Business banking fees revealed

By Mozo ·

The last few years have been difficult for company owners to say the least and many have been forced to access credit in order to stay afloat.

Business loans are crucial if firms want to successfully expand, but it does mean taking on a lot of extra debt.

Plenty of enterprises are blighted by the huge fees attached to their loans, but thankfully these appear to be rising at a more subdued rate.

The Australian Bankers' Association (ABA) has revealed that revenue from business banking transaction charges grew by 5.5 per cent last year.

While this is clearly worrying, it is a far more palatable figure than those reported in recent years.

In 2009 and 2010, some lenders hiked their loan fees by as much as 20 per cent, but this has since fallen considerably.

The ABA study also found the country's two million small businesses have borne the brunt of the fees.

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