EFTPOS and ATM Hidden Fee

[ThePope]

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
Richard Gluyas
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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[NewLou]

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:

[ozwinner]

Well said Lou.

Al :mad:

[dzcook]

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 !!!

[rodm]

Quote
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

[kiwigeo]

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.

[DanP]

So it's you we should throw rocks at.

[kiwigeo]

So it's you we should throw rocks at.

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.

[ThePope]

So it's you we should throw rocks at.

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

[ThePope]

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.

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

[DanP]

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

Which way's Adelaide Hills from here.

Dan

[Gra]

So it's you we should throw rocks at.

maybe I should shut up here.....

[kiwigeo]

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

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

[kiwigeo]

Which way's Adelaide Hills from here.

Dan

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

[Daddles]

Which way's Adelaide Hills from here.

Dan

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

Richard