Unfair bank charges

Do you feel that banks are imposing unfair and excessive charges for basic banking services, such as:

• $40 to $50 for a bounced cheque or for a rejected cheque due to a minor mistake?
• $200 or more for the annual fee on credit card?
• $40 or more to make a small remittance overseas?
• $50 to receive a foreign currency cheque?

Although the bank is willing to waive the annual fee for the credit card when the customer calls in to cancel the card, it is quite dishonest for the bank to try to earn the fee from unsuspecting customers, who may not be aware that they were being charged the hefty fee. 

If you have been the victim of excessive bank charges, please share your experience in this survey. I will need actual case studies. If there are sufficient cases, I will ask FISCA to organize an appropriate response on behalf of consumers. I take this opportunity to encourage more consumers to join FISCA.

Tan Kin Lian