Transaction account fees
With the release of KPMG’s report on the financial sector, all eyes seemed to be on the $10 billion in non-interest income that the banks earn. Of course, the media went into a frenzy, accusing the banks of rampant opportunism, and it got to the point where questions were asked in Parliament.
However, it is worth noting that non-interest income includes such income as the profits from dividends, fees on foreign currency exchanges, and charges for overseas investors using Australian banking services. The Australian Bankers Association has claimed the actual figures for fees from personal transaction accounts is closer to $1.5 billion.
It is also worth noting that the decrease in margins on business and home loans has more than offset the increase in transaction fees and charges. However, it still doesn’t change the fact that nearly everyone doesn’t enjoy constantly paying fees and charges to their transaction accounts.
Which is why we here at MARKET faxts recommend you look into your personal spending habits, and manage your finances in a way that avoids the bulk of fees and charges, or failing that, find an account that is more suited to your needs. You can find both a list of ideas to avoid fees and charges in the ‘Tips & Tricks’ section, or browse for an account that better suits your needs in the ‘At-Call Deposits’ section of www.bankchoice.com.au