Wrong PIN? That'll be $2, thanks

[Stunner]

BANKS have hit a new low by charging fees for cancelled transactions and incorrectly entered PINs, the Australian Consumers Association says.

And most consumers did not know the charges existed, said the association's senior finance policy officer, Nick Coates. "Although no actual transaction goes through, a fee is charged," he said.

"The fee simply turns up on their account statement at the end of the month, in addition to any regular transaction and administrative fees." Dr Coates said the fees, from 60 cents to $2, might be charged for entering a PIN incorrectly, choosing the wrong account type, not having sufficient funds or aborting the transaction before completion.

Dr Coates said the fees were a new low in bank charges, illustrating an upward creep of retail banking fees and a creative development in hidden fees.

"They provide a striking example of how the complex network of interchange fees is passed on to consumers in an unfair and unjust manner," he said. "Our concern though is that the result - consumers paying 60 cents to $2 - is inherently unfair and disproportionately affects vulnerable consumers."

But the Australian Bankers Association said the consumers association was being misleading. A spokeswoman said only four Australian banks issued such fees, while the association had 26 member banks.

[Cowie]

Three of the four banks denied doing it. What a surprise the NAB was one of them. They once gave us a courtesy overdraw facility without notification to "save embarrassment at the supermarket" WTF, each time we overdrew they whacked us $25. $400 in fees in one month. If they'd bother to tell us, we wouldn't have ever overdrawn.

[Kaz]

I read that.. I feel ripped off.

[Kellie]

Im always forgetting my PIN number ... I usually type in someone else's and have to cancel it :eek:

[scorpionf]

Banks are a law until themselves and will charge fees over anything... Even an error like entering the wrong pin

It's not like anything happens, it just prompts you to enter the correct one and gives you 3 tried to get it right befor eating your card!