Are big banks charging too much?
The big four banks are announcing record profits – again.
Westpac Group has a net profit of $6.8 billion for the 12 months to September – up 14 per cent over the previous corresponding period.
Sunrise TV presenter David Koch says it is a good thing if you are a shareholder in the banks, but not a good thing if you are a bank customer paying big fees.
Mr Koch said people should check bank statements to make sure they were not paying recurring fees.
He listed the six common fees to look for:
1. Account keeping fees
2. Transaction fees
3. Foreign exchange fees
4. Late payment penalties
5. Overdrawn account charges
6. ATM withdrawal fees
The Australian Bankers Association said fees for home loans, credit cards and transaction accounts made up the vast majority of your bank bill.
Mr Koch said fees could be checked online to see how they compared with industry averages.
He said people should try to reduce bank fees to less than $8.94 a week, which was the average.