Banks

Submitted: Sunday, Aug 08, 2004 at 19:41
ThreadID: 15405 Views:1460 Replies:2 FollowUps:0
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Not a 4wd topic but general interest that will be of benefit to some ... The aust consumers association has released a website to help us to make better informed choices re banking it is www.flickyourbank.com.au you have to love the name gives comprehensive guide to all fees/charges of both big and small lenders.
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Reply By: Bonz (Vic) - Sunday, Aug 08, 2004 at 21:52

Sunday, Aug 08, 2004 at 21:52
Has anyone looked at this site? Whats its general thrust?
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Reply By: Bitsumishin - Mike (WA) - Monday, Aug 09, 2004 at 06:22

Monday, Aug 09, 2004 at 06:22
I guess any information that helps you to make the right decision can only be a plus. I have looked at the site & its not bad except it doesn't cover all issues. As long as you always work within the rules you selected, then I imagine it is reasonably accurate. But remember, you are being asked in advance to determine how many deposits & withdrawlas you will make and how (ie internet or in person or EFTPOS). If you go outside these parameters, the excess fees or penalties may outweigh any potential savings. Fees for transferring funds to the lender you have your mortgage or car loan with, going overdrawn or using too many transactions could kill an otherwise good account & whilst none of us like to admit we never miss a payment, go overdrawn or outside our quota, at sometime we probably all have done. I was charged around $13- for going O/D less than $5- and that was from the Bank I work for (see, interest declared). Also remember that Banks are continuously updating their products so todays choice may not be the best in 3 months time. I would suggest you use their calculator & then take the results to your bank to see how close they can get to matching it. You will at least know you are getting a bargain if your Bank can't get close to the offer.
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