ISCOVER
Bank fees under new fire
Monday, 4 Jun 2007•1 minute read
Australian banks and their fees came under scrutiny again as an annual Reserve Bank of Australia (RBA) survey revealed that consumers were charged $4.03 billion in fees last year – up 10 per cent on 2005.
The survey caught the media’s attention, with reports focusing on how much fees are boosting banks’ annual profits.
According to The Australian, the RBA’s proposal to ban fees on credit, debit and eftpos card transactions in response to soaring bank profits has outraged international giant MasterCard, which has lashed out with a warning that it may stop issuing credit cards in Australia altogether if the RBA starts getting tough.
MORE FROM THE ADVISER
New broker head for Heritage Bank amid leadership shuffle
by Sarah Simpkins • 26 May 2022Heritage Bank’s NSW and ACT state manager Paul Moses is set to become its new head of broker experience, replacing...
Bluestone boosts non-prime support for brokers
by Kate Aubrey • 25 May 2022As part of Bluestone’s senior underwriters, the “broker credit coaches” will have new responsibilities added to...
Prime welcomes new BDMs amid SME lending boom
by Annie Kane • 25 May 2022Prime Capital has welcomed former MyState Bank BDM Ron Galvan and former Archer Wealth BDM John Eid to its team of...
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more
Most Talked About
Major bank CEO backs fees-for-service model
by Charbel KadibShadow treasurer says government has ‘got it wrong’ on trail
by Annie KaneOpen letter to CBA CEO Matt Comyn
by ReporterTreasury: Trail to be banned next year
by Annie KaneRemove trail, says final Productivity Commission report
by Reporter