Bank Errors!!! Stop losing your hard earned money. Chances are you are owed thousands of dollars by the banks and you'll never know it. Get it now
Keep Them Honest. There is now a way to keep the banks honest. This simple and powerful tool can check your statements quickly, easily and 100% accurately. Get it now

If you want to find out how to stop the banks from taking advantage of you through errors and faulty systems, then keep your eyes glued to this page for the next 3 minutes; you are in for some shocking surprises.
The banks have probably already overcharged you many times this year without even knowing it!

Look At The Money Some of Our Clients Have Found

"I have now been reimbursed the exact amount of discrepancy I had found using your program of $7,563.04 plus reimbursement of the cost of the package against my loan."

Ann-Maree Enders - Kingsley, WA.

"I have found errors in some cases over hundred dollars on my monthly statements, ..... which has added up to over $14,000.00.

Thanks for the program"

Grant Redding - Nerang, QLD.

"I have checked 2 mortgages and I have another 8 or 10 loans to go. So far I have found an overcharge of $5,156.29 and then $684.98 for compounded interest. The loan started in September 2002 and is still in place. So thank you for the programme, it will help make my money work for me rather than be used by the bank free of charge.

This product sure is a real winner."

Edward Nixon - Hahndorf, SA.

"Your software has uncovered overcharging by my bank to the tune of almost $1,300 just for the last two years. Like so many others, I had assumed the Bank would get the figures correct."

Mike V - Bungendore, NSW.

"We found a discrepancy of $8,643.00 on our fixed loan and this has now saved us $33,000 over the life of our loan."

Mrs. Mackenzie - Logan City, QLD.

I don't know about you, but I work hard to pay off my mortgage as quickly as possible. Then to have the bank make mistakes and incorrectly take money from my account is not only unfair, but insulting.

I never considered it necessary to check the calculation of my bank statement. I didn't think there would be a need. I couldn't have been more wrong. Every day people are receiving bank statements in the mail for their mortgages, saving accounts, personal loans and overdrafts that they assume are correct, but they are totally mistaken.

Do you actually believe your bank .... or non-bank lender ..... would never make a mistake on your account?

"Banks do mistakes with mortgages. And very few are in the customers favour."
- Prue Moodie, Australian Financial Review

Here's what the experts have to say.

"It would be naive to think there's such a thing as a perfect system, and that mistakes will never happen. Mistakes are a fact of life and I am not suggesting that banks intentionally do anything wrong"

- Paul Clitheroe - Host of Channel 9's Money show and chief commentator for Money magazine

"The era of trusting the banks has long gone."

- Justice Clarke - New South Wales Supreme Court.

"Banks get almost every interest calculation on mortgages and overdrafts wrong at some point."

- Roy Brown - Managing Director of Interest Research Bureau (IRB).

I can't believe how totally naive I had been, just accepting that the banks never actually made a mistake and my statements were 100% accurate. Now surely these mistakes are just tiny errors involving a few cents here and there? Well guess again.

"Banks get almost every interest calculation on mortgages and overdrafts wrong at some point."

More Customer Horror Stories...

"Since I started using the Loan Checker software, I've found month-to-month discrepancies of up to $3,000 a month. "

Gregory Dominish - Beacon Hill, NSW

"15 years ago a bank forgot to credit our account over $5,000.00 which we deposited.

This could happen to anyone. Thankfully we got our money back and an apology ... but a simple apology doesn't seem enough when it involves such large sums of money.

Janine Thurgood - Ocean Shores, NSW

"We had been concerned about our loan for a while - there seemed to be a number of strange things happening. Loan Checker found that because of an error on our offset account, we had been overcharged $3,517.57 and this was on a loan that is only $66,000 and was only over a 10 month period!

Loan Checker also calculated that we were owed an additional $136.74 in compounded interest on this error - so, a total of $3,654.31. We also found a second error where some repayments had gone to the wrong place - this was another $5,830.00.

So, the total error came to $9,484.31 - all in only a 10 month period.

If these errors had not been detected, we would have paid approximately an extra $55,000 in interest over the life of the loan".

Bayley and Carolyn Vincent - Barden Ridge, NSW.

If you are like many people you may be tempted to think that "this can't happen to me" or that this "isn't a real problem and it's being blown out of proportion." Before you make that mistake think about this.

