What Happens if You Have No Money in Account and Bank Fees Kick in

zine21 on 30/11/2019 - 12:11

I am so frustrated with how incompetent a bank can be. I called the phone line last week to enquire about my account and was asked about a "keyword" that I have apparently set up. Instead of trying to confirm my ID through a msg over my phone like other banks do, they suspended all my accounts meaning I no longer had access to my online accounts even. Took a day off to go into the branch with ID to remove the said suspension and spent half hour arguing with the lady at front to remove the so called keyword. She said she didn't know how to but instead set up a passcode that she claimed would be enough to get me through phone banking.

I call them 2 days later as I noticed theyve started charging me fees and the dreaded keyword comes up again. They block my account and won't care or accept my passcode - even though through the initial automated step that tried to identify me - did accept these information. What does she do ? she blocks all my accounts yet again meaning I don't have access to it and tells me I need to go into branch.

The thing is I had shifted all the money I had from my transaction account into my savings account - meaning when they try to withdraw the fee they will not be able to get anything.

Does anyone know whether they charge a fee for not having the required fee in the account ?

I tried asking this question to the lady on the phone however being the useless help that they were she kept repeating - they would just try taking the money out. And claimed she could not answer what would happen if there was no cash in it.

Im frustrated and will be closing my accounts but I cant do anything over the weekend and will need to take a day off again next week to do this

  • also what would be the best way to put a complaint through or does that achieve nothing
Financial

Comments

  • kahn on 30/11/2019 - 12:18
    +7

    Maybe your keyword is "overdrawn".

  • PaintedTarget on 30/11/2019 - 12:21
    +7

    They will overdraw the fees and your bank account will be in the negative. I would change banks if I had that many problems with them.

  • Stewardo on 30/11/2019 - 12:21
    +1

    You owe them the money which snowballs until they close it and chase you for the money.
    Best way to solve bad service is go somewhere else.

  • tsunamisurfer on 30/11/2019 - 12:46
    +9

    When one speaks of incompetency, can one consider forgetting one's own password the amongst the heights of incompetence?

    Then to go to the Bank and expect them to discard their security protocols just for you is also rather asinine.

      • EightImmortals on 30/11/2019 - 15:07
        -6

        This is what happens when you live in a society where the government declares everyone is a criminal of some kind and has to prove their innocence (current scam 'only criminals use cash') before services are offered or make it very easy for the authorities to find you if something does go wrong. Couple that with the great dumbing-down where even if you do turn up with your papers in order the person you are dealing what is pretty bloody useless if a step by step guideline isn't written down for them. As others have said simply close your accounts with that bank and go somewhere else.

  • nfr on 30/11/2019 - 13:06
    +1

    What bank is this?

  • garetz on 30/11/2019 - 13:24
    +2

    In this day an age why would you open an account that charged you fees to begin with ? Find a savings account with no fees.

    • zine21 on 30/11/2019 - 14:39
      -2

      Well they were not charging fees when I got the account, they randomly started charging at some point - this was why I called them

      • Agarwal on 30/11/2019 - 15:00

        It would depend what the fees are, and what the Terms & Conditions state. You might find if it gets overdrawn they may take the money from the savings account (assuming it's with the same bank).

        • zine21 on 30/11/2019 - 18:21

          Thank you, this is what I wanted to know.

      • BinkyG on 01/12/2019 - 08:20

        Randomly start charging fees? Read your T&Cs. And if you were sure it was random, why didn't you check this out when you 'took the day off' to sort out your account?

  • oscargamer on 30/11/2019 - 13:38
    +5

    My safe word is pineapple. Does that help ?

  • Sage on 30/11/2019 - 14:20

    This video will help explain what happens.

  • Bunnyburger on 30/11/2019 - 14:25
    -3

    Rape, legal financial rape happens

  • vikvance on 30/11/2019 - 14:58
    +3

    The keyword is part of the bank's security systems & is there for your protection, to stop thieves from getting access to your account. Asking the bank to remove it, or filing a complaint about it is pointless. Even a complaint to the banking ombudsperson will be rejected.

    Anyway, there are lots of other options for service fee-free transactions accounts. For example, Suncorp: https://www.suncorp.com.au/banking/bank-accounts/everyday-ac…

    It is better to move all your money (including the amounts in the savings accounts) to the new bank & then properly close your accounts with your current bank.

    • zine21 on 30/11/2019 - 18:05
      +1

      Its pretty useless security if I don't know what that keyword is and the branch can't tell me or change it to something I can use after I visit the branch with all the necessary ID documents. Also on the phone they claimed I could remove this keyword if I went into the branch as its apparently optional yet when I go into the branch they told me they couldn't even see any keywords on my account let alone a way to remove it. They set up a passcode for phone banking instead and told me I just needed to use that to verify my ID when I called. But when I called this method was rejected and they just put another block on my accounts for not knowing a supposed keyword that doesnt actually show up in branch. So either the phone banking or branch has been giving me wrong information and both have been useless. I did ask them to close my account but they want you to physically go into branch for that too.

      I dont understand why some people are thinking this is me being upset with the keyword or their security measures. This isnt about the keyword its about the inability of the bank to fix the issue after visiting the branch and giving me contradictory advise in branch vs on the phone

  • PissLUR on 30/11/2019 - 15:17
    +1

    Bankwest?

  • offerd on 30/11/2019 - 15:32
    +3

    Put the emphasis on them, ask them the process.

    And use the keyword Ombudsmans if you run into trouble.

