Custom-owned banks, building societies and credit unions could soon have access to billions of dollars in extra funding, following Wednesday’s announcement from Treasurer Scott Morrison that the Federal Government will wholly support the recommendations of the Hammond Review.
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The long-awaited arrival of instant payments for Australian banking customers is edging ever closer, with the Commonwealth Bank, NAB and Westpac today announcing a collaborative instant payment app called Beem.
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Forgot your wallet? And your phone? Nevermind, Westpac customers can now make contactless payments via their watch, wristband or fitness tracker thanks to some nifty new tech.
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Ever wanted to own your own slice of a lucrative Aussie banking business? Well here is your chance. In a bid to become Australia’s first ever neobank, Xinja have launched a round of retail crowdfunding which will allow the everyday Aussie to become a groundfloor investor for as little as $1000.
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Picture this: you’ve finally decided to do an overdue wallet cleanout - there’s a few maccas receipts, business cards from places you don’t recognise, scatterings of 5 cent pieces, which would be better off in your bank account, and an expired gift card to your favourite store.
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Westpac customers, rejoice! The big four bank has announced plans to scrap the transaction limits on your personal bank account, slash your account keeping fees and have hinted at a potential partnership with digital payments platform, Apple Pay.
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The nervous wait between transferring your money to a mate and them actually getting it will soon be a thing of the past for Aussie banking consumers thanks to the imminent arrival of instant funds transfers early next year.
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NAB customers with a nerdy streak will relish the news that you can now make general enquiries across a range of banking products via its recently launched ‘Talk to NAB’ app.
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The big banks (and some smaller ones) may have recently made ATM fees a thing of the past for Aussie spenders, but don't be too quick to celebrate. We're still shelling out hundreds in bank fees every year - in fact, the average Aussie household paid $477 in bank fees last year according to the RBA.
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A weekend blitz from the big four banks may have just opened up the way Australians bank, with the Commonwealth Bank, ANZ, Westpac and NAB all announcing that they will cease charging $2 ATM fees for withdrawals from customers of rival banks.
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