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New Zealanders not keen on bank switch

A survey has found that customers in New Zealand are averse to switching banks. The country had in 2010 introduced a simplified system making it easier for customers to move from one bank to another. The customers had just to fill up a form and sign it and the banks concerned would hand over all their details to a new bank, including transferring over their direct debit payments. But a survey by Canstar Research showed that just 4% of New Zealanders said they had changed banks in the past year. Three-quarters had had the same everyday bank account for more than five years. According to a spokesperson for the research firm, there was a perception that swapping banks was a long and difficult process, or felt their ability to negotiate with their current bank was stronger. However, the research has shown that people found switching easier than they expected, the spokesperson added. A big barrier to people switching before 2010 was the problem of re-establishing direct debits, automatic payments and bill payments.

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