The latest RBA data revealed that bank fees charged to households have dropped by 6.5 per cent over the last 12 months.
The dramatic drop is largely due to the abolition of ATM withdrawal fees by several banks, a reduction in home loan and deposit account fees, and reducing overdrawn and dishonour fees, the ABA said in a statement.
Australian Banking Association chief executive Anna Bligh said banks are listening to the community and are making real changes to the way they do business, benefitting Australian customers.
“While power bills, gas bills, healthcare and other items are going up, bank fees charged to households are going down, dropping by 6.5 per cent over the last 12 months,” Ms Bligh said.
“The drop in fees is a direct result of banks listening to community concerns and abolishing many fees which were out of step with community expectations.”
Ms Bligh said abolishing fees on ATM withdrawals is a major reason behind largest drop to fees for close to a decade.
“Overdrawn and dishonour fees have also been reduced by banks over the last 12 months as they have listened to customers who told them that they were unreasonable,” she said.
“Banks continue to work hard to earn back the trust of the Australian public, through abolishing fees that are seen as out of step with the community and other initiatives such as the new Banking Code of Practice which will deliver new rights and protections for customers when it goes live on July 1 this year.”
