Bank fees are too high

Australians are paying on average 22 per cent more than British households and 11 per cent more than American households. “We have some of the most expensive banking services in the western world” said Martin North, Managing Consulting Director of Fujitsu Consulting.

Australian Banks will take an estimated $5 billion in fees this year and in the past few years fees have risen well above the annual inflation rate. “The average household is in our view paying up to $200 more each year than they should, thanks to the wide range of fees and charges levied in Australia, and to the lower levels of competition in the market.”

Fujitsu believes consumers need to be more informed about the range of charges and fees they incur. The Fujitsu research focus groups highlighted the apathy which stems from consumers not realising the full impact of fees which are levied.

Source: Fujitsu Consulting