Saturday, May 15, 2010

Get your money back from the bank!

I was watching Seven's Sunrise few days ago and they were saying something about those unfair fees from the bank. Mel and Kochy asked people try to register themselves on a website and maybe you can get those overdrawn fees back.

I actually can understand why the bank charges for overdrawn fees, of course, how much they charged is an issue, but I think it's fair that we have to pay some money if we're overdrawn. Again, late fees is the same shit. I guess what the banks should do is to tell us how much it will actually costs them (which is between $15-20) and that's how much we'll need to pay (not like $60 of course). Everything clear.

One thing about the visa debit account that most of the banks have now is very tricky. Let's say you use the card to buy $100 online. Usually if you go to a real shop and spend $100 the money will be deducted immediately from your bank account. But when you spend $100 online using the visa debit card, the money won't be deducted until few days later or next week. For those people don't keep tract on their money, they'll easily think that they still have the $100 in the account and spend the money, because in the bank account that $100 is still under "available balance". When the bank deducted the money, the account becomes overdrawn, and that's how the bank get their $70 bank fees. So in total, you owed the bank $170.

I think it's really doggy coz the visa debit account is a saving account and it should works like a saving account. Even if it doesn't, the bank should hold the money when people spend it because most of the people don't really keep track on their spending (at least not in a very detail way). Go back to the example, if the bank shows the available balance is $100, that's a misleading statement and it's actually illegal.


If you have a similar experience or paid lots of unfair bank fees jump on the Sunrise website or go here to register yourself to get your money bank (hopefully).

Here's the detail

Until very recently, some banks charged you up to $60 if you became overdrawn, went beyond an agreed limit, or made a late payment. The true cost might only have been a few dollars at most on each transaction. Banks have made billions from these unfair charges.

The team at Financial Redress have campaigned hard over the last year for customers to receive compensation. We have recently joined forces with IMF, Australia's largest and most successful litigation funder. We are planning large scale class actions, to make these banks repay all the exception fees they have deducted over the last six years, plus interest. We have secured the services of Maurice Blackburn, Australia’s pre-eminent class action lawyers.

If you have incurred at least one of these exception fees on any of your bank or credit card accounts, register by clicking here to help get your money back.

The process will not take long, and there is nothing to pay at all unless you successfully recover compensation. IMF will fund all the costs, for which it will receive its money back and a 25% share of any compensation received. You have everything to gain, and nothing to lose.

Register now and tell your friends, family and business colleagues. It could be worth hundreds or thousands of dollars to anyone who joins a successful class action.

* You will receive a copy of the Product Disclosure Statement on registration.

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