:01:30.681 --> 0:01:31.961 and her name is Amanda Morrel. 0:01:32.041 --> 0:01:36.241 Hello, longtime nursing? Is it well? Oh? 0:01:36.281 --> 0:01:38.201 Well, I mean, I guess it's the quality of you 0:01:38.241 --> 0:01:40.321 as a guest. It never feels like long. You know, 0:01:40.601 --> 0:01:41.721 there you go. Where have you been? 0:01:42.121 --> 0:01:44.281 Where have I been? You know, hanging out? 0:01:44.841 --> 0:01:46.401 I espress that where haven't I been? 0:01:46.681 --> 0:01:49.681 No? No, I did have another family wedding in Canada 0:01:49.761 --> 0:01:52.881 to get to this year, so it's been a Canada 0:01:52.961 --> 0:01:53.761 heavy year for me. 0:01:54.001 --> 0:01:57.521 What was it like going out of the country to 0:01:57.601 --> 0:02:00.281 another one, seeing the vibe in Canada and then coming 0:02:00.361 --> 0:02:01.121 back to New Zealand. 0:02:02.201 --> 0:02:06.561 I almost feel it's quite quiet back in New Zealand 0:02:06.601 --> 0:02:11.361 from a bigger place. And my hometown, Calgary is about 0:02:11.361 --> 0:02:15.641 the same size as Auckland, so it feels a bit bigger. 0:02:16.121 --> 0:02:18.081 There's a lot going on there these times, does. 0:02:17.921 --> 0:02:19.401 It feel of it? I mean, I do think that 0:02:19.481 --> 0:02:21.161 we're not going to beat up on New Zealand, but 0:02:21.241 --> 0:02:23.601 I do have a feeling that we've just been doing 0:02:23.601 --> 0:02:27.121 it a bit tough. We're not quite as we still. 0:02:26.881 --> 0:02:28.881 Haven't got a more jo back. I thought maybe it's 0:02:28.961 --> 0:02:31.081 changed a little bit since the America's Cup wind that 0:02:31.121 --> 0:02:34.121 always puts a little wind in the sound. People spirits 0:02:34.121 --> 0:02:37.081 and we're killing it on the sports front, so there's 0:02:37.161 --> 0:02:37.841 some joy there. 0:02:38.001 --> 0:02:43.761 Funny thing is the Auckland AFC is playing this aftenoon. 0:02:43.801 --> 0:02:46.681 I think actually if we beat Sydney that might that 0:02:46.801 --> 0:02:47.961 might see us do quite well. 0:02:48.361 --> 0:02:50.761 I think we'd be doing it really tough with out sport. 0:02:50.881 --> 0:02:53.081 Put it that way, like sports really holding up this 0:02:53.201 --> 0:02:54.641 country in many ways right now. 0:02:54.721 --> 0:02:58.321 Blind me, that's quite a hot take because it's sport. 0:02:58.641 --> 0:02:59.161 I guess so. 0:02:59.201 --> 0:03:01.321 Because it's so positive, it gives in a way. 0:03:01.401 --> 0:03:03.521 But I don't know if we celebrate our victories as 0:03:03.601 --> 0:03:05.721 much as we used to, Like we're not engaged with 0:03:05.721 --> 0:03:08.961 the all blacks. America's Cap doesn't whoop whoop us as much. 0:03:09.001 --> 0:03:11.161 You know, there's no red sock campaign. It's become more 0:03:11.441 --> 0:03:13.761 in one of the take it to Barcelona. 0:03:13.161 --> 0:03:15.801 And yeah, I was trying to be positive. 0:03:15.921 --> 0:03:18.201 We're sorry I rained on your parade then, Gosso, how 0:03:18.281 --> 0:03:18.881 negative are. 0:03:21.001 --> 0:03:22.241 Canada sends its greetings? 