Bank fees add more to cost of living than electricity bills

Today’s class action filed against ANZ is a welcome shot across the bow of the banking industry, which has been gouging customers through exorbitant fees for too long, according to The Australia Institute. Reserve Bank figures show banks charged $1.2 billion in penalty fees alone in 2009, at a cost of approximately $150 per household. Total bank fees brought in $12.7 billion. The Australia Institute’s Deputy Director Josh Fear said excessive bank fees now have a significant impact on household budgets.

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