Westpac Bank charging interest on saving account

pookie on 04/02/2014 - 16:35

Yes you did read correctly.. I have held a savings account with westpac for twenty years..its my day to day account…pay goes in…bills come out.

Its a "no fee" account but pays basically no interest.

However last month I noticed a debit of 2 cents interest. They took 2 cents out and called it interest lol

I know its only 2 cents…big deal. But my point is if they aren't going to pay interest on an account because the balance fluxuates so much etc… than leave it at that…dont go taking money from peoples accounts and calling it interest.

Thats plainly illogical.

I called the bank and they couldnt explain it. So I wonder how many other peoples accounts lost a few cents under the disguise of interest?

How can any interest actioned on a savings account be -.02 ? Lol

Silly bank…

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Comments

  • mskeggs on 04/02/2014 - 16:52
    +5

    Did you overdraw it for a short period?

  • [Deactivated] on 04/02/2014 - 17:16
    +1

    I have negative interest in parking any funds into the Big 4.

    • [Deactivated] on 04/02/2014 - 17:32

      Recommend us someone else then!

  • PissLUR on 04/02/2014 - 17:59

    screenshot please.

  • pookie on 04/02/2014 - 18:00

    Overdrew it once… they slugged me $9 for that. But it showed as a fee..not as interest.

    ok. I see others have had this too. Cheers for the info..

    • mskeggs on 04/02/2014 - 18:30
      +2

      They charge a flat fee for allowing you to go negative, plus the interest on the amount they loaned you to cover it. I am astonished the bank was unable to explain it to you!

      • pookie on 18/03/2014 - 22:45

        Sounds like double dipping… but it is a bank after all :/

        It was bad enough I got charged $9 for being overdrawn by '14 cents' … but then they slug me interest as well.

        Perhaps I should have bought shares in a bank when I was young instead of that damn silly mining company BHP :/

        Cheers

        Pookie

  • c64 on 04/02/2014 - 18:09

    your account probably become overdrawn for a day. go through the transactions for the month and look for a negative balance.

  • petey on 04/02/2014 - 18:16

    you're account was definitely overdrawn at some point in the month. they charge interest at the end of the month. You'll find it's prob about 17% interest if it's overdrawn.

  • lolmao on 04/02/2014 - 22:41

    i overdrew to -$4 for one day last month in my CBA and got charged a $5 loan service fee. anyone know if they might waive this if i call?

  • HilMcK46 on 05/02/2014 - 07:10

    CBA have always waived the fees if I call them or go into the bank

  • Tech5 on 05/02/2014 - 09:48

    I have paid 5c interest on my account to date. I think it has something to do with my debit card authorizations. Sometimes it doesn't take the money out of my account straight away

  • WT on 05/02/2014 - 13:32
    -1

    2c "interest" 1 million accounts, think about it…

    • pookie on 18/03/2014 - 22:45

      You may be onto something :)

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