Aussies are sticky customers when it comes to banking. How should you review your bank accounts and how often?

“She works hard for the money, so you better treat her right.”

Donna Summer’s 1983 classic was written about a restroom attendant. Could easily have been about the world’s “oldest” profession. Or about any of us and our relationship with our banks.

Banks should treat us right. Sadly, they often don’t. They are great at connecting us with money. But when it comes to making sure we use their products most effectively, or their most effective products, not so much.

In reality, that’s not their job. If you went into a branch (hey, can we still do that?), someone would show you how to make the most of what you’ve got.

The overwhelming majority continue to use the products we signed up for – bank accounts, credit cards, loans and mortgages. We don’t check to see if it’s the most suitable. We don’t complain.

And a customer who isn’t complaining … should be left well alone. It’s wrong, but that’s how the banks see it. Banks will never say “we’ll cut your mortgage rate because we like you”.

You want a better deal from your bank? You need to make them offers they can’t refuse.

Threats. Ultimatums. Tantrums. Be prepared to walk if they don’t give you what you want.

You work hard for your money.

No-one cares more about your money than you.

Act like it. If you’ve got the time to do the research on a better deal yourself, do it. If you don’t, see a mortgage broker. Deals are being done now. Banks have never been more open to a threat.

Bruce Brammall is the principal adviser with Castellan Financial Consulting (www.castellanfinancial.com.au) and author of Debt Man Walking.