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Consumers are escaping bank fees and charges

Latest figures show in 2010 Australian households spent a whopping $1.2 billion on transaction account fees, but these fell by $688 million, or 36 per cent, from the previous year.

Australian Bankers' Association chief executive Steven Munchenberg says there are some simple ways to get around bank fees, with many fee-free accounts on offer.

In 2010, households spent an average of $9.73 a month on bank fees, which fell by $2.13 from the previous year.

For many customers who are planning to escape fees, they should stick to their own financial institution's ATMs or find out which they can use free. Alternatively, you can withdraw cash when making an Eftpos transaction.

Source: Courier Mail

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