0:03:22.401 --> 0:03:24.681 You'll be like you'll walk out of the studio like, 0:03:24.681 --> 0:03:28.121 oh beverage, God, he was hard work. Wasn't he Hey, 0:03:28.841 --> 0:03:33.281 now we want to talk about banks now. The reason is, well, 0:03:33.801 --> 0:03:38.921 the inspiration for it was because it's not about this topic, 0:03:38.961 --> 0:03:40.641 but because the banks have been in the news because 0:03:40.641 --> 0:03:43.121 Antonio Watson, the CEO of A and ZED was and 0:03:43.161 --> 0:03:46.521 talking about the banks profits that they make. And I 0:03:46.521 --> 0:03:49.961 mean I like Antonio Watson because she fronts. She fronts 0:03:49.961 --> 0:03:51.881 all the time, and she gives answers to questions. She's 0:03:52.201 --> 0:03:54.201 had a comment about CGT's We're not going to get 0:03:54.241 --> 0:03:58.081 into that, but it is a massive banka in ZED 0:03:58.521 --> 0:04:02.241 And As I was watching it, regardless of agreeing or 0:04:02.321 --> 0:04:04.921 liking what you hear or not, I was thinking to myself, 0:04:05.361 --> 0:04:07.241 if we're not happy with the banks we've gotten, you 0:04:07.281 --> 0:04:10.441 wanted to change Cynically, I'm thinking, Oh, they're probably will 0:04:10.481 --> 0:04:13.881 the same anyway, aren't they? Is it even worth changing banks? Amanda? 0:04:14.681 --> 0:04:17.961 You know, I haven't changed banks since I've been here, 0:04:18.121 --> 0:04:22.001 and I've been here now I think eighteen nineteen years. 0:04:23.161 --> 0:04:25.441 So I guess that says good things about my bank 0:04:25.561 --> 0:04:27.641 or the fact that I'm Malaysia have changed KB siber 0:04:27.681 --> 0:04:28.641 providers three times. 0:04:29.081 --> 0:04:30.681 That one, oh that is a big one. 0:04:30.841 --> 0:04:34.121 Yeah, So no, I you know, I it's easy to 0:04:34.161 --> 0:04:36.481 beat up on the banks, and I certainly hear a 0:04:36.561 --> 0:04:40.161 lot of that talk where I live and work. But 0:04:40.841 --> 0:04:43.801 for the most part, my relationship with America is very transactional, 0:04:43.881 --> 0:04:46.281 and until they really screwed things up, it kind of 0:04:46.281 --> 0:04:49.601 coasts along and you know, it's all good. I did 0:04:49.641 --> 0:04:52.641 notice on you say with the Canada situation, I do 0:04:52.681 --> 0:04:55.881 you still have some accounts back there? And they got 0:04:55.961 --> 0:04:58.281 up my nose a few times because they actually charged 0:04:58.601 --> 0:05:03.361 very high fees, transactional fees, and I think that there's 0:05:03.401 --> 0:05:05.601 a lot more to get your back up there with 0:05:05.721 --> 0:05:09.721 banks locally, you know, setting side bank profit issue, which 0:05:09.761 --> 0:05:12.641 is the one that's got everybody outraged recently. 0:05:12.321 --> 0:05:14.681 Well that was it, because we can all get outraged 0:05:14.681 --> 0:05:18.681 at the bank's profits. But then I think the reason 0:05:18.761 --> 0:05:20.761 I've one of the reasons I thought of this is 0:05:20.801 --> 0:05:22.441 something we should discuss about whether you would want to 0:05:22.521 --> 0:05:24.481 change your banks, is because people go, I mean, we 0:05:24.561 --> 0:05:26.121 hear it a lot of the time, oh, I'm unhappy 0:05:26.121 --> 0:05:28.401 with such and such, I'm going to change banks. And 0:05:28.561 --> 0:05:30.201 I never really get to follow up with people who 0:05:30.241 --> 0:05:32.401 talk about that and say, did you really? But it's 0:05:33.481 --> 0:05:36.801 and I have a suspicion that people like to complain. 0:05:37.161 --> 0:05:39.081 They're going to say they change banks, but you know what, 0:05:39.441 --> 0:05:40.721 do you end up really changing? 