The Royal Banking Commission recently exposed some of the fraud by Australian banks and made it clear that they tend to put profits above clients.
But with the development of e-banking services, Australians rely more on banks than ever before, so it is almost impossible not to use e-banking services if you want to get salary and buy goods and services.
So, what are the most unfair charges for banks?
Accounting fee
These fees are usually charged on a monthly basis, but if you are in line with certain conditions, such as a monthly deposit of a certain amount of money, most banks will be exempt from these charges.
Brody (Gerard Brody), chief executive of the law Center for Consumer Action, said it was usually acceptable as long as the fees were clearly stated.
"there is a cost for a bank to open an account," he said. "that`s what this charge is for."
However, when people keep their money in bank accounts, banks also make a profit and usually offer customers only zero or low interest rates, which is why banks sometimes have reason to waive bookkeeping charges.
Overdraft fee
Some people find negative balance on the account but can still use it, but they have to pay a high price for it.
Banks usually charge you a fee of 10 yuan a month, if you use it, and interest.
Brody believes these costs are unfair, especially without notifying the account holder of the costs.
During the Royal Commission of Inquiry into banking, pension and financial services misconduct, it was reported that ANZ allowed customers receiving Centrelink benefits to have a negative balance and then charged them an overdraft fee of up to 60 yuan and interest of up to 17 percent a month.
Customers are not asked if they want to overdraw, nor are they always aware of the costs involved.
The committee recommends that banks do not charge (dishonour fee), overdraft fees or allow informal overdrafts of basic bank accounts.
Brody believes that low-income people should be exempted from these fees.
"I think a lot of people would rather have a deal rejected so that they don`t get an extra charge, or at least have a chance to be aware of the fees when they accept the deal."
Refusal of acceptance fee
When you don`t have enough money in your account to pay for a reservation or check, you will be charged a rejection fee.
The Royal Commission recommends that refusal fees should not be charged to low-income people who use basic accounts.
Mr Brody said, "For banks, although the cost of the acceptance fee is not high, they can charge you up to $30, which I don`t think is fair..."
Overdue repayment fee
This is usually a function of credit card accounts, which sometimes charge you about 30 yuan if you don`t pay on time.
The main injustice of these costs is that they tend to be higher than transaction costs.
"there is evidence that this does not cost banks much, but they charge clients 30 yuan and usually interest on those amounts," Brody said.
"these fees are reasonable, but they should be set at a reasonable interest rate and should not be much higher than the costs borne by banks."
Foreign exchange expenses
When you withdraw money from an ATM or shop with a credit card abroad, you will be charged a fee, and you will also be charged for online transactions in foreign currency.
The World Bank (World Bank) found that Australia has the third highest remittance cost to consumers and small businesses in the Group of 20 leading economies.
Sims, chairman of the Australian Competition and Consumer Council (ACCC), said last year that "if you send 1,000 yuan from Australia, on average you will pay nine yuan more than from the UK and 23 yuan more than from the US..."
"We will confirm why Australia`s big companies, including the big four banks, seem to be able to charge high fees on a sustained basis."
withdrawal service charge
If your bank charges you for taking the money out of your account, perhaps you should deposit the money elsewhere.
Mr Brody said, "It doesn`t seem to me appropriate or unfair to charge others for accessing their own funds..."
At the very least, customers should be able to withdraw or trade a certain amount per month without having to be charged a handling fee.
[财]transaction cost
When you transfer money from one account to another or pay bills, the bank charges the fee. These expenses are not included in the terms and conditions of the account.
Brody said customers should not be expected to read the terms and conditions to find unfair fees.
"I think it`s best for banks not to charge transaction fees," he said. "if they plan to do so, they will disclose them clearly in advance," he said.
ATM cost
Since the big four no longer charge customers who use ATM machines at different banks, these fees have basically been cancelled.
However, some smaller ATM operators will still charge you $2.5.
Brody said ATM operators are not part of the banks and they need to demand a return on their services, which is understandable, but he believes the charges should be reasonable.
"in some remote areas, I heard that the charge is 5 yuan, or even 10 yuan," he said. "I think this is unreasonable. There is evidence that the cost of each transaction is less than 1 yuan, but it is very common to charge 2 yuan.
"I don`t think it`s fair for ATM operators to unreasonably profit from these fees."
