FinancialRedress.com.au

I tend to be skeptical of class action lawsuits because often the solicitors or lawyers keep more of the money than the clients they represent, but in this case I'm making an exception, if only for a very selfish reason ;).

From FinancialRedress.com.au:

Until very recently, some banks charged you up to $60 if you became overdrawn, went beyond an agreed limit, or made a late payment. The true cost might only have been a few dollars at most on each transaction. Banks have made billions from these unfair charges. [..]

If you have incurred at least one of these exception fees on any of your bank or credit card accounts, register by clicking here to help get your money back.

Personal adventure things

I closed my account with BankSA (now a subsidiary of Westpac, go figure) because of repeated and provable fee abuses. One time I was charged $25 for not having a minimum balance, which put me in the red, which caused them to charge me another fee. Then there was the time I forgot to prove I was a student for the umpteenth time, which meant new fees kicked in. The latter was probably within their legal right, but the former was an unabashed con.

That said, I went with the Australian Central Credit Union which was great for a while, but then they started treating me like a bank would anyway by refusing to do what I asked to, sending me predatory credit card applications in the mail and long queues at their branches. Curiously this started happening when they got bought out by the imaginatively titled Savings and Loans.

What is about financial institutions and their mandate to screw their customers? What other industry charges people for the right to take our money? Sheesh.