Where’s Our Money?

The Beagle Editor, Where’s Our Money?

Good news indeed that the major banks have removed the $2 transaction fee for using ATM’s to access other banks’ accounts and some experts have estimated that this fee reduction will “cost” the banks around $500,000,000 per annum.

Contrary to reports suggesting that this magnanimous and responsible decision should go towards removing the calls for an enquiry or Royal Commission into the banking industry, it should accent the pressing need for such enquiries and hopefully some appropriate regulatory actions that would follow.

The relevant reasons for wanting a proper look at the banking industry after this change of policy seemingly across the board, are:

· Firstly the speed that banks so quickly decided to give away such large sums within hours (on a weekend to boot!) of the Commonwealth’s announcement could possibly show that there was some prior understanding – not collusion! No! No! – just some pre-arrangements, eh?

· Secondly, the very size of the accumulated fees and the banks’ ability to give it all away so readily, shows how much the customers might have been taken to the cleaners in the past. If this change of policy has amounted to half a billion dollars’ worth of benefit back to customers, what else is being stashed away?

Bring on the review!

Jeff de Jager