We’ve been around for a couple of months now and so far our users are taking a liking to what we are doing. And they want more!
So today we started working on Bankwest integration – a lot of users have been asking for it. I like Bankwest as they are seen as the under-dog bank taking it up to the big boys (even though they are owned by CBA) and seem to generally be more customer focused. They also have some great features such as no fees at all major bank ATMs Australia wide.
My Bankwest Account
I have an account with them which I don’t use often and I logged in today and saw the following.
I had been under the impression that the account had no maintenance fees and this looked to be confirmed on their website.
So I called up Bankwest to find out what was going on.
The operator proceeded to advise that the account does have a fee which is not a maintenance fee (even though the transaction description is “Maintenance Fee”) and I should read the product disclosure statement (even though the website states “There is no maintenance fee applicable to this account.” – without a hint of an asterisk or qualification).
Bankwest Integration Today
It got me so riled up that I thought I’d write about it. I’m calling them out because it’s deceptive. I don’t mind paying the fee if they tell me about it instead of stating no maintenance fees on the account. And of course they don’t remind you at all that your being charged fees.
We created Pocketbook to help make peoples lives simpler. Trying to keep on top of multiple bank accounts is hard – we even notify you of fees on your bank account =D.
It’s given me even more incentive to get Bankwest integration into Pocketbook. So I’m drawing a line in the sand – by the end of this day – we will release Bankwest integration.
Alvin
BOOOOOM… goes the dynamite.
But they do state on their website:
“no monthly account fees when you deposit at least $2,000 per month (e.g. salary)”
Hey Liski, thanks. It would be great if they marked it with some subtext next to the part that said “Maintenance Fee”.
I think not mentioning “Maintenance Fee” in the statement you quoted was a bit misleading too! I’m sure I’m not the only one.
Bosco
We’ve now launched the feature. Sign up now if you’re a Bankwest user – https://twitter.com/getpocketbook/status/276258986704109568
sneaky fees! I hate’em.
Love the attitude Alvin – keep it up!
I have this account and when I signed up my consultant at Bankwest checked to make sure i would deposit the minimum amount required before signing me up!
Thanks Matt
Hey Simone, I don’t think it’s as clear when you sign-up online unfortunately. Good to know they’re doing it right otherwise.
I think you should write to the Financial Industry Ombudsman to point out that their advertising is far from clear and probably misleading. You can’t say “there is no maintenance fee” in the marketing and then charge exactly that each month on the statement. Even if elsewhere in the marketing it says you need to deposit $2K a month. Their marketing needs to say “there is no maintenance fee on this account if you deposit $2000 per month.”