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Smarter Banking: Make the most of your money
Consumer guide on banking updated
Sydney, 29 July, 2009: The Australian Bankers’ Association (ABA) has updated and re-published its consumer booklet – “Smarter Banking: Make the most of your money.”
This consumer booklet, which can be accessed online as well as in hard copy, is designed to assist consumers choose a bank account that suits their needs and explains how to minimise fees.
The revised booklet is part of an ongoing commitment by the banking sector to a financial literacy program called, Broadening Financial Understanding.
David Bell, Chief Executive of the ABA, said: “Financial literacy is a vital life skill that goes well beyond saving and borrowing. To make the most of their money, it is essential for all Australians to have the knowledge, skills and ability to manage their finances, increase their savings, budget their expenses, manage their debt, make good investment and financial choices and understand their consumer decisions.”
“Understanding where to get information and how to use information on banking products and services will help us make informed decisions. We also need to think about the way we want to bank or save or invest and understand what products and services best suit our needs.”
The consumer booklet is a good first step and it is packed with practical tips to help consumers choose a bank account which is suitable to their requirements and use it efficiently. It also explains how to use electronic banking to save time and money, for example, there is a step by step guide on accessing Internet banking. Finally, it contains some strategies to help you increase your savings and plan for your financial future.
New information in the booklet includes: how deposits are guaranteed1, how compound interest works, first home saver accounts, how you must identify yourself under new laws2 when opening a bank account, switching services offered by banks, how to use your bank account to pay bills through BPAY and fee exemption eligibility.
The booklet can be read online at: http://www.bankers.asn.au/smarter-banking/default.html.
Or freecall the ABA on 1800 009 180 and we will post you a hard copy.
For further information:
Rod Frail,
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS
[1] In October 2008, the Federal Government announced that it would guarantee bank deposits held in Australian financial institutions. Under the guarantee, the Federal Government will stand by total deposit balances up to $1m. Most banks will offer customers with total deposits over $1m an option to ‘opt-in’ to the guarantee scheme.
[2] Anti-Money Laundering and Counter Terrorism Financing legislation. |
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