LETTER: Getting caught out in bank charge lottery
MYSTERY charges on my credit card statement appear to be yet another example of new bank fees by stealth.
I wonder how many other online Lotto purchasers have been caught up in this underhanded scheme.
It appears that some banks (mine included) now treat online credit card purchases of our everyday lotto tickets (Gold Lotto, Powerball etc) as "cash advances" which immediately attract an extra bank charge, in my case $2.50 each. Previously, online credit card purchases of lotto tickets were treated as normal transactions with a fee-free period. My bank covered its back by "notifying" me of this issue, hidden away on a credit card statement. So far I have received no explanation from my bank as to why they think it necessary.
Gouging customers with this latest "cash" fee is just more ammunition for those calling for a royal commission into our banking system.
During the GFC, the Federal Government guaranteed the banks' liquidity, with our cash. In return, we get slugged by the banks with this underhanded new cash charge. Our banks are becoming too greedy and losing sight of business ethics and customer service.