ATM Fee reforms

[oz_mark]

I've talked to NAB resolution team and they advised me if there are enough gold banking customers lodge complaint regarding the ATM charge, they may look into doing what Bank West is doing - Reimburse the ATM charge....

Which account does Bankwest do this for?

[Chicken]

Which account does Bankwest do this for?

Everyone, as long as you have $2000 or more deposit each month.

Bankwest Zero Transaction Account

[codash1099]

however, I think reading something from NAB that indicated they were going to reduce the Gold account monthly fee as a result of these changes. So it may not be such an issue for NAB Gold account people.

Big deal! NAB have dropped the monthly account fee from $12 to $10. For anyone already avoiding the fee by depositing sufficient funds each month this represents no actual saving. For all others, it's a slap in the face.

[SeaWolf]

http://www.bankwest.com.au/library/s...0Q&As%20v2.pdf

Q. I have a Zero, FreeB or AgriOne account, will I have to pay a Direct Charge?
A. No. As per the PDS, you will not incur any ATM fees when using another bank/independent operator’s ATM.
Q. How will Direct Charging affect Zero, FreeB or Agrione accounts?
A. You will need to accept the Direct Charge which will be displayed on the ATM screen at the time of transaction. Once you "accept" the Direct Charge, the transaction will be processed and the Direct Charge will be paid immediately by Bankwest.
The Direct Charge amount will not be included in your available balance calculation for a cash withdrawal or for a balance enquiry.
Q. How will I know I have not been charged a Direct Charge on my Zero, FreeB or AgriOne account?
A. The Direct Charge will not be debited from your account but will be displayed on your statement with a line showing “ATM Operator Fee of $x.xx Paid by B/West”.

[medhead]

I wonder if we have enough complaints lodged...will NAB reverse their decision on Gold Banking and adapt the Bank West's method....(No charge ever)....

The short answer is No NAB is not following the Bankwest path. According to the letter that I got from NAB they have reduced their gold banking monthly fee to $10. It was previously $12. So NAB have determined that the monthly cost to them in fees to the owners of other ATMs was $2 for gold bankers and have reduced your fee according.

Gee, how transparent, thanks RBA

Now to get the Choice package fee reduction.

[medhead]

Big deal! NAB have dropped the monthly account fee from $12 to $10. For anyone already avoiding the fee by depositing sufficient funds each month this represents no actual saving. For all others, it's a slap in the face.

Well, its not NAB fault, blame the RBA. Besides I never said anything about it being good or bad. But think about the averages, on average how much do you think the other ATMs used by gold customers used to cost NAB. Out of a $12 fee, $2 seems about right to me.

Anyway, think yourself lucky your not a choice package customer paying $375 per year (not to mention $24000+ in interest) in fees and getting NO reduction because of the ATM changes.

edit: not mention NABs new %*^& #$%^ @##$@ beeping beep beep voice response system. I'll be whinging about my fee and if I get nothing then I start removing loan accounts from them one by one.

[Diesellife]

The short answer is No NAB is not following the Bankwest path. According to the letter that I got from NAB they have reduced their gold banking monthly fee to $10. It was previously $12. So NAB have determined that the monthly cost to them in fees to the owners of other ATMs was $2 for gold bankers and have reduced your fee according.

Gee, how transparent, thanks RBA

Now to get the Choice package fee reduction.

In fact, my friend (Who works for NAB in customer resulotion) told me NAB would consider to follow Bankwest's path (Of course, if enough customers raised the issue)...

After all, it is not so difficult for people to sign up for Bankwest's account solely for withdrawal purposes. (I remember the only reason I joined NAB gold back then was becoz of the fee free ATM) Whether people would use NAB gold & Bankwest two accounts concurrently or Bankwest account alone is another matter. Therefore, I would assume NAB would consider to protect their consumer market share and bring Gold banking back to their original standard. Also, I believe NAB took away the loyalty fees for normal banking account due to large amount of complaints.

In regards to the $2 reduction, this policy was introduced in Janurary 2009 and could deemed to be outdated (Which did not include the Bankwest's zero fee strategy). And to be honest, how often do the gold banking users get charge with the $12 anyway? Therefore, there is really so little to no incentive for the $2 deduction.

All in all, I'm only here to advise that there may be a chance for NAB to revise their action. No matter how slim the chance is, we should still grab this opportunity before it's too late. All it cost is a telephone call, it wouldn't hurt so much, would it?

[oz_mark]

I would also consider the problem if too many people conduct transactions at foregin ATM's and Bankwest are paying out a fortune in fees then they may cap them.

Years ago, I had a Westpac (started off as Challenge), account that allowed unlimited fee free transactions at any ATM in Australia. At one point a letter was sent out to people advising that even though it was free they should consider using Westpac/Challenge ATM's. Obviously that didn't work, and eventually the fee free status was removed.

[Chicken]

I would also consider the problem if too many people conduct transactions at foregin ATM's and Bankwest are paying out a fortune in fees then they may cap them.

That's OK, as long as they give you a reasonable quota.

Just like Elders Rural Bank, they charge $6 for a personal transaction account, but they give you $6 of rebate back.

Years ago, I had a Westpac (started off as Challenge), account that allowed unlimited fee free transactions at any ATM in Australia. At one point a letter was sent out to people advising that even though it was free they should consider using Westpac/Challenge ATM's. Obviously that didn't work, and eventually the fee free status was removed.

1: There are a lot more WBC ATM around

2: BankWest has next to no ATM.

It is always like that, a few people ruin it for everyone else.

[oz_mark]

2: BankWest has next to no ATM.

But their owner (Commbank) has plenty.