Small business not happy with banks

A new survey has revealed a high level of dissatisfaction with banks and other lending institutions as the majority of small business operators miss out on recent interest rate cuts.


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My company Ezepos provides businesses with cheaper eftpos facilities, and just last week we visited a large business who was paying 5% for eftpos fees which is nothing more then a total rip off. This was the pricing businesses were paying 8 years ago, not in 2009, but when are people going to wake up and realise that there is a better deal. We have assisted over 15000 businesses and amazingly some people will stay with their bank, rather then change and save money. In closing, use a broker if you need any banking or finance products.

Many small businesses, self employed and property investors rely on low doc loans. Since the removal of effective non-bank competition last year, only one bank (RAMS) now has an 80% LVR Lo Doc loan and they are so tight on their lending policy now that many who would have gotten legitimate loans for business / investment purposes 6 months ago, now get nothing even from RAMS (now owned by Westpac). People who have previously used low doc products (incorrectly I believe) to put more debt against their own homes (NON income producing) have now jeopardised legitimate users of these loans (i.e. for income producing property). Bring back real competition to our big 4 banks, the sooner the better. As always, the big 4 behave like the greedy government backed quadopoly (effective monopoly for low doccers) they are. Geez, banks really suck, don't they folks ? :-)

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