Banks under pressure over fees
Proposed new guidelines on disclosure of bank fees have been released by the Australian Securities and Investments Commission (ASIC).
While banks have begun to adopt some of the measures proposed in the guidelines, the key sticking point is over upfront disclosure of the transaction fee charged to a customer using an ATM. This would be especially useful for customers of one bank using another bank's ATM and for those who have used up their free transactions for the month.
Banks would also be required to show fees during telephone and internet banking transactions as well as give a full breakdown of fee charges on account statements.
It is up to the banks to voluntarily commit to the new guidelines – they cannot be forced.
AFR, p2, SMH p4. 5/4/01