FED: Consumers still paying despite bank fee savings=2

AAP General News (Australia)
08-03-2009
FED: Consumers still paying despite bank fee savings=2

Financial Services Minister Chris Bowen welcomed the discounted fees and called for
other banks to follow suit.

"The other banks need to respond accordingly and also we'd like to see further action
from banks on fees including exit fees on mortgages, et cetera, that cause so much community
anger," he told reporters in Canberra.

He claimed credit for prompting the bank responses so far, which, he said, was driven
by the government's proposed unfair contracts law.

The new legislation should be in place by January.

"That will give individuals and regulators the opportunity to begin action if there's
any fee that's not part of the upfront cost, that is regarded as being unfair," he said.

"I think partly, although not completely, but partly the banks have been responding
to that coming in."

AAP cj/rl/cdh

KEYWORD: WESTPAC CHOICE 2 CANBERRA (REOPENS)

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