Money and banking are a part of daily life. Banks offer all sorts of financial products and services for a wide range of customers – from accounts for everyday use, to loans for a house or car, credit cards and more complex products. While many people don’t need the more sophisticated products on offer, almost everyone needs a transaction account for everyday banking and saving – an account you can make deposits into, withdraw cash from, and use to pay bills. Australian banks offer a range of affordable basic transaction accounts to make banking services more accessible to Australians. This fact sheet provides information about these accounts, including the common account features and eligibility criteria.
The ABA provided comments to the Australian Prudential Regulation Authority response paper, Supervision of conglomerate groups – 2. Risk management and capital adequacy and Harmonising cross-industry risk management requirements.
The Australian Bankers’ Association (ABA) issues a report each year which analyses the data on fees for banks’ products and services. The report is called ‘Fees for Banking Services 2013’. This fact sheet provides answers to the most commonly asked questions about bank fees for households. It has been compiled to help inform the debate about banking services, so the debate can be based on the facts.
This report was prepared by the Australian Bankers’ Association (ABA) and analyses the data on fees for banks’ services. Bank fees paid by households have fallen by $1.12 billion or 22 per cent over the past three years, taking total fees paid by households to the lowest level for seven years. These falls have significantly reduced the cost of banking at a time when many other household expenses are going up. This year, fees paid by households fell 0.3%, saving households $13 million.
This fact sheet covers what customers need to know in order to set up power of attorney arrangements to manage their banking needs and what they can expect from banks. Customers must weigh up the risks and benefits and make a decision based on what matters most to them, without pressure from anyone else because these arrangements can be misused.
Banks want to help their customers, especially if they’re experiencing financial difficulties, and have specific policies, programs and practices to do this. Depending on your circumstances, banks may be able to assist in a variety of ways. This fact sheet outlines some of the arrangements banks can offer you when you’re experiencing financial hardship and the steps you’ll need to take to access those arrangements.