Transaction fees on your accounts

Take advantage of how some banks, building societies, and credit unions are now disclosing their fees on transactions such as ATM, phone banking, over the counter withdrawal, B Pay, internet banking, direct debit, EFTPOS and cheque deposit. Selecting the right deposit and payment accounts for yourself or changing the way you deposit, withdraw or transfer money may save you money.

These changes follow work ASIC has been doing with banks, credit unions and building societies. Some institutions have already introduced some of these changes, others will probably follow suit. If your institution doesn't do a good job telling you about the fees you pay, tell them that you are not happy and that you want better information about the cost of your banking.

More about ATM fees

How much are you paying in fees?

Not sure?

Many people don't fully understand the fees that currently apply to their deposit and payments accounts. Because of this they may not be choosing the best accounts and conducting their financial affairs to keep fees down.

When should you find out what fees you'll be paying?

Here are FIDO's tips for the five times when it's particularly important to find out what fees you'll be paying:

1	When you choose an account or institution Check the fees carefully so you don't get locked into an unsuitable account. Changing later can take up a lot of time.
2	When the level of fees changes or when, why and how fees are charged When you get a letter about fee changes, read it carefully and consider exactly what has changed. Then think about the impact these changes will have on the way you prefer to deposit and pay money.
3	When you get a statement Use your statement to see what fees you've been charged and whether you should change your habits or account. A good fees statement will list each type of transaction you made. The statement should also list the number of each type of transaction and the cost for each type of transaction.
4	When you are actively looking for information about transaction services and fees The better institutions will tell you about fees so you can decide if they are relevant to the choices you are thinking about making.
5	Just before making an ATM transaction If you are going to be charged for a balance inquiry or withdrawal you will be told how much this will cost just before you make the transaction (from March 2009). It’s up to you whether you want to accept the fee and continue with the transaction.

More information

More information about owning a deposit account with a bank, credit union or building society
ASIC guide for banks, credit unions and building societies
ASIC has released a report that promotes giving improved information about fees for transaction accounts. Read the media release about the report | Good fee disclosure report

FIDO Website: Printed 02/10/2010