Australia’s biggest banks have come under fire for charging consumers with over $11 billion in fees.
According to the RBA, the largest 18 banking institutions received $11.586 billion in fees in 2008 – an annual increase of 8 per cent.
Exception fees – charged when a customer breaches the terms of a banking product – totalled $1.2 billion, or 10 per cent of all fee income.
While consumer advocates were quick to condemn the findings released yesterday, the RBA’s report said the ratio of bank fee income to assets was in fact declining, as had been the case for several years.
“As has been the case since 2002, growth in fee income was slower than the growth in banks’ balance sheet assets,” the report said.
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