Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Commonwealth's Relationship Balance

Commonwealth's Relationship Balance

Old May 12th 2005, 2:52 am
  #1  
Forum Regular
Thread Starter
 
Joined: Jul 2003
Location: Sunshine Coast
Posts: 247
jwinch has a spectacular aura aboutjwinch has a spectacular aura aboutjwinch has a spectacular aura about
Default 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
jwinch is offline  
Old May 12th 2005, 2:57 am
  #2  
JAJ
Retired
 
JAJ's Avatar
 
Joined: Apr 2004
Posts: 34,649
JAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond reputeJAJ has a reputation beyond repute
Default Re: Commonwealth's Relationship Balance

The money does not have to be in a non-interest bearing account.




Jeremy
JAJ is offline  
Old May 12th 2005, 3:01 am
  #3  
Down Under and Lovin It
 
Jacko1's Avatar
 
Joined: May 2004
Location: Ellenbrook, Perth, WA
Posts: 692
Jacko1 will become famous soon enough
Default 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
Jacko1 is offline  
Old May 12th 2005, 3:47 am
  #4  
Cheesy Member
 
DagBoy's Avatar
 
Joined: Jul 2003
Location: Brisbane
Posts: 1,033
DagBoy has a reputation beyond reputeDagBoy has a reputation beyond reputeDagBoy has a reputation beyond reputeDagBoy has a reputation beyond reputeDagBoy has a reputation beyond reputeDagBoy has a reputation beyond reputeDagBoy has a reputation beyond reputeDagBoy has a reputation beyond reputeDagBoy has a reputation beyond reputeDagBoy has a reputation beyond reputeDagBoy has a reputation beyond repute
Default 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
DagBoy is offline  
Old May 12th 2005, 4:10 am
  #5  
 
Joined: Aug 2003
Posts: 11,149
bondipom is an unknown quantity at this point
Default 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.
bondipom is offline  
Old May 12th 2005, 5:52 am
  #6  
BE Forum Addict
 
Joined: Dec 2004
Location: A land far far away
Posts: 1,149
Wave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond reputeWave the Sails has a reputation beyond repute
Default 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
Wave the Sails is offline  
Old May 12th 2005, 8:09 am
  #7  
Down Under and Lovin It
 
Jacko1's Avatar
 
Joined: May 2004
Location: Ellenbrook, Perth, WA
Posts: 692
Jacko1 will become famous soon enough
Default 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
Jacko1 is offline  
Old May 12th 2005, 8:26 am
  #8  
Banned
 
GinaUK's Avatar
 
Joined: Dec 2004
Location: Tapping (Perth)
Posts: 2,619
GinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond reputeGinaUK has a reputation beyond repute
Default 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
GinaUK is offline  
Old May 12th 2005, 10:41 am
  #9  
 
Joined: Aug 2003
Posts: 11,149
bondipom is an unknown quantity at this point
Default 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.
bondipom is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.