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7 March, 2009

the good old naming and shaming work

This is an exciting news, the good old naming and shaming still works, and against big banks.

In recent changes to charging system for ATMs, many banks introduced ‘disloyalty fees’, that is the money paid to your bank for using a foreign bank (another bank)'s ATM machine. Please note that this fee is on top of the heavily fees charged by foreign bank if you are not their customers. In plain words, if you are an ANZ Bank customer, and you used your ANZ Bank's card to withdraw money on a Commonwealth Bank ATM machine, you would be charged $2 fee by the Commonwealth Bank and the newly money grabbing ‘disloyalty fee’ (up to $2) from your own bank.

The good old naming and shaming tactic works, banks are dropping so-called ‘disloyalty fees’. Here's the news report (The Daily Telegraph March 07, 2009).

If your complaint has been ignored after being treated unfairly by a business or even by a government body, your best choice is to talk to the media. Current affair programmes such as Channel 7's Today Tonight or Channel Nine's A Current Affair are your friends. Even if the conduct by businesses or government may well be lawful, but it could be highly unethical.

Posted by Antony on 7 March 2009 12:26 PM |
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ATM's are the work of the Devil anyway, so if you use them, take the punishment!!
Posted by Rev. Dr. Wu Yi on 7 March 2009 3:46 PM.
And I have a feeling that our friend Don would disagree with you. He can tell you why you should use ATM to withdraw your money (and pay a transaction fee) and forego the convenience of using Credit Card (no fees and earn award points).
Posted by Antony Shen on 7 March 2009 11:23 PM.
And I already told you that I didn't have withdrawal fees on my debit card (again note that it is not a credit card, which you seem to have trouble understanding) if I use an ATM that's owned by my bank. I only have to pay a fee if the ATM I use is operated by some other bank.
I try not to pay by card in stores. Usually I go to a bank and make a withdrawal there, then go to the store and pay with cash.
Posted by Don_HH2K on 7 March 2009 11:46 PM.
Don,
We have to pay a transaction fee to withdraw money from our banks, and pay more if using other bank's ATM. (Except under the monthly allowed fee-free withdraws, depending on your account type.) Credit cards (and debit cards) on the other hand are considered as fee-free on transactions, and in most cases, you can earn points.
Posted by Antony Shen on 7 March 2009 11:53 PM.
I have a feeling that your monthly allowed fee-free withdrawal limit is higher than my average spending each month.
Posted by Don_HH2K on 8 March 2009 1:18 AM.
Funny thing is, I don't even have a credit/debit card. Got no need for one.
Posted by Dave on 8 March 2009 6:59 AM.
I got one included with my checking account. The only real reason I got the checking account was because I was making something like 0.5% interest in a savings account with my bank, so there was barely any reason to keep it there.
Posted by Don_HH2K on 8 March 2009 5:20 PM.
My saving account only gives me 0.1% percent. Yours is still better than mine.
Posted by Antony Shen on 10 March 2009 12:05 AM.
My "bank account" is a copy of Microsoft Money and stuffing the money in a safe place.
Posted by Dave on 10 March 2009 12:35 AM.
That's the world's best bank.
Posted by Antony Shen on 10 March 2009 1:01 AM.
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