Did you know that some banks are charging between 60 cents to $2 for entering the wrong PIN? How dare they?!
I find it truely staggering the collection of fees and their amounts banks are charging precious customers. It gives the message that they really do want to give a heap of customers to the credit unions who respect their customers.
So check carefully your charges on your monthly statement and find out what they are for. If you want to hand money over to the bank for whatever reason they deem fit don’t worry about it but if you want ownership of your money leave a bank that is overcharging you and go to a credit union.
If you’ve bundled credit cards, home loans and personal loans with the bank and think they’ll kick your butt for leaving them think again – it’s there way of manipulating customers so they can get as much money out of them as possible. I’m not being cynical here, I use to work in product development with one of the big four and I know their culture.
You can get very good – even better deals – on your credit card, home loan and personal loan if you want to look for them. And even if you take your working everyday banking account away from a bank who wants to overcharge you can still keep other accounts/products with them – don’t worry.
If you want more details check with the Australian Consumers Association – they’ll help with information.