ABA sees fees falling
(15 September 2008 – Australia) The Australian Bankers Association, in its ongoing battle with exception fees, has reported that the reduction in accounts with exception fees shows that results are being delivered for customers.
The ABA announced its initiative in May 2007 for member banks to undertake to provide improved information on exception fees. The initiative came in response to community debate.
The ABA has said that, since May 2007, banks have taken a number of significant steps in relation to exception fees, including new accounts, exemptions, revisions and greater information.
The ABA said that three major banks have announced accounts which are free of exception fees, some banks have provided discounted exception fees to low income earners and several banks have announced major new revisions to exception fees.
Also, some banks have abolished some exception fees and banks have published more information about their exception fees and agreed to review exception fee terms and conditions.
A new ABA fact sheet provides comparative tables on exception fees for regular transaction accounts, for transaction accounts for eligible low-income earners and concession card holders and for credit card accounts.
David Bell, chief executive of the ABA, said that the industry has come a long way in responding to community concerns regarding exception fees and demonstrates what a dynamic market is able to deliver.
The ABA has said that, since May 2007, banks have taken a number of significant steps in relation to exception fees, including new accounts, exemptions, revisions and greater information.
The ABA said that three major banks have announced accounts which are free of exception fees, some banks have provided discounted exception fees to low income earners and several banks have announced major new revisions to exception fees.
Also, some banks have abolished some exception fees and banks have published more information about their exception fees and agreed to review exception fee terms and conditions.
A new ABA fact sheet provides comparative tables on exception fees for regular transaction accounts, for transaction accounts for eligible low-income earners and concession card holders and for credit card accounts.
David Bell, chief executive of the ABA, said that the industry has come a long way in responding to community concerns regarding exception fees and demonstrates what a dynamic market is able to deliver.
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