Been a Commonwealth Bank customer for over 30 years and in this time have ALWAYS paid off my credit card balances on time. However, last week I was ill with the flu, like half of Sydney seems to have been, and innocently forgot to pay off my $2,600 amount owing from the previous statement. Quite simply, I was that ill that my VISA payment was the last thing on my mind.
So, later when I had almost recovered from the flu, I realized that I hadn't paid my VISA bill that was then 4 days overdue. I therefor e paid it off straight away. However, on checking my NetBank, I noticed that because I was 4 days late, I had been slugged a $20 late fee and $99 in interest charges. This is because at the time I'd paid my bill, the total amount ion my statement was around $5,700 and the Commonwealth Bank had charged me 20% p.a. interest on the $5,700 balance for a month, and not 4 days.
I went to a bank branch to explain the circumstances for my late payments, thinking that because I had been a loyal customer for over 30 years and never been late with any payment, that the bank might show some leniency and refund both my late gee and the outrageous interest charges. They refunded my $20 late fee but stuck firm on the interest charges.
Seriously, the bank made nearly $10 billion in profit last year, principally due to the support of loyal customers like me and they then turn around and treat me with complete disdain. I turn over a significant amount f money with the Commonwealth Bank each year, but no more now as I am moving banks and I implore others to do so if that's how they're going to be treated.
I assume my situation is quite common and would like to hear from others who have been stung like me on how the bank responded to appeals for leniency in such matters.
Well yeah just move, big 4 is there to rip people off and pay big salary to their ceos