$30,000 in overcharges. Which Bank?

[Greg McDonald]

I guess this thread has something to do with money - in this case, it's mine.  

If you've got one or more accounts with The Commonwealth Bank of Australia,  I'd strongly suggest you demand to have all your statements independently audited. 

In the past 17 months, I've had a total of $30,277.23 returned to two accounts after what a CBA spokesman euphemistically called
an "inadvertent overcharging of interest."

Here are the dates and amounts related to my own case.

18/02/2016                  Refund of                  826.47
29/06/2016                  Refund of               1,892.60
20/01/2017                  Refund of               9,000.00
08/09/2017                  Refund of             18,558.16
                                  TOTAL                  30,277.23

Imagine if you decided to refinance your home or business and the potential lender wants to see your bank statements.  If you are carrying somewhere between $10,000 and $30,000 in bogus interest, it might be enough to have your new loan declined as it appears you are over committed.

[trout]

What a Nice phrase "inadvertent overcharging of interest."
It should read "Caught with their hands in your pocket".
Banks have Always been institutionalised "Thievery" since day dot

[runway]

That's great news Greg

[Goldseeker]

Great news for you Greg but what about those that don't know/realize that they have been overcharged.

Thank goodness I have not borrowed money from the CBC in my lifetime and don't intend to anytime in the future.

[Greg McDonald]

Great news for you Greg but what about those that don't know/realize that they have been overcharged.

Thank goodness I have not borrowed money from the CBC in my lifetime and don't intend to anytime in the future.

Maybe I didn't explain myself very well, but the $30,000 plus change was not a windfall that came my way.  It was money incorrectly syphoned off my overdraft.  Whenever I tried to balance my books, I could never make sense of the interest rate I was being charged.  I would write letters and then be told there was no problem.  A few weeks later there would be an adjustment.
It would be pretty frustrating when you couldn't use your overdraft as it was near the limit and then find all was OK because the bank stuffed up.

Another tip for anyone who has an overdraft with the CBA.  Commercial rates are about 7%.  However if you exceed your overdraft you could find yourself paying a penality rate of almost 10%.  You'll find the clause related to this on page 41 of your contract....that's right, page forty-one!!!!!

If you think that's sneaky, their catch phrase - quoted below would have to be as close to false advertising as you could get.

Our vision is to excel at securing and enhancing the financial wellbeing of people, businesses and communities

Bring on the Royal Commission.  It's about time we re-watch the movie Network, starring the brilliant Peter Finch. As soon as the credits start rolling, stick your head out the window and start yelling "I'm as mad as hell and I'm not going to take it anymore."

Better finish the above rant with a joke.  A bank manager rings a stunned customer to tell him his account is overdrawn.  "That can't be right, the customer shot back .... I've still got four cheques left!!!"

[Greg McDonald]

Sorry, correction.

I said "penality rate of almost 10%".  Meant to say 18%!!!  Big difference.  My mistake.

[runway]

Bring on a Royal Commission into these Banks ... also their Superannuation schemes and other businesses
Greg I would personally sue every individual within the CBA that gave you grief for all the STRESS they have caused