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@#$%@$^!%!#$%@#$%^ Bank Fees!

Discussion in 'The Pub' started by robsalvv, May 21, 2009.

  1. Banks earned $12b dollars in 2008 from fees. A billion dollars more that the previous year.

    That's enough to make me farking go postal and I don't pay ANY fees with my credit union. It's legalised out and out robbery!! :tantrum:

    How do you bank users stand it?!?!?!

  2. Everyone, please excuse my Super noobness in this area, but what is the difference between a bank and a credit union??
  3. Users of a credit union are actually the "owners" of the credit union.

    All profits go back to member services. i.e., covering the other financial institutions rip off fees.
  4. I like my staff waive :p

    Seriously, banks charge fees for services rendered, like any other business. That's the main thing. Banks are businesses the number one goal of any business is to make a profit and increase on it yearly.

    Everyone is free to change to a credit union, bulding society etc but most people don't. Usually they don't have the coverage (atms, branches etc) or services that banks have.

    It would be great if banks didn't charge fees but it that was the case then the banking system would suck badly.

    IMO though the increase in fees should increase my wages not a CEO's
  5. Profit should be some margin above the cost of making and deploying said service or product.

    The fees bear absolutely NO REALITY to the cost of providing the service. It's price gouging pure and simple. Banks are treating fees like a market commodity, in that they'll raise them until the market starts to hurt.

    The truth is CU's are well connected but yes, they don't have the retail network. However, people are too lazy to push back against the banks and too lazy to change.

    It's our frecking money for frack's sake. They use it to make profits on markets and then charge the dumb arse punter for the pleasure.

    The main reason our banks have withstood the GFC is because they fleece us with fees and because of slightly stronger regulation.
  6. Do any of the credit unions have a netbanking system?

    I dunno how I'd lead my life if it wasn't for online access.

    Also, how do credit union people go with credit cards, loans etc?
  7. Bollocks.

    I didn't even know what a bank fee was until i moved to Australia. The UK banking industry managed to keep afloat (until recently, and I don't think their latest problems are entirely down to their charitable leanings :grin: ) and offer equal, if not better, service to that offered by Australian banks, in a broadly comparable market, without gouging its customers to anything like the same extent.

    Australian run businesses appear to be generally incapable of operating at a profit without (a) gouging their customers (b) substantial taxpayer subsidy and (c) a legislated monopoly (or near monopoly) position.

    No wonder everything's being bought up by South Africans, Poms and Yanks, because the local business figures couldn't manage a root in a brothel and the public are so used to being shafted they don't notice any more.

    Sorry. I don't like badmouthing my adopted homeland but there are some things it is, collectively, crap at and business management is one of them. Closely followed by customer service.
  8. Yes.

    Credit and debit Visa card. Credit card has $18 annual fee.
    Full loan product range.
  9. Quaterwit: They do have netbanking credit card loan etc.
    I have been with a CU before, main thing that I couldn't handle was that I couldn't make a dep becasue the branch was to far away

    A/c keeping fees are fine imo $5 is not a rip off for unlimited transactions. The bigger fees mainly over drawn fees I find hard to justify.
    Remember with the fees they fund most of the banks finances therefore if fees drop then staffing will drop, system reliability will drop, atm up time.

    You get the point.

    Alot of fees can be avoided. If people are unhappy with their bank then yes they should look elsewhere. Until they do though banks will just keep charging.
  10. I seriously CBF'd arguing the case against fees, it's self evident. We're being gouged and that the level of fees bears no relevance to the cost of delivering the service.

    The political party that promises to legislate against bank fees and for reasonable speed limit margins and for tram conductors, will win in a landslide of biblical proportions.
  11. Thanks Rob, I didn't wanna argue it either, I do that at work.

    Yeah you have a point with the last comment
  12. My CU charges excess fees! :?
  13. Hmmm. You've got me thinking.

    Out of interest, which are you with?
  14. Explain more?

    CU's have no choice but to charge some fees because they're being ripped off blind at the wholesale level by banking fees.

    Quarter www.firstoptioncu.com.au
  15. It seems to be an excess fee for purchases made via "savings" rather than "credit" and/or what they deem as overuse of the ATM per month
  16. Thanks Rob.
  17. Geeth let us get this straight.
    We put our money with them, which they invest at between %5 - %8 and then they pay us back what is it %.25 at the most, and then they charge account keeping fees, transaction fees, autoteller fees, disloyalty fees… … …
    And you see that as justified???
    O.K. Whatever.
    Police Credit. I have Visa debit, I have netbanking, I can make a deposit if needed at any Westpac bank,
    CUA, Home lone that is more flexible than any the bank offered, with offset, and was about %.5 lower interest rate, than any bank… with lower account keeping fees than any bank.
    FFS Australian banks are crap and you simply must be nuts to not move your money to a credit union.
    I know someone who worked for the NAB, and it was still better for them to do there banking else ware
  18. A lot easier said than done for many. If you're single and no mortgage might be easy, but try changing your accounts to another institution if you have multiple mortgages, personal and business cheque and credit cards, mortgage offset accounts etc.

    Until you can "port" your accounts to another institution in 1 easy step at a flat fee and keep existing c/c numbers etc, it's just not a realistic option for those people.

    The banks couldn't give a stuff if Joe Single with 1 account with $20 in it changes banks. It's the people with mortgages etc that make the bank money that find it almost impossible to change.
  19. Have been thinking about this for a while, but I'm in the lazy camp, and right now just CBF'd changing everything over to a new bank, new account numbers, change all the auto transactions blah blah blah. Will probably change when we get around to buying a house.

    Always wondered how they could justify paying 0.2% on my savings while charging 8-12% for a home loan (until recently)

    And now, despite billion dollar profits, they refuse to pass on the Reserve Bank rate cuts. Defies logic.
  20. I do my banking with NAB -- I get no charges whatsoever, with no minimum balance & unlimited EFTPOS transactions + visa debit card + online banking -- everything I can ask for in a bank. But then again, I get all this for free because I'm a student at the moment.

    Once I graduate, I think there are monthly fees, but that may be waived if I keep a certain amount in the account per mo (what was it, like $2000 or so?) And if fees do eventually kick in, yeah, I'll move my money with a CU of some sort.