Bonus interest smoke and mirrors
I was shocked when I checked my banking statements with a particular friendly society for the month of September.
I found that the bonus interest I was led to believe would be paid, in this case just over $136, had not been paid. Why not?
The advertised terms are that if you deposit $250 a month into your account, you will receive the bonus interest, at the current rate of 2.8 per cent.
What they don’t tell you is that you can’t transfer your $250 into their Active Saver account. It has to be paid into a Healthy Banking account. An internal transfer is then made.
What they also don’t tell the customer is that there is a keeping fee of $5 for this account, which then reduces your potential transfer to $245.
That, in turn, means you fail the bonus interest test of the $250 minimum.
If an account holder doesn’t carry out a regular check of their transactions, this process could go on for years, depriving a customer of thousands of dollars of “bonus interest”.
When challenged, they claim the customer has to deposit $1000 a month in order to have the $5 handling fee waived. However, there is nothing about this on their website.
No wonder there is a royal commission into banks and financial institutions. Unfortunately, I think I am too late for my submission. Let the buyer beware.
Peter Wood, Erskine
Priests and paedophiles
Colin Coulthard (Letters, 11/10) lays the blame for clerical sexual abuse on celibacy. Surely, a priest who was having difficulty in this area would choose the legal option of having an affair with a consenting adult or, better still, leave the priesthood.
The truth is that the perpetrators were paedophiles. The option of marriage was never what they sought.
John Hibble, Scarborough
Workplace death laws
I write in response to the CFMEU’s Ian Gill (Letters, 8/10).
I support his concerns over the shocking number of workplace deaths in Australia.
The introduction of industrial manslaughter laws will bring pressure on negligent company CEOs.
He should investigate Britain’s health and safety laws which facilitate legal resources to initiate proceedings against negligent companies independent of the crown prosecution service.
Phil Irwin, Heathridge
Saving can be a tangled web.