BOYCOTT
FITZROY CREDIT UNION.
BOYCOTT
FITZROY CREDIT UNION.
Supposedly Fitzroy & Carlton Credit Union in Brunswick St Fitzroy (Melbourne's 1st suburb) treats its 4000+ Members with respect. That's R-E-S-P-E-C-T !!!!!!!!!!
Yet they are charging poor people $2.00 per month for the priveledge of banking with them. Regardless of how often the account is used!! (The fees started in July 2009 and many people only realised on receipt of the 6-monthly Statement in December!)
This is outrageous and points to bad management. Many financial institutions are in fact winding back fees.
Caveat Emptor. Buyer beware. Don't pay bank fees, especially if you're poor.. For example, open a low-income Concession/Basic Account. Financial institutions should NOT charge fees. Especially when Australian funds are generally GUARANTEED by the Federal government and bank profits are rising.
Other banking organisations are bending over backwards for consumers. Online accounts offer handsome interest rates. (Deposits and withdrawals must be made through the normal 'everyday' account.) They are convenient too.
The best online account at present (as at early 2010) is MEMBERS EQUITY (Me) Bank which returns 4.85% per annum. (Term deposit, 3 months, 5.75%pa.) Deposits and withdrawals via accounts of other banks, which may charge a fee, eg 20 cents. i've heard the Uniting Church has a Development Fund which returns 4.25%. These rates are not just 3-month rates. If you can lock your money ($5000+) away for at least 3 months, the Sandhurst Trustees Investment Fund pay a variable rate of over 5%). The Bendigo Bank subsidiary only lends money on first mortgages. Just apply at your local Bendigo Bank Community Bank. (That way, the local Community will also benefit.).
The Commonwealth Bank is probably the worst for paying interest. CBA doesn't need to care about paying interest. It's got loads of money just sitting in cheque accounts. Don't go near them.
BOYCOTT FITZROY CREDIT UNION.
BOYCOTT FITZROY CREDIT UNION.
BOYCOTT FITZROY CREDIT UNION.
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