We would have had this happen to us about 5 times in the past 2 or 3 years - think we’ve ever paid the fee? Nope. We challenge the bank (usually in writing) and EVERYTIME they have waived the fee - we offer to pay a reasonable administration fee, but they always waive the whole fee. Why? to not set a precedent that’s why - if they reduce the fee charged then every customer of that bank can demand the same treatment, so they kindly waive it to show ‘good faith’ or because you are a ‘valued customer’.The reality is that the high fees are most likely unenforceable in law - the law states that an institution may charge a reasonable fee to provide a service, but may not charge an exorbitant one. Plain and simple and that’s all you have to remember!
Choice.com.au has a word document and information that you can download to challenge fees. They also say that you can retrospectively challenge unfair fees going back from 3 to 6 years depending on which state you live in.
Here’s the link to the website I mentioned -
Choice.com.au - Reclaim your bank fees
Give it shot - I’d be surprised if you are unsuccessful.





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