Bank fees to climb over $10 billion

St George Bank is believed to be reviewing its fee levels and may act to increase the charges on customers. Bank fees are generally climbing as margins are squeezed by intense competition in the deposits and loans markets. St George said transactional account fees had been stable for a long period of time. Stockbroking analysts believe that bank fee income will rise this year by 7 – 9 per cent and could top $10 billion for the majors. Westpac said some fee rises have been in penalty fees which are avoidable.

Advertisement