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Banks must be reined in: Brown

Australian Greens Leader Bob Brown said that the record $6.1 billion profit posted by the Commonwealth Bank yesterday showed that better regulations were needed for the banking sector.

"The average Australian pays around $1000 in bank fees every year," said Senator Brown.

"That is too much.

"The Greens Fairer Banking Bill outlines a range of measures to protect consumers from excessive profiteering by the big banks.

"To start with, we would ban $2 bank ATM fees, which penalise poorer people the most.

"For a pensioner withdrawing $20, a $2 fee is a 10% tax.

The Greens Fairer Banking Bill includes:

  • A ban on $2 ATM fees 
  • Compulsory Basic Bank Accounts 
  • Fair Price Mortgages that provide a fixed gap between what banks pay for their money and the interest rate they charge mortgage holders. 
  • Up-front Notification of Exit Fees and capped exit fees on loans to small business at the cost to the lender of the early termination
  • Support for the introduction of portable bank accounts for small businesses to promote competition

You can read more about the Greens Fairer Banking policy here

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