Late bank charges set to be banned

Bank charges deemed unfair, such as late fees, may soon be a thing of the past under the new Australian Consumer Law, it has been reported.

According to the Courier-Mail, assistant treasurer Chris Bowen said today (February 17th) that the new laws would be fast tracked in order to protect Aussies from banks saddling them with “unreasonable costs”.

“The new Australian Consumer Law will allow consumers and the consumer watchdog to take action against contract terms that cause detriment or a substantial likelihood of detriment to consumers,” he explained.

This may be welcome news to those with credit cards as currently Aussies can face a charge of up to $35 for late credit card payments, $30 for exceeding the limit of their plastic card and $38 for overdrawn bank accounts.

Meanwhile, minutes published today of the Reserve Bank’s last meeting to discuss interest rates suggests that it may cut rates again in March, the Australian Associated Press states.

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