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‘Banks ripping off customers’: Keep Me Posted

Tuesday, 03 October 2017
By Doris Prodanovic

The Keep Me Posted (KMP) campaign is urging banks to scrap paper statement charges following the recent axing of ATM fees, and argues corporations are “making a profit at the expense of their customers.”

KMP points to a recent article in The Australian that found customers continue to be hit by “unfair” and “disproportionate” fees, with mark ups of up to 30 times the rate of international banks – including in the US, Britain and Germany.

The abolished ATM fees, first announced by the Commonwealth Bank, will cost the big four banks around $40 million a year and has resulted in increases in other charges to cover costs, with paper and postage costs on the list, according to the consumer group.

In a statement, Keep Me Posted said, “Banks are just one corporation discriminating against the most vulnerable members of the community.” It has called on banks to “axe the unfair and unnecessary paper fees.”

The New South Wales Government banned paper fees on energy bills in their energy rebate package announced early September.

For more information on the Keep Me Posted campaign, visit www.keepmeposted.org.au

 

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