I found Charles Wright's blog piece about bank fees interesting today. Even though I have (supposedly) completely fee free banking with ANZ thanks to a special deal they have for ACP employees, I was still finding myself paying about $10 a month in those pesky unavoidable "other bank ATM withdrawal" fees… at $1.50 a pop.
I've just moved all my banking to Suncorp, because their "Everyday Options" account, which costs a flat $5 a month, gives you unlimited withdrawals at any bank ATM at no cost.
Ironically, even though I really like ANZ's internet banking and its customer service (better than National and Commonwealth who I have also banked with in the past), I found it pretty easy to make the decision to move to Suncorp for a number of reasons:
1. Banks have been training us for years to do things electronically and not go into the branch. Consider me well trained. It doesn't bother me in the slightest that Suncorp only has one branch in Sydney - at the bottom of Pitt Street near Circular Quay. If I ever need to go there, it's just a nice 20 minute walk from work.
2. I hate paying that "other bank ATM withdrawal fee". I realise why the banking industry did it — because it provides a business model that gives banks and non-bank ATM providers an incentive to put machines out there prolifically — but it still pisses me off anyway. $1.50 is too much for an automated service that gets used hundreds of times a day and surely costs nowhere near that much per day to run.
3. Suncorp offers a Visa Debit card that withdraws money from my bank account as soon as I make a purchase by Visa, with no annual fee. Very few banks offer debit cards any more, instead heavily promoting credit cards that they know customers will use as rotating credit lines (repay and spend again) and clock up $50 - $80 interest each month. I'm pleased to be able to get off that treadmill thanks to the availability of the debit card. (And, at the end of the day, most people could do without the credit available to them with the credit card, but can't do without the online and phone purchasing.)
4. Suncorp has solved the final problem that still forces people into branches: cheque deposits by mail!! Hot damn, all of a sudden, every red Australia Post Box has become my personal branch. Hey, there's a Suncorp Metway branch right outside work now.
The only downside I've found with Suncorp so far is that their internet banking does not allow automatic regular BPAY transactions. That's quite annoying as I use BPAY to pay my rent, and ANZ's automatic regular BPAY function handled that with aplomb. I rang Suncorp and politely gave them what for (don't worry I couched it in terms like "register my feedback") so hopefully they will fix that at some point in the near future. Otherwise Eric the Enforcer will be paying a visit to the online banking product manager to have a little chat. ;-)
NB. The pig at the top of the story is a piggy bank cast from the carcass of a real pig… click the pig for more info. Via Boing Boing
6 responses so far ↓
1 The Warne Account » D’oh. Now available: ANZ Visa Debit card // Mar 26, 2006 at 11:11 pm
[...] Just after I quit ANZ to move to Suncorp (see I love thee ANZ, and yet I am closing thy accounts, ANZ introduces a Visa Debit Card. [...]
2 Jason // May 17, 2006 at 11:19 pm
Hi Dan Warne,
Suncorp charges a hefty $1.50 to use non Suncorp ANZ bank for all QLD residents. Fee free withdrwals from other banks ATM's are not fee free for QLD resisdents. And they charge a $5 monthly account keeping fee. So if you live in QLD its not a great deal at all.
And as for Suncorp's Visa Debit a $5 fee aplied for every $1000 withdrawn or part thereof via an over the counter transaction or through an overseas or other bank ATM.
ANZ also offer Visa Debit. There isnt a penalty for withdrawing your own funds. And so long as you are using an ANZ ATM (I dont seem to find a shortage of them) then you are not slugged with a transaction fee either.
3 Tim // Oct 12, 2007 at 4:51 pm
Good choice, St george is pretty good too.
4 John Pink // Apr 4, 2008 at 9:51 am
I understand that the bank (any bank) can only charge what the transaction actually costs them when you use another bank's ATM.
5 Calista O'Neil // May 14, 2008 at 4:01 pm
I hate the ANZ bank! It doesnt matter how you look at it they are thieves. They steal money from account ‘legitimately’ through unecessary rate rises/fees, and illegitimately though double charging fees then refusing to give the money back. Obviously, as internationally they are majorly stuffed, they are trying to make money by screwing the little people over. I was given the wrong loan 2 times and when the sale was about to fall through, the ANZ insisted I sign the wrong loan forms with a dont worry we’ll take care of it attitude. I was to do this or I wouldnt get the loan. They seemed honest at the time, if I could only take that action back. I was then charged for ‘extra loans’, although I was told I wouldnt be affected by their screw up. I have now been trying to get the money back for over 3 months. The people at the branch told me it was my fault and shouldnt have used their mobile lender. The ANZ mobile lender has said it is not her fault, its mine. No one answers my calls, no one answers my emails. The complaints department doesnt even return calls. Despite being instructed by the banking ombudsman to return my money they havent! I wish I had never heard of the ANZ bank. I hope they do go into liquidation!!! Then someone, anyone would be better than them to take over my loan!
6 Jon // Jul 1, 2008 at 11:01 am
Well i wish i could say something nice about suncorp but i can't, they are, by far, the worst financial institution i have ever had the misfortune to deal with!
we have a business account there since 2004. Our Suncorp banking manager has NEVER been available.. we emailed her once about a query, 4 months later we received the reply… and it was an arrogant one at that… never again. We had a merchant facility with suncorp, because we have a home office, suncorp charged us an extra $10 per month for the machine rental than a retail shop, gave us a very very very old machine cos "it wasn't necessary for us to have a up-to-date model" and after 4 years of our loyality, they just slapped us with $165 to hand the machine back to them! and now they have refused twice to let us close our own account because they say the machine needs 30 days to close… despite the fact we no longer have it, have the facility to process CC's and they have taken the "penalty" from our account! and today it came to a head when they took fees from our account that they shouldnt have and put us in the red… and subequently they whacked us with $30 "honor" fee and are refusing point blank to reverse the whole thing even though it is their own mistake….
more recently, I had $50,000 transferred into my account, suncorp told me they would take 9 business days to clear the funds, despite it being sent from ANZ - Suncorp via a cleared funds transfer… after threatening suncorp with A current affair, banking ombudsman etc, they relented and cleared the funds after 5 business days, but they sent me a rude letter and contacted the initiator of the funds transfer who doesnt even bank with Suncorp, so they breached privacy laws there. When contacting suncorp about why they decided no 9 business days to clear the funds we were given 6 different excuses by six different people, ranging from "its our policy" to "anything over 2k is subject to an extra 6 business days clearance" to "Anz tranferred it the wrong way"… nonsense.
when in-branch recently and speaking with a business banking agent at the business banking counter, we enquired about why suncorp take 30 days to close our eftpos facility when they have the machine back and taken the fees and there are no transactions outstanding… the reply we got was "i have no idea, i don't know about business banking" coming from a customer representative serving at the business banking counter!
Very very badly managed business, don't expect any real help, if you have money in your account, watch it dwindle away with suncorp and their made up fees… avoid like the plague if you are serious about your banking!
once suncorp allow us to close our account (third attempt) we will wash our hands in the nearest puddle to rinse off any residue from these modern day pirates!
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