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Savers Miss out as Australian Banks Exploit ‘Consumer Inertia’

Savers Miss out as Australian Banks Exploit ‘Consumer Inertia’
People queue for ATM machines outside a branch of the Commonwealth Bank in Melbourne on Aug. 8, 2018. William West/AFP via Getty Images
AAP
AAP
12/15/2023|Updated: 12/15/2023

Switching bank accounts and updating payment details is an inconvenience the consumer watchdog wants streamlined to stoke competition in the retail deposit market.

The Australian Competition and Consumer Commission (ACCC) said savers could be earning more money if it weren’t for barriers preventing bank customers from searching for a better deal.

AAP
AAP
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Australian Associated Press is an Australian news agency.
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