0:05:40.881 --> 0:05:43.081 I don't think many people do. I'd like I actually 0:05:43.481 --> 0:05:45.321 I should have pulled some numbers for you, but I 0:05:45.681 --> 0:05:48.201 had my moment. I think this was a decade ago 0:05:48.281 --> 0:05:53.001 and it was a CEO salary issue. And at the 0:05:53.001 --> 0:05:55.921 time I think the west Pac was George Freesis I 0:05:55.961 --> 0:05:58.601 think is his name anyhow, Australian bloke who was I 0:05:58.641 --> 0:06:00.841 think making six million year. That kind of gone out 0:06:00.841 --> 0:06:03.201 into my nose when you know, and this is before 0:06:03.601 --> 0:06:06.641 a living pressure that to me at the time, this 0:06:06.761 --> 0:06:09.641 was a long time ago, was seemed completely excessive and 0:06:10.561 --> 0:06:13.561 was sort of the impetus for me to want to change. 0:06:14.001 --> 0:06:16.761 And I think I've threatened to but didn't quite take 0:06:16.801 --> 0:06:17.041 the move. 0:06:17.121 --> 0:06:20.001 But I did do I didn't quite take the means 0:06:20.081 --> 0:06:20.601 I didn't do it. 0:06:20.921 --> 0:06:23.161 I didn't do it. I confess I didn't, but I 0:06:23.201 --> 0:06:23.641 did do it. 0:06:23.841 --> 0:06:24.961 Thought about it at the time. 0:06:25.001 --> 0:06:27.081 I wrote lots about it, and I was working for 0:06:27.161 --> 0:06:29.921 Interest dot Co and I wrote about you know, how 0:06:30.001 --> 0:06:31.801 if you wanted to break up with your bank, how 0:06:32.241 --> 0:06:33.881 is it easier that hard? How do you do it, 0:06:33.881 --> 0:06:36.481 and even back then, and this is over a decade ago, 0:06:37.041 --> 0:06:40.001 it is possible. It is actually not as difficult as 0:06:40.041 --> 0:06:42.201 people think. It's just a bit of a downtime. It 0:06:42.201 --> 0:06:45.561 takes five days, and you can even bring your bank 0:06:45.681 --> 0:06:47.601 number with you, so it's not all that hard. And 0:06:47.641 --> 0:06:50.361 the bank that you're switching to hold your hand along 0:06:50.401 --> 0:06:53.081 that way and sorts it all out for you. So 0:06:53.121 --> 0:06:55.521 you just have to be careful about things like you know, 0:06:55.561 --> 0:06:59.001 auto payments and stuff like that, that you're not conducting 0:06:59.081 --> 0:07:02.401 this move over the shift during you know, times where 0:07:02.441 --> 0:07:04.401 you have payments kind of moving in and out. But 0:07:05.081 --> 0:07:06.881 you know, if you can coordinate that and the bank's 0:07:06.881 --> 0:07:09.321 supposed to help you through that, you can take your number, 0:07:10.081 --> 0:07:11.481 you know, portability with you. 0:07:11.841 --> 0:07:14.721 It is so for instance, if my I can't get 0:07:14.721 --> 0:07:16.721 my own bank number, but let's I know that A 0:07:16.801 --> 0:07:20.721 and Z's number is six and probably the Auckland Corporate 0:07:20.801 --> 0:07:23.721 is O triple one. But if I go to Westpac, 0:07:23.761 --> 0:07:25.161 I can't keep the sex can. 0:07:25.081 --> 0:07:27.761 I I'm going to guess that that two digit number 0:07:27.921 --> 0:07:31.241 gets strapped, but it's the other five or six digit number. 0:07:31.441 --> 0:07:33.841 Okay, I think that actually good question? 0:07:33.881 --> 0:07:36.961 Six seven, good question I'm not one hundred percent on 0:07:37.001 --> 0:07:39.641 that one, but any number of portability in theory is 0:07:39.681 --> 0:07:42.041 supposed to be possible. It's supposed to be quite easy, 0:07:42.961 --> 0:07:44.801 and there's very clear instructions how to do it, and 0:07:44.801 --> 0:07:48.681 his own banking association has directions. Your bank, the bank 0:07:48.721 --> 0:07:50.881 that you choose to move to, will help you through 0:07:50.881 --> 0:07:53.601 this process. So that is a recourse for people who 0:07:53.641 --> 0:07:54.921 are pass off. 0:07:55.081 --> 0:07:58.001 But when I cynically said that you didn't change banks, 