"Honour" fees are dishonourable
June 29th 2009 12:58
I bank with ANZ. One of the main reasons for this is I had a fight with the Commonwealth a few years back and switched to ANZ. I've questioned my commitment on several occasions. The first was when my $0 fee account was changed to $2 per month. Then there is the $70 of "honour fees" I have been charged.
Choice magazine have done extensive lobbying against what they call as unjust fees or the general public would call "highway robbery."
I rang ANZ's call centre to complain and got someone in India or an accented Australian. I'm okay with the second option, I patiently explained that if ING transferred money out on the Monday, why was I allowed to EFTPOS $38.35 when there was only $15 left in my account? He transferred me to another department and whilst waiting, I was cut off. I've worked in call centres, things happen but I want answers.
I rang back and spoke to internet banking tonight. Why doesn't all the transactions show up live? I asked. Apparently, I transferred $400 into my ING account on the Friday but ING didn't take the money until Monday afternoon, so my lunchtime Monday EFTPOS transaction was allowed as the ING hadn't been transferred yet and ANZ have charged me $35 for not knowing what time ING transfer funds. (Late afternoon apparently).
I, like Choice magazine, fail to see how ANZ's costs are $35 for this. This is unrelated to the cost of the transaction. (This happened 2 weeks in a row!). And I like the fact that Choice has pointed out that Credit cards have operated in Australia for over twenty years without this problem. If my credit limit was $5000 and my gym membership fee was coming off it, MasterCard aren't going to stop it and say, "Oooh, you've taken $35 too much, here's a $35 over limit fee." It would be ludicrous on top of my annual fee and interest.
So why the hell if I am paying for all my transactions via EFTPOS or ATM, as well as a montly fee, paying for overdrawing a small amount? This sucks.
Please advise if you know a bank or credit union with a decent policy on this.
Choice magazine have done extensive lobbying against what they call as unjust fees or the general public would call "highway robbery."
I rang ANZ's call centre to complain and got someone in India or an accented Australian. I'm okay with the second option, I patiently explained that if ING transferred money out on the Monday, why was I allowed to EFTPOS $38.35 when there was only $15 left in my account? He transferred me to another department and whilst waiting, I was cut off. I've worked in call centres, things happen but I want answers.
I rang back and spoke to internet banking tonight. Why doesn't all the transactions show up live? I asked. Apparently, I transferred $400 into my ING account on the Friday but ING didn't take the money until Monday afternoon, so my lunchtime Monday EFTPOS transaction was allowed as the ING hadn't been transferred yet and ANZ have charged me $35 for not knowing what time ING transfer funds. (Late afternoon apparently).
I, like Choice magazine, fail to see how ANZ's costs are $35 for this. This is unrelated to the cost of the transaction. (This happened 2 weeks in a row!). And I like the fact that Choice has pointed out that Credit cards have operated in Australia for over twenty years without this problem. If my credit limit was $5000 and my gym membership fee was coming off it, MasterCard aren't going to stop it and say, "Oooh, you've taken $35 too much, here's a $35 over limit fee." It would be ludicrous on top of my annual fee and interest.
So why the hell if I am paying for all my transactions via EFTPOS or ATM, as well as a montly fee, paying for overdrawing a small amount? This sucks.
Please advise if you know a bank or credit union with a decent policy on this.
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Comment by Aimee Dent
Aimee’s first blog – Adventures from the land down under.
I opened an ordinary transaction (savings) account with them, and also a high interest savings account (it was attached to the transaction account). As both accounts were with the NAB any transfers showed up live.
One day I went to pay for some petrol and transferred the some money across via phone banking. I went into the shop to pay and it was declined. I called phone banking and confirmed the available balance - it was all there so I couldn't see a problem.
I tried to eftpos again, and it failed so I called the bank.
They had actually put a bar on my card as my savings account had been overdrawn by $17 in BANK FEES! And as I hadn't used this account in 14days they blocked it.
It took them almost 2weeks to take the bar of my account. I was furious and closed my accounts with the NAB. I couldn't believe that they had blocked my transaction account for being overdrawn when there were funds sitting in the attached high interest savings account!!! It was outrageous.
Aimee
Comment by Stacia S
Banana Republic
Kenya Adventures