Australian Banks to collect 5 billion in fees
Aussie Banks will be collecting in excess of $5 billion in banks fees and charges this year alone. This is their aim to survive the financial crisis.
Consulting firm Fujistu Consulting has reported that Australian householders are paying 22% more than British households.
Australian households pay an average of $1000 per year in bank fees and charges. Australian Banks collected just under $5 billion in fees and charges in 2008 and has placed Australian Banks amongst the most expensive in the western world.
During the financial credit crisis banks will be trying to increase fees as a measure to increase profit shares to shareholders and a lot of this is due to lower levels of banking competition in Australia.
