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Bank on it!

I've been using Suncorp as my bank for a large number of years now, since I got pissed off at my last one.

One of the really good things about them is that I don't get charged for using non-Suncorp ATM's. Suncorp is a Queensland based company, and have a good presence in Queensland, however they don't have much of a presence in the other states (for instance, they have a total of 6 branches in Victoria, compared to hundreds in Queensland). So as not to disadvantage their non-Queensland customers, they don't charge a fee if you use a non-Suncorp ATM outside of Queensland. This has been great for me, as I can use any ATM I want and don't have to worry about being hit the $1.50 every time.

However, from the 3rd of March, that will change. The Reserve Bank has ruled that as of that date, if you use another banks ATM you will be charged directly by that bank, rather than by your bank. This means that Suncorp can no longer offer the use of non-Suncorp ATM's for free.

I live in Coburg and work in Brunswick East. The nearest Suncorp ATM's to me are in Preston, Airport West, Maribyrong and the city. The nearest one of them to me is Preston, which is over 6km's away.

That ain't going to work. So, I will be changing banks. Does anyone have any suggestions?

Things I need: for a low or no fee, unlimited electronic transactions, decent internet banking, Visa Debit card, the ability to create sub-accounts off the main account for savings, and a reasonable number of ATM's so I can avoid fees.

Currently I'm looking at the NAB as they seem to have everything I want. For $4 a month I get unlimited electronic banking, which drops to $0 a month if I deposit my pay into the account each fortnight. For that matter I could use the next step up which is $5 a month for everything I need plus unlimited branch transactions, which still drops to $0 a month if I deposit my pay. Both include the Visa Debit card, the additional sub-accounts, internet banking and the closest ATM to work is a NAB one. So, they look good.

Anyone else have any other suggestions?

Comments

( 17 comments — Leave a comment )
travisjhall
Feb. 17th, 2009 04:47 am (UTC)

The nearest NAB branch is pretty convenient to the house, too.

drzero
Feb. 17th, 2009 04:57 am (UTC)
I'm happy with St. George (which is admittedly now part of the Westpac) but I would also recommend Bendigo Bank.
missingkeys
Feb. 17th, 2009 05:48 am (UTC)
Eft everything and just only ever get cash out!! :)

I switched to Suncorp, so I don't have a recommendation, but my anti-recommendation would be Westpac. I've had so many problems with them. And the Commonwealth, who currently have a deal where you allegedly get double interest if you don't make a withdrawal over the course of the month, but who count the monthly service fee as a withdrawal. The doubly fucked part of this is that it's a child's account (not my child) and thus the monthly service fee is refunded. But since it counts as a transaction the kid doesn't get his extra interest. A bit rude, IMO.
mervyn_01
Feb. 17th, 2009 06:20 am (UTC)
It is easy .. stop using ATMs. Need cash? Get extra cash when you use EFTPOS. That way you avoid ALL fees. Need your balance? - use phone or internet banking.
halloranelder
Feb. 17th, 2009 06:23 am (UTC)
I considered this, except for one small fact. The main place I use for lunches during the week doesn't have EFTPOS.

Plus I'm trying not to spend money and really don't want to get into the habit of putting everything on plastic. I find it easier to control my spending if I spend cash.
missingkeys
Feb. 17th, 2009 06:40 am (UTC)
I'm the same with the cash/card difference. I can eft until the cows come home, but if I've got a $20 in my wallet it's bloody well staying there.

If you're trying to control your spending what better way would there be than to only visit the ATM once a week/fortnight/month? Estimate how much cash you need, withdraw that amount, then make sure you only spend that much. :) A further suggestion to that would be putting the cash into little baggies or envelopes and either keeping them in your wallet labelled with the days or the week or keeping them on your bookcase/key table/whatever's near the door and grabbing one before work every day. Or you could bring lunch from home, which would totally control your spending. [/unsolicited advice]
halloranelder
Feb. 17th, 2009 11:49 am (UTC)
You missed a very important point there.

The nearest ATM is over 6kms from me. I am not going to waste a couple of hours on public transport every time I want to go to an ATM.

The easiest ATM to get to would be in the city. It's a minimum of half an hour each way on a Tram, however it's probably going to be more like 45 minutes to an hour each way on the weekend when I would be able to go in.

I already suffer from a serious lack of time. I don't want to make it worse.

