Watchdog considers test case over bank fees
The Consumer Law Centre in Victoria said it would consider a test case against banks over what it believes are exorbitant bank fees charged by banks on common bank transactions. The fees relate to the dishonour of direct-debit obligations, cheque dishonours, overdrawn accounts or missed credit-card repayments.
Centre director Chris Field said the penalties were too high. The centre’s research found that banks charge between $35 and $50 for many of these services, but that those fees do not reflect the true costs to banks. Field said he would prefer that the Reserve Bank investigated the fees, but would consider taking a case to court.