Wealth Is (Still) Just A Phone Call Away

Posted on September 16, 2010


money So after I had contacted my bank to increase their variable savings interest rate (4.5% per year) to the introductory rate of 6% per year for the life of my account while I’m still banking with them, it got me thinking: Were there any other ways I could milk more from my bank?

After all, this is a bank I’ve been with since the very day I arrived in Australia back in 2005 and thought they might have charged me ridiculous fees each time I overdrawn, I like their accessibility and availability of their ATMs city-wide. No prizes for guessing who I’m banking with, but I digress.

I’m charged $4 per month on account maintenance fees. Which. Is. A. Bloody. Rort.

This has been in place a month after I graduated from university, where I enjoyed three years of fee-free banking (but only if I didn’t overdraw but again, I digress). So technically, since graduating from university in December 2007, I have copped $48 + $48 + $36 = $132 worth of useless fees.

So I gave my bank a call. This is the same bank who offered me the introductory rate for the life of my account, so I knew I could bargain with them.

I explained to the customer service staff I have been with them for five years and as much as I would like to continue banking with them I would like to take my transactions elsewhere as some banks do not charge a monthly maintenance fee.

“So would you be able to remove the $4 monthly fee? In my humble opinion, it’s ridiculous.”

To my surprise, the service staff advised me I could have the $4 fee removed but only on the condition I deposited a minimum of $2,000 every month into my transaction account. This way I could avoid the monthly rort. It’s also a one time only offer, meaning the month I have less than $2,000 deposited into the account, the $4 fee is immediately put back in place and I’ll not be able to remove it again.

So there you go guys. Another (rather) useful tip to keep your hard earned funds to yourself.