Published on September 6, 2016 11:49 am, by Pete Lalor
How vigilant are you when it comes to banking fees and charges? It can be hard work understanding which transactions you will be charged for, which are free and what conditions like minimum account balances you might need to satisfy.
It’s even harder when you get charged fees you shouldn’t be charged. Yesterday ANZ Bank announced they had incorrectly charged $28.8m in transaction fees to 390,000 customers.
With the average affected customer entitled to a refund of about $74 it pays to be vigilant. There are plenty of other things you could spend that $74 on that would be more satisfying than bank fees!
If you are an ANZ customer we suggest you check the fees you have been charged on your account. Even if you aren’t an ANZ customer we suggest you regularly check the fees you have been charged on your bank products. Banks and businesses can easily make mistakes and overcharge you.
MoneyBrilliant makes it easy to stay on top of fees and charges. We automatically categorise the fees and charges on your account and make it easy for you to spot them. And we do this across all your accounts so you can review all your fees and charges in one place on your phone or tablet. On our web app you can create detailed reports of all your fees and charges.
Finally, if you want to reduce the transaction fees on your bank accounts check out this article for details of low cost transaction accounts.
Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.