Thanks for the thought however. *hugs*
missingkeys
Feb. 17th, 2009 12:38 pm (UTC)
That's okay. *hug* I understand the lack of time. By 'visit the ATM' I kind of meant 'withdraw cash', which I personally do at Woolworths or whatever for the sake of convenience. I'm with two banks and there are very convenient ATMs for either, so pretty much all my cash comes from cash out options. Neither the food place I go to occasionally for work and the muffin place I almost always go to for breakfast have eftpos, so I'm in the same boat cash-wise.

Either way, whatever's easiest for you is the definitely best option.
mervyn_01
Feb. 17th, 2009 10:17 pm (UTC)
I can understand that. I am very similar - but then isn't withdrawing from the ATM technically the same as 'putting it on plastic'? Let's say I want to withdraw $200 from the ATM, but instead do some grocery shopping (getting $50 worth of groceries), I simply get out and extra $150 at the same time - the money comes from the same place - my bank account, and it is still the same $200. It's just a different way of thinking.
halloranelder
Feb. 17th, 2009 11:37 pm (UTC)
Not for the way my brain works.

If I go to the ATM, I can withdraw $200. If I use EFTPOS, then I have to make sure I buy something of reasonable value to withdraw the money (I won't withdraw $200 from a shop if I'm only buying something worth a couple of dollars).

Plus, since I want $200 cash in my wallet, then I'm going to have to buy something and get an additional $200 in cash, not buy $50 of stuff and get $150 in cash, because that's not what I wanted. OCD is a problem.
mervyn_01
Feb. 17th, 2009 11:50 pm (UTC)
You certainly do have a different thought process to me:)
But what I meant, is that I might have gone to the ATM to withdraw $200 and then gone and bought $50 groceries, hence leaving me with $150 cash in my wallet.
Instead, I do the groceries first, getting a total of $200 from my account - $50 of which is for the groceries, the rest into my wallet - leaving the same result .. but yes, this is only if you were already going by that stuff anyway.
I know how you feel about buying something for a couple of bucks to get out an extra $200 - I feel uncomfortable doing that too .. but regardless, the shops (most shops) will still let you do that.
Anyway, I would talk to Suncorp to see if they are going to be refunding the ATM fee charged by the other bank - to mimic what they currently do with no charges for using ATMs outside of Qld. I haven't seen anything specific about it in Vic - but I know that in NSW and ACT they have listed about 200 ATMs (of other banks) where the fee charged in the new regime, will be refunded automatically.
Maybe, they will do the same in Vic. Ask them.
kythys
Feb. 21st, 2009 09:01 am (UTC)
I find I have less scruples about withdrawing cash from large supermarkets (ditto McDonalds but I try not to go there). Also, the post office will give you cash, they are kind of the government so I don't mind taking money out from them either.
halloranelder
Feb. 17th, 2009 06:24 am (UTC)
What I said to him.
fred_bear
Feb. 17th, 2009 08:12 pm (UTC)
I find NAB pretty good, internet banking's fine and as long as you get the required deposit amount into the account there's not much in the way of other fees.
ozisim
Feb. 17th, 2009 10:42 pm (UTC)
I'm with HSBC.
And am in the same boat with the ATM fees thing.
I can now only use HSBC and westpac ATMs for free.

I have an account with no monthly fee that gives me unlimited internet transactions, but restricts the number of over-the-counter and phone banking that I do. HSBCs phone banking is me calling and talking to another person who performs the transactions, rather than screaming at a computer menu tho.
It is linked to a high-interest online savings account that pays me 6%pa. monthly so long as I make at least 1 deposit in that month, and no withdrawals.
kitling
Feb. 18th, 2009 01:19 am (UTC)
Bendigo Bank and Westpac do the above features. The only downside to Bendigo, is not that many atm's, but the number is increasingly rapidly, there is one at Barkley Square now, and even better coverage in rural areas.

I'm a very satisfied Bendigo Bank customer.
The only reason I'm still with Westpac as well is better atm coverage, and the internet savings account offers the best interest i've found in a bank, and comparable to ING Direct.
kythys
Feb. 21st, 2009 08:57 am (UTC)
I have been very happy with the NAB for the last ten years. I have got all the recent interest rate falls passed on to me on my home loan.
( 17 comments — Leave a comment )

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