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Date Published : Tuesday, February 12, 2008
Australians looking to switch banks could be in for a treat under new plans announced by the federal government.
In a bid to open up the banking market to more competition, the Treasury is looking into ways of making it easier for customers to switch banks - and cheaper too.
In what would be his first legislation since taking on the job, treasurer Wayne Swan aims to eliminate the switching and exit fees currently charged by major banks when customers decide to leave for a rival.
The Australian Associated Press reports that Mr Swan is also looking at reducing the exit fees charged on home loans, which can total up to $2,000.
Mr Swan said: "We want a competitive banking market out there and those institutions that seek to increase their (profit) margins at this time I think will be judged very harshly by Australian families and by the government.
"And that's why I made the point a month ago that we wanted to put together a package that made the market much more competitive and gave people the capacity to switch their banks if they didn't think they were getting a fair go with their existing bank."
Last month, both ANZ and Commonwealth Bank increased the charge they add to customers bank accounts for using other ATMs in a bid to keep consumers loyal to their brand.
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