Fees are easy to avoid say banks

The Australian Bankers Association says 33 per cent of total fee revenue collected from households could be reduced if consumers changed their banking behaviour. David Bell, Chief Executive of the ABA, said: "The fees which could be avoided are $954m worth of exception fees and $640m worth of foreign ATM fees."

"By using your own bank’s ATMs, ensuring accounts are not overdrawn and your credit card paid on time, money can be saved. Avoiding overdrawn fees can be done by checking your account balances before making large purchases," Mr Bell said.

"The ABA's estimated savings do not include the savings that consumers and households can get by moving to low-cost accounts, such as basic or exception fee-free accounts. If these opportunities are taken into consideration, households, on average, could save a good deal more than 30%."

Source: Australian Bankers Association

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