How to avoid bank penalty fees

The announcement of a class action against Australia's big banks for fee gouging reinforces why customers need to scrutinise their statements.
 
Learn more
 
 
 
 
 

05.Concession account penalties

Basic and concession account penalties at May 2008

  Basic/concession account and credit card penalties
Bank (in alphabetical order) Periodic payment dishonour ($) Direct debit dishonour ($) Overdrawn account ($) Cheque dishonour (outward) ($) Deposited cheque dishonour ($) Stop cheque ($)* Credit card late payment ($) Credit card over limit ($)
ANZ 10 10 10 10 0 15 10 10
Commonwealth 35 35 30 (A) 35 0 15 25 25
National Australia 0 0 0 0 0 15 30 0
St George 8 8 8 8 0 8 / 15 (B) 35 30
Westpac 10 10 10 (A) 10 0 12 15 0
 

 Source: the banks, May 2008.

* The fee usually depends on circumstances. There’s often no fee if the cheque is lost, stolen or unsigned and you provide the cheque number, for example.
(A) Charged per day, not per item.
(B) $15 for staff-assisted request; $8 to stop a cheque through phone or internet banking.

Fair go on fees button'Fair go on fees' is a joint campaign by Consumer Action Law Centre and CHOICE to end unfair bank penalty fees.

 

Sign up to our free
e-Newsletter

Receive FREE email updates of our latest tests, consumer news and CHOICE marketing promotions.

 
Your say - Choice voice

Make a Comment

Members – Sign in on the top right to contribute to comments