“We are trying to be a better bank moving forward.”

By Jason Bryce

Prime Minister Scott Morrison famously believes in miracles and now I do too. I have just received my personal ‘dividend’ payment from the Hayne Royal Commission into financial services. بيتواي

Millions of other Australians are also getting paid
hundreds, and sometimes thousands of dollars from the big banks.

Not only have I been refunded, with interest, all the fees
Commonwealth Bank has taken from my account for years and years, the biggest
bank of all has apologised profusely to me, in writing and over the phone.

“Let me say sorry about what has happened in the past,” said
a Commonwealth Bank call centre person to me today.

“We are trying to be a better bank moving forward.”

About three years ago I entered my local branch (which no
longer exists) armed with my account statement, printed out and marked with
highlighter.

“My pay is going into my account, why are you taking out a
monthly fee?” I asked indignantly.

Commonwealth
Bank’s Smart Access everyday transaction account charges a $4 monthly fee,
unless the account receives payments of $2,000 per month ($1,000 if you are
aged 21 – 24 years). There are other terms and conditions. باصرة اون لاين The Commbank website
advises customers:

“Most bank accounts come with a monthly fee but you may be exempt if you
make a minimum deposit every month.

“You may also be eligible for an exemption if you are a student or
pensioner.”

Monthly account keeping fees are among the most hated fees
in banking.

“I hate that
CommBank charges fees if your account doesn’t receive $1000/$2000 a month.”
Posted ‘tashananana’ on reddit.

And I fully agree. Only one in five (21 per cent) of Australians accurately know what account keeping fees they are being charged, according to recent research from UBank and that includes me.

I know
exactly how much the bank takes from my account and I have never liked it. But
I do like the Commbank app, my (now disappeared) local branch and the real time
payments to and from my other family members who can’t imagine changing to
another bank. So, I stayed with the biggest bank of all, despite their monthly
fee.

And so there I was, in my local Commonwealth Bank branch
after waiting 10 minutes in a queue, complaining about a $4 monthly fee. I
can’t claim to remember precisely what I was told but it was along the lines
of:

“Our system determines if the minimum deposits have been
made and the fee is then waived or charged.”

But I have the statement here, I said, pointing to the
highlighted payments.

The teller didn’t appear impressed and gave me a raised
eyebrow that said clearly and eloquently:

‘Do you really want me to add it all up? We have computers
that do that you know?”

At this point, I realised I was arguing with a junior
employee about a $4 fee while pensioners waited behind me, passbooks in hand,
to collect their weekly cash.

I said thanks and left – unsatisfied. سلوتس I pushed my
frustration down deep inside, added it to all the other little banking
grievances I carry around and got on with life.