Westpac is stealing my money!
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They have just anounced a 50%
rise in account keeping fees.
That means $7.50 per
month just to have an account.
That does not include
charges for transactions.
The fee is waived if I have $2000
or more in the account for that entire month.
The account awards no interest on savings for realistic amounts of
money.
If I have $1999 or less in the account, they are charging me anywhere
from 4.5% to 100% interest depending on my balance.
If that $2000 was in INGDIRECT,
it would be earning me over
$100 per year in income.
It wouldn't be theft if I had an option for an account to be paid into.
If anyone knows of a daily account I can use that doesn't charge me
ridiculous amounts so that they can invest my money for earnings,
please let me know.
Update 11.2.06
I found out that my employer has a special deal with ANZ to offer
accounts with waived fees. Check if your employer has a similar
arrangement.
Also, ANZ (anz.com) have a transaction account that looks like it has
$5 per month fees and no transaction fees. Unless I am mistaken, this
is much better value. (This is not a paid advertisement. I am doing it
as public service/out of anger)
Update 3.4.06
Done. Pain in the arse that it was - Westpac took over an hour to close
my accounts, and I had to tell them to give me their computer keyboard
so that I could complete part of the account-closing by logging into my
own online account and completing a transfer of money between accounts.
Talk about relief to be done with them.