Over dinner last night, I heard about a scam being run by an Australian bank, where they tell business customers to pay $20 to speed up the processing of cheques they bank. An honest teller finally told this friend of mine, who had being paying the $20 once a week for years, that it was rubbish. The cheques don’t get processed any quicker than they normally do.
This made me recall the number of times I’ve had arguments with tellers when they tell me that it takes 20 days to process a cheque drawn on an international bank. I’ve even banked cheques from GOOGLE and they tell me it takes 20 business days to “clear the funds”. What bullshit. I always ask them if they’ve heard of the internet.
So, I’m researching a podcast on bank scams. Not the Nigerian kind – the Australian kind. If you’ve got a story about unfair, excessive or unlawful penalty fees charged by Australian banks and other financial institutions, or just scams like the international cheque clearing, then shoot me an email. And check out the campaign being run by Choice and the Consumer Action Law Centre on the same subject.