SCOTT PAPE

BARE­FOOT IN­VESTOR

The Advertiser - - NEWS -

Seven days is a long time in bank­ing.

Se­ri­ously, it is: the Big Four col­lec­tively rake in around $576 mil­lion in prof­its each week.

Any­way, last Sun­day you would have seen that they all folded like a cheap card ta­ble from Aldi and stopped slug­ging us for for­eign ATM fees (the fees you pay for not us­ing your own bank’s ATM).

Quite a few peo­ple sug­gested on so­cial me­dia that their de­ci­sion may have some­thing to do with my book’s strong stance on zero-fee bank­ing. I’m happy to take the credit, but I’d ar­gue it had much more to do with the fact that the CBA has had more scan­dals than Shane Warne and needed to make a good PR move.

Still, I’m glad the banks have ap­par­ently worked out how “deeply un­pop­u­lar they were with their cus­tomers” -- con­ve­niently, just as every­one has started mov­ing away from ATMs to­wards ‘tap-and-go’. So is this a game-changer? Not re­ally. My wife and I will be stick­ing with ING for now (and for the record, I get paid ab­so­lutely noth­ing to rec­om­mend them).

Rea­son be­ing, I like that ING has zero-fee bank­ing, that they re­bate all fees from all ATMs (not just the Big Four’s net­works), and that they have a rel­a­tively high-earn­ing (up to 2.8 per cent) linked saver ac­count.

Plus, if I go full geek, I can do a “wristy” and pay for things with my Ap­ple Watch, which would im­press the hell out of the over­worked, un­der­paid 7-Eleven at­ten­dant …

Still, there’s one thing you can be sure of: the banks will still try to work out ways to hit us some­where else — like, say, covertly re­duc­ing the value of credit card re­wards points by 63 per cent over the past year.

Tread Your Own Path!

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