Bye Bye Commonwealth Bank
Which bank? It’s the bank I’ve been with since primary school, prep to be exact, if you don’t count the fact that I transferred my funds to a different branch in Grade 4. It’s the bank that has just started charging Netbank fees, claiming that it wouldn’t effect most of their customers but forgetting about the inflexibility that such lameness creates. It’s also the bank that once had me waiting on the phone for nearly an hour before I could speak to a human yet when I finally spoke to someone, he was juggling between other customers when the computer was taking time to load.
While the customer service may have improved a tiny bit since then as the banks realise their mistakes of the 90s, there’s also the fact that when I’m no longer a student there will be a $5 per a month account keeping charge and other fees. Not to mention that while I am a student I have to go into the branch and declare this fact, once a year, an inconvenience I’d rather do without. So I’ve ditched the bank after 15 years.
Having decided to go with a credit union, I walked into a branch and someone was available right away to open my account. No waiting, no queues. If I recall, waiting to see someone at my local bank branch was another thing that involved atrocious waiting times. I’m sure anyone contemplating opening an account with the bank would be turned away with a wait like that. The downside is that I have a lot further to travel if I want to get to a branch though I can deposit at any Westpac branch and withdraw from any ATM without fees, as well as with EFTPOS/Visa.
So bye bye to the Commonwealth Bank and bye bye to fees and charges. Though there probably aren’t many credit unions with so few fees as this, I won’t mention which one it is for now since you really need to know someone who can refer you (who has been a member for 12 months) or work in the right area.
October 30th, 2005 at 5:09 pm
I too am a Commonwealth customer - I have not left them yet but that’s just me being lasy
I totally agree with Jemey’s sentiaments - may be I’ll do it one day
All the best Jemey - ’scus my spellingggg
October 30th, 2005 at 5:55 pm
i agree, boycott high fees and giant penalty fees. I also want to ditch commonwealth. they really sucked us in with those dollarmite accounts.
October 30th, 2005 at 6:45 pm
Same here: got sick of Commonwealth and joined Victorian Teachers Credit Union years ago…
October 30th, 2005 at 10:27 pm
I have managed to skip fees because they kind of forgot to start adding fees again when I moved my home loan away (a home loan gave you exemption). I will keep my account, but keep very quiet about teh non-fees…shhhhh.
Seriously though, I actually started with the State Bank at school. The State Bank managed to convert itslef to a reasonably streamlined operation with excellent account records adn good features…till someone in another currency market division spent all their money and the government forced the Commonweath Bank to rescue it.
The replacement Comm Bank accounts were like stepping back into the dark ages. So klunky by comparison. Tooke them nearly 10 years to get back to a comparable state bank level. So I was already pissed off…..
Don’t blame you. Piss them off.
December 5th, 2005 at 9:14 pm
I got a Dollarmite account (Commonwealth) as a kid and had no problems with the bank. The account changed as I got older, and finally I even opened an AwardSaver account which had higher interest rates (but withdrawal penalties). I was happy about all this until my AwardSaver account was closed without any notice or affirmation on my part (it was empty at the time as I had withdrawn my savings for a purchase, but planned to start depositing again soon).
I do a lot of online transactions now though, so the NetBank fees thing is probably going to force me over to another bank. Maybe I’ll seek out a credit union too.
Interesting, as well, are the online earning places around. I’ve been VERY skeptical but I stumbled across one that works pretty much like a bank except with a 265% interest rate. You invest an amount and receive 1% of it every day you open your browser window to their site. I kinda like it. I’m only trying it with about $10 at the moment, but if it works I’m gonna be pretty happy.
I presume the owners/operators invest the money and make huge returns passing on a percentage of the profit. I suppose it’s a bit pyramidic as well, as there would be those who abandon their accounts, or don’t surf their site every day. Still, I’m interested.
December 5th, 2005 at 9:16 pm
God, that sounds so much like an ad. Geez. It’s not meant to be.