I had a dollarmites account in primary school, I had 20c in it for like 15 years. at some point they switched it to a club Australia account without informing me and tried to charge me a years worth of monthly account keeping fees. I told them to pound sand and close the fucking account and would never do business with them again.
Why anyone is still with a bank is beyond me. Join a credit union.
Why anyone is still with a bank
It’s not that difficult of a concept. Credit unions have a lot more restrictions than banks. At the end of the day I use a bank because they offer me services that are beneficial.
For example finding an ATM for your credit union is a lot harder than finding an ATM for your bank.
I have both a bank account and a credit union account. They serve different purposes.
I use my bank account for direct deposit and paying bills. My savings is at my credit union.
If I need cash quickly I go to my bank. If I need to stuff money away and not touch it for awhile then it’s my credit union.
Could you explain me the difference between the two, please? The concept of credit union, to my knowledge, doesn’t exist in my country.
With a bank, they operate to maximise profit for their shareholders (not members / customers).
With a credit union, you buy a share when you open an account which means every member/ customer is also a shareholder. As they run to maximise profit for their own customers, that means decisions and pricing is made that benifits the customer.
The result is cheaper (or no) fees, better interest rates on loans, higher interest rates on savings accounts, and usually way more flexible on things like paying back extra on home loans.
In Australia, Credit Unions (and building societies) are covered by the same government guarantees that Banks are so the old fears of your money not being safe are stupid.
I don’t understand it either honestly. But according to a quick google, it mostly boils down to this: banks are run for profit (to shareholders, who then pass along some of that as interest), whereas credit unions are non profits that return all their “profit” to members (which I guess technically no longer makes it profit, but I’m not sure what else to call it)
If your country is Australia, we do indeed have credit unions, People’s Choice Credit Union is the one that comes to mind, but I know there are others. I think they’re probably like a super minority - I’ve never met somebody in real life that has banked with a credit union. But some of them are kind of like industry super funds in that you need to be employed in a specific industry to be eligible for an account with them (see: Teachers Mutual Credit Union)
Thank you for the explanation.
Banking with CBA is like staying with an abusive spouse, they may apologise for hurting you, but they will do it again.
cough when they just kinda forgot people have money, and duplicated every transaction putting most people in horrendous debt for a day
They didn’t even really apologise for that. They did on their website, but besides that, I didn’t hear shit from them. Not even an apology letter, let alone any form of compensation
“We feel that we didn’t get the communication right on this, and we want to take a more individual approach,” he said.
“We tried sneaking it through, so our next approach will be to personally say fuck you to every customer” as we charge you in a few months time.
What fucking communication is there to get right on being greedy money hungry bastards? Is the amount they earn on interest from our peasant accounts not enough to cover a few seconds of a teller manually withdrawing their money?
we are sorry you understood our intent to gauge you on access to your own money. We will do better in hiding out intent going forward.
Wow, a lemmy.world federation instantly?
@[email protected] are our federation worst finally over? (I saw the announcement, I thought it’d take a while to get back to a place of instant or near instant federation)
It may be because Deceptichum is on quokka.au and that instance may not have federation issues with lemmy.world.
Oh that’s probably what’s happening, you’re right
I feel like in the past that wasn’t a thing though
You could be right in that in some edge cases federation has caught up, assuming that this was an edge case affected by the federation issue and not just something we hadn’t observed before.
I crossposted an az post to lw today and I can see some comments and votes on the lw post have not federated back to az yet. I think it’s still about 5 days out.
@Baku About time they backed off. Our banks most profitable in the world. We the users are doing it tough, and they still reporting record profits. It’s why I use a community based bank!
I’ve used CUA (now Great Southern Bank) for 19 years, and I never want to change. Never had an issue with them, great customer service on the phone and in-person.
I read these stories about these major banks, and I’m thankful I’ve never migrated banks lol. This is just insane.
$3.00‽ What a rort
Good use of the interrobang (such a dirty sounding word), chudsy
Once I turn 18, I’m closing my CommBank account and going to ING. They seem to have the best feature set and terms for my needs. Macquarie and great Southern also came up though
