The consumer advocate wants all over-limit charges dumped, given they place zero burden on the banks themselves. (The Epoch Times)
It's joined the growing chorus applauding the NAB's decision to abolish account keeping fees for two of its accounts and dropping its $25 over-limit penalty for credit cards.
Tweaking of costs and charges by all four banks has managed to save Australians $850 million over the past three months, but Choice wants them to go even further.
Westpac, ANZ and the Commonwealth should join with the NAB and scrap fees altogether, Choice senior policy officer Elissa Freeman said.
In particular, the consumer advocate wants all over-limit charges dumped, given they place zero burden on the banks themselves.
The charge didn't even exist a decade ago, Ms Freeman said.
Credit card fees cost Australians $415 million in 2008.