Recently a major Australian bank found they had overcharged fees on 55,000 customer's accounts and it totalled $52,000,000. That's right 52 million dollars.

That's an average of $945 for each person.

What I find pretty amazing about this is that the bank found the problem NOT the customers. That means that five thousand people didn't notice the best part of one thousand dollars missing from their bank account.

You may be thinking "I know I'd sure notice $1,000 missing from my account." ... but I am willing to bet you $200 right now that if you called those 55,000 people mentioned above they'd have said exactly the same thing before the bank informed them of the little blunder they made on their account.

So why didn't they notice the $945 overcharges?

The problem is that bank statements can be difficult to read and are not always what they seem. Some of the errors are very difficult to locate if you don't know what to look for.

"[In accounts for over 20 of my clients] I have discovered overcharges in approximately 75% of cases. The total of all mistakes, including overcharges of interest, fees and other irregularities amounts to over $500,000"

- Joe Naggy former Citibank executive now runs Midmark Financial Services

"A recent survey of bank statements conducted by The Interest Savers for Sydney Morning Herald readers showed an error rate of 54%, ....... The Herald's switchboard was jammed for a week by callers wanting their statements checked."

- Journal of The Institute of Chartered Accountants in Australia

"The incidence of error is extremely high. We recently checked 282 normal statements and 152 of those were incorrect. It really is alarming."

- John Scilly former executive with Advance Bank

"The bank statements are never clean, [citing the experience of some 350 clients since IRB opened in 1994]. "Significant errors" occurred in 90% of statements.."

- Roy Brown Managing Director of IRB

There is a way to keep the banks honest. We now have a simple and powerful tool to check our bank statements quickly, easily and most importantly 100% accurately - Loan Checker.

But is it worth it? How often do these mistakes happen? Unfortunately, it is far more often than you would think.

A former Commonwealth Bank officer, Martin McKenna, has found that ...

  • only one in 70 cases he has examined involves the undercharging of interest
  • the other 69 have all been overcharged.

That gets you thinking about these "mistakes" when it favours the lender that much doesn't it!

"The average error is about $242 per monthly statement. Hundreds of thousands of Australians are potentially affected�

The Daily Telegraph - December 24, 2000

Staggering isn't it? When I discovered the rate at which banks made mistakes I was stunned but assumed it must have just been a few dollars here and there; $242 dollars per monthly statement is incredible.

So what does this all mean? What does it add up to? You do your own sums, but here is what the statistics (and the most conservative ones at that) had me thinking when I first discovered them ...

  • Annual statements: 12
  • Statements with errors: 6 (12 x 54%)
  • Mistakes in lenders favour: 84%
  • Number of statements with errors in banks favour: 5 (6 x 84%)
  • Average monthly statement error: $242

This tells me that on average the interest they overcharge in one year on your loan account is $1,210.00 Ouch!

Don't get angry, get even..... get back what they owe you.

There is something you can do about this, you don't have to be a helpless victim of the banking system. Average homeowners around Australia are getting their money back from the banks every day. There are thousands of real life examples of people who have been over charged and been repaid anything from $600 to $100,000.

You may remember these stories that made the newspapers.

  • The Sun Herald - George De Costa - Petersham Accountant. Had his statements checked and found he was overcharged $26,500.
  • Daily Telegraph - Grahame Hostein - Glouster NSW Checked his loan and discovered he was owed $130,000.

".... I am due a refund of approximately. $5,000.00. Which will do nicely for my overseas trip I am planning next March."

Angela Fulton - Reservoir, VIC.

"Thanks everyone. I've just found $1,100.00 over the last 3 years owing to me from my bank in overcharged interest on a home and investment loan. They were totally shocked with being caught!"

Steve Atkin - Port Macquarie, NSW.

"I all the time had a feeling that my home loan bank statements were incorrect. I did not know how to calculate or prove that there are discrepancies until I heard about the Loan Checker program. I found the software easy to use and I discovered that my bank owes me around $500."

Barak - Canberra, ACT.

The bad news is that knowledge is a dangerous thing. Knowing what you now know, you have to some extent cornered yourself into making an important decision. You will decide one way or another how you are going to deal with it. Before leaving this page you will select one of the following alternatives... even if you think you haven't decided.

