Bank fees - what a rip off!!

[janno]

I wonder if the Consumers Institute in NZ will follow suit?

http://www.choice.com.au/viewArticle...air+go+on+fees

I've just filled in the form letter requesting $165 in overdrawn account fees to be paid back. We accumulated this over the last couple of years from five occasions of direct debits coming out the day before they were due to - then a payday would follow involving big bikkies - geez the banks piss me off!!

There's been a huge reaction to this in Aus, with thousands of people successfully claiming back bank penalty fees in the last month or so according to news reports. I'd say the banks have simply go too greedy and shot themselves in the foot. I mean, how can they justify charging me $30 for being overdrawn $200 for TWO HOURS!!

Bastidges!!

[The Pastor]

banks are a bunch of wankers with a huge monolopy on the market.

its really good for students atm but it will change soon enough, they usally treat one group good at a time, students, bussiness, farmers, morgaes etc

unforuntaly they always shaft the middle class up the ass hole. with all the money you give you'd expect them to bring the damn ky, but they don't they just do it out of spite

[ManDownUnder]

yes bloody annoying and good luck but... small question q for you - why not set up an overdraft on the account in question? Or would the fees on that be as high as the penalty fees?

I agree thougyh. processing fees are what get me. The computer in wellington completes whatever transaction is 5 eights of a nano fart and they charge me $10/month for the privilege. THAT's BS. And when they tell me they have to do this and that blah blah blah...

I've been in IT for 12 years. I KNOW what's involved, and what's more you personally don't DO anything! I go online, I input the data, I do the work... and you bill me for the right to do it?

FUGGOFF!!!

[canarlee]

also, dont forget to add the interest that you would have earnt on that money if it had been in an account and not in their pockets!


it might only add up to one or two dollars per person but add that up over possibly tens of thousands of people over the years.........

[vifferman]

Our account is supposed to have one fee and no other processing fees, EFTPOS transaction fees, etc., but twice they've cocked it up. Luckily, each time they're reversed everything when I brought it to their notice.
But it pisses me off how much they charge for overseas transactions - how much actual expense is it to them to do this? :spudwhat: They got stung a while back by whoever the watchdog is on this, but it wasn't because they were ripping people off - it was because they weren't telling people they were ripping them off.

So now they still do it, but tell you first. "I'm gonna kick you in the nuts, and it's gonna hurt, OK?"
Fine.

It used to be that the banks charged you for just about nothing, and made their money on the margin (very slim though it was) between what they paid in interest on deposits, and what they were paid in interest on loans/mortgages. And of course, what they made on investments (of their client's money).
Now they make money for the 'services' they provide. Soon they'll be charging you for the use of their carpet and chairs while you wait, and then an opportunity fee for queuing.

I'm glad the vifferbabe has just been given an employment contract with a banking group. The anal reamings will soon be less frequent and less injurious...

[Dilligaf]

Are you people serious? You pay bank fees?
Have a mortgage with Westpac and everything (other than said mortgage) is free...
Seriously, you negotiate your interest rates, tell them you don't want to be charged fees either - it DOES work...

[judecatmad]

PSIS are very good - so long as you keep money in your account (used to be $500 but I think it went up recently to $1500), there are no fees for anything - on ANY of the accounts you hold with them.

It's easier to get to a branch now we live in Welly cos they're everywhere.

They're not a registered bank so not covered by the banking ombudsman, but I've found them better than any NZ bank I've ever dealt with. They gave us a car loan without making us jump naked through burning hoops and their service is always personal and there's ALWAYS counter coverage at lunchtimes!

Our mortgage is with the ASB and they simply can't understand why we won't move our banking over to them. Why move when you've got it so good somewhere else?

I agree, bank fees when you're in the black are a total feed of arse. As are annual fees for the privilege of holding a credit card.

[vifferman]

Are you people serious? You pay bank fees?

Yeah, just the one (which also gives us a lower mortgage rate, and unlimited transactions at no cost, and a few other things). It doesn't seem right, given that they makes HEAPS from our mortgage, but of course, that's all going to end soon.
Apart from the 'early retirement' fee they'll charge on the mortgage when we swap banks.
Better start lubing my bum in preparation...

I agree, bank fees when you're in the black are a total feed of arse. As are annual fees for the privilege of holding a credit card.

