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Tip Store: Banking: Fees
Challenge the Banks to Look After Loyal Customers
If you have an online savings account and are an old customer, when the bank offers better interest rates to new customers ring to enquire if they can match the rate for you. I have done this several times and had the rate increased. - Contributed by Rhonda Bush,18th June 2010
Fee Free Student Bank Accounts
I was told by a bank teller recently as my daughter was returning to study, she was able to get cheaper fees on her banking, she just needed to notify the bank that she was a student and her bank fees would be much lower. My daughter has finally listened to me and contacted the bank and has been refunded $65.00 into her account, due to the overcharging in fees.
- Contributed by Christine, Ferntree Gully, 27th February 2009
- Contributed by Christine, Ferntree Gully, 27th February 2009
This Bank Account Pays You To Use Their Services!
My partner and I were paying almost $50 a month in bank fees from our last bank. As I am an avid user of Internet banking for transferring money and paying bills my previous bank slugged me with a $1.50 fee each time I payed a bill using Bpay, $2 for each EFTPOS transaction, $2 for using another bank's ATM and also $1 for using their ATM after 5 transactions a month. I then decided to go on the look out for a better bank and found Westpac to be amazing. They have a specified technological banking deal which involves unlimited use of EFTPOS, Bpay and use of their ATMs for the low price of $0 in fees!!! (for non concessions I think it's $1). Making the swap has saved us almost $600 a year. Not only that but we have linked Internet only accounts (for our budget and savings) that gain 9% interest a quarter and it is calculated daily.....so far the bank has been paying us for using their services!! Feels much better to be taking their money rather than the other way around!! :)
- Contributed by Laurie, Golden Square, 31st August 2008
- Contributed by Laurie, Golden Square, 31st August 2008
Cheap Cheques by Using Australia Post Money Orders
Don't pay $8 or $10 for a bank cheque; pay $2.50 for a money order instead form a post office. Has all the advantages of a Bank cheque. You can also save on Government transaction fees on bank accounts linked to a cheque account by getting rid of the cheque account bit and only keeping a savings account and use money orders when you can't pay electronically. Works best if only writing a few cheques a year.
- Contributed by Andrew, Brunswick, 2nd June 2005
- Contributed by Andrew, Brunswick, 2nd June 2005
Everyday Banking Charges
My husband and I were sick and tired of getting hit with a $20-30 charge every month just for accessing our money through our everyday banking account. We shopped around for an account we could access with no charges, and we found one!! Citibank have an everyday account with a debit card that has NO charges for ATM, eftpos, visa etc etc. If you have your salary credited to it they also waive the $5 a month fee. We have saved 300-400 dollars a year!!
- Contributed by Katharine, Daw Park, 5th January, 2007
- Contributed by Katharine, Daw Park, 5th January, 2007
Everyday Banking Charges
My husband and I were sick and tired of getting hit with a $20-30 charge every month just for accessing our money through our everyday banking account. We shopped around for an account we could access with no charges, and we found one!! Citibank have an everyday account with a debit card that has NO charges for ATM, eftpos, visa etc etc. If you have your salary credited to it they also waive the $5 a month fee. We have saved 300-400 dollars a year!!
- Contributed by Katharine, Daw Park, 5th January, 2007
- Contributed by Katharine, Daw Park, 5th January, 2007
Credit Union v. Banks
With today's banks becoming richer and richer with hidden fees and charges, my husband and I found an alternative. 4 years ago we switched to a Credit Union and have not looked back. We now pay no fees or charges and still receive a comparable interest rate on our money. We can make 11 ATM withdrawals per month and can use any banks ATM machine without charge. As well as this our card can be used as either a debit or credit card, and if it does go into the "red", again, no charge. I recently came across an article on the Ninemsn money website which covers a bit more accurately what I have been discussing, here is the excerpt: “Credit unions winning the fee war Gillian Bullock December 2004 Credit unions can save you $110 a year in fees, according to a study conducted by independent research group Cannex. Gillian Bullock reports on this alternative to banks. The Cannex survey of more than 780,000 credit union accounts found that, on average, members were $110 better off than if they had used a bank for the same transactions. This was due to a combination of lower fees and lower interest rate charges. According to the peak industry body Credit Union Services Corp (CUSCAL), more than 66 percent of credit union members pay no fees at all. Fewer than 20 percent pay more than $5 a month and under three percent are hit for more than $25. Based on these statistics, gathered by surveying 120 credit unions, the average fee is $3.27 a month. More than 3.6 million Australians are members of the 175-plus different credit unions across the country. According to CUSCAL figures, there are only six postcodes in Australia that do not have any credit union members and these areas each have populations of less than 500 anyway. The number of credit union members appears to be growing, as bank customers become more and more disgruntled with the service they receive. In a survey by Eureka Strategic Research, some 85 percent of credit union members said they would recommend their credit union to others, compared with just 30 percent of bank customers who would recommend their bank. CUSCAL's PR and media manager Peter Hansen says there are three key differences between credit unions and banks. "We offer fairer fees, much better service and we are more community focused," says Hansen. Indeed, in some regional towns it's estimated that 70 percent of the population belongs to a credit union. Credit unions tend to offer all the same retail services as the banks, including mortgages, car loans, credit cards, ATMs and online transactions. There are some 1400 Rediteller ATMs across the country. Some credit unions even waive the fees if you withdraw money from a non-Rediteller ATM. Denis Orrock, of Infochoice, says credit unions have traditionally offered good value banking, particularly on the transaction front. Credit unions, which came into existence in Germany in the mid-nineteenth century, are run on a mutual basis and all customers are members. Membership usually costs between $2 and $10. Each of the 175-plus credit unions is different, so as with anything, it is worth shopping around.”
