on 29-12-2015 08:20 PM
The $100 transaction account overdraft was a great feature, and provided customers with greater certainty.
What were Bankwest's reasons for removing this customer centric feature?
on 20-01-2016 09:15 AM
on 20-01-2016 02:07 PM
Having that $100 overdraft facility on the account actually required us to run a credit check on every customer that opened one @cgm. So whilst it can be seen as a customer centric feature, it was also a barrier for some customers, especially when they didn't even want/need the feature to begin with.
After reviewing the product to ensure it was delivering the most value to our customers and our business, we removed the facility from the account.
I'm not suggesting the two are directly related, but we have also released a new everyday account in 2015 which offered additional features. My point is, we're always looking at ways to deliver the best products to our customers.
on 20-01-2016 03:40 PM
Thanks for letting me know the reason behind Bankwest removing this function @LyndsC!
It's a shame Bankwest didn't go down the path of a opt-out option for those with a poor credit check, or those customers who didn't want it.
Why wouldn't you want it though? You were always guaranteed a safety net.