Milk from the corner store often costs more. You pay extra for dinner to be home delivered. Not to mention doctors. And, judging by my bank statements for the last financial year, taking out money from the closest ATM costs you too.
I paid over $108.50 in bank fees and ATM withdrawal fees.
It actually serves me right. Nearly 12 months ago (where on earth does time go?) I asked for help choosing a new bank account. I then did nothing about it. My indecision and inactivity has really cost me.
I had thought I was doing a pretty good job hunting my brand down and minimising my withdrawal costs because my (now former) bank allowed me free withdrawals from their own or the occasional partner ATM. Evidently this was not the case, I guess because I try not to carry too much cash in fear of spending it. I am regularly caught short and approach no-name ATMs who charge me for my lack of foresight and/or laziness. Not only was I get stung by whoever owned that particular ATM, anywhere between $1.50 to $2.50 per withdrawal, but the double whammy of being charged by my bank. Not too mention the $3 per month service fee I pay on one account and $5 on the other.
Now being aware of what my behaviour has cost me, I finally made time to find a bank that matches my habits rather than me try to change. This meant ignoring the offer of 50c for every EFTPOS withdrawal over $200 or even making it free from ATM. It also meant turning down the $50 bonus interest. Instead, I have opened an interest free account, linked to a high interest online savings account, with access to the Big 4's ATM network without charge. Let's see how this goes!
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