We know that all banks are bastards, as highlighted during the recent Banking Royal Commission. Still, I was gobsmacked today to learn that my bank defends a policy of charging me a hefty fee to withdraw my own money. Have other readers had the same experience? I accept that it's the bank's policy, but I refuse to accept that it's just.
Owing to the virus, we cancelled an overseas trip and applied to have our airfares refunded. Singapore Air came through on its promise and deposited our $7500 back in our credit card account. I moved the refund into the current account and thought no more about it until I found a charge of $140 for a "cash advance" plus interest today. I phoned the bank, assuming that it was an oversight on account of automation, only to be told that although they'll refund the fee this time, there's now a note on my file to say that they won't do it again.
If I had used the bank's own money as a cash advance, I'd have expected to pay a fee (although 17% interest is usury). But this was my own money, not credit (that is, a positive balance), that the airline refunded. So I'm mystified that the bank can decide that it can still change me an extortionate fee to draw my own money.
It's unlikely to happen again, but I'm prepared to fight tooth and nail if it does. Is this defensible?
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