Commonwealth and ANZ called on to end penalty fees

CHOICE and Consumer Action are calling on the Commonwealth Bank and the ANZ banks to stop gouging low-income earners through unfair penalty fees on their concession accounts. CBA and ANZ continue to charge penalty fees on concession accounts, also known as basic bank accounts, which offer reduced-fee banking to recipients of government benefits, such as pensioners and other concession card holders. “People on low and fixed incomes are hit hard by unfair bank penalty fees, which can quickly swallow a large chunk of a limited income,” said Nicole Rich, Director of Policy & Campaigns at Consumer Action. “The Commonwealth Bank holds the largest amount of household deposits in Australia, yet its fees stand out as the least socially responsible of the Big Four banks,” said CHOICE senior policy officer Elissa Freeman.

Source: Consumer Action Law Centre