FED: Banks use high-pressure tactics to maintain profits: report

AAP General News (Australia)
02-01-2009
FED: Banks use high-pressure tactics to maintain profits: report

SYDNEY, Feb 1 AAP - Banks have been accused of using high-pressure sales tactics to
maintain profits.

The Sun-Herald newspaper says up to 170 bank workers each month are filing complaints
about being unreasonably forced to push home loans or credit cards on customers, who are
now more cautious after an era of easy credit and high debt.

In September the Financial Services Union received 149 complaints, which increased
to 170 by October. The worst was the Commonwealth Bank, accounting for 44 per cent of
complaints, while Westpac had 14.3 per cent, the ANZ 9.4 per cent and the National Australia
Bank 7.6 per cent.

The union's NSW secretary Geoff Derrick said it's unreasonable for banks to ask staff
to maintain profit margins as the economy slows.

AAP ao

KEYWORD: BANKS

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