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Bank fees under new fire

by Staff Reporter7 minute read
The Adviser

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.

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