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      08-04-2009, 06:16 AM   #1
Taymaishu
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OT: Banking in Australia

I'm sorry i know this is WAY off-topic.

I checked my online statement today with my bank. I pay around $25 a month in account fees + transaction fees. I have a Bank Account, Online Savings Account, Credit Card and Brokerage account with this bank, totalling 4 accounts. And yet, i still pay ridiculous fees on all four.

So tonight, i've decided to change banks. I'm wondering if anyone actually has had good experiences with their bank?

Pre-requisites are:

1. Unlimited transactions
2. Low monthly fees (or none)
3. Credit Card availability (Visa or MC, i don't mind)
4. Optional online savings account linked to bank account

Optional:

1. Bank also offers brokerage.

Any help would be greatly appreciated I'm currently looking at both ANZ and St. George as options.
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      08-04-2009, 06:48 AM   #2
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I haven't really analysed banks and their charges. I've always been with the ANZ (since 1984) for both business and personal banking and loans. I don't believe in hopping from one institution to another as my time is better spent concentrating other things.

In a nutshell, they're all bastards.
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      08-04-2009, 06:51 AM   #3
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Same here...ANZ since 1986 for both business and personal.. Like amk2912, not a bank hopper... Although in the past i have followed my banking business manager from branch to branch.
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      08-04-2009, 07:22 AM   #4
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Quote:
Originally Posted by Zuzu View Post
Same here...ANZ since 1986 for both business and personal.. Like amk2912, not a bank hopper... Although in the past i have followed my banking business manager from branch to branch.
I'm with Commonwealth, and have been since I was 5 years old when Schools used to open accounts and you used to deposit 50 cents a week on Fridays

They've been good. It's just the fees are shocking - and i don't hop, obviously. I've been with CommBank now for about 18 years, and it will be a change to move on.

I just don't think i'm getting the best deal right now. I know i can save more money just on fees by moving to ANZ, but still have the same services.

Especially with money, if you can get a better deal, then i'll definitely take it. Thanks for the feedback, happy to hear ANZ haven't hurt you guys - they're possibly my new bank

Thank you very much for the feedback. My other options as stated are St George or W/Pac.
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      08-04-2009, 08:19 AM   #5
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another ANZ customer, 5$ per month with unlimited transactions. (except obviously through other bank's atms). Have my CC and trading account through them also and all is good!

A guy at work says with bankwest they have an account with no chargers, and no charges even if you take it out of another bank's atm, you just need to deposit 2k into the account each month. I have yet to look into this.
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      08-04-2009, 08:42 AM   #6
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If someone can find a bank that actually offers a service, I'd REALLY like to hear about it.

I'd be more than happy to pay them a "Service fee" for it.

Thus far, all I see are businesses charging me to get access to my own money. Which is the same money they make a margin on when they lend it out to other people. -- Heads I win, tales you lose!

As for credit cards -- it'd be illegal if it was done by any business other than a bank.

I'd love to be in a business where I could just increase prices to cover my own business mistakes, and say to my customers - "if you don't like it, then go somewhere else". Comfortable in the knowlegde that all my competitors are doing exactly the same. So there's no point moving.

I just love the way we (as tax payers) are underwriting the banks credit position (internationally), through the Govt guarantee, so they can access cheaper funds. Which they then lend to us tax payers. And they have the gaul to increase interest rates out of line with the RBA baseline.

And those dip$h1ts in canberra let then get away with it - what a massive con job.

Sorry - rant over.
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      08-04-2009, 12:20 PM   #7
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Quote:
Originally Posted by bfi2906 View Post

As for credit cards -- it'd be illegal if it was done by any business other than a bank.
Not necessarily.

You can't get the Woolworths Everday Money Credit Card from anyone else but Woolworths.

It is underwritten by HBSC, but go onto their website and try to apply for the Woolies card - you can't.

It was the same with the old Virgin Credit Cards - they were underwritten by Virgin Money, but not bank-distributed.