Option 1:
The first alternative is to either "think about it" or continue doing nothing and have the banks take advantage of you to the tune of $1,210 a year on average. I suppose this is the ostrich approach, stick your head in the sand and hope it goes away, good luck with this one, you're going to need it.

Option 2:
Pay a bank statement checking company (like IRB mentioned above) to check for you. The interesting thing to note about these companies existence is that obviously bank errors occur often enough for these guys to make a pretty healthy full time income (keep that in mind if you are leaning toward the option above). The down side is that they charge $55 per monthly statement to check for you and a 20% "success fee" on the bank�s refund. So the costs you are looking at are $55 x 12 = $660 plus $1210 x 20% = $242 (20% of the refund) Total Cost = $902 each year.

Option 3:
Ask the the very people who got it wrong in the first place - the banks - to check your statements for you. Generally they charge $200/hour to do this for you. Ask yourself this question, "why would I trust them to get it right this time if they couldn't before?" Isn't this a bit like putting the fox in charge of the hen house?

Option 4:
Use a dedicated piece of software to calculate your interest bill to check on the banks for you .... for less than the banks' hourly rate.

It is a bit of a "no brainer" isn't it? The Loan Checker software is by far the most cost-effective solution available.

To do nothing is either naive or nuts, as is paying the bank to check your statements for you. Paying a firm to do it for you isn't a bad option but if you want to dig through 6 years worth of statements at $55 a month you are looking at $3,960 plus 20% of the overcharges they find. Why not use the same kind of software these firms use to find banking errors every day for a fraction of the cost?

Undoubtedly you will have seen countless expos's about the banks on TV programs including Channel 7's "Today Tonight", Channel 9's "Money" and "a Current Affair", plus The ABC's "4 Corners", "7.30 Report" and "Sunrise".

Click the play button below to watch a short YouTube video of A Current Affair looking at bank errors.

The software was made for non-computer users so it is very easy to use. You just type in the start and ending dates of your statements, the interest rate (or several interest rates if the rate changes during the month) and the changes in the balance of the account and the software does the rest. Click here open a window to see just how easy it is.

"From a data entry point of view I loved the system. It was very simple to understand and the best part is the program creates a letter to send to the bank, which I did. 6 weeks later the bank sent us two cheques, one for the Husband and one for me. The total we received from the bank was $4,000.00. Best investment I have made all year. Thank you thehomeloanchecker."

Mychelle Morrissey and Gus Mulder - Wattle Grove, WA.
"I got a few bank accounts with CBA. After seeing with Loan Checker that we can claim back our overdraft charges, we straight away use the software to generate letters. As a result, CBA refunded us back about $180. That is pretty NEAT, just about 4 minutes job to check the statements & use the software to generate letters & mail it to the bank." Thank you Loan Checker & Dave & His Team !!
Ivan Paulus - Maroubra, NSW.
"I would like to thank you for such an easy software package which is very user friendly"

Irene James - Greenbank, QLD.
The software can check all sorts of accounts for you, off-set accounts, lines of credit, variable home loans, any type of account no matter what fancy name your lender gives it. We are yet to find an account we cannot check. Click here for a list of accounts the Loan Checker software can check.

"A mistake at the beginning could prove pretty expensive over the long term"

Paul Clitheroe - Host of Channel 9's Money show and chief commentator for Money magazine

"I used the Loan Checker software to check 2 years of my loan and found errors of $353.51 (and this was on a very small loan of only $50,000). I then used the built in Mistake Compounder and I am delighted to say that the bank has just deposited $1,250.00 back into my account to reimburse me for their error."

Jouko Hakola - Eight Mile Plains, QLD.
"Hi Dave - fantastic software, easy to understand and to use. The software was well worth the investment as I found the bank has overcharged me about $1,200 over two years".
Angelo Likouras - Kilburn, SA.

One of the most powerful features of the software is the Mistake Compounder...

It is great to find a $300 error on your statement from 10 years ago and even better to get the money back. What most people don't realise however is that it is probably less than half the money you are actually entitled to. In addition to the money taken from your account interest has also been charged on this money - compounding every single day for the last ten years. With the Error Compounder you can now chase every cent you are entitled to.

Now I am sure you are probably thinking, "can't I do the same with a spreadsheet?" Yes, some people may be able to but firstly you must be sure you are using the right formula and secondly you will need to know how to do some pretty complicated programming to make sure it's accurate. So even if you could do it, why waste the time and effort when we have gone to all the trouble for you?

