Bank fees ( any legal wizz kids here)

[Guy]

I know bank like there fees, but it looks like in the UK people are now fighting back.
have a look here and im just wondering if any legal beegals here can identify any relevant aussie laws/ acts that may be applicable.
If there are im going to hammer the buggers, in past 6 years have paid them over $12000 in their rediculous fees.

[Clinton1]

Why not just go with a good credit union and stop paying fees that way?
A lot don't charge fees at all.

[Sprog]

You are perfectly free to change to any bank or credit union you choose that does not charge fees.

[Guy]

I have actually changed banks regularly coz of there fees, been with all the big 4 and bendigo but running a business the credit unions i have been too are not interested.

[Jack E]

If you have paid $12000 in fees over the last 6 years you obviously have a lot of money going through the bank.

Talk to your manager, telll them you are not happy with the fees.

If, as you say, you have enough business to generate that amount of fees, they will want to keep you as a customer and keep you happy.

Banks are like any other business, they want to keep valuable customers.

It is the people that live week to week and never have any substantial funds in their account (for the banks to use) that the banks don't really care about.

I am with ANZ, I haven't negotiated with my banker but the only fees I pay are when I use the wrong ATM.

Another way to avoid fees is to pay for everything by credit card. No fees plus the added bonus of reward points. The points are not a good enough reason alone to have a credit card but if you are using it instead of cash, why not get the points too?

Cheers, Jack

[fxst]

Last year I helped out a mate and did some part time work (until the doc found out :eek: ) any how I had to have super and the company used their super fund no probs right well I get a statement from the managers of the fund (Which Bank?) I started with $690 in it and after the years interest (3.1%) the fees and charges came out and now I'm dowm to $560 approx so I reckon inside 5 years it will be gone. How much are the young blokes paying over their working life?? how well are the leeches feeding ??
And all thanks to Paul K and his LAW. WHAt a joke and I cant change it or draw it so I have money owed that I will never receive because the banks have worked out how to bleed us dry:mad: :mad:
Pete

[Shedhand]

I don't know your circumstances but put your Super into an industry fund if you can. They consistently out-perform the retail funds sometimes triple the annual return. Reason being is that retail funds have shareholders to look after. Industry funds only have to look after their members.
From an Actuarial point of view, if you leave money in any fund and don't make regular (or any) contributions you will lose. Paying the minimum required into a fund, you will not see much movement for the first eight years but once you jump that fence, providing the fund is well managed, you could see the fund double in value about every 5 or six years. And, if you haven't worked in full time employment for 18 months (ie; retired), you are 55 years old and don't work more than 10 hrs per week you can now claim your superannuation as a lump sum with the first 130k tax free. Get professional advice though.
Cheers

[Toolin Around]

It looks like this thread has diverted a wee bit. But it's another good topic... Does anyone know of a website that rates supers and such.

[bsrlee]

At the risk of being back on topic, I think the UK site is aiming at banks charging fees for non-existant faults with the account, such as 'neglecting' to credit funds so they can charge overdrawn fees, charging 'account keeping' fees when none should have been payable, not crediting interest correctly (most common one) or overcharging on interest.

And that is handy info on super, will have to hassle whoever the funds minders are.

[Shedhand]

At the risk of being back on topic, I think the UK site is aiming at banks charging fees for non-existant faults with the account, such as 'neglecting' to credit funds so they can charge overdrawn fees, charging 'account keeping' fees when none should have been payable, not crediting interest correctly (most common one) or overcharging on interest.

And that is handy info on super, will have to hassle whoever the funds minders are.

I'm a self proclaimed Superannuation evangilist. If you have kids just starting out advise them to put money into super over and above the lousy 9% SGC. There'll be no aged pension when they get there. Besides that, when they settle down for the family thing they can reduce their super contributions knowing they have a nice nest egg growing for them. They can then sink the extra money into paying off a mortgage. Sorry for the off subject rant..but its related at least. The other good thing about being in an Industry Fund is that members can access low cost home loans. I'm not a financial advisor just passionate about something I missed out on. Get pro advice.

[Guy]

At the risk of being back on topic, I think the UK site is aiming at banks charging fees for non-existant faults with the account, such as 'neglecting' to credit funds so they can charge overdrawn fees, charging 'account keeping' fees when none should have been payable, not crediting interest correctly (most common one) or overcharging on interest.

And that is handy info on super, will have to hassle whoever the funds minders are.

The site actually goes on about all fees the banks there charge such as late payment fees on credit cards etc and day to day fees such as account keeping fees. The banks operate there the same as they do here and just creating new fees to make more money.
Mostly the banks pay up when confronted with possible legal action as they are unwilling as a precendent may be made over fees.
From the research into the laws here and there it seems that there are more in the UK to protect consumers where here we mainly have code of conducts not actual legislation prohibiting exhorbitant fees.