Aussies! Looks like our banks are gonna force us to take it where the sun dont shine! , page


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Topic started on 10-2-2012 @ 01:51 AM by surrealist
Now while i understand that the banks are a business and customers have choice (although that choice can come with some very tight and costly conditions), a precedent now has been set where they are going to start adjusting their rates independent of the RBA.

Only hours after ANZ announced theirs, Westpac have followed through likewise - with a bigger raise. Now those increase might not amount to much, but now that it has been done, greed will prevail unabated.

Lots of 'savers' like to argue that banks are a business and that's fair enough. But I wonder how these customers would feel if they start lowering their interest rates on savings accounts? It's a business after all, right?

How about some increased fees all round, for all customers regardless? Not likely perhaps, but there's no stopping it now. The industry has decided to bleed their customers to maintain their profits, regardless of who it screws over! There's already lots of angry customers. Seems mortgage owners are the ones who are gonna be hardest hit, and businesses if they raise their variable rates as well.

This is gonna get ugly. And I'm all for watching it with a big bag of popcorn (though I don't eat popcorn). As job losses accelerate and our economy deteriorates, the RBA becoming irrelevant, the government ineffective, the banks are likely gonna start hitting some people hard.

I just hope they exercise some restraint, but regardless, I just see this move as one of many that is not going to bode well, not only with bank customers, but the Australian community more broadly as increasing numbers of people have less discretionary spending money, or otherwise, lower confidence to spend due to increased uncertainty of the future.

I have a mortgage with CBA so will be watching. They already put their rates up two or three times over and above the RBA during those increases from 2009 to 2010, and yeah it hurt my pocket. Fortunately I have family to help.

How do others feel?

ANZ lifts variable interest rate by 0.06 per cent after RBA keeps them on hold


* ANZ has raised interest rate by 6 basis points to 7.36pc
* Rate rise will add $6.50 per fortnight to the average home loan
* CEO defends move saying they must delink from the RBA


Westpac raises mortgage rates

WESTPAC Banking Corporation has become the second of the four big banks to raise interest rates in defiance of the Reserve Bank of Australia (RBA).

Westpac announced today that it would raise its standard variable home loan rate by 0.10 percentage points to 7.46 per cent, effective from February 20.



reply posted on 10-2-2012 @ 02:58 AM by TheCommentator
reply to post by surrealist


Why not just join a credit union and stop complaining about banks


reply posted on 10-2-2012 @ 03:06 AM by bellagirl
Originally posted by TheCommentator
reply to post by surrealist


Why not just join a credit union and stop complaining about banks



you wont hear me bashing the big banks in favour of credit unions. i was with a credit union. i was being charged for every eftpos transaction plus account keeping fees which added up to about $60 a month. because my wage was paid directly into this account i used it every day. i went in one day to complain and told them i would draw out my pay in full every fortnight. there answer was it was dangerous as i may get robbed. they had no answer when i pointed out they rob me every last day of the month.

i walked around the corner to the NAB ....they offered free eftpos and BPAY and only $3 a month in fees. i now save over $700 per year just in fees and couldnt be happier with them.


reply posted on 10-2-2012 @ 03:15 AM by TheCommentator
Originally posted by bellagirl
Originally posted by TheCommentator
reply to post by surrealist


Why not just join a credit union and stop complaining about banks



you wont hear me bashing the big banks in favour of credit unions. i was with a credit union. i was being charged for every eftpos transaction plus account keeping fees which added up to about $60 a month. because my wage was paid directly into this account i used it every day. i went in one day to complain and told them i would draw out my pay in full every fortnight. there answer was it was dangerous as i may get robbed. they had no answer when i pointed out they rob me every last day of the month.

i walked around the corner to the NAB ....they offered free eftpos and BPAY and only $3 a month in fees. i now save over $700 per year just in fees and couldnt be happier with them.

With a bit of research you would be able to find a local credit union that will give you a much better product and rate then the nab.
At the end of the day why would you pay so much money to a big bank to make some fat cat rich when you could be putting it into a credit union where the profits help you and your community.


reply posted on 10-2-2012 @ 03:20 AM by bellagirl
reply to post by TheCommentator


it was local.....just down the road. and i challenge anyone who says they would rather pay $60 a month to keep with a credit union as apposed to $3 a month with a big bank. i work to bloody hard to just give it away.


reply posted on 10-2-2012 @ 03:29 AM by TheCommentator
Originally posted by bellagirl
reply to post by TheCommentator


it was local.....just down the road. and i challenge anyone who says they would rather pay $60 a month to keep with a credit union as apposed to $3 a month with a big bank. i work to bloody hard to just give it away.
The point of what I said was not that it was local


reply posted on 12-2-2012 @ 11:17 PM by surrealist
The
Commonwealth Bank and regional lender Bendigo and Adelaide Banks have just raised their rates independent of the RBA.

What a coincidence! Five banks in the space of just two business days raise their interest rates. No collusion or industry tip-off here, no!
edit on 12-2-2012 by surrealist because: (no reason given)



reply posted on 13-2-2012 @ 03:50 AM by surrealist
Now all the big banks lift rates.

In next week's news, all big banks and lenders lift interest rates to combat increasing funding costs. Australian Treasurer Wayne Swan reacts: "Quack quack!"

In the following week's news, all big banks and lenders lift interest rates again citing increasing costs of funds. Three big banks announce thousands of job cuts from their Australian operations. Australian Treasurer Wayne Swan reacts: "Quack quack!"

In the following week's news, all big banks and lenders surge interest rates yet again citing funding pressures from overseas loans and rising costs. The gang of four flag job cuts in the tens of thousands! Australian Treasurer Wayne Swan reacts: "Quack quack....... QUACK!!"

In the following week's news, all big banks and lenders edge up interest rates citing increased funding costs amid record number of deliquent mortgages and defaults nationwide! Banks cut jobs and close branches! Australian Treasurer Wayne Swan reacts: "Quack quack....... QUACK, QUACK, QUAAAAACK, quack, quack, quack, QUACK, QUACK, QUAAAACK, quack, quack, quack!!!"


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