New website to assist low income earners with bank fees.
The Australian Bankers Association (ABA) has today launched Affordable Banking, to assist low income earners in finding better bank accounts deals.
According to the ABA, low-income Australians unnecessarily pay around $163 million a year in fees on their bank accounts. The new Affordable Banking website is the ABA's effort to assist disadvantaged and low-income earners find basic bank accounts that do not charge many of the standard fees that can be found on other bank accounts.
"Even though banks offer these things they're very hard for people to find them and people who need them the most are least likely to be aware of them," said ABA chief executive Steven Munchenburg.
"If they are looking for ways to reduce their general cost of living it's best to check out what is on offer and talk to your bank about what is best for you," Mr Munchenburg said.
The website will assist those are who eligible to find basic bank accounts that are free of charges from the likes of account keeping fees, free monthly statements, no minimum deposit amounts and can receive their government benefit payment into.
It's not just low-income earners who may be paying more than they need to their banks. Australians can compare credit cards, savings accounts and everyday transaction accounts to find a better deal on Mozo.
Have a question about bank accounts? Ask the gurus on Mozo Answers.