Commonwealth Bank Fees and Australian Consumer Association
May 4th 2005, 9:55 am
#1
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Commonwealth Bank Fees and Australian Consumer Association
From The Age 4/5/05
The Australian Consumer Association has slammed the Commonwealth Bank over its new fees for internet banking, which start on July 1.
The charge hits the bank's 1.9 million Netbank customers who do their banking online.
They will be able to transfer just three free payments to other accounts each month before they are slugged 50 for each additional payment.
They will be hit for direct debits for utilities bills, and even transfers to their own accounts, if they are not linked to their Netbank accounts.
Scheduled payments - where a customer nominates a future date for payment - will also be hit.
Spokesman Patrick Southam says it is bringing in the charges to recoup part of the cost of a $100 million, five-year upgrade of its Netbank site and online services, which were first launched in 1997.
"The site has had a dramatic overhaul, and has increased security features,'' he told theage.com.au. "And customers can use a range of new services, for example our international transfer service, at $22, which is less than you'd pay in the branch."
Two links mentioned in the article
www.choice.com.au
www.flickyourbank.com.au
The Australian Consumer Association has slammed the Commonwealth Bank over its new fees for internet banking, which start on July 1.
The charge hits the bank's 1.9 million Netbank customers who do their banking online.
They will be able to transfer just three free payments to other accounts each month before they are slugged 50 for each additional payment.
They will be hit for direct debits for utilities bills, and even transfers to their own accounts, if they are not linked to their Netbank accounts.
Scheduled payments - where a customer nominates a future date for payment - will also be hit.
Spokesman Patrick Southam says it is bringing in the charges to recoup part of the cost of a $100 million, five-year upgrade of its Netbank site and online services, which were first launched in 1997.
"The site has had a dramatic overhaul, and has increased security features,'' he told theage.com.au. "And customers can use a range of new services, for example our international transfer service, at $22, which is less than you'd pay in the branch."
Two links mentioned in the article
www.choice.com.au
www.flickyourbank.com.au
May 4th 2005, 10:07 am
#2
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Joined: Aug 2004
Location: Perth
Posts: 516
Re: Commonwealth Bank Fees and Australian Consumer Association
ABCDiamond,
Dont understand the banking system there. In UK, banking is free, and the banks make huge profits each year. Why do they charge. ? Thanks for the article. Just signed up with them. Will look around for another bank once i get settled.
chris
Dont understand the banking system there. In UK, banking is free, and the banks make huge profits each year. Why do they charge. ? Thanks for the article. Just signed up with them. Will look around for another bank once i get settled.
chris
May 4th 2005, 10:12 am
#3
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Posts: n/a
Re: Commonwealth Bank Fees and Australian Consumer Association
Originally Posted by chr1sarter
ABCDiamond,
Dont understand the banking system there. In UK, banking is free, and the banks make huge profits each year. Why do they charge. ?
Dont understand the banking system there. In UK, banking is free, and the banks make huge profits each year. Why do they charge. ?
There are a few free banking solutions here, but until people vote with their feet, they will continue to charge.
May 4th 2005, 10:14 am
#4
BE Enthusiast
Joined: Aug 2004
Location: Perth
Posts: 516
Re: Commonwealth Bank Fees and Australian Consumer Association
Originally Posted by ABCDiamond
Why do they charge. ? Same reason as some people emigrate ..... Because they can !!
There are a few free banking solutions here, but until people vote with their feet, they will continue to charge.
There are a few free banking solutions here, but until people vote with their feet, they will continue to charge.
Perhaps when i get there, i will start the revolution.
May 4th 2005, 10:20 am
#5
Breast Inspector
Joined: Feb 2005
Location: On the road
Posts: 1,770
Re: Commonwealth Bank Fees and Australian Consumer Association
Originally Posted by chr1sarter
ABCDiamond,
Dont understand the banking system there. In UK, banking is free, and the banks make huge profits each year. Why do they charge. ? Thanks for the article. Just signed up with them. Will look around for another bank once i get settled.
chris
Dont understand the banking system there. In UK, banking is free, and the banks make huge profits each year. Why do they charge. ? Thanks for the article. Just signed up with them. Will look around for another bank once i get settled.
chris
Don't know why they charge, its probably got something to do with share holders wanting more profits. I had a Commonwealth account for 10 years and managed to save up a good deal of money, so they advised me that I should change bank accounts so that I could earn more interest. So now I make about $2 interest a month, but, the account keeping fee is $5 a month.
