More than one million Aussies forced to change banks
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More than 1.2 million Suncorp customers, brokers and aggregators will move to ANZ’s banking network from June 2027 as the two banks progress with their $4.9 billion merger.
Customers will gain access to ANZ branches and services as part of the transition. Compare the Market’s David Koch described the migration as one of the largest in Australian banking history, potentially affecting customers with everyday accounts, mortgages and other loans.
Koch also warned customers to be alert to scams. Fraudsters could use the bank migration to send fake messages or websites designed to steal personal and financial information.
ANZ first launched its takeover bid in 2022. Treasurer Jim Chalmers approved the deal in 2024, subject to several conditions.
These included protecting regional branches from closures for three years, preventing net job losses across Australia for the same period, and requiring ANZ to make its best efforts to join Australia Post’s banking network.
ANZ Queensland managing director and Suncorp chief executive Bruce Rush said customers would remain a key priority during the transition. He said the process would focus on making the move safe, simple and well supported.
Suncorp customers can access further information about the migration through the bank’s website.
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Source : 9 News
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