Prior to direct charging being implemented, like most plebs I had a transaction account with big four and I accepted that bank fees were a way of life. Then about 2 years I found a Citibank account where upon getting my pay put into the account every month, I wasn’t charged any fees, not even foreign ATM fees. I couldn’t believe it and when I actually confirmed this was the case, I switched as soon as I could.
For 2 years I enjoyed fee free banking bliss and I encouraged everyone I met to make the switch. Despite that they all moaned about fees and charges, not a single one took the initiative to change banks. When I read the RBA FAQ (http://www.rba.gov.au/FAQ/atm.html) on why these changes were brought in it states “These fees are not transparent and cardholders have no choice in the level of foreign ATM fees they pay to their financial institution.” This is an abject lie. The fees are on every statement, they are clearly outlined in the financial institute’s documentation. Beyond that, cardholders had a choice to pay fees or not. The could choose to do business with a institution that charged fees or one that didn’t.
Now I don’t have a choice. I firmly believe that the only reason this even looked like getting any sort of consumer support was through the sheer laziness and apathy of people who didn’t want to change.
I’m now looking at a Bank West Zero account. Apparently they reimburse you the amount of the direct charge of the ATM. I’m in the process of attempting to open and operate one of these accounts which has been a saga in and of itself. However, if it operates like my pre March 2009 Citibank account, it will be worth it. My fear is that if enough people join then the Bank may decide to remove it’s fee reimbursement action, but given the consumer apathy which lead to this situation occurring in the first place I think my fear might not be justified.
I opened a Bank West Zero Account. While I was initially happy with account, it wasn’t a true debit card account as it allowed unlimited overdrafts. Instead of declining transactions which would take you over the limit, it would allow them and then charge you interest on the amount by which you went over. This is above and beyond the stated $100 overdraft limit.
As of October the 31st, Bank West will be implementing direct charging for foreign ATMs, which for Zero Accounts, is any ATM outside of the Big Four. This removes any reason I had for operating a Bank West account and I’ll be shutting mine down next month.
Thanks for 5 months of ATM fee free banking Bank West.
Prior to direct charging being implemented, like most plebs I had a transaction account with big four and I accepted that bank fees were a way of life. Then about 2 years I found a Citibank account where upon getting my pay put into the account every month, I wasn’t charged any fees, not even foreign ATM fees. I couldn’t believe it and when I actually confirmed this was the case, I switched as soon as I could.
For 2 years I enjoyed fee free banking bliss and I encouraged everyone I met to make the switch. Despite that they all moaned about fees and charges, not a single one took the initiative to change banks. When I read the RBA FAQ (http://www.rba.gov.au/FAQ/atm.html) on why these changes were brought in it states “These fees are not transparent and cardholders have no choice in the level of foreign ATM fees they pay to their financial institution.” This is an abject lie. The fees are on every statement, they are clearly outlined in the financial institute’s documentation. Beyond that, cardholders had a choice to pay fees or not. The could choose to do business with a institution that charged fees or one that didn’t.
Now I don’t have a choice. I firmly believe that the only reason this even looked like getting any sort of consumer support was through the sheer laziness and apathy of people who didn’t want to change.
I’m now looking at a Bank West Zero account. Apparently they reimburse you the amount of the direct charge of the ATM. I’m in the process of attempting to open and operate one of these accounts which has been a saga in and of itself. However, if it operates like my pre March 2009 Citibank account, it will be worth it. My fear is that if enough people join then the Bank may decide to remove it’s fee reimbursement action, but given the consumer apathy which lead to this situation occurring in the first place I think my fear might not be justified.
I opened a Bank West Zero Account. While I was initially happy with account, it wasn’t a true debit card account as it allowed unlimited overdrafts. Instead of declining transactions which would take you over the limit, it would allow them and then charge you interest on the amount by which you went over. This is above and beyond the stated $100 overdraft limit.
As of October the 31st, Bank West will be implementing direct charging for foreign ATMs, which for Zero Accounts, is any ATM outside of the Big Four. This removes any reason I had for operating a Bank West account and I’ll be shutting mine down next month.
Thanks for 5 months of ATM fee free banking Bank West.