Bonus in­ter­est smoke and mir­rors

The West Australian - - AGENDA -

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.

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