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Originally Posted by bfi2906 View Post
And those dip$h1ts in canberra let then get away with it - what a massive con job.
I would NOT want to give a Labour government ANY monetary policy power, AT ALL. They've got enough with Fiscal power. A PM who wants to pass out 900 bucks to give the economy a premature dead cat bounce is a knob.
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      08-04-2009, 05:28 PM   #8
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Quote:
Originally Posted by bfi2906 View Post
If someone can find a bank that actually offers a service, I'd REALLY like to hear about it.

I'd be more than happy to pay them a "Service fee" for it.

Thus far, all I see are businesses charging me to get access to my own money. Which is the same money they make a margin on when they lend it out to other people. -- Heads I win, tales you lose!

As for credit cards -- it'd be illegal if it was done by any business other than a bank.

I'd love to be in a business where I could just increase prices to cover my own business mistakes, and say to my customers - "if you don't like it, then go somewhere else". Comfortable in the knowlegde that all my competitors are doing exactly the same. So there's no point moving.

I just love the way we (as tax payers) are underwriting the banks credit position (internationally), through the Govt guarantee, so they can access cheaper funds. Which they then lend to us tax payers. And they have the gaul to increase interest rates out of line with the RBA baseline.

And those dip$h1ts in canberra let then get away with it - what a massive con job.

Sorry - rant over.
+1 My sentiments excactly.
All the major banks are the same, money grabbing bastards with there best interest is to their shareholders.
It just annoys me when Choice or the ACCC talks about if you are not happy with your bank then do your banking with another bank, problem is they are all the same! Believe you me if there was another good alternative I would have left along time ago.
What we need is another decent Major bank that will actually move away from the current bussiness model and actually offer service without the unjust "service fees" on everything. Most of the population will flock to them.
But no, this idea of offering service is just to left field for them.
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      08-04-2009, 06:44 PM   #9
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Put some more money in the bank or get a mortage and you pay no fees!

I have a few accounts and my GF has a bunch and we pay no fees and have not for a number of years.
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      08-04-2009, 07:01 PM   #10
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My wife and I have been with the Commonwealth for the last 10 years and have no complaints. We have a home loan, statement account, visa, commsec, netsaver, youthsaver, and a term deposit. We pay $8 per month for the loan service fee and that's it. No transaction fees, no visa interest (always paid off within interest free period). Our loan is virtually paid off and we keep it going for the redraw facility so loan interest is ~$300 per year, and that includes a 0.5% discount on the interest rate. Speak to your bank, explain why you're not happy and if you're doing enough business with them they will sort out a better deal. Having a home loan is a big advantage in this negotiation.
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      08-04-2009, 07:53 PM   #11
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Hi Taymaishu,

Good question albeit way off topic! While I'd love to jump on the bank bashing bandwagon, that seems to have been taken care of above so I'll try and instead answer your original question.

Firstly, if you're paying $25/month in fees then yes you are paying too much.

Secondly, since you don't have a home loan as others above have said, you're not going to get the no transaction fee deals that get packaged with some of these home loan deals.

For your requirements (bank, online savings, credit card) you should be able to get fairly low fees with any of the big four with conditions as follows:

- direct credit of salary - if you do this then most banks will waive the monthly $5 - $6 monthly service fees (it usually has to be over $2000 of deposit/month)

- Credit card - with any of the banks you will be up for an annual charge - should be around $50 for a no frills credit card up to $150 for a gold card (ie travel insurance and reward points). Non-bank providers will be able to give you a fee free card but you then lose the convenience of single point internet banking etc.

- Online savings - all banks have a zero fee online savings product - interest rates are pretty average at this point though but no one should be charing you fees on these online savings accounts

Then the main point if you want to minimise your bank fees is the "traps" like overdrawing your account or using other banks atm's.... there is no way around the other bank atm charge this is standard everywhere. So if your $25/month is in atm charges you're going to cop that everywhere.

Hope this helps!

