Are you being 'punished' by your bank? Watch out for these high fees when transacting in your branch!
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In an era where digital banking is becoming the norm, some customers still prefer the personal touch of visiting a bank branch.
However, recent allegations suggest that Australia's biggest banks are discouraging this practice by charging exorbitant fees for over-the-counter transactions.
According to a claim, this is a strategic move to drive customers away from branches, thereby justifying branch closures.
As reported by a news source, former ANZ employees have alleged that the bank is systematically pushing customers towards ATMs or iPads for transactions, thereby reducing in-branch transactions.
They believed this allowed the bank to justify branch closures due to reduced footfall.
The latest wave of allegations comes after several business customers revealed the fees for teller-assisted transactions.
One disgruntled customer shared that his business was charged a fee to deposit cash into their ‘home’ ANZ branch, a requirement for maintaining their ISO9001 standards.
ANZ charges between 80c to $5 for staff-assisted transactions, according to their business account terms and conditions.
‘Yes, that’s right, a fee to deposit cash into a bank,’ the customer, who wished to remain anonymous, stated.
Staff-assisted transactions are identified as various manual banking activities processed by ANZ staff, including withdrawing cash at the counter, performing funds transfers at the counter to either an ANZ account or another bank, depositing cash or checks at the counter, and using fast deposit bags or envelopes.
Additionally, any other manual withdrawal, transfer, deposit, or transaction to an ANZ account, as classified by ANZ as a 'Staff Assisted Transaction', varies depending on the type of account.
An ANZ spokesperson defended the bank's fees, stating: ‘We ensure that our fees and charges are competitive with others in the industry.’
However, this has done little to quell the frustration of customers who feel penalised for using traditional banking services.
One manager of an IT business, who is also banking with ANZ, shared his experience with the extra charges.
‘When I am depositing a cheque (a $2.50 fee) and the ATM keeps spitting it out (which happens often) and then I need to see a teller, I get the double whammy of fees ($5) just to be able to deposit a cheque,’ he recalled.
He added, ‘I have also been in [a] situation when the ATM has no paper left to print a receipt, which I need for bank reconciliation at the end of the month for my business, so I have to go to see a staff member to manually print me one.’
‘I can’t tell you the number of times I have argued the point about why I shouldn’t have to pay a fee when the machines [ANZ] are directing me to use function incorrectly, yet I have to be punished with a fee to resolve the issue,’ the manager expressed.
Similar allegations have been made against Australia's other Big Four banks—Westpac, Commonwealth Bank (CBA), and National Australia Bank (NAB).
A hospitality business owner who banks with CBA revealed that she was being charged $10 for each banking bag used to deposit the cash takings from her businesses over the counter in-branch every day.
‘CBA charge $10 for each banking bag. That’s one a day each week, so $70 per week per business to count our daily takings!’ the owner said.
As a result of these high fees, she now deposits her takings via ATM, despite the security risks involved in carrying large amounts of cash.
‘I think $10 a bag is a bit much, so I refuse to pay that and now only use the ATM for which there is no cost.’
‘Twice a week, I walk to the bank with 3-4 days takings—it’s too dangerous for my staff to do it—for each business. That’s thousands of dollars each time,’ the owner continued.
‘I stand at the ATM doing deposits hoping nobody realises what I am doing with $10,000 plus in my bag.’
According to its business account terms and conditions, CBA charges a $10 fee per transaction for deposits made via its 'Quick Deposit Box' or 'QuickCash envelope banking' for most of its business accounts, a $5 fee for the deposit of cheques, and a $5 fee for deposits or withdrawals made over the counter at a CBA branch or Post Offices.
A spokesperson from CBA explained that branch employees have the authority to waive fees for assisted withdrawals related to their products, for instance, like an ATM being out of service.
Westpac and NAB also charge business customers a fee for staff-assisted withdrawals, deposits, and cheque deposits, ranging from $2.50 to $5, depending on the account type.
A spokesperson from NAB stated that if a transaction requires manual processing due to a technical problem with an ATM that is not the customer's fault, the fees for banker-assisted transactions would be waived.
However, most ATM transactions are fee-free for business customers of all the major banks.
What are your thoughts on these fees for branch use, members? Do you believe these claims? Share your experiences in the comments below.
