Bank Fees

• John Kavanagh

Bank fees paid by households increased in the year to June 2023, thanks to higher charges on credit cards used for international travel, but overall fees charged by banks fell over the year. read more

• John Kavanagh

Almost five years since the final report of the Hayne royal commission detailed the full extent of bank misconduct, recent headlines have detailed banks charging for services not provided, giving misl.. read more

• George Lekakis

After a decade of fee revenue runoff, the country’s four major banks are again feasting on all manner of account and transaction fees to boost their income lines. read more

• John Kavanagh

ANZ will pay a $15 million fine for misleading customers about the funds available in their credit card accounts. read more

• John Kavanagh

NAB will pay a $2.1 million fine for continuing to charge customers periodic payment fees when it knew it was overcharging. read more

• George Lekakis

The war on cash and cheques at Australian banks is about to intensify with two of the country’s leading deposit takers – Macquarie and CBA - flagging new measures to manoeuvre customers away from anal.. read more

• George Lekakis

The Payments System Board will mandate the rollout of least cost routing services by Australian banks unless they lift their performance by the middle of next year. read more

• George Lekakis

Commonwealth Bank is set to introduce steeper fees and interest charges on customers using its credit cards, following a wide-ranging pricing review. read more

• George Lekakis

Westpac might be on a collision course with the Reserve Bank over its decision to introduce a flat rate charge of 1.4 per cent on merchants using their mobile phone as a payment terminal. read more

• John Kavanagh

Bank fees paid by households declined in the 2021/22 financial year but an increase in fees paid by business and government customers meant that total bank fee income rose for the first time in six ye.. read more

• George Lekakis

Banks will be required to support merchant access to least cost routing services on debit transactions executed through mobile wallets by the end of 2024 under reforms announced by the Reserve Bank’s.. read more

• George Lekakis

Armaguard has hiked the standard fee levied on customers making bank account withdrawals from its atmx-branded automated teller network. read more

• George Lekakis

As the annual cost of accepting card payments soars for independent retailers, one industry association has launched a comparison shopping site to help its members slash the merchant fees paid to bank.. read more

• John Kavanagh

A broad range of household, business and government bank fees fell in the year to June 2021, due to a combination of lower activity in some markets and fee reductions in others. read more

• George Lekakis

ANZ could pay another hefty price for its faltering technology and processing systems after ASIC said it was suing the bank for alleged unlawful fee slugging that has raked in tens of millions in reve.. read more

• Banking Day staff

New Zealand has passed new legislation to regulate merchant service fees. The Retail Payment System Bill passed its third reading yesterday, with Commerce and Consumer Affairs Minister David Clark cla.. read more

• George Lekakis

The industry debate between banks and small business groups over merchant fees is set to escalate after the Australian Banking Association accused independent research firm - CMSPI - of “inflating” th.. read more

• George Lekakis

Australia’s peak small business body has called on the major political parties to develop timeframes for getting the big four banks to roll out comprehensive least cost routing services to local retai.. read more

• John Kavanagh

Merchants had a small win in the payments arena last month, when the Reserve Bank implemented changes to its cents-based interchange fee cap, but analysis of the changes by payments consultancy CMSPI.. read more

• John Kavanagh

The small business lobby is hoping to keep the issue of least cost routing high on the payments agenda as the government works through last year’s Payments System Review, launching a campaign to demon.. read more