Australian Banks
Australian Banks make obscene profits from the Australian Public. They have continued to charge unjust fee’s. Extend credit to high risk customers. Withhold interest rate drops. Increase interest rates above the Reserve Bank. etc etc
Unjust Fee's
Recently the Australian banks have decided to drop their totally unjust overdrawal fee’s. The haven’t totally dropped the fee. Just reduced it to a much more reasonable level.
30 years without change
After 30 years, finally a step in the right direction.
Transaction Records
Now if we can get the same response to ALL THE OTHER UNJUST FEE's.
Like how much they charge you for an old transaction record.
Regaining Public Trust
The banks have a long way to go before they regain the public trust.
(I dont't think they ever will)
Self Regulation
The problem lies in the fact that the banks are a self regulated industry. As a result they answer to no one.
Industry Ombudsman
No matter how bad the banks have acted. The Bank Industry Ombudsman rarely bites the hand that feeds it.
Unfortunately, the Banking Industry Ombudsman is typical of other self regulated industry Ombudsmen.
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Government Intervention
The whole problem with the banks could be solved with an Australian Government Ombudsman to replace the Banking Industry Ombudsman.
Transparency
No longer would they be able to hide. Finally the depth of the problem could be addressed.
Until that happens, all Australians will be at the mercy of the banks.
