@Nath One of the excuses when introducing ATMs was that it was cheaper to provide the service. They either lied then, or they're lying now. I know which option I prefer. Fark 'em. Fark 'em all.
Corporate banks can go suck an egg. There are multiple good member owned banks whose directors are accountable to you and not shareholders.
More people need to use credit unions.
Also "Great Southern Bank" are dickheads for renaming from Credit Union Australia (CUA).
Yeah GSB sounds like something that will be recalled for causing bloated testicle or something. Being back CUA
I moved away from CommBank once they started charging me a monthly fee while I was still a teenager. Convinced my whole family to switch to NAB. I hope NAB don't follow suit.
Huh, my bank is free until IIRC you are 25. You get a simple account with a debit card and a simple savings account (pretty sure you can make however many accounts you feel like for free after that). You also get access to the instant money transfer tool that everyone in my country uses (no fees whatsoever to use it either)
Most banks in Australia are completely free too. It's only a couple of the biggest and shittiest banks (like Commbank) that have fees for regular use.
My bank is one of the biggest in my country. They charge a flat rate of like 10-20 € a year normally (+ some extra fees for specific stuff like paying in foreign currencies) which I think is pretty reasonable.
Are the smaller banks in Australia completely free for all ages and with no fees?
Not no fees, but typically no fees for normal use. Most have international transaction fees. Some have fees for things like cheques (which are almost never used in Australia typically), either merely to have a cheque book or for expedited processing. Things like that. But it's quite rare to have a fee just to have your account; that's something mostly only the big 4 still do. They make enough profit off of loaning out your money for interest anyway.
Bank of America tried a $5 debit card fee back in 2011 and lost me as a customer. It was so unpopular, they ended up rolling it back.
Precisely the outcome we want to see here. An exodus of customers leading them not only to roll this back but to put the other banks on notice that they really don't want to follow CBA's lead on this one.
I hope this inspires a massive migration off CBA and a rollback of the policy.
It won't. Firstly because very few people use cash so this doesn't affect them, but secondly because no one seems to have left following the consistent and widely reported scandals of the last decade. If you don't wake the fuck up after that then a $3 withdrawal fee is not going to be a come to Jesus moment either.
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