Banking 101

[AlexS]

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.

[Wood Butcher]

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!

[Sir Stinkalot]

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.

[Clinton1]

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....

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

[ozwinner]

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:

[AlexS]

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:

[AlexS]

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.

[Sturdee]

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.

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.


Peter.

[Wongo]

Quick question

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

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.

[Sturdee]

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

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.

[Termite]

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.

[Shedhand]

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.

[ozwinner]

Sometimes I wish I was a homeless alcoholic.

All you need is a little practice.

Al

[Shedhand]

All you need is a little practice.

Al

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

[Sir Stinkalot]

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?