Are you being ripped off by bank and ATM fees?
Nobody likes being hit by fees on their transaction banking account. These are fees that banks and credit unions charge us when we want to use our own money. Charges like monthly account keeping fees, overdrawn fees, transaction fees, Eftpos fees and ATM withdrawal fees are particularly unpopular.
Australians complain about “outrageous” ATM fees
This week, a new online petition asking banks to stop charging ‘outrageous’ ATM fees on withdrawals has already picked up almost 30,000 supporters – many more than expected.
The person who started the petition, Melbourne man Justin Berg, said: “Banks make a huge profit and I say it's time to look after their customers.”
Berg called ATM fees “insupportable, avaricious and ever-increasing.” He says bank account fees like ATM withdrawal charges have a real effect on the standard of living for many people, particularly disadvantaged low income earners.
What are the average transaction banking account fees?
Average ATM withdrawal fees for using an ATM not owned by your own bank are now $2.50. Many ‘third-party’ ATM operators are charging $3.00 or $4.00 for a cash withdrawal. The highest ATM cash withdrawal fees are $5.00.
Average monthly account keeping fees on transaction accounts in Australia are about $5. Many banks and credit unions charge transaction fees on Eftpos transactions after a monthly maximum of free transactions is surpassed.
No one needs to pay bank account fees
However no one needs to be paying fees on a transaction banking account. That’s right, it’s possibly to never pay fees again. And that includes ATM fees, monthly fees and transaction fees. Even if you are out at night in a club or hotel needing cash, there is no need to ever pay ATM fees again. We’ll show you how to fight back against transaction account fees, ATM fees and all the other fees we love to hate.
Researching bank account fees
Australia’s comprehensive comparison site for transaction accounts is Infochoice. All major financial institutions and their bank account products are listed in the one place.
Infochoice allows you to compare fees on bank accounts easily, by selecting the fees tab at the top left side of the transaction account comparison page.
Here you can sort listings by fee type and see the clearly the accounts that will charge you nothing to access your own money.
How to avoid ATM fees
Some transaction accounts featured on Infochoice offer to pay your ATM fees for you. Even the fees charged by ATMs owned by other banks and specialist ATM companies. For example, the ING Direct Orange Everyday account (sponsored) will pay all your ATM fees if you deposit $1,000 per month into the account (like your wages).
Switching accounts is easy – thanks to government rules
Switching your bank account is easy, thanks to ‘tick and flick’’ government reforms that require banks and credit unions to help you. Your old banking institution must provide a list of all your direct debits and credits and your new bank can automatically change all your regular transactions to your new account.
Take control and stop paying fees today
Online petitions and complaining about fees is unlikely to change the behaviour of financial institutions. Only consumers taking action and moving their money to accounts that don’t charge fees will make big banks sit up and take notice.
Compare transaction banking account deals on infochoice today and choose the one account that suits you.