Old bank accounts cost a fortune

THOUSANDS of Australians who signed up to saving accounts with the major banks as kids in the eighties and early nineties are being urged to dump or upgrade these accounts as they are costing them thousands in unnecessary bank fees.

Suncorp general manager of banking Terry Wasmund said people were paying excessive fees simply because they were unaware or can't be bothered changing accounts.

“The old school 'classic' bank accounts incur excessive fees compared to what you can get today,” Mr Wasmund said.

“We regularly see examples of customers incurring monthly fees of up to $40 once account keeping and excess transaction fees are taken into account.

“This adds up to over $480 a year just to access your own money.”

Mr Wasmund said with banks more competitive than ever and providing more options these days it well and truly pays to shop around.

“It is a lot easier than people think to open a new account and it won't cost you a pretty penny.

“At Suncorp for example, all you need to do is visit a branch with two forms of identification, such as a driver's licence or telephone bill.

The whole process takes 10 minutes and can save you hundreds.

“Often there is no fee to transfer money from one bank account to another organisation's account so that also doesn't pose many problems.

“Some banks rely on people's apathy to continue to charge high fees simply because people can't be bothered changing.

“I urge everyone who has an old account to ask themselves - would you spend 10 minutes to make a couple of hundred dollars and I bet most would answer yes.

“It doesn't make sense to keep your old bank account open.”

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