$2 bank fees

[sam76]

Bloody Hell!

I reckon I've given up $30 just over the last couple of weeks.

this new system is whack.

 

[Timmy]

this new system is whack.

Sam, for those of us over, say, 30 ... WTF is "whack"?

I looked it up on the Urban Dictionary and it gave quite a few definitions.
From the context I am going with:
"1. adjective; appalling in nature, unconventional. "

Another definition says:
1. Street slang, meaning "bad".

But last time I checked, "bad" meant "good".

Please help me ....

 

[cutz]

Bloody Hell!

I reckon I've given up $30 just over the last couple of weeks.

this new system is whack.

G’Day sam76,

I haven’t been paying to much attention to bank fees but I was under the impression that the $2 charge was always made when using another bank's ATM, the only difference now is that you a warned about the charge prior to processing the transaction.

 

[stevenc]

A big deal has been made about these fees, its really not that hard to get cash out even if you dont use your banks atm. I would 90% of the time get cash out when I use eftpos.

 

[drsmith]

Sam, for those of us over, say, 30 ... WTF is "whack"?

I looked it up on the Urban Dictionary and it gave quite a few definitions.
From the context I am going with:
"1. adjective; appalling in nature, unconventional. "

Another definition says:
1. Street slang, meaning "bad".

But last time I checked, "bad" meant "good".

Please help me ....

$30 of bank fees over a couple of weeks is bad for the customer but good for the bank as it helps cover all those nasty writedowns and keeps the directors and executives well fed.

Does that help ?

 

[Julia]

A big deal has been made about these fees, its really not that hard to get cash out even if you dont use your banks atm. I would 90% of the time get cash out when I use eftpos.

Yep, I'd have thought it's just that simple.
I have never paid any fees on any bank account.
Up to you, Sam, whether you pay fees or not.

 

[disarray]

Up to you, Sam, whether you pay fees or not.

but it is a continual annoyance to have to keep adapting to minimise fees that these assholes keep introducing to pad their billion dollar profits. for over a decade now i've moved to using mybank only ATM's, not using counter service, using internet banking, limiting the amount of internet banking transactions a month, taking out large wads of cash to minimise ATM usage and so on to avoid the fees they pile on year after year to "improve customer service", which seems to be a euphemism for "close branches and sack staff"

fk the banks. fk their fees. fk their system. i'm being as nimble as i can but the slightest misstep or unanticipated need and they stick their filthy hands into my pockets to scrounge some pissy amount of change to add to their ever growing horde to distribute to their fat prick directors.

first against the wall when the revolution comes baby. i'll be the one of the ones in the firing squad.

 

[sinner]

Wow.

Why don't you who hate fees just use a credit union? Once off entry of usually around the $10 mark and then they provide you with a monthly quota of free withdrawals from any ATM.

No other fees.

 

[disarray]

i looked at a credit union a while ago and their fees were almost as bad, but with the added inconvenience of sucking more as far as ATM access / integrated broking / net accounting went.

granted it was a while ago.

 

[Sir Burr]

i looked at a credit union a while ago and their fees were almost as bad

I pay no fees at a credit union plus they now give you an "allowance" depending how much money you have deposited.

I've recently changed the way my wife and I use our accounts to take advantage of the above. She now uses her account instead of mine seeing she has a higher balance in hers (means higher allowance)

 

[Judd]

Blame the RBA/Treasury/Governments for this little number. If you used an ATM not owned by your bank the fee was always there. Now it show up before you do the transaction.

I find, though, that in some cases you don't have a choice and a "non-home" ATM may be the only one for miles around so you must use it.

As for Credit Unions, they are as just as bad as the banks. Their free transaction depends on how much cash you have deposited with them or home much debt you have with them. If you exceed these then you are hit with an excess usage charge. None of that is tax deductible unlike a bank which in a basic account can charge an account service charge which is tax deductible.

And then look at the fees credit unions charge for other services, such as 50c for a direct debit and a whole range of other services.

Financial institutions are all the same except with a bank you can buy shares and get dividends to off-set their charges to some degree.

 

[Sir Burr]

As for Credit Unions

Credit Union: I pay no fees. No complain!

Hint: If you pull out $1 a day, free transactions wont last long. :

 

[Judd]

Sir Burr, we're happy for you but since Qantas Staff Credit Union membership is not open to all Australians, we unlucky poor souls are stuck with credit unions which don't have such generous allowances.

 

[Sir Burr]

You'll find there are plenty of credit unions with free transactions - keep the limits in mind.

 

[Struzball]

$30 bank fees in a month? The bank pays ME bank fees.

 

[Buster]

Hey Disarray,

but it is a continual annoyance to have to keep adapting to minimise fees that these assholes keep introducing to pad their billion dollar profits. for over a decade now i've moved to using mybank only ATM's, not using counter service, using internet banking, limiting the amount of internet banking transactions a month, taking out large wads of cash to minimise ATM usage and so on to avoid the fees they pile on year after year to "improve customer service", which seems to be a euphemism for "close branches and sack staff"

fk the banks. fk their fees. fk their system. i'm being as nimble as i can but the slightest misstep or unanticipated need and they stick their filthy hands into my pockets to scrounge some pissy amount of change to add to their ever growing horde to distribute to their fat prick directors.

first against the wall when the revolution comes baby. i'll be the one of the ones in the firing squad.

Ohhhh Mannnn.. I am so with you!! Introducing 'new', 'simpler', 'convenient' means of banking at little cost initially. Then, with exhorbitent costs at the counter to 'convince' you to change your ways to the new, simpler & convenient method, only to slug you big time to conduct transactions when it becomes the norm.. and, as you say, go about closing branches and reducing staff at the same time!!

I recently closed out a St George account after being a customer for over twenty five years (before they were even St George, or a bank!!). I've had two Home Loans and a personal loan over the years, and had a credit card and saving account and joint account with them. They tried to slug me for a fee, that I thought was unreasonable, especially for a long and loyal customer, which they wouldn't waiver. So I closed everything down. There's your fee fella's, but you would've made a hell of a lot more out of me if you'd have kept me as a customer..


Anyway, nuff said

Regards,

Buster

 

[Judd]

Got fed up with the credit union. Before the into of the $2 fee, it absorbed the fee if an ATM, other than one in its own network, were used. Not now.

Also, if you don't have a loan or a lot of funds with it, only 4 free transactions per month and after that - each ATM withdrawal $1.50, EFTPOS $0.60, cheque $0.75. Mongrels and useless trash as their interest rates are not sufficiently different from the major banks to justify such rapaciousness.

Moved to a major bank. $5 per month account keeping fee (tax deductible unlike the credit union fees), unlimited transactions and fee waived if $3,500 or more is deposited into the account each month, no minimum balance.

Feel a lot better after that rant.

 

[jonnycage]

good for share holders of customers ( CUS), who pocket this
fee with their atms : )

j c

 

[Krusty the Klown]

Bear in mind that institutional superannuation funds that have exposure to Australian stocks, I can guarantee, would hold shares in all the major banks.

Your typical balanced investment option would have at least 25% assets held in Aussie shares. Most people are in this option.

I reckon about 90% of people with super would be part owners of all these banks and therefore benefiting from these fees.

Although that doesn't help you if you don't have super!!

 

[trainspotter]

http://www.news.com.au/business/story/0,27753,25829013-31037,00.html

Forget the $2 fees how about this?