My experience with overdrawn fee

It happened to me 2 years ago. I had two account on ANZ, normal saving (without interest) and  progressive saver account ( with interest and to get it,  u need to make sure that every month u have to make a minimum deposit $10). To make the way of  deposit easy, I used internet banking. I set periodical transfer from my saving account to progressive one. However, once I didn't realize that I didn't have enough cash  in  my saving account to cover direct debit payment for progressive saver account. So, I was shocked when I checked the online statement, I had been charged $35. I couldnt accept it, so I went to the bank branch and made a complaint. I told a customer service who served me at that time, it was unfair to charge me $35 for being not having enough cash in my saving account. Also, I argued that I made transfer for my self. So, i would be ridiculous if bank charged me because I failed to transfer some money for my other saving account. Then, the customer service didn't make further argument. In just few minutes, the bank returned the penalty directly to my account.
So the bottom line of my story is: when u deal with overdrawn fee, you should make a complaint to the bank. According to law, it is illegal for bank to make a profit from the penalties as I mentioned in my story above.

Cheers and Happy Tuesday...



Top ways to cut your bank fees | News.com.au

Some lenders charge up to $50 every time you don't have enough cash in your account to cover a cheque or direct debit payment.

Overdrawing your account may seem a better option than not paying your rent or electricity bill, but the penalties are high.

Get organised and don't ever put yourself in that position.

If you are hit with a $50 overdrawn fee, complain to the bank and mutter about it being illegal under contract law to make a profit on these types of penalties. British consumers had a big win over the banks on this issue.

Our banks don't want it tested here, and our experience is that they'll cut the penalty if you complain.