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Australian households have spent $4.4 billion on bank fees in 2016, up from $4.1 billion the previous year, new figures from the Reserve Bank have revealed.

Australian households have spent $4.4 billion on bank fees in 2016, up from $4.1 billion the previous year, new figures from the Reserve Bank have revealed.

The RBA’s annual Banking Fee Survey, released today, shows fee growth from credit cards slowed slightly in 2016 but stills remain the largest component of fee income from households with the increase attributed to the popularity of credit cards bundled with home loan packages.

There were also more examples of fees being charged, with some lenders no longer waiving fees for transferring a credit card balance to a new card provider.

Source and Read more at http://beta.9news.com.au/national/2017/06/15/18/49/australians-paying-billions-in-bank-fees#F28ib5qFWRov1j8A.99

 

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