0:07:58.121 --> 0:08:00.441 and because you said, I almost went you know, I 0:08:00.441 --> 0:08:02.201 can't remeb the expression you use. But of course there 0:08:02.281 --> 0:08:04.041 is a version for you which makes that true is 0:08:04.041 --> 0:08:06.041 that you write about it. You have given the banks 0:08:06.801 --> 0:08:07.281 because you have. 0:08:07.281 --> 0:08:11.321 A voice, Yes, some cathartic you know, Well, that's outlet 0:08:11.361 --> 0:08:12.161 for me at the time. 0:08:12.281 --> 0:08:13.921 I imagine it would be a cathartic, wouldn't I mean, 0:08:13.961 --> 0:08:17.041 I get to go on air yes to something I don't. 0:08:17.201 --> 0:08:18.961 That does help. And they say, you know, you know, 0:08:19.001 --> 0:08:21.641 when you really, you know, got it up with somebody, 0:08:21.801 --> 0:08:24.881 you know, rate that nasty email, but do not send it. 0:08:24.961 --> 0:08:27.041 And you know that can often have the same fact 0:08:27.041 --> 0:08:28.201 with percussions. 0:08:28.441 --> 0:08:30.921 Recently, given that advice to some people, I know it's 0:08:30.921 --> 0:08:33.721 like just write down what you think, then just put 0:08:33.761 --> 0:08:35.481 it somewhere safe and then read it a day or 0:08:35.481 --> 0:08:38.081 two later and see if you feel better, and do 0:08:38.201 --> 0:08:38.721 not send it. 0:08:39.161 --> 0:08:41.121 So some people said for that, But again, going back 0:08:41.121 --> 0:08:43.841 to the banks, I think, you know, I'm sure there 0:08:43.841 --> 0:08:45.881 are many good reasons for people to want to switch 0:08:45.921 --> 0:08:47.681 at times, to just make sure that the devil that 0:08:47.681 --> 0:08:51.001 you're running to is you know, a little bit better 0:08:51.201 --> 0:08:52.601 friendlier devil than when you're. 0:08:52.921 --> 0:08:55.721 Well, that's it's a multifaceted question, isn't it. Because even 0:08:55.761 --> 0:08:57.561 you've raised a couple of things which I haven't even 0:08:57.961 --> 0:09:00.921 even even considered, because I when I think of changing banks, 0:09:00.961 --> 0:09:02.721 I just think of like getting some new accounts. But 0:09:02.761 --> 0:09:05.801 then you first you mentioned about who I've got automatic 0:09:05.841 --> 0:09:09.321 payments worth, and oh goodness, may I couldn't begin to 0:09:10.721 --> 0:09:13.441 I guess I would go into my bank account and 0:09:13.481 --> 0:09:15.441 they would be there, but as to who the automatic 0:09:15.521 --> 0:09:17.721 payment authorities are and all that sort of stuff. 0:09:17.441 --> 0:09:19.881 And I know, it's just the idea of it. And 0:09:20.041 --> 0:09:22.881 you know, I think the same sort of Dante kind 0:09:22.961 --> 0:09:26.361 of thought loombs over people's heads when they think about changing, 0:09:26.481 --> 0:09:29.401 for example, Kiwi sivers, but you know, changing key weceivers 0:09:29.521 --> 0:09:32.441 is like super easy. It couldn't be easier these days, 0:09:32.481 --> 0:09:35.001 and changing your back your bank account would take a 0:09:35.041 --> 0:09:38.121 lot a little bit longer, but it is possible. Again, 0:09:38.321 --> 0:09:40.081 just make sure that the one that you're running to 0:09:40.161 --> 0:09:42.681 has got something better to offer, Otherwise you might also 0:09:42.721 --> 0:09:44.921 be disappointed. And it's not an exercise you want to 0:09:44.921 --> 0:09:46.161 be doing, you know, every month. 