Aussies, How Much Are The Banks Overcharging You?

I was the first to comment on Garry Conn’s Get Your Blog Listed In Loaded Web and his post intrigued me so much that I was actually going to join Loaded Web, the blog directory that he was promoting. What a disappointment to find that  the site was only accepting members from the USA and Canada. Once again we Aussies miss out on another opportunity. What a bloody gip! So I figured I would offer something that only Australians can take advantage of, something even better that what  Garry had to offer, as this had the potential to save any Aussie with a loan thousands of dollars.

I came across this opportunity just the other night whilst watching Today Tonight, a current affairs program, on Channel 7. They were talking about a program that could literally save people with a mortgage thousands of dollars. Now I don’t have a mortgage, but all the same the story piqued my interest because it resolved around banks overcharging their customers, and I hate the thought of anyone getting ripped off.  Anyway, it appears that a lot of banks were overcharging their customers, accidentally of course, and even though the amount wasn’t that big, over the term of the loan it could amount to a considerable amount.

Only recently it a major Australian bank discovered they had overcharged fees on 55,000 customer accounts! In total they had overcharged their customers a staggering $52,000,000!

The reason that many people don’t pick up on these errors is because many bank statements can be difficult to read causing the errors to be missed. A program was developed, Mortgage Watchdog, and the developers of this program are so sure that you will find an error in your statements that they promise a money back guarantee if you don’t find one. Not only that, they will also offer the;

$250 Success Guarantee”. Find errors in your bank statements or we refund your money AND give you an additional $250 for wasting your time.

So how can you lose? If that wasn’t a good enough deal you also get the following with the Mortgage Watchdog  Deluxe Bundle.

Mortgage Watchdog software
Bonus #1 How to Pay Off Your Home Loan in No Time Flat
Bonus #2 Equity Magic – $100 Gift Certificate.
Bonus #3 Becoming Your Own Banker
Bonus #4 Selling Your Home Made Easy
Bonus #5 Real Estate With No Money Down
Bonus #6 Fixer Upper Fortunes

$198.00
$ 59.00
$100.00
$ 25.00
$ 25.00
$ 25.00
$ 25.00

TOTAL

$457.00 Your Price: $198

mortgage-watchdog1

So you see, as far as I know this software only works in Australia, so we Aussies finally have something over those Yanks! Now don’t you believe for a second that banks do not make mistakes. I’ve heard a lot of other news broadcasts where they’ve actually admitted to making errors, the question is not if they have or not but how much is it costing you? It’s really a win win situation because even if you are lucky enough to find your statement is error free, not only do you get your money back but an extra $250. Man, what a great way to start the new year, which is just around the corner.

If you really are looking for a place to list your blog, why not do it at Cool Blog Links, currently no. 1 on Google!

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Peter Pelliccia

I'm an Aussie blogger who loves to blog and share everything that I've learned on my blogging journey, including blogging tips and ways to blog for money. I am also trying to make my way on YouTube. You can follow my progress by subscribing to My Bonzer Channel.

This Post Has 25 Comments

  1. Comm B changed my check account rules recently the way that I don’t get any reduction from withdrawal transactions so, I was charged 10$ whilst previously the sum was reduced by earning interest. Nothing like that had been seen in 2 last statements so perhaps a new hunting for a better deal comes into picture. Would be sad though after the 8 years and 30K+ constant reserve for their disposal :)

    Happy New calendar Year 2009 to you Mate, and beyond, and also to all yours. Cheers

  2. Unfortunately in their quest to keep their investors happy all the banks are constantly trying to find ways to increase their profitability and usually this means that we end up paying for it with new fees, increasing old ones and whatever other means at their disposal. This is why it’s always great when we can get some of our own back by finding the errors in our bank statements.

    Happy New Year to you and your family and friends.

  3. It’s unfortunate that a lot of promos and products are only available in the United States or certain major countries. I can understand why companies would focus their efforts there, but still, it’s a bummer.

  4. Hey Neil, that’s exactly why I was so exited to post about this product. If I ever find something that are directly aimed at Aussies, whether it’s for making money, or in this case, saving money I will always do a post about it.

    1. Now if only more companies would offer services in my neck of the woods for making money. I’m not holding my breath though. :) Oh, and thanks for the comment. With my luck, he probably won’t even make it to Hollywood. Lol. :D

      1. Now you’ve got me to wondering what the hell I said. I’ve been commenting so much lately. Reckon I will have to drop in to refresh my memory.


  5. Twitter:
    As an American living in the US I agree with you Sire. It’s the Would Wide Web not the American/Canadian Web.

    Brian D. Hawkins´s Last blog post..A New A Year Of Vision And Focus

  6. :lol_ee: So true Brian. Luckily us Aussies still do alright, we just have to work at it a bit harder. How did you go with the latest PR update?


  7. Twitter:
    I lost ground on a couple of sites but the Extreme Ezine stayed 03/10. Not a big deal, I’d rather have friends like you stopping by than Google’s approval anyway.

    Brian D. Hawkins´s Last blog post..A New A Year Of Vision And Focus

  8. Likewise Brian, friendly commentators is much preferable over ratings dished out from the collection of data from mindless bots gathered using what may be questionable algorithms.

  9. Thanks, after seeing this program on a Current Affairs program and listening to all the people that had great success using it I figured it would make a great post for my Aussie readers.

    1. And thank you for the heads up on those notifications. I’ve just signed up and am now waiting to be notified when they have included Australia.

  10. I always think that the bank makes their statement hard to read, so you wouldn’t know when they overcharge you?! I wonder the same thing about the phone bill as well.

    Giovanna Garcia

    Giovanna Garcia´s Last blog post..Are you nicer to stranger then your own family?

  11. So Giovanna, you’re thinking that it’s intentional then, that they are trying to catch people out intentionally?

    Oh, I forgot…..Happy New Year!

  12. Sire

    I don’t have proof but I do wonder… Why do the statements are writen in way like they don’t want you to understand?

    Giovanna Garcia

    Giovanna Garcia´s Last blog post..Meet a 16 years old entrepreneur millionaire.

    1. It certainly does make you wonder doesn’t it. Sort of how lawyers draw up legal documents so that only another lawyer can interpret them.

  13. I agree with you about overcharging costumers. O , and I did saw Today Tonight. Accidentally, yea wright.
    Till

    beauty salon equipment´s Last blog post..Massage Tables wholesale

  14. I don’t mind that the banks charge for their services, after all, theirs is a business and every business has to make money. The thing that many people object to is when they pay more than they’re supposed to.

  15. Everyone is now feeling the heat of the charge of the banks, except some banks all others are charging manyfolds some time as hidden cost. It is being practised all over the world.

    Suzane´s Last blog post..Online Payday Loans: What You Need To Know About It

  16. i hate when banks do that especially since their making a killing on interest rates from your houses mortgage what else do they want

    1. Almir, I don’t have a problem as long as they charge you responsibly. Some of these errors are not intentional and most banks will fix it once it is brought to their attention. As for charging interest, it is a business after all, and if they were not around, where would you get your money from?

  17. Your article is an eye opener. I will check my statements when I receive them.

    steve´s Last blog post..Requirement for Payday and Small Loans

  18. I reckon that would be a good idea Steve.

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