Bank Fees up 12.8%pa
Australian households paid $3.4 billion in bank fees in 2004. This figure has risen at a rate of 14.5%pa over the period 1998 to 2004. The biggest increase was for fees on credit cards, which increased at 29% per annum over the same period. These figures come from the Reserve Bank report released this week titled Banking Fees in Australia. Adjusting for growth in number of households of the 1.5%pa, these increases become 12.8%pa per household for total fees and 27.1%pa per household for credit card fees.
Posted Sunday, 29 May 2005
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