Aussies still losing on bank penalty fees

It was revealed recently that in 2008 banks slugged us with $1.2 billion in penalty charges.

So-called exception fees – think going overdrawn or bouncing cheques – have since fallen. But they can still rack up fast and remain high – about $25 – if you miss a scheduled payment.

Some people blithely pay $2-plus to access their own money via a different bank's ATM, simply for convenience. And many of us cling on to outdated bank products that charge a monthly account-keeping fee when the new breed is free.

Save by keeping track of your balances and where you hold them, and thinking ahead for when you need cash (don't forget, EFTPOS is a cheap way to get it).

Source: The Age