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Just how many people are slugged with late fees? While banks have withdrawn a huge amount of unjust fees and charges the Commonwealth Bank Australia refuses to acknowledge its fees and charges are unjust. Here is a transcript of my dialogue with them.

QUESTION:

LATE FEES: Late fees of $25 on my Credit Card not a true reflection of the cost of late payments. There should be no penalty for late payments. There are other ways to penalise customers for late payments such as credit limit reduction, etc. Please reconsider all late payment fees for re-imbursement on credit card xxxx xxxx xxxx xxxx. Thank you. Steve Wotherspoon

ANSWER:

Dear Stephen,

My name is Joan and I am pleased to help you.

Thank you for contacting me in relation to the Late Fee on your account.

Stephen, a late payment fee of $25 is charged when the minimum payment is not received by the third day after the due date. This fee can be avoided by always making the minimum repayment by the date indicated on monthly statements.

You can avoid Late Fees Stephen, by setting up an automatic payment on your NetBank, for the minimum amount or the total amount of your statement, just go to View accounts:

Select Account information
Then select the account from the drop down box and click on go

You will then have all the information you require to set up one of these payments.

There is also Account alerts, that you can sent to your mobile telephone or an email to you advising a payment is due in the next five days, this is found under Profiles and preferences in NetBank, then Message preferences, you will then scroll down to Account alerts and click on the tab, you can then choose either or both options to receive these messages.

Stephen. I can see that the payment is still outstanding on your Credit Card and I am unable to refund the fee in this instance.

If you would like to comment on the level of Service I have provided you today, please copy and paste the following link into your browser to complete a quick survey: commbank.com.au/emailsupportsurvey/188579

Have a great day Stephen.

Kind Regards

Joan
Online Support Team
Commonwealth Bank of Australia

QUESTION: Hello Joan,

Bank credit card fees and charges have been out of control for some time. These charges and fees are currently being assessed for class action for which I am not a participant. However, should the Commonwealth Bank choose not to remove the Late Fee feature from my Credit Card and Refund all late fees in the past then the only action I can take is to pay out my credit card and cancel it. Commonwealth Bank profits enough from Credit Card fees without extra late fees which pad your profits. Please advise if there is any change to the Banks current advice. If your advice stands then perhaps the Commonwealth Bank stand on late fees should be published. Getting tough on bank unjust fees? Yes, we sure are. Thank you . Steve Wotherspoon

ANSWER:

QUESTION: Thank you Joan. There are banks in Australia that provide credit cards with no Late fees. I shall apply for one of these since CBA cannot help me. My CBA credit card will be discontinued. Thank you, Steve Wotherspoon

Note: Try NAB as one bank that has no late fees.

Apparently Commonwealth Bank is not getting the message as you can see above. Try the above and see what happens then go apply for a credit card that has no late fees.

Copyright applies to these articles. They are not to be reproduced in any form. 27th July 2010.

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