April 09, 2014
And That’s How Women Banks Work.
This week I came across this image on the Internet just after reading an article about Australia’s banks. It seemed to summarise perfectly the relationship between some banks and their customers.
In previous times banks were notorious for their hidden service fees and charges, application fees, exit fees and break costs, while record annual profits left consumers shaking their heads.
According to recent reports however, lenders’ fees and charges have actually decreased of late. In fact the Australian Bankers’ Association (ABA) - which analyses the data on fees for banks’ services - claims that for the third year in a row, households are paying less in bank fees and that a fall of 0.3% in the last year is now saving Aussie families $13 million.
The loving keeps coming our way when we consider that Australian bank profits have made strong gains in recent times and are expected to continue to climb moderately over the next several years, resulting in continued increases in dividend returns to shareholders.
But some of us are still feeling the punch.
If, for example, you’re a member of the Australian expat community sending money back home, you’re likely to be losing over $13million every year in ‘hidden and unfair’ bank fees. This estimation comes according to a study by online money transfer site Transferwise, who based its statistics on an analysis of World Bank research into over £300bn of remittance money sent home by migrants living in the UK.
While the banks aren’t there to hug you over this loss, Mortgage Choice at Sutherland is.
Our very own financial advisor, Ciaran Davis is an expert in UK superannuation; pension transfers and the UK pension system. In addition to his impressive Australian qualifications he is a Chartered Financial Planner with over 17 years of International experience, making him the first port of call for our clients with finances on both sides of the world. He’s always happy to answer your questions.
And that’s how Mortgage Choice at Sutherland works!