BNZ taking the piss with account overdrawn charges on fees

I have a single purpose business savings account. Direct Debits are against this account and I transfer money into there to cover the DD for it’s due date. At any one time the funds in this account are equal to the amount outstanding by DD. By any accounts, I think this is damn good money management.

Last night I transfer $155 into the account entirely to pay the BNZ merchant services fees. This morning the account has $150 balance. I go ‘wtf’ and see this: “Charges UNARRANGED O/D FEE -5.00”

This is really taking the ■■■■. The account only went overdrawn by $5 during the month which was solely due a $5 BNZ fee for the last direct debit setup. Now you charge another $5 because the account went O/D to cover the last $5 fee.

Sort it out is the most polite way I can out it before I start using words which reflect what I really think about this.

Once upon a time I would have agreed with you Michael but wouldn’t “damn good money management” make sure there was sufficient funds to cover all transactions, not just to cover the DDs. The fee is well advertised, has existed for many years.

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Well smart arse  tell me where does it say the fee will get charged at the time of the DD rather then at the end of the month with all the other fees?

What does it matter anyway? I saw the next day it was -$5 and I transfered that.

This is pretty low for the BNZ.

Last night was 31 March. Today is 1April. Sounds like end of the month? Though if I was running the account as close to the wind as you are, not a bad thing, I would also include the cost of the DD set up at the time of setting it up, just to cover things? Did you see that the account had gone into overdraft during the month?

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How can you get out of bed every morning and face the day in such an disorganised world?

I ask myself that sometimes. In the end, if its something I can control and its important to me, I do . If I overlook it , then its my fault. I don’t so much worry about the disorganisation of the world.

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In your enthusiasm to try and get one over me omnipotent one, you got your info wrong. The DD setup fee was charged earlier in the month which I clearly stated. You haven’t answered the question either.

BNZ promptly agreed to refund it.

Which brings up an interesting point of - should effective money management include making allowances for the wronful actions of others that could affect us. In MichaelNZ’s case it was $5.00 but what if it were 1000s of dollars.  I work a monthly budget and factor in one years worth of expenses. I do include a category for emergencies (just to cover things) and put some money aside but should I make allowances for the time and effort I might spend correcting the wrongful actions of others.

There is a book I read that talks about working out your personal hourly rate. Example, you might earn $500.00 per week for working X number of hours but your real hourly rate is worked out by spreading the amount over all the hours in the week.

I think about my debt situation. I’ve spent 3 years of my life trying to resolve not just debt that I incurred but also expenses and time lost that have been caused by the wrong doing of other parties. When I first obtained lending, should I have factored in the cost of possible legal action or loss of income trying to resolve the debt. I have had to pay money and spend time to defend myself in claims against me.
Sure there is insurance for certain events and income protection insurance. But not for all possible situations especially if you are an individual as opposed to being a company.

Another example, I am wanting to use certain reference material for my seminars that could breach IP rights or copyrights. I contacted the owner to ask permission, as you do, and they immediately put the heavys on and think I’m going to use all their material and claim it as my own, without even knowing what or how I intend on using the content. Certainly their actions have cost time and money for me to respond to their claims.

Should I factor those costs into my money management plan.
I think the problem with a regular budget is that doesn’t factor in allowances for unexpected life situations or when money is taken wrongfully by others.
I hear storys of people losing money to romance scams and investment failings.
Should our budgets make allowances for those things if we want to undertake in such activities.
I don’t think there is personal insurance for those types of incidents.

We are quick to blame others for their lack of money management but there’s always another party involved that contributed to it.

Certainly it is up to the individual to control their situation and decide what is right for them.

I think what we call a budget should be modified and be called a life plan.
Sure its recommended to have put aside at least 3 months worth of income but the scope of that is for it to be used for ordinary living expenses due to loss of income.

Gotta hand it to the BNZ. At 2.44pm they sent me an email confirming the merchant facility had been setup. At 2.51pm they took their $150 setup fee. Wow, what efficiency.

It’s only 2nd April and I have finished my company accounts and done personal and company tax returns ready to go in the mail later today. By any account that’s pretty well organised I think.

Not sure what I got wrong @michaelnz. All I stated was “The fee is well advertised, has existed for many years”  As in, any fee you were charged was an advertised fee. If they were happy to refund it, good on them, good for you. If the fee was charged in error, then it didn’t apply in your case. Didn’t change the fact that the fees were well advertised, just that they didn’t apply to you .
I’m not sure I know what question I haven’t answered. You asked more than one and they seemed rhetorical.
Is it usual for you to communicate with comments such as “smart arse”, “omnipotent one” and other terms you have since edited out?

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I haven’t edited anything out . Can’t you read? It’s all still there and I stand by it. Just go away.

It would be commonsense to have a ‘buffer’ in the account to avoid this sort of thing from occurring.

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