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Banks are hauling in $34million a DAY in fees from Australians paying hidden costs for credit cards to home loans
- Australians paid a record breaking amount in bank fees in the past year
- Banks gained $12.5billion worth of fees - $425million more than 2014
- Home and personal loans and credit card charges are big proponents
By BRIANNE TOLJ FOR DAILY MAIL AUSTRALIA
ATM withdrawals, late payment penalties and credit card fees are funnelling $34million a day into banks.
Australian customers are paying record amounts in banking fees, relinquishing $12.5billion in the past year - $425million more than 2014, according to The Daily Telegraph.
Businesses make up $8.1billion in fees while households are handing over about $4.3billion, the Reserve Bank of Australia has calculated.
An increase in annual credit card fees, home and personal loans, overdrafts and late penalties are responsible for the rising payments.
Credit cards – the largest source of banking fees – are charging some Australians around $700 a year, according to Finder.com.au.
Some may offer no fees but can get customers with high interest rates if they only pay their minimum amount due.
Personal loan and home loan fees each increased by 2.7 percent this past year, funding banks $376million and $1.25billion, respectively
Australian Bankers' Association's chief executive officer Steven Munchenberg told the Daily Telegraph the fees are funnelled back into the community to shareholders or go toward corporate tax.
Tom Godfrey, a spokesman for consumer advocacy group Choice, said Australians shouldn't have to pay excessive amounts to do their banking.
'It's staggering to think that last year the average household paid $468 in bank fees with credit card fees rising the fastest, up from 5.9 per cent in 2014 to 6.6 per cent in 2015,' he said.
'Credit card are already too toxic for too many Australians with one in five living on them to get through to payday and sky-high interest rates are out of step with the rest of the lending market.'