I support the Australian Consumer Association’s condemnation of Australia’s major banks who are hitting customers with new internet banking fees.
It is safe to assume that many customers took up internet banking because there were no fees.
Banks have urged millions of Australian customers to utilise online services so that they can make savings in reducing branch services. To now impose a charge on customers of up to 50 cents per online transaction is unfair and unlikely to reflect the actual cost of a transaction.
Major banks are making soaring profits, yet banking is becoming more and more expensive for the consumer. Bank fees collected from households increased from $1.2 billion in 1997 to $3 billion by 2003 and that figure continues to rise.
Not all banks are capitalising on the internet banking fee. Angry consumers should ensure that they are not caught-out by new internet banking fees, by voting with their feet and snubbing banks charging for services that have been free in the past.
Senator Lundy will be available for comment:
12:45pm today (5 May 2005)
outside the Senate Entrance
Parliament House.
Contact: Taryn Langdon 0417 148 059 or 02 6277 3334
