By: Andrew

Andrew — Thu, 24 Apr 2008 08:54:23 +0000

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

Youie — Thu, 24 Apr 2008 08:39:10 +0000

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.

Comments on: Bank Fees – Are They Legal?

By: Andrew

By: Youie