I am currently in dispute of a 'penalty' fee incurred for not having enough money in my account to cover a recent share trade with Comsec ie a direct debit failure fee. I also got slugged a 'penalty' fee from the Commbank side as well, so all up a $86 slap on the wrist for my crime. Apart from the fact that I deposited the funds on the same day it was due after I realised what had happened. But too late, the 'dynamic duo' were quick to extract their pound of flesh for the error.
To their credit, a phone call to Commbank elicited a retraction of the fee, after some assurances that I accepted that I was naughty and wouldn't do it again.
The Comsec side is looking to be a bit more protracted, as they appear to be adamant that the fee will stand.
The back down by Commbank was, I assume, necessitated by the fact that it is unlawful to impose a penalty such as it was, as they are only able to recover costs involved.
Has anybody else had success in having penalties reimbursed, or at least reduced? Today Tonight routinely run stories about people winning such disputes with banks, but how do people go with getting brokers to cancel these penalties? Any success stories?