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The Forum > General Discussion > How to Beat the banks.

How to Beat the banks.

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We Aussies are an apathetic lot.We complain about Govts,price of fuel and bank rip offs,yet don't develop strategies to combat them.

Firstly develop a long term memory for what is important and be constantly aware how to punish the poor behaviour of our banks.

Be pro-active,complain and vote with your feet.If it is too expensive to move your mortage,move your bank account and let them know why in writing.

Shop around.There are Credit Unions and personable banks like the Bendigo who on average have lower fees and better service.

It is about time we as a nation had a bank with no share holders and thus the account holders benefit by low interest rates and charges.Mutual societies run well,are a real solution to these share holder rip offs.

So if your really angry about the having to pay for the poor decisions of banks in investing in the sub-prime debacles in the US,do something about it and let them know why.If you don't,then at some time in the future expect to be screwed again.
Posted by Arjay, Saturday, 10 May 2008 11:03:03 PM
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Hi Arjay...

I did look into the 'Bendigo'...but found they had a sneaky little high charge on ATM and I think Eftpos transactions.

A "PEOPLES BANK"....is something which would address the problem.

If a government or.. community run bank uses the same yardsticks of sound management.. proper security measures..that are needed to be viable, but charges only enough interest and fees to cover bad loans (which should not exist if they take appropriate security) then we all could have much lower and more friendly finacial options.

I wonder how much of bank profit is based on 'interest' and how much on 'fees and charges' Not to mention the huge salaries of their executives?

When their after tax profits are in the BILLIONS... this would be worth knowing.

Of course the best thing is "owe no man anything, except to love one another" (Romans 13:8)

But try to tell teenagers that saving now will mean much better things later. Nope..they mostly want to enjoy life.
Out of my 3, I've managed to convince one, my last that saving now is the best thing, but he still went out and bought (groan) GTA for his Xbox... hmm serious counselling in overdue I reckon :)
Posted by BOAZ_David, Monday, 12 May 2008 6:39:28 AM
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Many of the Major Bank core systems date from the 1960s-1970s. At Westpac when I was there was to cross-sell not merely to gain business but to make it difficult to close multiple accounts, knowing the consumers release all the Banks are as bad as each other.

As with Petrol Stations, We consumers should target one Bank for demise. Remember the bus company and Martin Luther King's campaign.

Also, when the Bank makes an error complain the ACCC, Section 52 covers a host of sins. Why not charge a fee for re-issuing cheques "lost in the systm": A large branch has two or three of thes each day.

Pressure government to cut down the [cheque] exchanges between Banks from three days to one day.

Ask the ATO value re-value some the Banks main offices, depreciated over the decades.
Posted by Oliver, Monday, 12 May 2008 8:40:10 AM
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With depsot accounts, consider actual bonds/inscribed stock instead of IBDs/Term deposits. Seek legal advie if a Bank overdraws a Trust Account. Whem taking legal action direct it to the "home" of the director. Chech with a Chamber Magistrate first [I have done this myself, different industry, though].

If you have a good credit record and a check is returned "Refer to Drawer" not "Present Again". Seek legal advice.
Posted by Oliver, Monday, 12 May 2008 9:23:42 AM
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If you make a slip up with your payments and get charged a fee, another good thing to do is just to keep ringing up the bank to use their customer service resources.

I like to ring them up just to have a chat, and tell them I'm just getting some value for the money they charged me.

I find it ASTONISHING that ANZ for example advertise an account with a $5 a month charge for 'fee free transactions'. Just who is stupid enough to pay a bank $60 a year for the privilege of letting them hold your money, and why is this something for the bank to advertise as the major selling point of a great new product! You'd think ANZ would keep real quiet about that. I think it's a good definition of pure arrogance.
Posted by Usual Suspect, Monday, 12 May 2008 9:25:36 AM
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Hi Arjay,

As you probably already know, I agree inaction and apathy is the greatest enemy of getting real outcomes.

Anyone who is interested in taking a few seconds to find a voice can sign the petition to the treasurer here:

http://www.matesratesmortgages.com.au/mates-rates-mortgages-hot-news/2008-05-06-mortgage-relief.html

If you get a sec, why not add your thoughts to the mortgage discussion thread here:

http://forum.onlineopinion.com.au/thread.asp?discussion=1770&page=1
Posted by mortgageinsider, Monday, 12 May 2008 11:15:40 AM
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