Friday, May 16, 2008

ANZ Bank fee a rip-off

Something I do every day, without fail, is go to ClickSense, a get-paid-to-click programme, click on a few links, make a few cents, and then go on to attend to the rest of the day's business.

This takes only two or three minutes, and results in my receiving a check for about $US7.50 now and then. It's not a huge sum of money. But it's money I have worked for, and money I don't want to lose. So I was annoyed, when I presented my last check at the ANZ Bank in Palmerston North, to be informed that the bank now charges a currency conversion fee of $NZ5 per check. This meant that, instead of receiving $NZ9.67 for my $US7.60, I received $NZ4.67.

There were several other factors that also irritated me:

1. The bank has never charged a conversion fee in the past.

2. Other banks don't charge such conversion fees. (I checked at the ASB and Kiwibank.)

3. A check is an instruction to a bank to pay someone a certain sum of money. It is not an instruction to a bank to pay someone whatever is left after the subtraction of a fee.

Needless to say, I will not present any more such checks to the ANZ, but will open an account at New Zealand-owned Kiwibank as soon as I have enough money to make a reasonable deposit. And that means that, as a result of the loss of some of my custom, ANZ will lose far more than $5.

Incidentally, while looking on the net for complaints about the ANZ, I found the following, dated August 23, 2006, at www.acfonline.org.au/articles/news.asp?news_id=911:

Five community groups from Australia and Papua New Guinea today filed a formal complaint against the ANZ Bank over its financial support of logging companies that are engaged in human rights abuses and environmental destruction in PNG...

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