AUSTRALIAN BANKERS' ASSOCIATION WELCOMES CUSTOMER CHOICE IN BANKING

Sydney, 10 August, 2004: The Australian Bankers’ Association (ABA) agrees with the Australian Consumers' Association (ACA) that it is easy to switch bank accounts.

David Bell, Chief Executive of the ABA, said: "ABA and banks have always supported consumer choice. We always encourage consumers to shop around. It is important consumers get the right product, and if the ACA website assists, that is good.”

“Our only reservation is that the website does not ask for information about the customers’ personal circumstances or their relationship with their bank. While this can be complex[1], these can be critical factors in determining how much people pay in fees. For example, are they eligible to access one of the 90 fee-free bank[2] accounts on offer in the marketplace?”

If you would like to read the fact sheet ‘Fee-free and low cost banking’ please visit the ABA website or freecall the ABA on 1800 009 180 and we will send you a copy in the post.

For further information:

Heather Wellard

ABA Public Relations

Phone: 02 8298 0411

Mobile: 0409 830 439

ENDS