Banking 101

For several years, I've had an ANZ Access Select bank account. This account pays no interest, but allows me a very limited number of transactions. It's what I use for saving payments for my work and buying tools & timber from. I chose it because it suits my purposes and because it has no fees. Well, it didn't have until a letter arrived telling me that they were introducing a $2 per month fee.
I fronted the manager today, (Friday afternoon, lots of customers) and suggested vigourously that the bank might like to reconsider. The Manager, who apologised because she'd only been with the bank for 2 weeks, said she'd seen lots of these letters, but it didn't look like the bank would change it's mind.
OK, I sez, can you put these through your internal mail. OK, she sez.

I will keep you informed of the ANZ's response, if any. I also plan to advise the bank that I have introduced a service charge for answering Calls trying to sell me a credit card, insurance or other bank products, and to expect an invoice next time someone from one of their call centres rings me.

If you have received a letter from ANZ upping the fees or creating new ones, feel free to adapt my letter to your own purposes.

Go Alex,

I think that that is the most to-the-point letter that anyone could write whilst not being offensive.

I unfortunately won't hold my breath for a favourable response but a greenie is on the way for the guts you have to do this!!

Congratulations for sticking up for your money!

It just seems like another example of large profit businesses slowly eroding basic services away from their customer base, unfortunately the general public just seem to let them get away with it.

Well done for making a stand.

Same thing happened to me in '94 with Westpac.
I've been with a credit union ever since, it is competitive and my home loan is through there and believe me I shopped around before taking the loan.
I don't pay fees, except when making more than 4 CC eftpos transactions a month. If I sign instead of using my pin, I don't get charged those fees.

Well done on your stand, and good on you for telling them about your dissatisfaction.
Last thing left to do is to tell them to stick it up their ars....:rolleyes:

You'll never get a pig to exhibit good manners at the trough, though.

While I agree whole heartedly it wont change a thing.
If enough ppl move from one bank to another, the same will happen in reverse as the other bank introduces the same fees.

So the banks have a nett loss/gain of zero.
Sad I know, but this is how the banks see it.

Al :mad:

I'm inclined to agree Al, but on the salary McFarlane is on, if it takes him a minute to read my letter, I reckon I've cost the bank at least the first year's $24.

Of course, he probably won't read it until the bank starts getting bombarded with copies and it blows up as a PR disaster. Feel free....:mad:

Well, as expected, Neither Mr. McFarlane nor Mr. Harries had the courtesy to reply, so today I put in progress the severing of 40 years of association with this bank. Closed this account and closing eTrade and other investment accounts.

For the sake of $24 a year, ANZ has wasted how much of its advertising budget, as well as the profit on the other accounts? Without inconveniencing myself too much, I intend to make sure that as many people as possible are aware of how they will be treated by this lot.

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Originally Posted by AlexS

For several years, I've had an ANZ Access Select bank account......... because it has no fees. Well, it didn't have until a letter arrived telling me that they were introducing a $2 per month fee.

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I've got one as well Alex. Also got a letter about the new fee but the letter also stated that there were quite a number of exemption catagories for waiving the fees.

Because of my more senior status I fitted in the exemption for Senior Card holder.;) Took 5 minutes to get the exemption noted at my local branch. :D


Peter.

Quick question

What’s the difference between a banker and a wanker?:D

The problem with the bank is if they don’t make more money then the previous year then they would consider it as a loss.:mad:

In the old days, all transactions were done manually and they were free. Nowadays all transactions are done electronically but you get charged $2 or $3 for it. It doesn’t make sense does it?:mad:

Answer to the question: None.:D

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Originally Posted by Wongo

In the old days, all transactions were done manually and they were free.

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Sorry Wongo but that is wrong.

I used to work for a bank in those OLD :eek: days and we used to charge account fees but most of the charges made were hidden charges in the interest paid for moneys borrowed.

The current system of charging for various services is fairer, just the amount charged is really obscene especially with their lack of service.:mad:


Peter.

Had two instances with the banks I deal with.

Bank 1 was giving me hassles about re-investing an existing investment, couldn't possably be done for a week. Said OK I'll withdrawmy investment now and take it 3 doors down to X bank. Manager was called and the problem was fixed on the spot with a bonus .5% interest rate.

Bank 2. Have been with them for 38 years, and now that I've retired have no need for a card that costs $24.00 a year. Rang up to cancel the card and now pay no annual fee for the card and, get this, 6.5% less interest rate. Not that I've used it for about 5 years but it might come in handy.

Because my relationship with my bank is worth more than X dollars ALL my fees are rebated.
They still get me though. They introduced a transaction fee for internet banking of 50 cents per transaction. This is not rebated. As I make about 20 internet transactions a month...well, you work it out.
Sometimes I wish I was a homeless alcoholic.:(

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Originally Posted by Shedhand

Sometimes I wish I was a homeless alcoholic.:(

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All you need is a little practice.

Al :D

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Originally Posted by ozwinner

All you need is a little practice.

Al :D

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Trouble is i wouldn't be able to afford my single malt. :D

Did I hear correctly on the radio today that the ANZ bank was reducing the fees on some of its accounts following reaction from customers?


Alex how many people did you send that email to?

I must have only heard ANZ, Customer and refund. I really should pay more attention.
Here is the full story:

Fair trading breach costs ANZ $10m
The ANZ Bank in New Zealand has been told to pay almost $10 million in fines and refunds to customers after admitting in court to misleading them over the costs of foreign currency transactions.

The bank pleaded guilty to 45 charges of breaching the Fair Trading Act.

The ANZ National Bank admitted it had failed to properly disclose fees for overseas currency transactions on its credit cards between 2001 and 2004.

Auckland district court Judge Graham Hubble said the offences struck at the heart of the consumer protection provisions of New Zealand's Fair Trading Act.

He fined the bank just over $A1 million and ordered them to refund fees totalling almost $A8.5 million.

The bank has apologised to its customers and given an undertaking to repay all the money by the end of the year.

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Originally Posted by Sir Stinkalot

The bank has apologised to its customers and given an undertaking to repay all the money by the end of the year.[/I]

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Jeez! That's big of them. So they have agreed to take a bit less than 9 months to pay back $8.5 million? Does this include interest on the money that their customers have unwittingly loaned them since 2001 to 2004? Will the repayment also include the additional interest accruing between now and the end of the year? Will anyone be surprised if it doesn't?

The bloody banks have lost all sight of the fact that they are part of a wider community that should display a sense of responsibility to the rest of us. Instead they focus entirely and absolutely on the narrowest possible definition of the bottom-line.

And before anyone comes back with the argument that the banks' various directors and officers have a duty only to their shareholders, consider this:-

If the people concerned, ie, the afore-mentioned directors and officers, had any understanding at all of the meaning of enlightened self-interest, they would start to address their responsibility as members of a wider community. If they keep on down their present very narrow track, the wider community will seek alternatives and smarter businesses will see opportunities. The freeing-up of the banks' former stranglehold on housing loans and the emergence of the Bendigo Bank are straws in this wind, for sure.

Rant over (for now - watch this space!)

Col