OVERlimit Charge WTF?!?!?

[oz_mark]

Here's an article from the other week...

Bank rorts must cease - Banking - Money - Business - Home - smh.com.au

IMAGINE returning home from an idyllic beach holiday, logging on to internet banking to survey the damage and finding not just your overseas spending but multiple direct debit dishonour fees.

That's what awaited a workmate on his return from Thailand last week. Talk about coming back to reality with a thud.

Unbeknown to him - and unnotified by the bank - a scheduled transfer between his accounts that had been in place for two years was expiring, so there wasn't enough money to cover his monthly bills.
Gas? An extra $45 this month. Electricity? Another $45. Car payment, you guessed it - $45 more.

That one initial failed transaction cost him - and earned the bank - $135.

 

[albatross710]

Very sorry to hear of your friends banking experience.

In the deep deep dark recesses of my mind I recall studies on strategic use of information systems. The more automated and reliant you can make customers on your information system the harder it is for them to negotiate or switch.

Internet banking with all of the automation, direct debits, auto transfers are for the benefit of the banks and reduce our control over what is happening.

Ok, my mind isn't so deep, but certainly is dark in there when i comes to banks.

 

[Dave Noble]

Here's an article from the other week...

Bank rorts must cease - Banking - Money - Business - Home - smh.com.au

if he set up the transfer between the accounts then surely it is up to him to deal with its expiry rather than the bank's ?

Dave

 

[drron]

Well i instituted a new system 2 years back.If something the bank does annoys me I issue them with a formal warning by email.With the second warning I also send a letter saying one more warning will result in the closure of the account.Citibank found out I was not joking so have now taken my warnings seriously with my one remaining CC account.

 

[bambbbam2]

Last year, when quite poor, I logged onto ANZ Internet Banking and saw 'funds available' had plenty. So I transferred rent to my landlord. At the end of the month they hit me with the $35 fee for 'overdrawn'.

I rang them and the thet explained that if debits and credits hit the account the same day, the debits are processed first, so technically my account was overdrawn for several seconds, before the credits were processed. Of course I complained and they refunded the fee, but what a gip!

A little bird tells me that one of the reasons the bank are pusing us towards EFT is that the legal liability falls bank from the bank to the consumer, if the consumer keys in the wrong details.

 

[locomotion]

I think you should check your overlimit fee before you go ranting about the CBA, CBA charges a $25.00 overlimit charge as set out in their terms and conditions which are available via their website. This is better than most of the other banks overlimit fees (ie Suncorp charges $40.00 ANZ $45.00 etc.) Plus they only charge the fee should you go over by more than $50 or 2% of your credit card limit, plus pay it back the same day there is also no charge.
Speak to their credit cards line on 132221 option 2 option 5 and see if they could let you off this once (as you don't always go over the limit) make sure you are nice to the operator...
Hope this helps
/locomotion

 

[straitman]

I think you should check your overlimit fee before you go ranting about the CBA, CBA charges a $25.00 overlimit charge as set out in their terms and conditions which are available via their website. This is better than most of the other banks overlimit fees (ie Suncorp charges $40.00 ANZ $45.00 etc.) Plus they only charge the fee should you go over by more than $50 or 2% of your credit card limit, plus pay it back the same day there is also no charge.
Speak to their credit cards line on 132221 option 2 option 5 and see if they could let you off this once (as you don't always go over the limit) make sure you are nice to the operator...
Hope this helps
/locomotion

locomotion,

Please be aware that this thread is nearly 5 months old so is now probably way too late to ask for a waiver of fees.

Probably better not to let things get to this in the first instance.

 

[locomotion]

locomotion,

Please be aware that this thread is nearly 5 months old so is now probably way too late to ask for a waiver of fees.

Probably better not to let things get to this in the first instance.

Rofl. its a sore issue for many...

 

[straitman]

Rofl. its a sore issue for many...

I didn't say it wasn't, just that timely resolution often works and a followup after 5 months is almost bound to fail :!: