ANZ boss questions penalty fees

Outgoing ANZ CEO John McFarlane has told the Australian British Chamber of Commerce that penalty fees hurt those least able to afford them – though ANZ doesn't plan to make any changes to their fee structure in the near term. Responding to a question from journalist Michael Pascoe McFarlane has been reported as saying “If you charge a fee to somebody who doesn't have much money in their bank account, then you charge the same fee again when they present another cheque and so forth, eventually they build up a negative balance that is unsustainable.”

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