Banks asked to state fees mid-transaction

Federal politicians are calling on banks to state their fees on ATM screens and during phone and Internet transactions. This could see consumers being told what charges they will incur mid transaction, giving them the opportunity to cancel the transaction free of charge. Additionally, ATM, phone and internet banking users would be told how many fee free transactions they have left for the month so they can avoid any unnecessary charges. The chairman of the Federal committee, Liberal Senator Grant Chapman, believes that the move could change consumer habits and that the new system could be operational in a couple of years. However, the Australian Bankers Association, has claimed that real-time fee disclosure is not feasible as fees were calculated at the end of each month. The ABA also claims that it will take longer than two years to develop such a system.

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