Most Kiwis believe banks overcharge fees

According to a new survey in New Zealand, a majority of people in the country believe that they are being over-charged by their bank for fees and other charges. The survey by Consumer New Zealand revealed that around 82 per cent of people in New Zealand think that high profits made by the banks indicates that the banks are over charging its customers.

Consumer New Zealand chief executive Sue Chet win pointed out that the survey included 1020 people aged over 18 years old and showed widespread similar negative perceptions about the banks in the country among the residents.

Chet win said, "Sixty per cent of bank customers are paying regular account fees. But just 34 per cent were very satisfied their bank's fees were reasonable, the lowest score for any satisfaction measure in our survey. While banks have put a lot of effort into marketing new technology, our survey found old-fashioned branch banking still has a place for the modern consumer."

The survey also showed that the customers banking with local banks are more likely to be satisfied with the banking experience. A total of 83 per cent of TSB Bank customers and 65 per cent of The Co-operative Bank's customers said that they believe that their bank's fees were reasonable. Around 45 per cent of the customers of Kiwi bank said that they were very satisfied with the fees being charged.