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Connexus : Issue 38
Gone are the days when fee- free everyday banking could be called an exception. Australia’s retail banks are making account-keeping fees, and ATM and EFTPOS charges on transaction accounts, things of the past , says a new report by finance comparison website, Mozo. The two trends could leave mutuals looking uncompetitive if they persist with complex fee structures on transaction accounts. As comparison websites have made it easier for consumers to identify the best deals in the market , the banks have simplified their fee structures. Fee-free squeeze A new report indicates that mutuals may need to revise their fee structures to remain competitive. By Christine Long 22 connexus www.abacus.org.au NEWS 22 connexus www.abacus.org.au