    • zine21 on 30/11/2019 - 18:19

      I did this when I was in the branch this is the frustrating part. I knew the keyword was going to be an issue if they didn't remove it but the teller insisted that the pascode she was giving me along with my customer ID was all that was needed for phone banking which is apparently bs

      • RockyRaccoon on 30/11/2019 - 19:59
        +1

        I know its not necessarily what you want to hear but I would go back to the branch (or another one if possible) get them to give you the passcode, and if they just reset things etc, check on the phone while they are there with you.

        Depending on which bank you might be better off with one of the more senior staff not just the teller.

        Yep I would be extremely annoyed, but unfortunately there is not much you can do here, we can advise but we cant make it happen.

        Life can be like that, sometimes you just need to take a break smell the roses and hope while you are doing that, the mean gods find someone else to target, and you all of a sudden find it all works out.

        Just like the missus says, when you get a bad CR person on the phone, just say, sorry are you there, I cant hear you, its a bad connection and hang up.

        Call back and you can get some of the nicer ones

        Good luck, remember there are roses out there… 🌹

  • JacobHarvey on 30/11/2019 - 22:01

    Why wouldn't they at least have some way to change the keyword if the customer is ID'ed properly with 100 points of photo ID and they use some details tied to your account (e.g. your mobile number to text you a secure code) inside the branch?

    Even those calling you incompetent in the comments above should at least admit that if a customer does forget the keyword there should be some way to change it to a new keyword after careful identification (rather than just giving you some 'tough luck you're screwed' attitude)

  • BinkyG on 01/12/2019 - 08:16

    So you took the day off to sort this out, yet you wait two days to call the bank. Something doesn't add up.

    • zine21 on 01/12/2019 - 14:18
      +1

      I will add step by step guide into the events as it seems to confuse people and I wrote this when I was frustrated/angry

      step 1. I tried using telephone banking for an unrelated issue - they ask for a keyword which I dont recall even setting. They suspend my accounts and tell me I need to go into branch - this step is fine and I don't blame them for this
      step 2. I take the day off and go into branch with ID as requested and ask them to remove this keyword as I can't recall it and Im worried the same issue will repeat. The teller removes the suspension and gives me access however can't find anything on my account about a keyword. Instead she gives me a passcode and claims this will be enough to identify me through telephone banking in the future. I argue with her over this keyword but she insist the passcode is enough.

      step 3. I login, transfer my money from the day to day account into my savings account and check previous transactions and notice they have started charging me fees for the last 2 months (Ive been with this bank for 2 years with no fees so this was not expected)
      step 4. I call in to ask why they've suddenly charged me fees - theres an initial phone protocol that tries to identify you. The passcode works on this and the automated voice says they have succesfully identified me. However when I connect with the consultant she again asks for the keyword - I tell her I had just been to the branch 2 days ago to resolve this and about the passcode, she says she can't help me as she needs the keyword too - that she will be suspending all of my accounts and that I'd need to go into branch.
      I tell her its the weekend my branch is closed, judging by the date of last months fee withdrawal that they'd be trying to take the fee out on sunday - however I had taken all of the cash out - I get worried they're going to fine me for not having the fee amount in the account. She tells me she can't answer what would happen if the account doesnt have sufficient funds for the fees (which I get frustrated with as I believe its a general question so her excuse of ID doesn't even apply)

      so now Im waiting for monday to see what they did with the fee.

  • Red Rocket on 01/12/2019 - 09:55

    I did this once years ago when I had a similar problem with a bank. Go into the bank and attempt to fix things. If this doesn’t work than just tell them to give you your money and close the account. When I tried this the still refused to give me my money and only relented when I told them I was calling the Police. Strangely everything then got fixed. If you have enough identification with you don’t let them use the security protocols excuse. That’s there problem and if they can’t fix it find another bank.

  • OzHunterNSW on 01/12/2019 - 12:10

    They will sell the debt to a collection agency who will endeavour to recoup monies and place you on a bad credit rating for five years

  • jimbobaus on 01/12/2019 - 16:00

    By Law if you get to 12 months of fees without any activity on your account they have to close the account
    they are also not allowed to send to external debt collectors if the only outstanding amount is the fees (12m worth max)

    All happened as part of the regulation changes a while back

    Go into a branch (if you can) and see if you can get the account unlocked.

    • ribbonsofnight on 01/12/2019 - 21:37
      +1

      I'd love to think this applied in all the times I might hope but I'd need more than someone on the internet to believe it

  • bluesky on 01/12/2019 - 19:23
    +1

    Does anyone know whether they charge a fee for not having the required fee in the account ?

    You may get a debit interest charge due to insufficient funds. E.g., for a few Commbank accounts, this excess debit interest rate is 14.9%. I don't know which bank you are with, but if it is similar, this interest charge is calculated daily. And since your shortfall is small (<$10), if you rectify this soon, the amount will be very negligible (At $10 shortfall, say, the interest charge is not even 1c per day).

    To rectify this quickly, if you have access to another bank account, transfer the shortfall amount to this account (you can still transfer funds to it, despite no access). If you do this first, you can take your own sweet time before going into the branch to sort things out, and stop the debit interest from accruing further.

    Good advice from others above - to swap to another bank that does not charge account fees.

  • lgacb08 on 04/12/2019 - 20:58

    happened to me before, the fee keep getting adds up but in a few months (couldn't remember) they'll write it off and close the account (no bad credit because it's small, I've since reopened account with them without drama).

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