0:09:46.281 --> 0:09:48.481 No, because there's changing your bank in terms of your 0:09:48.561 --> 0:09:52.481 everyday banking. Then there's deciding that you would like to 0:09:52.561 --> 0:09:55.241 change credit cards because I don't know somebody's offering a 0:09:55.281 --> 0:09:55.801 different rate. 0:09:56.161 --> 0:09:57.961 And that's a good reason too because the rates can 0:09:58.041 --> 0:09:59.241 be quite variable. 0:09:59.561 --> 0:10:01.641 So credit card, these are the things we can change. 0:10:01.641 --> 0:10:04.121 We could just change our general banking, we change your 0:10:04.161 --> 0:10:06.881 credit card. And the other one is is because a 0:10:06.921 --> 0:10:09.001 lot of people, mortgage is the big one. 0:10:09.161 --> 0:10:11.681 Yeah, that is a big one. And that's that I 0:10:11.681 --> 0:10:14.121 think the big mover for most people is they're moving 0:10:14.161 --> 0:10:16.361 for a better rate because the numbers stack up in 0:10:16.361 --> 0:10:18.161 their favor. They just have to be careful when they 0:10:18.161 --> 0:10:21.561 do do move over that they're moving over when you 0:10:21.601 --> 0:10:24.841 know their their current terms and conditions have you know, expired, 0:10:25.361 --> 0:10:27.521 or they've done the math or the banks provided them 0:10:27.521 --> 0:10:29.801 with the hard mouth on the break fees because the 0:10:29.801 --> 0:10:33.481 break fees can penalize you massively, and then moving for 0:10:33.521 --> 0:10:35.561 a lower rate might not makes sense to you. 0:10:35.641 --> 0:10:38.721 But are at banks or much of a match you 0:10:38.801 --> 0:10:41.401 do you notice much in terms of the difference between 0:10:42.081 --> 0:10:45.601 services and value and costs and blah blah blah. 0:10:45.641 --> 0:10:49.481 I've got a few, you know Kibi you know patriotsh 0:10:49.721 --> 0:10:52.281 Or with Kibi Bank, and you know, I kind of 0:10:52.561 --> 0:10:55.681 ask occasionally it was is it much better? You're getting 0:10:55.681 --> 0:10:58.321 better service? I mean, I think it's more of an 0:10:58.361 --> 0:11:01.841 ideology that they're with Kiwi Bank and I'm not disparaging 0:11:01.921 --> 0:11:04.601 KB bank service or you know, smile in their face 0:11:04.601 --> 0:11:07.681 when you show up. But I haven't heard you know, 0:11:07.721 --> 0:11:10.881 It's funny. It's like, yeah, when do you hear somebody 0:11:10.881 --> 0:11:13.441 reeving about their bank and their bank experience. I'm trying 0:11:13.441 --> 0:11:15.361 to think of one an account, think of what. 0:11:15.481 --> 0:11:17.881 Well, actually I'll be I'm going to be honest, I 0:11:17.961 --> 0:11:18.921 quite like my bank. 0:11:19.681 --> 0:11:21.401 Are you prepared to share or is it? 0:11:21.641 --> 0:11:24.721 I am with No? No, I'm with an Z because 0:11:24.841 --> 0:11:27.881 but this shows how intransigent I am. I was with 0:11:27.961 --> 0:11:30.881 the National Bank and I joined the National Bank because 0:11:31.841 --> 0:11:34.921 when I went to university. I think my parents probably 0:11:34.921 --> 0:11:37.041 with the National Bank, so they were the I looked 0:11:37.041 --> 0:11:40.401 at all the other banks with great suspicion, but you 0:11:40.441 --> 0:11:42.601 know there was it was the national bank. And so 0:11:42.921 --> 0:11:45.361 I became an an Z customer because the national Bank 0:11:45.441 --> 0:11:51.921 was subsumed or became And I'll be honest, I mean, yeah, 0:11:51.961 --> 0:11:55.921 I haven't had any problems with although I don't have 0:11:55.961 --> 0:11:58.521 a credit card with an Z because I fell for 0:11:58.641 --> 0:12:02.001 the promotion that Westpac was doing about their credit card 0:12:02.081 --> 0:12:04.321 and airpoints and stuff, and I didn't even realize that 0:12:04.361 --> 0:12:06.761 a Z had. So I've got a west Peck credit card, 0:12:07.161 --> 0:12:07.881 which is weird. 