Hey, could anyone make some comment about the banking system in australia, i mean those rules, fees and charges; convenience, security and service standards etc.

For one thing, i find the security here is way too lax: 4-digit PIN numbers, just ridiculous to me. I would thought at least 6-digit is needed. (or maybe not?, as im not an expert on this subject)

Any comment is welcome, thanks.

Why is a 4-digit pin number lax?

Same is used in the UK and all is well....

Surely, you can change your pin to however many digits you want, can't you?
I know I can have up to 8-digits on my Comm Bank card. It's up to me how many I choose to have.

What Fees and Charges ? I don't pay any You just need to pick the correct bank

Both my Australian Debit card and my UK switch card only have 4 digit pin numbers. Never checked to see if they can be changed though.

Out of interest who are you with?

Molly

HSBC with an ANZ Rewards credit card.

See this thread http://britishexpats.com/forum/showthread.php?t=306729
Post no 12 gives a few examples

Thanks for that. We are with the Commonwealth and the seem to charge for everything. Maybe time for a change.

Molly

Well, i had an ANZ access select account, and check my balance at another bank's ATM. Guess what? ANZ charged me $1.25 for balance inquiry. Can't believe this.

Also here is my pet peeve with (dis)honor fees. ANZ would charge you $29 and $45 for honor/dishonor fee if for whatever reason a direct debit request couldn't be completed due to insufficient funds. I wonder what the heck is the reason for this kind fee? For example, if i try to withdraw $120 from an ATM while my account only has $100 the ATM system will simply deny the transaction. So I figure the direct debit system should work the same way. But apparently the banks think differently, for their own greedy reason, i guess.

Anyone any idea about why the direct debit system works like this in australia? isn't it stupid? which a**hole invented this?

'cause they don't wont that business just as they don't want small accounts and don't like cash.

Use electronic transfers, BPay.

Almost ALL banks will charge for that type of transaction. That's one reason I like HSBC, if I had done the same as you I wouldn't have had to pay (as long as I did no more than 5 per month)

Your ANZ account also charges you $5 per month. ?

People do have the choice..... They just need to learn what is out there, and what is best for them.

ABC, I so agree with you.. I have just changed from the Commonwealth bank, due to their recent changes to charging for using Internet Banking..

I have just changed to ANZ Access Advantage, $5 a month, and then no charges for withdrawals, apart from other ATMS.

I know people go on about sensible withdrawals at EFPOS, but I am one of those people who if I withdraw the money, I will spend the money.. so I like taking out small amounts via ATM.. therefore dont want to be charged for each withdrawal

If any one is looking at changing banks, www.flickyourbank.com.au is a great site, compares all accounts, helps you chose the best one for you.

why Aus still cant have Fee Free Banking like the UK I will never know.. there doesnt seem to be the outrage over here, that you would get in the Uk should a bank bring in a charge (remember Barclays and their idea of charging to use the Link system)

Simple way to reduce the propensity to dispense the cash: keep receipts and enter them into a personal accounting system (eg "Quicken"). The pain is enough to think thrice about splashing the cash. With luck counting your money and watching your account balance increase will become more rewarding than spending it. Success is achieved when your lobby leads to the coal cellar via a trapdoor.

Keep Receipts? Use Quicken.. christ I can barely keep track of the bar bill most weeks...

I like splashing cash. . just dont like the banks using my money to make money.. then charging me to get at it..or even ask how much I have left...

Success I feel is achieved by enjoying yourself as much as possible... if you aint happy.. you aint sucessfull

Sounds like a cash habit.

yep

its a lot more expensive than the habits I had back in London....