Banking Myths Debunked

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Are you falling for banking industry myths?

It's easy to be sceptical of banks. If you don't like big banks, there is an alternative, Customer Owned Banks. Customer Owned Banks like South West Credit, have become increasingly popular, but there are still a lot of misconceptions about how they work and what they offer.

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Let's debunk some of the most common banking myths

Banking Myth #162:  "The big banks are much safer than smaller banks".
REALITY: All Australian financial institutions are protected by the same government regulations, meaning your money is safe no matter which Authorised Deposit Taking Institution (ADI) you bank with.

Banking Myth #139: "Only a broker can get me a good home loan deal".
REALITY: Staff at South West Credit don't work on commission, so can offer unbiased advice about the best loan for you.

Banking Myth #87:  "Only the big banks have the mobile & online services I need."
Reality: Not only does South West Credit offer great online services, we regularly update to the latest technology.

Banking Myth #129:  "It's too hard to switch banks".
REALITY: Whether its loans, savings or everyday banking, our friendly customer service team will make switching banks as easy as pie.

Banking Myth #74:  "My finances are all locked up with a big bank".
REALITY: Set your money free! Our unmatched customer service, competitive loans and great online banking mean switching to South West Credit has never been easier.

Banking Myth #125: "Only the big banks can finance my business".
REALITY: Not only does South West Credit provide Commercial Finance, they also provide personal service that is unmatched by the big banks.

Banking Myth #154:  "Smaller banks are not-for-profit, they're not financially stable".
REALITY:  South West Credit is a profitable business which reinvests its profits back into the business.  Profits are reinvested to provide new products & services, digital banking upgrades and an overall better banking experience for its owners.

Banking Myth #62:  "Smaller banks have no ATM access".
REALITY:  South West Credits Visa Debit Card can be accessed Australia wide by more than 6,000 major bank ATM's - fee free.  It even works overseas.

Now that we've cleared up the myths we want to tell you some other truths about South West Credit:

  • Personalised service, second to none.
  • No call centres - you talk to a real person
  • 24/7 Banking via our Banking App, Internet Banking & Visa Debit Card
  • Full range of banking products and services
  • Dedicated local lending centre - Home Loans, Personal Loans, Investment Loans, Commercial Loans, Asset Finance
  • Act in the customers best interest at all times
  • Operated in the south-west region for 55 years


Enjoy the difference of banking with your local bank, South West Credit.

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