Greens keen to see cap on savings account fees

Mozo

Friday 10 September 2010

The Greens have said the party is still keen for new laws that would place caps on savings account charges and ban $2 ATM fees.

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Such proposals have been included in a private member's bill put forward by Greens leader Bob Brown, who has gained a heightened position of power within the Labor administration following the federal election.

Speaking to StartupSmart, a Greens spokeswoman says: "There are a range of initiatives we are looking at and this is one we will continue to pursue."

"[But] there's a new [Parliament] sitting calendar so we can't put a timeline on it."

The Greens' planned reforms, if passed, could affect the rights and options of Aussies looking to compare savings accounts in search of the best providers. According to the party, basic bank accounts are an "essential service" that should be delivered at a "reasonable cost".

This should include offering every customer access to a teller, free ATMs at the customer's own bank and internet access, as well as a debit card with no ongoing fees.

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