EFTPOS and ATM Hidden Fee

Is this rubbish something new or has it been around for awhile, I'm totally staggered by the endless greed displayed by the banking industry.

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ATM slug if you get it wrong
<cite class="byline">Richard Gluyas
</cite>April 07, 2006


BANK customers are being charged up to $2 for each failed EFTPOS and ATM transaction.

THE Australian Consumers Association said the revelation marked a new low in the controversy over hidden fees charged by banks.

Four of the nation's banks, six credit unions and one building society have been charging the cancellation fees, the association said.
"The people most affected will be those who are uncomfortable with the technology, with eyesight difficulties or arthritis," senior ACA finance policy officer Nick Coates said.

"The vulnerable part of the community should not be penalised disproportionately for failing to withdraw their own cash from the bank."
Dr Coates said there was a danger the practice could become industry-wide. He advised consumers to take action against "outrageous" bank fees by choosing a better transaction account, which could save them hundreds of dollars a year.

The latest hidden fee, which turns up in a customer's monthly account statement along with other transaction and administrative charges, is currently levied in four situations. They include where a customer enters an incorrect pin number, chooses the wrong account, has an insufficient account balance or aborts a transaction before completion.

Three of the four banks named by the ACA yesterday denied adopting the practice.
National Australia Bank, Bank of Queensland and St George Bank all said they did not charge a fee for failed transactions, adding they would be having discussions with the ACA today about the issue.
BankWest, meanwhile, said it only charged customers $1.50 if there were insufficient funds in their accounts and they had used a non-BankWest ATM. "The reason we charge the customer is that we are charged by the owner of the ATM," a spokeswoman said. The credit unions and building society targeted by the ACA could not be reached for comment.


http://www.theaustralian.news.com.au...3-2702,00.html
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MMMmmmmmmmmm might be time my employer pays me by cash straight into my HANDS just like the good old days

I'm sick of these *&^^#@%)#@$^)@_@%*_@$%@$%&_ BANKS being legalised highway robbers!!

The Governments is just as much at fault for letting the &$#^%)$#%$#&^)@^$)@$*%^)@$%^)&@$%@&$@%))^@)% GET AWAY WITH IT!!

What in Gods name is Australia coming to 3 year waits for a dentist
5 year waits for a operation..............pre school to expensive to attend >>>>>>>>>>>>>>>>crime rates through the roof

where are my taxes going ??? I Pay *#&$%#$&%#$^%)(^%# payroll tax and GST


Paying some *&(@#$%&^&%$@^&_% to have babies!!!!!!!


SHame Ahame shame!!!!!


:eek::eek::eek::eek::eek:

Well said Lou.

Al :mad:

did anyone see the 81 yr old guy on ( i think ) current afair tonight that wrote a letter complianing about banks and how much he would like to rob one and they had him investigated by the cops as he had made a threat against them

while banks are only there to make money for thier share holders what else can u expect but to be charged for everything !!!

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while banks are only there to make money for thier share holders what else can u expect but to be charged for everything !!!


And there is the problem. Morals and ethics just dissapear when the master is unknown and untouchable.

I am not having a go at shareholders (I am one but not with a bank) but it is too convenient for companies to name this faceless master as a reason for unfair practices.

We saw the wall come down and it won't be long before the pendulum swings again.

rant over

Rather than have my loot sitting in a savings account losing money I bought shares in the bank....as a share holder I get a discount on alot of fees and charges and I get a nice fully franked dividend every 6 months.

So it's you we should throw rocks at.

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Originally Posted by DanP

So it's you we should throw rocks at.

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Throw rocks if you like but how many people on this forum have owned Telstra shares at some time? Telstra just as ruthless as banks when it comes to fleecing its customers and providing substandard services.....look at the stoneage broadband services we get in this country.

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Originally Posted by DanP

So it's you we should throw rocks at.

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“He that is without sin among you, let him cast the first stone"

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Originally Posted by kiwigeo

as a share holder I get a discount on alot of fees and charges and I get a nice fully franked dividend every 6 months.

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If ya can't beat em join em...
How many shares does one require to get in on this kiwi.

