Household depositors get fee relief

Bank fees on deposits were down 11 per cent and “other” retail fees were down nine per cent last year according to the Reserve Bank. Total bank fee income from households rose just 3 per cent in 2009, down from 9 per cent the year before. The fall in household deposit fees partly reflected the impact of ATM fee reforms. Also, banks competed for deposits by waiving account fees for regular depositors.

Source: BankingDay