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Fire Your Bank! Money Tip without the Boring Stuff

Posted by Ask_Josie on Dec 10th, 2008

Not happy with your bank, credit union or building society, but overwhelmed by the thought of canceling and re-activating all those direct debits? The Government introduced new rules from November 2008 which should make it easier (in theory anyway). Following is a link to http://www.fido.gov.au/fido/fido.nsf/byheadline/Switching%20bank%20accounts?opendocument#2 which provides a step by step process.

For people who love detail, included in the information is a booklet published by APCA (Australian Payments Clearing Association) which includes lots of good information. There is also a copy of the Code of Conduct that the financial institutions need to adhere to. Just go to Part D. It states they have to provide you with the information within five working days. Make sure you keep them on their toes.

fire_the_banks Fire Your Bank! Money Tip without the Boring Stuff

Can’t be bothered. That’s OK it can be daunting. Just do a couple of things over the next few months e.g. check the interest rate, fees and charges attached to all your accounts when you receive the statements. In particular, check the interest rate and fees you are paying on your credit card. Remember, small leaks, sink big ships. Knowledge also helps in the negotiation process.

In the case of banks, just like any corporation, their shareholders come first, in other words, profits come first. ’Watch Out. Everyone is after your money. Learn how to outsmart them’.

Happy bank shopping. Please don’t hesitate to share your stories.

Josie Kay