Wrong PIN? That'll be $2, thanks!

Banks have hit a new low by charging fees for cancelled transactions and incorrectly entered PINs, the Australian Consumers Association says. And most consumers did not know the charges existed, said the association's senior finance policy officer, Nick Coates. "Although no actual transaction goes through, a fee is charged," he said. "The fee simply turns up on their account statement at the end of the month, in addition to any regular transaction and administrative fees." Dr Coates said the fees, from 60 cents to $2, might be charged for entering a PIN incorrectly, choosing the wrong account type, not having sufficient funds or aborting the transaction before completion. Read more...

This just goes to show how many people just file their bank statements away without even looking at them. That is if they even bother to file them. I know there are people out there that probably just throw them away with yesterday's newspaper. I know banks need to make money in order to keep our money but this is just wrong. How would you like to be charge a fee for every mistake you made throughout the day? I would highly suggest that everyone should keep a close watch on their bank statements because this could be coming to a bank near you very soon....if it isn't already there.