Comments on: Bank Fees - Are They Legal? http://ozrisk.net/2008/04/24/bank-fees-are-they-legal/ Risk Management in Australia Wed, 23 Jul 2008 19:50:07 +0000 http://wordpress.org/?v=MU By: Andrew http://ozrisk.net/2008/04/24/bank-fees-are-they-legal/#comment-26255 Andrew Thu, 24 Apr 2008 08:54:23 +0000 http://ozrisk.wordpress.com/?p=318#comment-26255 youie, The interest charged will be in the fine print of your agreement with them - those pamphlets you get at regular intervals that every just throws away without reading. Other than what you have already said, the only advice I can really give is to arrange a (small) overdraft with them and try not to use it. Quite a few of them will give $100 O/Ds without fees - for example I know the ANZ do - to cover little movements like this without risk to you and without the fees that normally come with "unarranged lendings". The other thing to do if your bank / credit union will not do this is to call around. There is almost always someone out there willing to do it. youie,
The interest charged will be in the fine print of your agreement with them - those pamphlets you get at regular intervals that every just throws away without reading. Other than what you have already said, the only advice I can really give is to arrange a (small) overdraft with them and try not to use it. Quite a few of them will give $100 O/Ds without fees - for example I know the ANZ do - to cover little movements like this without risk to you and without the fees that normally come with “unarranged lendings”.
The other thing to do if your bank / credit union will not do this is to call around. There is almost always someone out there willing to do it.

]]> By: Youie http://ozrisk.net/2008/04/24/bank-fees-are-they-legal/#comment-26254 Youie Thu, 24 Apr 2008 08:39:10 +0000 http://ozrisk.wordpress.com/?p=318#comment-26254 Andrew, what do you think of the situation as follows? I have two monthly direct debits from my account - $20 for ISP fees and a monthly donation of $10 to Greenpeace (harpoon me later pls). As a "dole-bludger", I frequently go into debt to my credit union for a coupla days between one of the debits occuring and my next "payment" going through. My credit union charges me interest for the overdrawn amount (*note: I don't have an overdraw facility) which admittedly only amounts to a less than a dollar at a time; but nowhere have I ever seen anything from them saying they can do this - only a letter on each occasion saying that they have. Given their interest charges against me tally up to far more than the 0.01% (I kid ye not) interest they're currently paying, I get a little shitty at being charged anything, even if it is three-fifths of FA. I don't need advice, thanks; just a more learned assessment of my situation - and something other than "make sure you have money in the bank to cover those expenses", if you know what I mean. Cheers. Andrew, what do you think of the situation as follows?

I have two monthly direct debits from my account - $20 for ISP fees and a monthly donation of $10 to Greenpeace (harpoon me later pls). As a “dole-bludger”, I frequently go into debt to my credit union for a coupla days between one of the debits occuring and my next “payment” going through. My credit union charges me interest for the overdrawn amount (*note: I don’t have an overdraw facility) which admittedly only amounts to a less than a dollar at a time; but nowhere have I ever seen anything from them saying they can do this - only a letter on each occasion saying that they have. Given their interest charges against me tally up to far more than the 0.01% (I kid ye not) interest they’re currently paying, I get a little shitty at being charged anything, even if it is three-fifths of FA.

I don’t need advice, thanks; just a more learned assessment of my situation - and something other than “make sure you have money in the bank to cover those expenses”, if you know what I mean.

Cheers.

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