Govt considers ridding bank 'exit fees'
April 19, 2009
New laws are being considered to ban exit fees at Australian banks to make it easier for borrowers to switch lenders.
The Sunday Telegraph says the Rudd government is preparing the legislation, after growing public discontent over the failure of banks to pass on official interest rate cuts.
Assistant Treasurer Chris Bowen is drafting the new laws that would also ban service fees, default fees and penalty fees.
The bill is expected to enter parliament in June.
