Thread: EFTPOS and ATM Hidden Fee

Originally Posted by Bob Willson

Just noticed another 'hidden' fee. This one is from Suncorp. :mad:

I recently bought a few tools from a little known Canadian firm and the bustards charged me an $8.32 currency conversion fee.

Sorry Bob, but that is not a 'hidden' fee and it is not a new fee either.

As far back as 1970 when I was working in a bank's Melbourne's overseas department, where we used to calculate and set the daily currency conversion rates, we used to factor in the commission and interest on doing these kinds of transactions.

Just have a look at the difference between the banks TT buying and selling rates. We also had a minimum commission fee which if not reached in the currency conversion we included in the rate conversion. This minimum fee now seems to be charged separately.

So the banks have always charged these kinds of fees but they used to be hidden.


Peter.

Originally Posted by Bob Willson

Why hasn't somebody started up a bank that is of the people and for the people. They could be a non-profit making organisation and I am sure that they would make a killing.

I think they call it the bank of China, and yes they do make killings occasionaly.

Al

Originally Posted by Bob Willson

Why hasn't somebody started up a bank that is of the people and for the people. They could be a non-profit making organisation and I am sure that they would make a killing.

I believe it was called the commonwealth bank of australia......

But then it got sold to commercial interests.

While most employers are paying their workers by direct funds transfer the banks are on a great winner - they don't need you the customer - only the employer to put in your pay. Funds are usually transferred earlier than the due date and well before the recipient usually gets hold of them. Ooh gee whiz the bank gets to "hold" the funds for you until you need them. They don't really invest on the short/long term money markets do they? What was that bank from England - oh yeah it didn't bear [ings] up really well under the strain of investments.
Bob

ANZ (I recall, it might have been another one) just got smacked about $1.5 in fines for not disclosing surcharges on forex transactions - and they have to trace and refund customers up to about 2004 who got overbilled. Now they disclose the charge so that is all OK. I believe the Commerce Commission is chasing others.

A banker is a man who will lend you an umbrella on a day on which it is not raining.....

Dunno bout you guys but I dont pay bank fees. In fact just the other day my banker rang to say id overdrawn my account and he topped it up to avoid a fee being charged.

Go The Commonwealth Bank!

Oh and before you start throwing stones or fire wooden bullets from wooden toy guns..... be warned..........!!!! I am wearing an iron bark bullet proof vest.

See: http://www.woodworkforums.ubeaut.com...ad.php?t=30499

I overdrew my CBA account by $1 and they charged me $30. :mad:

They are generous enough to give me 0.1% interest on my 'award saver' account. :mad:

Gives the term 'Bank Robber' a whole new meaning. :mad::mad::mad:

Go the police credit co op. Only gov't fees to pay and they still pay interest on savings accounts, unlike most banks.

Dan

Originally Posted by DanP

Gives the term 'Bank Robber' a whole new meaning. :mad::mad::mad:
Dan

Dan WHats your Avatar holding in his hand? Are you telling us something your about to do?

Originally Posted by DanP

I overdrew my CBA account by $1 and they charged me $30. :mad:

Dan

If you haven't already done so, go back and tell them to reverse the charge immediately or you will close the account right now.

Dan
These fees are designed to make money but I think you knew that anyway. With the technology it would be easy to refuse a trasaction on the basis that there were insufficient funds in the account. That would be sensible but for profit lets allow the transaction to go through, back it out and charge the customer a fee (read fine). This type of business ethics is what people are getting upset about.

An interesting take on these fines is when my wife paid off a small loan early. The bank continued to deduct weekly repayments for a couple of months before she noticed. When she rang the bank and suggested they fine themselves she was told it wasn't their policy to do this. :mad:

Sturdee you make a valid comment about it being a more open system but unfortunately it was introduced without compensation from the old methods. It was clear profit from the day it was introduced.

Rant number two over.

G'day.

We service (& sometimes fix) private ATM machines (the ones that the BIG banks don't own) in pubs, clubs, servos, & small supermarkets.

The other day, Pete, one of our troops, was having trouibles with a crook phone line (guess who) to an ATM. It would connect, start the transaction & then fail before it was completed... The transaction was reversed but the fee wasn't. He ran up $39 at $1.50 each in bank fees servicing ATMs that month. We claim it back on our bill but the bloody phone company also got 26 calls out of that even thought it was their crook line that was causing the problem & the ATM company had to pay for all the calls even thought they failed.

If I get a cheque from overseas, it costs me $20 to bank it ... regardless of where I bank it. What a rip off.

Bloody banks. I still reckon the ideal is a big box, a few metres of chain, three or four large padlocks and a very hungry Rotty.

Richard

I still reckon the ideal is a big box, a few metres of chain, three or four large padlocks and a very hungry Rotty.

Sounds like the bank manager I use.

The Banks are like governments, they have a seperate department to think of ways of ripping off the punters