Banks raked in nearly $1 billion from jamming customers last year
Some of your hard-earned, currently on permanent loan to a bank near you ©
A sense of scale for how much we’re all being jammed by the banks: The Australian has reported that households paid $961 million last year in “exception fees.” Yes, that’s almost $1 billion! (By the way, that billion dollars doesn’t include regular fees such as for account-keeping – the total figure for all fees is $11.6 billion.)
No wonder we can’t feel sorry for the banks every time they say they can’t pass on interest rate cuts because of an ‘increasingly competitive market.’
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Banks make up a large portion
Banks make up a large portion of the Australian stock market. No other economy has so many banks sitting at the top of the register by market cap. Australians also have a lot of super which is invested in these banks. It stuck me the other day that outrage at the banks ripping people off will be ameliorated by the fact that great profits leads to good bottom lines for the super plans. Australians have been co-opted! Through compulsory super we are all owners of these institutions.
The solution is probably to buy bank stock and to have your accounts at other institutions where you'll get a better deal, such as credit unions and the like.
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