Inbound Direct Deposit Fees - Is this normal?

Lwanderingoz on 06/02/2014 - 09:30

Hi,
I bank with Bank West and don't have a lot of direct deposits coming in to my account which is called a Zero Transaction Account. Had 2 DD's recently and when I checked my statement found a fee of $10 for accepting the deposit on each. The fee was called "INWARD PAYMENT ORDER FEE" and did not seem to depend on the amount of the deposit at all.

Did a search on the BankWest site and came up with this in the "Guide To Banking Fees" effective 1 Nov 2013.

Foreign/Real Time Gross Settlement (RTGS) Deposits
Inward Payment Order Fee (Deposits via the Real Time
Gross Settlement System and SWIFT Network) $10.00

These inbound DD's were not from overseas, they were from a local Westpac.

Is this normal? and HTF can they charge me $10 to receive a deposit?

Any advice?

Cheers
WOz

Financial

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Comments

  • Daabido on 06/02/2014 - 09:36
    +1

    Move to ING? Call the bank?

    I agree, though, it is very excessive, especially from an Australian source.

  • verio on 06/02/2014 - 09:45

    Just call them. Most likely it is a mistake.

  • wanderingoz on 06/02/2014 - 10:20

    Ok, I called the bank.

    They tell me it is a RTGS (Real Time Gross Settlement) Fee because the person who deposited the money elected to have a fast transfer settlement of some sort. Basically means it happens same day, instead of 3 days settlement.

    Interesting thing is the lady who made the deposit works in the Westpac branch where it was done. My bank tells me she should have been advised when making the deposit that the fees would be charged. I'll see if I can find out any more from her.

    Cheers
    WOz

  • KangarooOz on 06/02/2014 - 10:46

    It is just like a local Telegraph Transfer (TT).

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