29 October 2013

Three weeks ago I opened up a new bank account with a bank that doesn’t invest in fossil fuels. Instead of completing the process in the traditional way (i.e. personally going into a branch) I thought I would try the online application process. I was absolutely amazed at how easy and fast the online application process was.

It took all of ten minutes to complete the online application form, all the ID and address checks were completed online and almost instantly approved, and within 24 hours I was emailed my new account number and internet banking login details. 7 days later I received my new bank card in the mail. How convenient is that!

It is no longer necessary to physically go in to a bank and waste time standing in a queue. Think of something that takes ten minutes. Maybe it’s the time to order and drink a coffee, have a shower and shave, or the length of the sports bulletin on the nightly news. Well, in that amount of time you can complete the online application form and ID/address verification process.

Online applications are now possible because the application form is linked up to the VicRoads/Australian Electoral Commission/Medicare online databases. This means your address, ID details, and personal details can be verified on the spot.

The other great thing I found out was how competitive credit unions and mutual banks are compared to the big four banks. With my new bank (which is a mutual bank) I managed to get a credit card with an interest rate of only 9.99%. The best rate I could find with Commonwealth Bank was 12.99%. My new bank also offers great term deposit rates and no fee banking. So not only is my money no longer supporting fossil fuels but I am getting better banking services. That’s what you call a win-win!

Check out the Market Forces ‘How to Switch Banks Guide’.