Is anyone with a bank that doesn't charge $30 for overdrawing your bank account?

I'm in construction and pays are sometimes erratic. Sick of paying $30 extra for a $20 insurance fee being DD'd. I can apparently apply for an overdraft on the account but that's extra fees and interest as well. I'm not one to live week to week but when work is slow and the mortgage monster is hungry sometimes a lean account is inevitable.

Don't watch the news?

From October 1, NAB is abolishing their Overdrawn fees.

Also from October, the fee will be $9 for St. George/Westpac.

Alternatively, credit card FTW.

I just dumped all my commercial banking with westpac and moved to NAB. They have the best everything as far as I am concerned.

All banks are arseholes though.

f***in sharks. NAB might be a go-er but are the rest going to follow suit? They'll find some other sneaky way to make the money they lost from removing the overdrawing fees.

Yeah, banks are terrible. They ask you so many questions now to do anything it's become ridiculous. Their ridiculous questions get ridiculous answers from me now.

"Can I interest you in our current home loans, sir?"

"No."



"Can I ask the reason why you are closing your account, sir?"

"No."

After having dealt with NAB commercially, i wouldn't recomend them to my worst enemy. The entire company seems inept at all levels.

Suncorp was like that too girrriris, they were unbelievable

You still get charged for overdrawing on your credit card, shamp

I had someone from the NAB ring me on Friday night at 6pm hitting me up about my home loan and asking if I wanted pre-approval. Even after very politely saying I'm not interested in refinancing or changing lenders or anything she still kept going. I eventually had to just talk over the top of her and say "I'm not interested thanks for calling" and hung up with her still talking in the background.

Mind you, that's not specific to NAB at all.. had the same experience with Citibank and CBA.

No complaints from heritage here.

If you keep getting charged maybe your home loan product doesnt suit your needs. Change your Loan ?

I eventually had to just talk over the top of her and say "I'm not interested thanks for calling" and hung up with her still talking in the background.

what'd be awesome is if you could hook 2 telemarketters together, mid-spiel & see who stops talking n starts listening first ;p

I have overdraw up to $1000 available on my CBA account. Another $500 on my business account. Not really sure why, but i don't get overdraw issues anymore, just have to pay interest at credit card rates if i don't pay it back.

Instead of going -1000 and -500 then paying it off, wouldn't you be better just not drinking booze for a while so that your Bank is +1000 and card is +500 then never having to pay stupid fees again?

VISA Debit is the go.

In a win for people power, National Australia Bank has cut the $30 fee in a bid to repair the NAB's image and win new customers.

The bank has taken a battering over penalty fees, which are the most common complaint from customers.

Nice spin there. If they're the most common complaint from customers then it's likely that they're calling and tying up customer service personnel and costing the bank time. Once the complaint calls are gone NAB could then make up the difference by reducing their workforce by an similar amount.

I doubt repairing their image is more important than plain business sense in abolishing a charge that may be more trouble than it's worth to collect.

I doubt repairing their image is more important than plain business sense in abolishing a charge that may be more trouble than it's worth to collect.

Overdraw fees are in fact massively profitable, to the tune of hundreds of millions of dollars per year. I'm worried about where they're going to gouge us to make up for it..

Yeah one of the reasons us Aussies are well insulated from the US carfuffle is that our banks make most of their moneys from fees and charges and not investments. f***ers.

Apparently a lot of the US banks are now following suit which is why they have started being profitable again.

I think most of the bank's profits are coming from the large interest rate margins at the moment.... Sure, the fees do provide a decent boost to their bottom line, but it certainly isn't the difference between being profitable or unprofitable.

cost of funds is still extremely high at the moment. that's why banks have high deposit interest rates to attract capital which they can loan imaginary money off at 10x.

the smaller lenders who don't have "banking licenses" as such can barely stay in the game.

yeah banks sure are doing it tough. my heart bleeds for 'em.