Tim
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      08-04-2009, 08:08 PM   #12
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Service wise, I love ANZ. I have move a few times, going from branch to branch, and always offer good efficient service - but that's with transaction banking only.

I have accounts with Westpac and NAB, and deal with Bendigo.

Loan wise, it's really the loan manager, not so much with the bank. But I found NAB very proactive these days.

Commonwealth bank - My wife, my mother, and I vowed never to be their customers on separate incidents.
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      08-04-2009, 08:42 PM   #13
Taymaishu
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Quote:
Originally Posted by Timbo View Post
Hi Taymaishu,

Good question albeit way off topic! While I'd love to jump on the bank bashing bandwagon, that seems to have been taken care of above so I'll try and instead answer your original question.

Firstly, if you're paying $25/month in fees then yes you are paying too much.

Secondly, since you don't have a home loan as others above have said, you're not going to get the no transaction fee deals that get packaged with some of these home loan deals.

For your requirements (bank, online savings, credit card) you should be able to get fairly low fees with any of the big four with conditions as follows:

- direct credit of salary - if you do this then most banks will waive the monthly $5 - $6 monthly service fees (it usually has to be over $2000 of deposit/month)

- Credit card - with any of the banks you will be up for an annual charge - should be around $50 for a no frills credit card up to $150 for a gold card (ie travel insurance and reward points). Non-bank providers will be able to give you a fee free card but you then lose the convenience of single point internet banking etc.

- Online savings - all banks have a zero fee online savings product - interest rates are pretty average at this point though but no one should be charing you fees on these online savings accounts

Then the main point if you want to minimise your bank fees is the "traps" like overdrawing your account or using other banks atm's.... there is no way around the other bank atm charge this is standard everywhere. So if your $25/month is in atm charges you're going to cop that everywhere.

Hope this helps!

Tim

This helps more than you think you know!

My $25/m charges are non-ATM related, they are intra-Comm bank account charges.

So the charges are paid on any movements like this:

Account -> Netbank Saver
Account -> Commsec Cash Management
Account -> any direct Commsec-brokered trades
Account -> Pay bills (Credit Cards, Phone bils, Foxtel etc)

My bank account is the devil of the situation. I do possibly 80 transfers in a month, and this is where i'm being hit. Not only do I have an account keeping fee, but then also excessive usage fees for all of my transactions.

So, thank you kindly to everyone who has written here. After some pretty extensive research, your feedback, feedback from friends and family, i've opened an account with ANZ.

And thank christ:

Quote:
Originally Posted by ANZ
For just $5 a month you can make unlimited transactions via ANZ branches, ANZ ATMs, cheques and through EFTPOS, ANZ Phone Banking and ANZ Internet Banking. If you make frequent transactions, the ANZ Access Advantage account is the ideal account for you.
On top of that I get the equivalent of the NetBank Saver that Commonwealth offers, and access to some pretty good interest rates on Credit Cards.

There will be deposits in excess of $2000 a month, so that will all become free

On top of that, ANZ E*TRADE will act as my new brokers, but i will keep my Commsec account for 2 lots of advice

Thanks everyone!
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      08-04-2009, 10:16 PM   #14
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There's plenty of options if you want proper service from a bank:

http://nab.com.au/privatewealth/index.html
http://www.anz.com/aus/Personal/Priv...nk/default.asp
http://www.determinedtobedifferent.c...rivatebanking/
http://privatebank.westpac.com.au/
http://www.hsbc.com.au/1/2/hsbcpremier/home

Most people who can afford to spend 80k+ on a car should qualify for any of the "private banking" options at the Australian banks.

I was with NAB Private for a while, but I changed to HSBC Premier when I moved overseas because they have a great global system where I can access all my accounts from the one web page and transfer money between them for free.

I can't remember the last time I paid bank fees (except for transferring everything over to HSBC).

Or if you don't qualify, look at joining a credit union. I was with QANTAS Credit Union before I had a mortgage and never once had to pay any fees (except for the $10 joining fee) as long as I used Westpac ATMs for cash withdrawals.
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