Claiming back exorbitant bank fees

[sparky23]

Just wondering if anyone on here has had a crack yet at reclaiming their banks late payment fees?

There was a story in the media a few weeks back that said when the banks charge their $35 - $50 fees for a late payment the actual cost to them is only a few cents and they said that people have been successful in claiming these fees back apparently for a period of up to 6 years.

We racked up a huge amount of those fees last year when we were struggling our way through so I thought I might give these guys a go:

http://www.financialredress.com.au/

Can anyone tell me whether they have been able to do this successfully or whether they have used these people?

Bugger just realised they have a bit of a waiting list!

 

[auror]

Good luck sparky23.

I once incurred an overdrawn fee of $20 when I overdrew my account by 20 cents. So my balance was -$20.20. I went to the counter at the bank, kicked up a fuss, and got my $20 back

Not sure about your circumstance, though, so all the best with it!

 

[Peter_Tersteeg]

This has happened to me once or twice and I've never had a problem with getting the fee refunded.

If it's happened consistently, banks don't look on it too kindly. A few years ago I had a problem where the amount available was consistently short by a little. I found a few changes in the repayment arrangements (done over the phone) solved the problem.

 

[simo74]

I can tell you for a fact it costs more than a few cents.

People need to take responsibility for their banking behaviour & suck it up.

 

[sparky23]

Thats the trouble too many people do. Time the banks accepted some responsibility for their irresponsible behaviour last year.

I don't think a phone call & a letter costs $50 either which is where St George seem to be at these days.

 

[AUSPROP...]

I can tell you for a fact it costs more than a few cents.

People need to take responsibility for their banking behaviour & suck it up.

but the banks load the dice in their favour. so why is it that a credit card payment shows up IMMEDIATELY on my credit card account, yet an internal account to account transfer after 10pm is processed next business day, yet direct debits just pop up at 10pm (giving you no time to remedy)? And as for Bankwest - the bank of western australia - I found out the hard way that they observe Sydney's holidays I think it is? somewhere over there anyway. I love those letters they send out for $35 saying am I aware the accoutn is overdrawn. Errr yes... I was aware before you were, I remedied it on that day but your sucky computer systems couldn't process it on the spot and now you are having a go at me? And don't even get me started on cheque clearing times... this must be a huge money spinner for the banks. How much uncleared money is sittign in bank coffers at any given time I wonder?

 

[sparky23]

Exactly right I have a few of these where the rental income has gone in on the same day as the payment came out by direct debit plus the $35 - $50 fee for late payment.

Yes it would be lovely to be a payment ahead in everything and no doubt shortly we shall be in such a position but give people a break when times are tough!

 

[Strannik]

I've found lately that Westpac doesn't charge me overdraft fee on my CC if i cover it in the next few days.
Don't know why it happens.