However, recent allegations suggest that Australia's biggest banks are discouraging this practice by charging exorbitant fees for over-the-counter transactions.
According to a claim, this is a strategic move to drive customers away from branches, thereby justifying branch closures.
As reported by a news source, former ANZ employees have alleged that the bank is systematically pushing customers towards ATMs or iPads for transactions, thereby reducing in-branch transactions.
They believed this allowed the bank to justify branch closures due to reduced footfall.
Former ANZ employees alleged that the bank is systematically reducing in-branch transactions. Source: Google Maps
The latest wave of allegations comes after several business customers revealed the fees for teller-assisted transactions.
One disgruntled customer shared that his business was charged a fee to deposit cash into their ‘home’ ANZ branch, a requirement for maintaining their ISO9001 standards.
ANZ charges between 80c to $5 for staff-assisted transactions, according to their business account terms and conditions.
‘Yes, that’s right, a fee to deposit cash into a bank,’ the customer, who wished to remain anonymous, stated.
Staff-assisted transactions are identified as various manual banking activities processed by ANZ staff, including withdrawing cash at the counter, performing funds transfers at the counter to either an ANZ account or another bank, depositing cash or checks at the counter, and using fast deposit bags or envelopes.
Additionally, any other manual withdrawal, transfer, deposit, or transaction to an ANZ account, as classified by ANZ as a 'Staff Assisted Transaction', varies depending on the type of account.
An ANZ spokesperson defended the bank's fees, stating: ‘We ensure that our fees and charges are competitive with others in the industry.’
However, this has done little to quell the frustration of customers who feel penalised for using traditional banking services.
One manager of an IT business, who is also banking with ANZ, shared his experience with the extra charges.
‘When I am depositing a cheque (a $2.50 fee) and the ATM keeps spitting it out (which happens often) and then I need to see a teller, I get the double whammy of fees ($5) just to be able to deposit a cheque,’ he recalled.
He added, ‘I have also been in [a] situation when the ATM has no paper left to print a receipt, which I need for bank reconciliation at the end of the month for my business, so I have to go to see a staff member to manually print me one.’
‘I can’t tell you the number of times I have argued the point about why I shouldn’t have to pay a fee when the machines [ANZ] are directing me to use function incorrectly, yet I have to be punished with a fee to resolve the issue,’ the manager expressed.
Similar allegations have been made against Australia's other Big Four banks—Westpac, Commonwealth Bank (CBA), and National Australia Bank (NAB).
A hospitality business owner who banks with CBA revealed that she was being charged $10 for each banking bag used to deposit the cash takings from her businesses over the counter in-branch every day.
‘CBA charge $10 for each banking bag. That’s one a day each week, so $70 per week per business to count our daily takings!’ the owner said.
As a result of these high fees, she now deposits her takings via ATM, despite the security risks involved in carrying large amounts of cash.
‘I think $10 a bag is a bit much, so I refuse to pay that and now only use the ATM for which there is no cost.’
‘Twice a week, I walk to the bank with 3-4 days takings—it’s too dangerous for my staff to do it—for each business. That’s thousands of dollars each time,’ the owner continued.
‘I stand at the ATM doing deposits hoping nobody realises what I am doing with $10,000 plus in my bag.’
According to its business account terms and conditions, CBA charges a $10 fee per transaction for deposits made via its 'Quick Deposit Box' or 'QuickCash envelope banking' for most of its business accounts, a $5 fee for the deposit of cheques, and a $5 fee for deposits or withdrawals made over the counter at a CBA branch or Post Offices.
CBA charge their customers for assisted transactions. Credit: CBA
A spokesperson from CBA explained that branch employees have the authority to waive fees for assisted withdrawals related to their products, for instance, like an ATM being out of service.
Westpac and NAB also charge business customers a fee for staff-assisted withdrawals, deposits, and cheque deposits, ranging from $2.50 to $5, depending on the account type.
A spokesperson from NAB stated that if a transaction requires manual processing due to a technical problem with an ATM that is not the customer's fault, the fees for banker-assisted transactions would be waived.
However, most ATM transactions are fee-free for business customers of all the major banks.
What are your thoughts on these fees for branch use, members? Do you believe these claims? Share your experiences in the comments below.
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