0:12:08.161 --> 0:12:10.321 Well, you can always change that when that's not that 0:12:10.401 --> 0:12:13.041 hard to do, and they're probably rewardy for doing it. Really, 0:12:13.121 --> 0:12:15.281 so yeah, I would look into those ones and give 0:12:15.321 --> 0:12:18.921 me a yeah. I know, well, you sound like you're 0:12:18.961 --> 0:12:22.001 good friends there. But I think I listened. For anybody 0:12:22.001 --> 0:12:25.241 who wants to do some like hardcore comparisons on things 0:12:25.281 --> 0:12:28.681 like banking, transaction fees, over draft penalties, et cetera. There's 0:12:28.721 --> 0:12:31.441 some great resources out there, including sort of dot org, 0:12:31.441 --> 0:12:34.561 dot inzad and money hub, dot co, dot insead. Also, 0:12:34.641 --> 0:12:37.521 we'll give you some very good charts and tables where 0:12:37.521 --> 0:12:40.321 you can really break it down. But that even their 0:12:40.361 --> 0:12:42.561 conclusion there is that there's not much of a difference 0:12:42.601 --> 0:12:45.521 on the fee front, that they're much of the muchness same. 0:12:46.201 --> 0:12:49.441 But again, it's the big ticket items like credit cards 0:12:49.481 --> 0:12:51.441 and mortgages where you're really going to see a difference. 0:12:51.561 --> 0:12:55.281 We want to hear from you. Have you changed either 0:12:55.321 --> 0:12:58.801 your bank or your mortgage because the mortgage is the 0:12:58.801 --> 0:13:01.321 one where people will move. But I have a suspicion 0:13:01.361 --> 0:13:03.041 that usually when you say you want to move, the 0:13:03.241 --> 0:13:05.801 existing mortgage holder goes on that rate. Oh we can 0:13:05.841 --> 0:13:08.921 offer you that, I'm guessing, But have you ever changed 0:13:09.401 --> 0:13:13.441 bank account mortgage? I mean you're generally every day banking 0:13:13.481 --> 0:13:16.161 your mortgage or your credit card. How hard was it 0:13:16.601 --> 0:13:19.961 and why did you do it? Because I think maybe 0:13:20.121 --> 0:13:24.481 the biggest motivirus you just limit annoyed and you want 0:13:24.521 --> 0:13:27.681 to have that felt somewhere by the bank that probably 0:13:27.681 --> 0:13:28.641 will never notice. 0:13:30.041 --> 0:13:32.721 I don't think they'll notice it, really they won't. 0:13:32.761 --> 0:13:35.721 I mean that if Graham Heart changed banks, they might 0:13:36.921 --> 0:13:39.241 they might notice that way. 0:13:39.121 --> 0:13:42.161 That's true. Possibly, I think there could be some serious 0:13:42.361 --> 0:13:45.161 buck kissing going on there when somebody of that status 0:13:45.241 --> 0:13:48.401 is threatening to move in business accounts. But but again, 0:13:48.601 --> 0:13:50.801 you know what your right to point out. When people 0:13:50.881 --> 0:13:54.521 threaten to break up with their bank over a mortgage, 0:13:55.001 --> 0:13:57.801 it's not a bad move to you know, because it 0:13:57.841 --> 0:14:00.841 gets them moving. So you know, unfortunately you have to 0:14:00.881 --> 0:14:03.881 negotiate and arbitrage with the banks to get a better deal. 0:14:03.961 --> 0:14:06.121 So you know, if you don't want to necessarily go 0:14:06.281 --> 0:14:09.281 that route, just threatened to do so, and you might 0:14:09.361 --> 0:14:11.321 get a just as good a deal on you know, 0:14:11.641 --> 0:14:12.321 half the hassle. 0:14:12.401 --> 0:14:15.081 Okay, want to hear about you from you with your experience. 