Hi All
When your 75 year old mum complains you know it cannot be fair.
Inviting comments on this and what the CBA might scam.
On face value, not happy.
Or am I being niave
Regards, peter 147
Todays SMH.
[I]CBA slammed on net fees
By Jane Bardon
May 4, 2005 - 5:29PM
The Australian Consumer Association has slammed the Commonwealth Bank over its new fees for internet banking, which start on July 1.
The charge hits the bank's 1.9 million Netbank customers who do their banking online.
They will be able to transfer just three free payments to other accounts each month before they are slugged 50 for each additional payment.
They will be hit for direct debits for utilities bills, and even transfers to their own accounts, if they are not linked to their Netbank accounts.
Scheduled payments - where a customer nominates a future date for payment - will also be hit.
Spokesman Patrick Southam says it is bringing in the charges to recoup part of the cost of a $100 million, five-year upgrade of its Netbank site and online services, which were first launched in 1997.
"The site has had a dramatic overhaul, and has increased security features,'' he told theage.com.au. "And customers can use a range of new services, for example our international transfer service, at $22, which is less than you'd pay in the branch."
Customers 'weaned' then hit
Lisa Tait from the Australian Consumers Association said the fees were "cynical''.
She says customers were lured into signing up for free online banking, believing it would remain free.
"What they've done is they've weaned people onto internet banking because it has been free, and now that the habit has been established, they're hitting them with fees," she said.
"It is extremely cynical and we think the banks are using the excuse of the need for internet security as a ruse for upping their fees."
She says the Commonwealth and some of the other 'big four' Australian banks have persuaded customers to use online services because it costs less than providing in-branch services.
"Internet banking is cheaper for the banks than operating a network of branches and call centres. It is a low-cost alternative for the banks."
But Patrick Southam says the bank did not move towards offering internet banking to save money, but because of customer demand for online services.
He says: "Comparing the costs of in-branch, call centre and online networks isn't valid.
"We will always offer face-to-face banking, and we will always need call centres. And there will always be costs associated with infrastructure changes."
Ms Tait says consumers should be aware that not all of the banks charge for internet banking, and should shop around and vote with their feet.
"In our latest bank satisfaction survey, 'Choice, money and life' we found that consumers are really fed up with the big four banks.
"We've found in our research that consumers find it a real hassle to change accounts and they're worried about setting up their direct debits again, so we've set up a website, flickyourbank.com.au on which customers can compare fees and which helps to take the hassle out of it."
Which banks?
Westpac charges 25 once customers have used up their free transaction limit on its classic accounts, but says there are no extra online transaction fees for customers with its $5 a month flat-fee account.
The NAB charges its customers 20 to transfer funds, make a BPay payment or view their transaction history online.
The ANZ has no personal banking online transaction fees, but charges similar rates for services including international money transfers, which would already incur an in-branch fee.
Links:
www.choice.com.au
www.flickyourbank.com.au[/I]
When your 75 year old mum complains you know it cannot be fair.
Inviting comments on this and what the CBA might scam.
On face value, not happy.
Or am I being niave
Regards, peter 147
Todays SMH.
[I]CBA slammed on net fees
By Jane Bardon
May 4, 2005 - 5:29PM
The Australian Consumer Association has slammed the Commonwealth Bank over its new fees for internet banking, which start on July 1.
The charge hits the bank's 1.9 million Netbank customers who do their banking online.
They will be able to transfer just three free payments to other accounts each month before they are slugged 50 for each additional payment.
They will be hit for direct debits for utilities bills, and even transfers to their own accounts, if they are not linked to their Netbank accounts.
Scheduled payments - where a customer nominates a future date for payment - will also be hit.
Spokesman Patrick Southam says it is bringing in the charges to recoup part of the cost of a $100 million, five-year upgrade of its Netbank site and online services, which were first launched in 1997.
"The site has had a dramatic overhaul, and has increased security features,'' he told theage.com.au. "And customers can use a range of new services, for example our international transfer service, at $22, which is less than you'd pay in the branch."
Customers 'weaned' then hit
Lisa Tait from the Australian Consumers Association said the fees were "cynical''.
She says customers were lured into signing up for free online banking, believing it would remain free.
"What they've done is they've weaned people onto internet banking because it has been free, and now that the habit has been established, they're hitting them with fees," she said.
"It is extremely cynical and we think the banks are using the excuse of the need for internet security as a ruse for upping their fees."
She says the Commonwealth and some of the other 'big four' Australian banks have persuaded customers to use online services because it costs less than providing in-branch services.
"Internet banking is cheaper for the banks than operating a network of branches and call centres. It is a low-cost alternative for the banks."
But Patrick Southam says the bank did not move towards offering internet banking to save money, but because of customer demand for online services.
He says: "Comparing the costs of in-branch, call centre and online networks isn't valid.
"We will always offer face-to-face banking, and we will always need call centres. And there will always be costs associated with infrastructure changes."
Ms Tait says consumers should be aware that not all of the banks charge for internet banking, and should shop around and vote with their feet.
"In our latest bank satisfaction survey, 'Choice, money and life' we found that consumers are really fed up with the big four banks.
"We've found in our research that consumers find it a real hassle to change accounts and they're worried about setting up their direct debits again, so we've set up a website, flickyourbank.com.au on which customers can compare fees and which helps to take the hassle out of it."
Which banks?
Westpac charges 25 once customers have used up their free transaction limit on its classic accounts, but says there are no extra online transaction fees for customers with its $5 a month flat-fee account.
The NAB charges its customers 20 to transfer funds, make a BPay payment or view their transaction history online.
The ANZ has no personal banking online transaction fees, but charges similar rates for services including international money transfers, which would already incur an in-branch fee.
Links:
www.choice.com.au
www.flickyourbank.com.au[/I]
