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!