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Originally Posted by ThePope

“He that is without sin among you, let him cast the first stone"

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Which way's Adelaide Hills from here.;)

Dan

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Originally Posted by DanP

So it's you we should throw rocks at.

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maybe I should shut up here.....

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Originally Posted by ThePope

If ya can't beat em join em...
How many shares does one require to get in on this kiwi.

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It probably varies from bank to bank. Without going to the records I think for ANZ it's 200 shares.

As is always the case when buying shares, if youre not stock marlet savvy then make sure you either get clued up or take advice from soneone who is.

Cheers Martin

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Originally Posted by DanP

Which way's Adelaide Hills from here.;)

Dan

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It's on the map Dan......just like Cobram ;).

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Originally Posted by DanP

Which way's Adelaide Hills from here.;)

Dan

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Ya head north Dan. Keep going until you see a couple of blokes messing around in Puddleducks with blue sails. That isn't Adelaide, but we won't mind if you chuck rocks at the ugly one :D

Richard

Just noticed another 'hidden' fee. This one is from Suncorp. :mad:

I recently bought a few tools from a little known Canadian firm and the bustards charged me an $8.32 currency conversion fee.

Why hasn't somebody started up a bank that is of the people and for the people. They could be a non-profit making organisation and I am sure that they would make a killing.

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Originally Posted by Bob Willson

Just noticed another 'hidden' fee. This one is from Suncorp. :mad:

I recently bought a few tools from a little known Canadian firm and the bustards charged me an $8.32 currency conversion fee.

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Sorry Bob, but that is not a 'hidden' fee :D and it is not a new fee either.

As far back as 1970 when I was working in a bank's Melbourne's overseas department, where we used to calculate and set the daily currency conversion rates, we used to factor in the commission and interest on doing these kinds of transactions.

Just have a look at the difference between the banks TT buying and selling rates. We also had a minimum commission fee which if not reached in the currency conversion we included in the rate conversion. This minimum fee now seems to be charged separately.

So the banks have always charged these kinds of fees but they used to be hidden.


Peter.

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Originally Posted by Bob Willson

Why hasn't somebody started up a bank that is of the people and for the people. They could be a non-profit making organisation and I am sure that they would make a killing.

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I think they call it the bank of China, and yes they do make killings occasionaly.

Al :(

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Originally Posted by Bob Willson

Why hasn't somebody started up a bank that is of the people and for the people. They could be a non-profit making organisation and I am sure that they would make a killing.

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I believe it was called the commonwealth bank of australia......

But then it got sold to commercial interests.

While most employers are paying their workers by direct funds transfer the banks are on a great winner - they don't need you the customer - only the employer to put in your pay. Funds are usually transferred earlier than the due date and well before the recipient usually gets hold of them. Ooh gee whiz the bank gets to "hold" the funds for you until you need them. They don't really invest on the short/long term money markets do they? What was that bank from England - oh yeah it didn't bear [ings] up really well under the strain of investments.
Bob

ANZ (I recall, it might have been another one) just got smacked about $1.5 in fines for not disclosing surcharges on forex transactions - and they have to trace and refund customers up to about 2004 who got overbilled. Now they disclose the charge so that is all OK. I believe the Commerce Commission is chasing others.

A banker is a man who will lend you an umbrella on a day on which it is not raining.....

Dunno bout you guys but I dont pay bank fees. In fact just the other day my banker rang to say id overdrawn my account and he topped it up to avoid a fee being charged.

Go The Commonwealth Bank!

Oh and before you start throwing stones or fire wooden bullets from wooden toy guns..... be warned..........!!!! I am wearing an iron bark bullet proof vest.

See: http://www.woodworkforums.ubeaut.com...ad.php?t=30499

I overdrew my CBA account by $1 and they charged me $30. :mad:

They are generous enough to give me 0.1% interest on my 'award saver' account. :mad:

Gives the term 'Bank Robber' a whole new meaning. :mad::mad::mad:

Go the police credit co op. Only gov't fees to pay and they still pay interest on savings accounts, unlike most banks.

Dan

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Originally Posted by DanP

Gives the term 'Bank Robber' a whole new meaning. :mad::mad::mad:
Dan

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Dan WHats your Avatar holding in his hand? Are you telling us something your about to do?

