Compare bank accounts in order to reduce fees

Thursday 03 May 2012

Article by Mozo

One thing that really gets on our nerves is the hidden fees that some companies attach to their bank accounts.

Nothing is more annoying than being forced to pay for services that you don't feel you are getting the most out of.

According to official figures, Australian households spent $1.2 billion on transaction charges in 2010 alone, News Limited reports.

Although this was down by $688 million in 2009, it is still clearly too much.

One way to escape from these ridiculous fees is to compare bank accounts online and see which ones do not carry such hefty charges.

Chief executive of the Australian Bankers' Association Steven Munchenberg said that people are finally speaking out against unfair costs. He also believes that many banks are now being forced to lower their rates in order to attract new customers.

"Banks are always offering new products and the trend is to lower-fee bank products," he was reported as saying.

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