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Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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I had two super accounts with the same fund they told me that

Customer Question

I had two super accounts with the same fund they told me that they were going to move one of my accounts I asked if I could move it in to my other account they first said no I though that it made no sense so I rang back and talked to some one else so we moved it into the other account now they are charging me 5% fee on moving my money which is fifteen thousand dollars. are they allowed to do this??
Regards ***** *****
Submitted: 2 years ago.
Category: Australia Law
Expert:  James D. Ford replied 2 years ago.
Hi Stephen, It is possible that the Super account that you are taking money from and terminating... has an exit fee.. check the terms and conditions... does your other account also have an exit fee? is the balance higher or lower? Questions you need to ask are as follows:1. what kind of super accounts do you have? is either one, a defined benefit fund?2. are the super accounts the same of different?3. if you super accounts are different, which is the best super account for you to continue with long term?4. if you cannot avoid the exit fee.. and your accounts are the same type... are you transferring from the super account with the lowest balance to minimise the exit or termination fee?5. what insurance benefits are associated with each super account?6. do you want to continue with your existing super fund or move to another super fund (if so, now would be the best time to do this)... Kind regards, James