Another Bank Rant
I loathe the fact that Australian banks charge the consumer fees like there's no tomorrow. Banks should be paying me for using my money to reap huge rewards on investments. My UK flatmate uses ATMS here, and receives no fees (other than the exchange rate) via his British bank. The Brits laugh at the banking situation in Australia.
ANZ wanted to charge me $6 a month to have a VISA debit card. Alternatively, I can have one for free from the bank of Suncorp (VISA debit cards is something else that has taken Australian too long to obtain). And because Suncorp has very few ATMs outside of QLD, you can use any ATM in Melbourne without fees.
Australian banks make stupidly high profits. Doesn't take a genius to see why foreign banks, such as ING, have released their better offers to the Australian market - mind you, now 49% of ING Direct is ANZ owned.
ANZ's profits in the last couple of years have been amazing. ANZ is a Melbourne based bank, and they give lectures here once a year encouraging PhD graduates to join their ranks and devise better money-making techniques. Well, if you can't beat 'em...
ANZ wanted to charge me $6 a month to have a VISA debit card. Alternatively, I can have one for free from the bank of Suncorp (VISA debit cards is something else that has taken Australian too long to obtain). And because Suncorp has very few ATMs outside of QLD, you can use any ATM in Melbourne without fees.
Australian banks make stupidly high profits. Doesn't take a genius to see why foreign banks, such as ING, have released their better offers to the Australian market - mind you, now 49% of ING Direct is ANZ owned.
ANZ's profits in the last couple of years have been amazing. ANZ is a Melbourne based bank, and they give lectures here once a year encouraging PhD graduates to join their ranks and devise better money-making techniques. Well, if you can't beat 'em...
posted by Engels at 2:12 pm
4 Comments:
I went to the bank today (NAB), for a totally unrelated trip to bank fees, and the chick serving me discovered that they may have been accidentally charging me the normal fees, rather than the tertiary student account fee's, since the beginning of the year. Now they are going to refund me :)
I like banks now :)
Plus they are also giving students even cheaper fee's as of next year (FREE EFTPOS net banking etc, was 20c/transaction)
I thought most banks gave fee free student accounts. ANZ has really attrative offers for students. After that they charge you five dollars a month.
I thought all EFTPOS was free...
My old student account, it was 20c per eftpos, atm transaction. But at the end of each month, I was rebated up too $12 max. towards fee's, expect transactions from other banks ATM's.
I think thats how it works anyway!
You fools...credit union FTW!
No fees EVA.
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