0:14:15.121 --> 0:14:18.321 Why if you have changed bank accounts, mortgage or credit cards? 0:14:18.401 --> 0:14:19.921 How did you go about it? How hard was it 0:14:20.241 --> 0:14:22.041 and what was the motivation? Was it because you thought 0:14:22.081 --> 0:14:23.881 you'd get better service somewhere else or did it? Was 0:14:23.881 --> 0:14:26.281 it because a bank had more branches or maybe a 0:14:26.281 --> 0:14:28.481 branch near you? Because I couldn't even tell you where 0:14:28.521 --> 0:14:31.081 the nearest days zed branches for me to see, everything's 0:14:31.121 --> 0:14:33.721 online these days, I do miss being able to wander 0:14:33.761 --> 0:14:37.001 in and have a chat. That's not that one there 0:14:37.001 --> 0:14:39.881 therefore anyway, well'll take your calls. Eight hundred and eighty 0:14:39.921 --> 0:14:43.361 t and eighty text nine two nine two. This is 0:14:43.401 --> 0:14:46.481 news talk said be smart money. My guest is money 0:14:46.481 --> 0:14:49.641 coach financial commentator Amanda Morrale. Get on the blow. We'd 0:14:49.641 --> 0:15:24.841 love to hear from you back in a tack and 0:15:24.921 --> 0:15:27.921 welcome back. It's a smart money. My guest is Amanda Morale, 0:15:28.561 --> 0:15:31.641 and we're talking about well, you can also tell us 0:15:31.641 --> 0:15:33.881 if you think banks are making too much money, if 0:15:33.961 --> 0:15:35.641 these any way to stop mem and is one of 0:15:35.681 --> 0:15:37.761 the ways of stopping him? Is just taking your trade 0:15:37.801 --> 0:15:40.681 somewhere else? Or are you just st all well, just 0:15:40.721 --> 0:15:43.321 switching between the same group of banks who are never 0:15:43.361 --> 0:15:44.921 going to change. What do you reckon eight hundred and 0:15:44.961 --> 0:15:48.081 eight ten eighty and if you've changed, why and how 0:15:48.121 --> 0:15:49.161 hard was it? 0:15:49.281 --> 0:15:55.521 Ralph Hello, yeah, Hei, Yeah. I was sort of one 0:15:55.521 --> 0:16:03.361 of the major Bussie banks and from my anecdotically or whatever, 0:16:05.521 --> 0:16:07.721 they were always like they had a mortgage with them, 0:16:07.721 --> 0:16:09.961 they were always like to point one hund percent dearer 0:16:10.001 --> 0:16:15.961 than everyone else. They were always first to raise interest rates, 0:16:16.001 --> 0:16:20.001 they were always last to drop interest rates. But it 0:16:20.121 --> 0:16:21.481 was like point one of the percent. 0:16:21.641 --> 0:16:22.241 So it was. 0:16:23.841 --> 0:16:29.401 A bit there was annoying, but kind of anyhow, So 0:16:29.641 --> 0:16:32.001 there was a couple of ladies who I knew and 0:16:32.041 --> 0:16:34.361 we were sort of about a group meeting thing and 0:16:34.601 --> 0:16:38.201 that they actually used to work to that bank. And 0:16:39.281 --> 0:16:42.681 they told me that if I had either savings of 0:16:42.881 --> 0:16:45.681 over one hundred grand or a mortgage of over one 0:16:45.721 --> 0:16:51.641 hundred grand, that bank would cut on your bank fees, 0:16:51.761 --> 0:16:54.681 but if you didn't ask for it, if you were 0:16:54.761 --> 0:16:57.361 done enough not to ask, they wouldn't give it to you. 0:16:57.561 --> 0:17:01.841 So I didn't know about this. So I went and 0:17:01.881 --> 0:17:05.161 saw a personal banker about something, and she was a 0:17:05.241 --> 0:17:07.601 very nice lady, and I got on looking very well. 0:17:09.001 --> 0:17:11.521 But when I bought the subject up about one hundred 0:17:11.561 --> 0:17:19.601 thousand dollars, she was so embarrassed she turned away and 0:17:19.681 --> 0:17:27.161 hood her face with the head yeah, And I thought, 0:17:27.241 --> 0:17:31.961 right right, that's it, you know. I mean, she was 0:17:32.001 --> 0:17:35.401 a very nice woman, and obviously she'd been instructed. They 0:17:35.441 --> 0:17:38.641 were instructed not to tell their customers that they were 0:17:39.281 --> 0:17:48.921 entitled to this. So I moved to gimibank, and anecdotically, 0:17:49.201 --> 0:17:52.801 they were always first to drop their interest rates, they 0:17:52.881 --> 0:17:58.601 always last to raise them. They're always pointed one of 0:17:58.641 --> 0:18:01.801 them percent lower than everybody else, and they don't charge 0:18:01.881 --> 0:18:04.201 bag fees. And I didn't have to ask for it. 0:18:04.281 --> 0:18:06.201 It was just given to me automatically. 0:18:07.841 --> 0:18:12.321 Well that's a ringing endorsement. Sorry, that's a ringing endorsement 0:18:12.361 --> 0:18:14.281 for a Kiwi bank. And that's the kind of you know, 0:18:14.761 --> 0:18:17.241 the kind of customer service that does keep people loyal 0:18:17.321 --> 0:18:19.321 and switching. By the way, so. 0:18:19.881 --> 0:18:22.521 Everyone complains about the big gussy banks. 0:18:22.201 --> 0:18:25.681 Well, how hard was it for you to change your bank? 0:18:26.721 --> 0:18:29.681 Easy? I had no automatic payments with you, and I just, 0:18:29.801 --> 0:18:33.881 you know, dinosaur. I just papered everything with checks and 0:18:33.921 --> 0:18:36.761 so forth. You know, I have paper checks in the mail. 0:18:38.241 --> 0:18:43.361 Nowadays I use electronic banking. I'm not comparter because I'm 0:18:43.401 --> 0:18:49.481 a slightly educated dinosaur, but so so so I'm you know, 0:18:49.681 --> 0:18:52.761 I love technology, but I'm sixty eight. But I went 0:18:52.801 --> 0:18:55.161 to spoil. It was an hansel on paper, so idea. 0:18:55.241 --> 0:18:59.961 But I mean, I'm slowly impregnant with the technology. But 0:19:01.641 --> 0:19:04.161 get don't complain about the big Gussi banks. Don't put 0:19:04.201 --> 0:19:04.961 your money in Kiwi. 0:19:07.121 --> 0:19:12.201 Good on your Ralph. Thanks for that, mate, Ok, sure, thanks. 0:19:12.641 --> 0:19:18.121 Funny thing is I guess everyone has different encounters with banks. 0:19:18.121 --> 0:19:20.201 Because the reason I don't bank with Kiwi Bank was 0:19:20.241 --> 0:19:22.321 because I was seeking a mortgage with them and they 0:19:22.361 --> 0:19:28.441 just never returned McCall, which all the it's whatever, there 0:19:28.481 --> 0:19:30.241 was something that came up. I thought, you're seriously not 0:19:30.281 --> 0:19:32.721 going to try any harder than that. But isn't it funny? 0:19:32.881 --> 0:19:35.481 How but that doesn't tell us about Kiwi Bank. It 0:19:35.561 --> 0:19:38.281 just tells about that one exchange. 0:19:38.281 --> 0:19:41.881 Whereas you know, those touch points are really important to 0:19:41.921 --> 0:19:43.641 people though, so if you get it right, you know 0:19:44.041 --> 0:19:46.121 you've got you've got a real winner on your side. 0:19:46.201 --> 0:19:49.081 And in this case with Ralph, you know, they did 0:19:49.121 --> 0:19:51.081 all the things right and he's impressed by the fact 0:19:51.121 --> 0:19:53.921 that the first mover, so you know, good on them. 0:19:54.161 --> 0:19:57.241 I think banks have up their game a little bit. Yes, 0:19:57.321 --> 0:19:57.921 I've seen that. 0:19:59.041 --> 0:20:00.161 This was fifteen years ago. 0:20:01.281 --> 0:20:05.481 Yeah, well but you know I think now, I mean, yes, 0:20:05.561 --> 0:20:08.521