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Originally Posted by DanP

I overdrew my CBA account by $1 and they charged me $30. :mad:

Dan

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If you haven't already done so, go back and tell them to reverse the charge immediately or you will close the account right now.

Dan
These fees are designed to make money but I think you knew that anyway. :) With the technology it would be easy to refuse a trasaction on the basis that there were insufficient funds in the account. That would be sensible but for profit lets allow the transaction to go through, back it out and charge the customer a fee (read fine). This type of business ethics is what people are getting upset about.

An interesting take on these fines is when my wife paid off a small loan early. The bank continued to deduct weekly repayments for a couple of months before she noticed. When she rang the bank and suggested they fine themselves she was told it wasn't their policy to do this. :mad:

Sturdee you make a valid comment about it being a more open system but unfortunately it was introduced without compensation from the old methods. It was clear profit from the day it was introduced.

Rant number two over.

G'day.

We service (& sometimes fix) private ATM machines (the ones that the BIG banks don't own) in pubs, clubs, servos, & small supermarkets.

The other day, Pete, one of our troops, was having trouibles with a crook phone line (guess who) to an ATM. It would connect, start the transaction & then fail before it was completed... The transaction was reversed but the fee wasn't. He ran up $39 at $1.50 each in bank fees servicing ATMs that month. We claim it back on our bill but the bloody phone company also got 26 calls out of that even thought it was their crook line that was causing the problem & the ATM company had to pay for all the calls even thought they failed. :(

If I get a cheque from overseas, it costs me $20 to bank it ... regardless of where I bank it. What a rip off.

Bloody banks. I still reckon the ideal is a big box, a few metres of chain, three or four large padlocks and a very hungry Rotty.

Richard

I still reckon the ideal is a big box, a few metres of chain, three or four large padlocks and a very hungry Rotty.

Sounds like the bank manager I use. :D

The Banks are like governments, they have a seperate department to think of ways of ripping off the punters

I have been avoiding this thread so far, as it makes my blood boil and I'll start swearing long and hard, which isn't allowed here. To my way of thinking banks are the pinnacle of disgusting human greed and avarice, soundly supported by a low-life government, the one that Australia deserves. Simply because it was stupid enough to vote them in 3 times. :mad:

Quote:

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Originally Posted by Bob Willson

Just noticed another 'hidden' fee. This one is from Suncorp. :mad:

I recently bought a few tools from a little known Canadian firm and the bustards charged me an $8.32 currency conversion fee.

Why hasn't somebody started up a bank that is of the people and for the people. They could be a non-profit making organisation and I am sure that they would make a killing.

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Bob, banks have been charging courrency conversion fees since the year dot. Its certainly stock standard on most credit cards when you make a purchase in foreign currency.

Re non profit making banks, the kiwis have half gone that way with Kiwibank. It was set up as a result of peoples disatisfaction with the major banks. Kiwibank operates from all Post Office agencies which means you dont have to trapse very far to do your banking.

Cheers Martin

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Originally Posted by PhilMcCrackin

Dunno bout you guys but I dont pay bank fees. In fact just the other day my banker rang to say id overdrawn my account and he topped it up to avoid a fee being charged.

Go The Commonwealth Bank!

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Phil,

You've struck it lucky in having a local branch manager who realises that its better in the long term to cut a few fees and keep a customer's business. Youre probably also a person who's less apathetic than the average bank customer and has actually approached your local manager and discussed fee reduction/removal.

As for the CBA.....my local branch doesn't have a manager and there's a different set of fresh out of high school youngsters behind the counter every week.

Cheers Martin

Quote:

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Originally Posted by Daddles

If I get a cheque from overseas, it costs me $20 to bank it ... regardless of where I bank it. What a rip off.

Bloody banks. I still reckon the ideal is a big box, a few metres of chain, three or four large padlocks and a very hungry Rotty.

Richard

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Richard, you'll be going backwards with the money in the big box. Inflation will reduce it down to nothing by the time you retire and unless you get at least one attempted burglary every 2 days the dog food bill is also going to chew into your nest egg.

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Originally Posted by Andy Mac

...stupid enough to vote them in 3 times. :mad:

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Errr.... check out the opposition. :D