June 24, 2015
Labor and the Greens are set to ask the Senate to set up an inquiry relating to drawing funds from other Bank's ATM. At the moment you may be charged up to $2.50 for withdawing funds from the non-bank denominated machine or Bank ATM's where you don't hold your account. According to an article published by Malcom Farr at news.com.au, Australian are paying $630m for this service.
Additonally, Labor has asked for credit card interest rates to be included in an inquiry. Some credit cards are still at 19.75% even though the Reserve Bank cash rate is at 2%.
There are way around consumers not paying fees or interest on credit cards. One way to get around these fees, is to find a lender who offer free other bank ATM use or take out a debit card to avoid paying any interest at all. If you want to find out more, call me on 0437 330 858.