The 2014 Shonky Awards – Australia’s Commonwealth Bank
We featured the 2013 Shonky Awards back in November, when major companies such as Kimberly-Clark Worldwide Inc, EA Games, and Qantas were the “winners” of Choice.com.au‘s annual awards for misleading adverts, unrealistic claims or similar funny business!
2014 Shonky Awards
This year, Australia’s very own Commonwealth Bank, Thermomix, Coles and Kindle are all shamed for dodgy practices. We’re primarily interested in the Commonwealth Bank, naturally, and they’ve received some pretty harsh criticism for the issue highlighted with this award.
According to Tom Godfrey of Choice;
The Commonwealth Bank, a trusted brand, they have lost thousands of people’s life savings. But not just that, when they responded it was a slick finetuned PR campaign, very high on rhetoric and we believe very low on action. This is a bank that took Australian’s savings and lost them. They’ve ruined so many people’s lives. People don’t need a YouTube clip, they need compensation.
We can’t offer compensation, so here’s a Youtube clip instead.
Another financial institution to get called out for bad behaviour is BankWest, with their introductory offer for children’s savings account of 5.75% interest. Sounds great, doesn’t it? What they don’t tell you is that the rate drops to 1% soon after, alongside penalties if the junior savers make any withdrawals. That’s hardly a fair way to introduce young folk to the ins-and-outs of big banking, is it?
Finally, in a revelation that must disgust even the most level-headed Australians, their national biscuit, the Tim-Tam, has come under intense scrutiny. Having recently released a peanut butter flavoured version of the world famous snack, it soon came to light that the flavour itself isn’t derived from any peanut butter products at all! Instead, paprika is used to create the sensation of peanut-buttery goodness. Once again, Choice.com.au have a video to explain the controversy, and also give us a brief history of paprika itself, which is surprisingly interesting.
So that’s the 2014 Shonkys in a nutshell. The Commonwealth Bank have had their knuckles well and truly rapped, and if that isn’t enough to convince you to look elsewhere when sending money abroad, our Money Transfer Companies Compared post surely will!