Bank fees are costing the average Australian about $50 per week. Even low income earners, (on $50,000 and below) are paying about $30 per week in bank fees and charges.
According to new research from the Australia Institute, in 2009, the Commonwealth Bank, Westpac, National Australia Bank and ANZ racked up $35 billion in profit. Bank charges were being passed on by businesses in their prices to customers and could be costing households more than $50 a week.
In the year to September 2009, banks earned fees and commissions worth $19.829 billion. The Australian Bankers Association disputed much of the report and said bank profits were largely derived from superannuation, insurance, institutional transactions, and offshore activity.
