Banks predicted to make over $5 billion in fees in 2009
Thursday March 5, 2009
Australian banks have collected just under $5 billion in fees over 2008 with predictions that this may rise to $5.25 billion over 2009.
The predicted rise in banks fees is attributed to the banks survival of the global economic crisis through rising bank fees. In fact, Australian bank customers pay more in banks fees than any other country with the average Australian household paying up to $1000 per year in banks fees while US households pay $850 and UK households pay $749 in banks fees per year.
This equates to Australian banks customer paying and 11 per cent more in banks fees than those in the US and 22 per cent more than British households.
This significance difference between countries is attributed to the lower level of competition between Australian banks.
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