Who do you bank with?

[Deej]

I'm about to switch everything over to the Bendigo Bank.

 

[Vindaloo Mat]

Originally posted by Mobbenfuhrer
Currently with a credit union but they've just introduced a whole new fee scale which means that instead of being charged for excess transactions, we're charged for every transaction. Considering they only have two branches and none of them close by, looking for a better alternative.

We're looking at ING at the moment, which has some offer of 4.75% daily compounded on whatever balance, immediate access. Sounds pretty good, and I think we once compared it to St George and found ING looked better. Anyone know if there's a catch to this?

I used to be the Chairman of a Credit Union in Melbourne. There is a real problem. Most CU's would like to not charge fees so what happens ?

A: Those customers who are charged high fees at banks switch, normally only their transaction account, to the CU. Which means that the CU ends up with a whole lot of high transaction accounts which cost a lot and contribute very little to the CU. So infact, having no fees is very difficult to maintain.

We ended up saying that if you had a mortgage, or a personal loan or a $5,000 t.d. then you got no fees. If all you had was a transaction account then your contribution to the CU was the fees you were charged.

At least with a CU the fees go to the CU and not to the shareholder....which should mean an overall better deal.


VM

 

[lioness]

I bank with the ANZ, I still have the same account I opened 12 years ago when I got my first job! I've stuck with them because I haven't really had any major problems with them.