I just found the compounder and over 5 years the bank owes me nearly $1,000. The biggest error, found in the last statement was $470 so I am very happy. Have another 2 loans to enter yet!
Jacqui Smith - VIC.
Thank you for your programme. It really opened my eyes to see how some reputable banks make errors or known errors in their calculation of interest. .... I found over $500 of errors on interest calculations. I provided the bank with the calculation my Watchdog programme and I was so furious, that I called my client bank manager to discuss this issue. ... he did say he will follow up and if any errors occurred they would credit my account with the difference.

By way of example of the errors incurred. I will share the following scenario with you.
Bank Loan: $400,000
Interest: 7% calculated daily

Bank Calc. Loan Checker Calc. Difference
March 07 $2390 $2378 $12
Feb 07 $2301 $2147 $154

Just in two months, errors of $166. I need basically to employ someone to go back the last five years, as I have lost all confidence in banks and how they just really do not care about you only what they can get away with. It's not right.

Joe Musolino - Drummoyne, NSW.

The Banks Want To Give Your Money Back.

We are frequently asked "will the banks actually give me my money back?" The answer is of course they will ... as long as you can prove to them that they have made a mistake.

The banks actually want to correct their mistakes and give you your money back. Recently Mr Haydn Park, the head of corporate relations of a major Australian bank has said "When someone comes to us and says "You've done something wrong, then we don't quibble, we do something about it.".

But if you don't check your statements and find the errors to show the banks where they have gone wrong you will never know just how much you have been overcharged.

"... I wrote to the bank using Loan Checker's letter generator and the bank not only paid up the money I asked for, they were honest enough to find errors going back further and paid me over $500. A pretty good investment as far as I'm concerned"

Ian Cowden - Birkdale - QLD.
"Your home mortgage is the biggest investment you will every make in your life. Why wouldn't you take some time to make sure that it is right. At the end of the day it is your money and you are entitled to get it back."
David Niven - Lawyer specialising in fighting legal battles with the banks. As seen on A Current Affair.
"I also have to say that the Building Society in question have been really good to us in the past and when I told them of the payout error they apologised and refunded amounts immediately which was $771.84.
I really would not have thought to even look at the statements if I had not had 'Loan Checker' in the back of my mind so thank you."
Sharon Horton - Thornton, NSW.

No other program we have tested can make this claim.

Everyone knows that "you get what you pay for". Why would you risk what is potentially thousands of dollars of your own money on some piece of "free ware" that you got off the front of some magazine? Exactly, it just isn't worth the risk (and embarrassment) of it getting it wrong.

Every other piece of software we have checked has fundamental mistakes built into it.

How embarrassed would you feel if this happened to you? Imagine turning up at the bank, ready to claim your hard earned money back, statements in hand and software print out in hand only to have a junior bank teller point out that your supposedly "accurate software" can't actually add up 3 numbers correctly or that your compounded interest calculations are based on the wrong time cycle.

As we said above the Loan Checker software is only a fraction of the cost of the other alternatives.

"Thanks Legends... Got my CD Today, ran it for a 4 month period tonight and it has paid for itself already!!!!! Looks like I'm going to be busy for the next few days/weeks going through all my old statements. Without a doubt, the best god damn software I've ever used. Could not be happier!!!!"
Steve McCarthy - St Clair, NSW
"6 months later after updating my details in your program I found the missing money and the bank credited $2012 to my home loan. Certainly nothing to be sneezed at with the recent interest rate hike"

Lucinda - Everton Hills, QLD.
"I have found a mistake in the first month of my loan! $97.00. Thank god for your software! Imagine that over another 30 years. Well worth the money spent! Thanks again too for the brilliant software. Am trying to get all my friends and family to take a look at it!" Owen Frankhouser - South Hobart, TAS

Owen Frankhouser - South Hobart, TAS

See What This Sceptic Has To Say ...

"I must admit if there was anyone who was a skeptic, it was me! After loading in all the data and following the easy steps (even I can do it and I hate instruction manuals!), what started to unfold were a series of errors the bank had made! I reviewed the mortgage over a period of 16 months and to my horror I found that they had been charging me more interest than I owed - a few hundred dollars. I'm incredibly grateful to Loan Checker - its really one of the best investments I've made. I'm rapped!"

Shalom Paul - Sydney, NSW.