True. But they'd make nothing from us on the credit card if they didn't charge that, as we pay it in full every month. In fact, the bank told us to put as much as possible on the card, to get the month's free interest (probably hoping we'll overdo it sometime...)

[ynot slow]

I wonder if the Consumers Institute in NZ will follow suit?

http://www.choice.com.au/viewArticle...air+go+on+fees

I've just filled in the form letter requesting $165 in overdrawn account fees to be paid back. We accumulated this over the last couple of years from five occasions of direct debits coming out the day before they were due to - then a payday would follow involving big bikkies - geez the banks piss me off!!

There's been a huge reaction to this in Aus, with thousands of people successfully claiming back bank penalty fees in the last month or so according to news reports. I'd say the banks have simply go too greedy and shot themselves in the foot. I mean, how can they justify charging me $30 for being overdrawn $200 for TWO HOURS!!

Bastidges!!

Agree,my slogan on bumper sticker was 'Banks-They're all bastards'.

Mind you when you return at least the naki's own bank is fee less.TSB yeah.

[scracha]

Are you people serious? You pay bank fees?
Have a mortgage with Westpac and everything (other than said mortgage) is free...
Seriously, you negotiate your interest rates, tell them you don't want to be charged fees either - it DOES work...

Banks in proper first world countries don't charge anything for normal banking (so long as you stay in the black). Hell, most of them even pay you 50UKP to open an account with them and pay decent interest rates on current accounts. Some don't even charge for using debit and credit cards overseas.
Have a look at www.nationwide.co.uk and start weeping.

With NZ having the highest interest rates in the OECD it's ridiculous that they can justify "account maintenance" and "transaction" fees.

[bane]

if you can afford to keep $3-5k as a "base" amount in an account, most banks wont charge you bank fees - otherwise a mortgage will normally exempt you.

If you have no money/mortgage, what about those accounts that have a flat monthly fee, which covers all transactions?

A mate of mine, who had no money issues, was running his life out of his cheque a/c, and paying >$300 a year in fees - 5mins on the phone and he hasnt paid a bank charge since...

[Bullitt]

True. But they'd make nothing from us on the credit card if they didn't charge that, as we pay it in full every month. In fact, the bank told us to put as much as possible on the card, to get the month's free interest (probably hoping we'll overdo it sometime...)

The fee is only a small part of what the bank makes off a credit card, they also charge a percentage of each transaction against the retailer. However the retailer is not legally allowed to charge more for credit card transactions so you dont get to see it.

I have my credit card with BNZ (rest through Kiwibank) to get fly buys and if you spend over a certain amount each six months they reduce the fee by 50% or twice that amount in six months you dont pay a fee at all. I cant remember the amount but its pretty minor, by putting all possible transactions on my credit card I get there easily.

Oh and the government is currently looking at regulations for non registered bank deposit taking institutions (eg building societies, PSIS etc) and they will likely soon have similar requirements to registered banks. So any fears over being with a non registered bank should soon be allayed

[Gremlin]

I moved away from National, because they liked charging me to use stuff like online banking, when it saved them money!

ASB is similar (still have bill payee loading fees), but better in regards to things like online banking. Stopped the monthly paper statement, so no monthly account fee, no eftpos fees etc...

Weigh up services from different banks (especially all the smaller things) and see which offers you the best service. I don't switch banks lightly, was with National for over 10 years, but their graduate account was beaten by a normal ASB account on every aspect

[scracha]

However the retailer is not legally allowed to charge more for credit card transactions so you dont get to see it.

It's more of a contract thing than any particular NZ law. It's part of the Visa/Mastercard "shaft the retailers" agreement that merchants have to sign. They can't say "Add 3.5%" for Vista/Mastercard (you really don't want to know how much AMEX charge) purchases cos that's what the robbing bastard banks charge us". They can however say things like "price reflects 3% discount for cash or direct deposit".

When merchants import stuff they get screwed for around 2.5% currency spread by the banks (plus 3.5% if the goods are purchased using a credit card). Then when they flog stuff they get screwed for another 3.5% by the banks. The cheeky bastard banks then have the cheek to charge customers an annual fee and ridiculous interest rates for the privilege of using their "flexible friend". Don't even mention Trademe seller fees either. Basically around 10% of every transaction is siphoned off by our (Australian) banks.

Am I the only person who thinks the current "put your holiday on the credit card" advert is a fuckin disgrace?