- Contributed by Sandra, Erkine Park, May 25th 2005
- Contributed by Sandra, Erkine Park, May 25th 2005
ATM Fees
Every 6 months I go into my bank and get a copy of my fee schedule for the relevant bank accounts I have. Recently I found that by switching the way I bank, I could get free ATM usage by letting go of my over the counter banking -i.e. a fee every time I used a teller. Also by simply using my own banks ATM and refusing to use efptos I save up to $2.50 each time I use my card!
- Contributed by Sarah, Seven Hills, May 15th 2005
- Contributed by Sarah, Seven Hills, May 15th 2005
Don’t Pay Fees for “Out of Order” ATMs
I went to my local ANZ branch the other day to withdraw money only to find an "out of order" sign on the ATM. This meant using another banks teller and getting a non ANZ teller fee. When the fee came through I rang the bank and asked them why I should pay the fee. They agreed, advised me to contact the branch involved and they reversed the charge. - Contributed by Samantha, St. Leonards, April 19th 2005
No Fee Banking for Melbourne Residents
IMB Banking and Financial Services offers an account with absolutely NO FEES for people with a Melbourne address. While there are no IMB specific branches in Victoria, all IMB Members can do there banking through Australian Unity outlets with whom IMB have an alliance. You can also find IMB ATM's around the place, but it doesn't matter if they're there or not when you're not paying fees!! Regards Damien White - Contributed by Damien, Richmond, March 10th 2005
Tips for Bank Fees
A lot of the major banks have a thing known as the "Goodwill Policy" Which means when you get hit with a fine for insufficient funds; $22 up to $45, if you ring the bank they can reverse it immediately, I've used the Goodwill Police with ANZ and the Commonwealth Banks numerous times over the years. - Contributed by Jean, Flaxton, November 9th 2006
Bank Fees
Check your bank statement for service fees. Are you paying too much? Are you paying any at all? If you are, then you are certainly paying too much. Shop around until you find a bank with an account that suits your needs that doesn't have fees attached. They are out there- you just have to do a bit of detective work to find them. If you don't want to change banks - confront them! Let them know that you are not happy with the service fees and that you will be looking for another bank that doesn't charge fees.
Banking Services
Many people choose to do all their banking with one bank: however, shop around for various services. Banking is very competitive today and you might save some money.
Ask to Reduce Bank Fees
If you have a mortgage and account/s with a bank ask them to reduce the fees. The banks will often do this but not unless you ask.
- Contributed by Maree, August 11th, 2004
- Contributed by Maree, August 11th, 2004
Student Accounts
For anyone that is a full time uni student most banks offer bank accounts exempt from fees. These accounts don't include bankcards and are rarely advertised.
- Contributed by Erin
- Contributed by Erin
Extra ANZ Charges
I have one of the $5/month unlimited transaction accounts with ANZ which is just fine. But I also live in a country town and they only have one ATM in town. The problem is that they charge $1.25 for each transaction at non-ANZ ATMs, including balance enquiries. Their ATM isn't at all convenient for me, so I have to be really careful - one month I had to pay $30 just in fees for using non-ANZ ATMs. I'm currently researching other accounts such as ING etc. to cut these fees out completely.
- Contributed by Janice, NSW
- Contributed by Janice, NSW
Beat the Monthly Charges
I really resent the $5 a monthly charge ($60 a year!!!) I was with the Commonwealth, and then moved to Suncorp who had no monthly charge if the balance was over $2,000. Suncorp put the minimum balance up to $5,000 so I looked around. I decided to go with the ANZ. They have two everyday accounts:1) is fee free (6 transactions - all netbank/Bpay are free, the account I chose)2) is $5 p/m unlimited transactions. We have also just taken a Virgin credit card (no annual fee) so I'm saving about $100 a year in bank fees now - it all helps.
- Contributed by Wendy, Brisbane
- Contributed by Wendy, Brisbane