Australian Credit Unions

How to Get a Better Deal at Your Bank

Pesky bank fees aren't just creeping up -- they're attacking from all sides. Banks impose 49 different fees, on average, according to the Pew Charitable Trusts. Getting paper statements in the mail will cost you $1 to $2 a month; seeing a teller could result in a $9 fee; and maintaining a checking account without meeting deposit, balance or usage requirements could cost as much as $30 per month. Earning interest on a checking account often requires a hefty minimum balance, and yields on certificates of deposit and money market deposit accounts are minuscule.

Ironically, a big reason for the fee explosion is federal legislation designed to protect consumers from excessive fees and misleading practices. The Credit Card Accountability, Responsibility and Disclosure Act and a rule that requires customers to opt in to overdraft services have reduced revenue, and banks now lose an average of $174 per year on each checking account, says Mike Moebs, of Moebs Serv�ices, an economic-research firm. And banks' coffers will also be hit by a new regulation that prevents banks with assets of $10 billion or more from charging merchants more than 21 cents each time a customer swipes a debit card (some banks will also get an allowance for fraud protection and loss).

Fortunately, free and high-interest checking accounts haven't disappeared, and some banks will reimburse ATM fees no matter where you go.

Free checking. In 2009, 76% of banks offered free checking, but only 65% did in 2010, according to a recent Bankrate.com survey. To qualify for free checking at most banks, you'll have to meet stiffer requirements. For example, customers of Citibank and JPMorgan Chase must have an average monthly balance of about $1,500 or keep a minimum total of $5,000 in the bank in various accounts.

One option is to cut the frills and sign up for "self service" accounts. With Bank of America's eBanking account, for instance, you avoid monthly fees if you elect to receive online statements and make deposits and withdrawals online or by ATM. With Citibank's Basic Checking you can visit a teller, but to avoid fees you must conduct five of seven transactions -- such as direct deposits, ATM withdrawals and debit card purchases -- each month.

Anyone can open a no-fee checking account with just $25 at USAA Federal Savings Bank . The account has no minimum-balance and allows you ten free ATM withdrawals per month. Plus, it reimburses up to $15 of other banks' fees each month. Some regional banks are also offering deals. Huntington National Bank, in the Midwest, recently introduced a free, no-strings-attached checking account called Asterisk-Free Checking. It has no minimum-balance requirement and no monthly service fee, and it offers a 24-hour grace period for over�drafts. (You can open an account if you live in one of the six states that Huntington serves.) In other regions, check out PNC's Virtual Wallet, M&T's Totally Free Checking or Zions Bank's Free Checking.

Home Insurance Australia | Dominance of the Big Four Banks in ...

The financial crisis that started in late 2007 to the present has lead to a vast consolidation in the Australian Banking Industry. The four Major banks of Australia Commonwealth Bank, Westpac, Anz Bank and National Australia Bank now control 85% of the home loan market and control a high percent in most retail markets. Retail markets refer to financial services to individuals and smaller business. There is still a higher degree of competition in the merchant Banking sector lending to large companies and governments as there are several large foreign multinational banks that compete in this this area.

The biggest mergers to occur during the financial crisis was Westpac taking over St George Bank which was previously the fifth biggest bank in Australia and the Commonwealth bank taking over BankWest which was previously the Sixth biggest bank in Australia. Bendigo bank and Bank of Adelaide merged at the start of the financial crisis.

Of three biggest non-bank lenders that existed before the crisis only one still exist Aussie home loans. Rams home loans, a large non-bank mortgage lender failed in August, 2007 and was taken over by Westpac. Wizard home loans owned by Ge Money was sold to Aussie home loans which then become 30 % owned by Commonwealth Bank. Other non-bank lenders shut down during the crisis include Majestic mortgages and Circuit Finance Australia. Other lenders who pulled out of the mortgage market to concentrate in other areas of the finance market include Virgin Money, Macquarie Bank and Ge Money. The non-bank lenders provided significant competition before the crisis but now only control a very small percentage of the home loan market.

There was also other merger and takeovers in financial market. In June 2009 NAB announced it was to pay A$825m ($660m:?401m) for UK insurer Aviva Australian life insurance wealth and management businesses. In July 2009 NAB acquired an 80% stake in the private wealth management division of Goldman Sachs JBWere. In August 2009 NAB announced its acquisition of the mortgage business of Challenger Financial Services This purchase also includes PLAN, Choice, and FAST mortgage aggregation businesses and approximately 17.5% in Homeloans Ltd. In 2009 Anz Bank bought ING’s 51 per cent stake in their joint held wealth management and life insurance operation to assume full control. In 2010 Anz Bank completed purchased of Landmark 2.3 Billion loan book from the Australia Wheat board. All loans offered through Landmark a leading supplier of agribusiness products and services across Australia will be ANZ products with Landmark earning a fee for loans sold. Anz bank will now become a the number 2 lender in agricultural financial services and is another example of a non-bank lender leaving the market.

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