Saturday, August 16, 2008

Swan's bank-switching package is a useless joke

In January I suggested it would be useless.

Now the Sydney Morning Herald's Jessica Irvine has actually tried to use it.

Her colleague Annabel Crabb details the joke:

The "special hotline" number just turns out to be the ASIC general phone number.

Try dialling it; at first you'll get a list of options asking you whether you are an ASIC agent or a company director, or are ringing to report a scam, in which case you should press "3". Even at this early stage, bank switchers, the urge to press "3" will be quite strong.

Resist it; stay on the line. When an operator arrives, and you mention that you're calling about bank switching, you will elicit first a brief silence, then a pleasant musical interlude, and finally an extremely nice young woman who explains that you might be better off consulting a website called "Fido".

There's more discussion here.


Joshua Gans said...

Sigh. If they had done it like number portability it might have stood a chance.

Anonymous said...

Speaking about jokes and attempts to solve housing mortgage stress / unaffordability debacle, I found another one.
On Friday I read an article online (ABC) concerning Housing Affordability now being at a 24 year low.
It got me thinking. The 3 responsible parties for housing affordability are Treasurer (sanctions tax rulings), the Board of Taxation officials (dream up or conjure out of thin air tax rulings) and the Minister for Housing.
I just tried to find out what the portfolio of the Minister (Ms Plibersek) involves.
If anyone wants a good laugh, try this joke Portfolio Overview for an Aus Ministry:

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