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Beat the banks

Bank penalty fees may not seem big at first, but they add up! Here's how to avoid them.
The battle against the Big Banks just got bigger, with the largest class action ever launched in Australia adding another major bank to their list. See Today Tonight's exclusive story with our tips on how to beat your bank fees:

  1. Choose an account that doesn't charge penalty fees, or has lower penalties.
  2. If you do incur a fee (for example, if your account is overdrawn), contact the bank and ask for the penalties to be reversed. Many customers have successfully had bank penalty fees reversed because they persevered.
  3. Make sure you're familiar with how and when penalty fees are applied.
  4. Be aware of incoming and outgoing transactions. Check expected payments have been made into your account and be mindful of the timing of direct debits so you have enough in your account to cover them.
  5. Arrange automatic payments to credit cards so you at least pay the minimum monthly amount and avoid late-payment fees.
  6. When you need cash, visit your own bank's ATM. Even if you have to walk a little further, don't let the banks take more money.

CHOICE Online

For more information about Choice visit www.choice.com.au or call 1800 069 552

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