According to a new report, laziness and complacency is costing Australians more than $1 billion a year in fees to access their own cash. Are you paying unnecessary fees?
While many banks offer fee-free transaction accounts, approximately 50 per cent of customers are paying to access their own money. The findings, by money comparison website Finder.com.au, reveal that on average customers are paying $122 per year in fees on their transaction and savings accounts. And the reason? They’re simply too ‘lazy’ to shop around or don’t know what fees they’re paying – this accounts for one in 10 people.
Changing banks used to be a complex process, with missed direct debits and unpaid bills. But thanks to a change in banking laws in 2012, your new bank can make the switch for you by simply requesting a list of all direct debits and payments from your old bank, and moving these transactions across.
Finder.com.au money expert Bessie Hassan said customers need to take action to save their money. “It’s 2017 and many consumers are still unnecessarily paying fees – it’s money thrown down the drain,’’ she said.
“Check your statements regularly, scrutinise every bank statement you receive and keep an eye on fees you’re paying.”
Find out more about some of the fees you may be paying on your transactions and compare which banks could offer you a better deal at Finder.com.au