(17 June 2011 − Australia) Bank fees in 2010 did not rise for the first time in 13 years an annual Reserve Bank of Australia (RBA) survey shows.Australians paid A$11.1 billion in bank fees last year, but businesses are paying more to cover the banks’ decision to cut householders’ fees.
The RBA’s annual survey of bank fees, found that 2010 was the first time the amount of fees did not rise in 13 years.
The result was attributed to the major banks ordering widespread fee cuts in 2009 to win customers.
Most of the majors slashed exception fees and a range of credit card fees.
The fees paid by households fell 16 percent to A$4.2 billion, the lowest amount since 2006.
The survey recorded a sharp fall in the fees paid by customers using automatic teller machines. There was a 23 percent reduction in fees earned by banks from customers using a ‘foreign bank’ and incurring a A$2 charge.