worzel

Lots do! I read it all the time. Just remember that the banks have to make their money somehow - at least they are upfront about it. The UK model is more sneaky - exhorbitant charges for doing anything wrong, no or tiny interest on the money you trust them with. This article from the BBC prompted me to write this:

http://www.bbc.co.uk/blogs/thereporters/robertpeston/

Wendy

It really doesn't bother me at all. I figure it into my monthly expenses, I only get charged $5 every time I get a statement which is every three months so it's really only pocket change anyway.

I don't even mind being charged $1.50 if I use another cash machine, I got charged £1.50 if I used the machine in the pub in the UK and that never bothered me either.

Gems

Lots of other places charge stupid fees for banks.

Im not in the UK at the moment. This country has lots of charges for everything. Ive heard expats here being given bills for closing a bank account!

If you ask me most banks around the world will come up with ridiculous charges for anything they can.

People moan about the UK charges but overseas running a bank account can be more costly.

Gems

LoobyLoo!

We get charged £12 a month in the uk for our account so paying $5 in oz really wont bother me

Womat

I do, and when they release their profit margins I can be heard muttering the odd expletive or two, only problem is I have shares in one of the major banks here and quite happily bank my dividend, and of course the bigger it is the happier I am ....

geordie downunder

I have never paid bank charges,apart from the FID and BAD that were abolished years ago.

Once you have a loan or deposit with CBA of more than $50,000 there are no bank charges.

Free credit card from NAB under the shareholder package,need to spend $7500 a year to qualify.

Various other discounts on shareholder packages from the other banks,ANZ have just cancelled their package.

I think if you ring them up most of them will tell you how to avoid charges,they are all much of a muchness.I can't understand why there are all the complaints.

geordie downunder

They only operate on a margin of around 1.6%.

Use the DRP and your shareholding will grow faster,producing more dividends ,for more shares,for more dividends etc.If you need the money though silly to use the DRP.

Womat

Thanks GD, I changed from the DRP awhile ago to suit current circumstances, but thanks for taking the time to offer advice, it is appreciated.

jce

i dont mainly cause you have no option

but although the UK banks dont have a monthly fee you get charged for all sorts of things if you dont stay in credit - and most dont. In the end i would say that you end up paying more in the UK its just that its more hidden - cause if the banks werent making money then they wouldnt have "free" accounts would they?

You should also note the interest rate you get on your money in a UK current account - i think mine was 0.1% when i left - so they have your money and are investing it to make more money and you get 0.1%! Compare that to some internet banks who are giving 5%

But i pay $4 a month in Aus and to be honest its an irrelevant amount - yes its a fee but at $1 a week its less than an Cherry Ripe

chels

I believe that Australian banks also have a range of banking charges. Eg NAB charges a $50 dishonour fee if you try to make a payment and don't have the funds in your account. $7 for a duplicated statement. $30 daily fee for an unauthorised overdraft. $20 for a replacement credit card if its stolen. Not sure how that differs to the UK?

If you can point me in the direction of an Australian bank that pays more than a nominal amount of interest on its transaction accounts, I'd be very grateful for the information.

jce

not sure about a transaction account but the Commonwealth has an internet account that pays 6% with no minimum balance and can be linked with a transaction account - but you do have to do some work moving money around.

chels

Thanks jce - I'm really looking for a transaction account that has no fees or charges (besides the monthly account fees) and pays a good rate of interest, which I got the impression the OP had found, rather than a linked savings account.

worzel

That is exactly what I do. I also have a mortgage offset account that works in the same except rather than receiving interest they deduct it from the mortgage so it will pay off sooner. It also works at about 7.5% tax free

tscw1

In the UK loydsTSB especially they charged me that in GBP, although the dishonour fee was only 40 pound. A week before I emigrated to Australia, I got all of my bank charges back with interest

It was great timing.

Chris

tscw1

http://www.consumeractiongroup.co.uk...loyds-tsb.html
That is the diary of taking LloydsTSB to court!