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-   -   Commonwealth's Relationship Balance (https://britishexpats.com/forum/australia-54/commonwealths-relationship-balance-302411/)

jwinch May 12th 2005 2:52 am
Commonwealth's Relationship Balance
 
Received a letter from the Commonwealth today to the effect that as from the first of June there Relationship Balance has been increased from $20,000 to $50,000.

Which means unless you have over $50,000 to leave sitting in their bank account doing nothing then they will charge you for all transactions.

Think its time to change banks accounts

JAJ May 12th 2005 2:57 am
Re: Commonwealth's Relationship Balance
 
The money does not have to be in a non-interest bearing account.




Jeremy

Jacko1 May 12th 2005 3:01 am
Re: Commonwealth's Relationship Balance
 
Originally Posted by jwinch
Received a letter from the Commonwealth today to the effect that as from the first of June there Relationship Balance has been increased from $20,000 to $50,000.

Which means unless you have over $50,000 to leave sitting in their bank account doing nothing then they will charge you for all transactions.

Think its time to change banks accounts
Yup deffo,

We are changing banks, its a big jump! in the Relationship Balance, I think The Commonwealth Bank will regret this move.

Paul J

DagBoy May 12th 2005 3:47 am
Re: Commonwealth's Relationship Balance
 
Originally Posted by jwinch
Received a letter from the Commonwealth today to the effect that as from the first of June there Relationship Balance has been increased from $20,000 to $50,000.

Which means unless you have over $50,000 to leave sitting in their bank account doing nothing then they will charge you for all transactions.

Think its time to change banks accounts
I think they count the whole relationship (debt and credit), so a $50k mortgage will qualify you.

Cheers,

DagBoy

bondipom May 12th 2005 4:10 am
Re: Commonwealth's Relationship Balance
 
Originally Posted by jwinch
Received a letter from the Commonwealth today to the effect that as from the first of June there Relationship Balance has been increased from $20,000 to $50,000.

Which means unless you have over $50,000 to leave sitting in their bank account doing nothing then they will charge you for all transactions.

Think its time to change banks accounts
They have also upped a number of other fees to pay for their new online banking website. HSBC have minimal fees for using their online service.

The interest offered by the CBA is also pathetic compared to other offerings. I wouldn't touch the CBA with a barge pole and there is probably a fee for that at as well.

I have just signed up with bankwest to take advantage of their 6% deal for a year.

For those wanting to get ripped off, Westpac also now off migrants a chance to open an expensive account before you leave for Oz.

Wave the Sails May 12th 2005 5:52 am
Re: Commonwealth's Relationship Balance
 
'Relationship' huh!

After reading several posts on here I emailed our relationship manager to say we were thinking of changing banks due to their high charges. She just wrote back telling me how to do and saying that she 'respected our decision!!!'

Mrs J

Jacko1 May 12th 2005 8:09 am
Re: Commonwealth's Relationship Balance
 
Originally Posted by DagBoy
I think they count the whole relationship (debt and credit), so a $50k mortgage will qualify you.

Cheers,

DagBoy
Yup fine if you have a mortgage, or a mortgage with them!!

Paul J

GinaUK May 12th 2005 8:26 am
Re: Commonwealth's Relationship Balance
 
Originally Posted by bondipom
For those wanting to get ripped off, Westpac also now off migrants a chance to open an expensive account before you leave for Oz.
I happened to look at the Westpac web site yesterday. They were offering migrants to open an account online before leaving for Oz. Called "Westpac One" it gives you one transaction and one savings account. They charge 5 Oz dollars per month. No other charges. You can make as many withdrawals as you like through EFTPOS, Internet Banking, Telephone Banking and through Westpac ATMs and branches. Deposits are also fee-free. Also no charges for cheques and direct debits. (Withdrawals at non-Westpac ATMs are 1.50 Oz dollars per withdrawal)

How exactly is that an "expensive rip-off"? I mean, if anyone knows a bank that offers a better deal, please tell me.

Gina

bondipom May 12th 2005 10:41 am
Re: Commonwealth's Relationship Balance
 
Originally Posted by GinaUK
I happened to look at the Westpac web site yesterday. They were offering migrants to open an account online before leaving for Oz. Called "Westpac One" it gives you one transaction and one savings account. They charge 5 Oz dollars per month. No other charges. You can make as many withdrawals as you like through EFTPOS, Internet Banking, Telephone Banking and through Westpac ATMs and branches. Deposits are also fee-free. Also no charges for cheques and direct debits. (Withdrawals at non-Westpac ATMs are 1.50 Oz dollars per withdrawal)

How exactly is that an "expensive rip-off"? I mean, if anyone knows a bank that offers a better deal, please tell me.

Gina
I pay no monthly fees with hsbc and get 4.75% on balances over $2000. I used to be with Westpac and left because of rising fees. Looks like they have now dropped their fees a bit.

BTW I am 300-400 a year better off for moving away from Westpac.


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