Since 2004 we have campaigned against unfair, excessive and unlawful penalty fees charged by Australian banks and other financial institutions. In recent years we have been very successful in getting many of these fees reduced or abolished.
But it’s not too late to add your voice to the campaign – many financial institutions are still charging too much. Our joint Fair Fees campaign website with CHOICE is still active, and here you will find more information and news about penalty fees as well as a tool kit to help you reclaim unfair penalty fees you have been charged by your bank, credit union or building society.
During Anti-Poverty Week in 2008, we released a Fact Sheet about the impact that charging penalty fees on concession or basic bank accounts held by low-income Australians has in particular. Since then, the ANZ has taken the right step by joining the NAB and Westpac in removing penalty fees from its basic bank account. Unfortunately, the CBA has gone backwards – not even offering a basic bank account anymore. The smaller banks and our credit unions also need to step up and offer basic bank accounts.