Banks send customers to keyboard
Banking industry monitor Cannex Australia says Australian banks are preparing a renewed electronic banking campaign to lure customers away from branches. The method is likely to be an attack on over-the-counter transactions, via higher fees and charges. Electronic transactions are likely to be protected, as the banks continue to encourage customers away from bank branches and their high-cost person-to-person services. The Colonial State Bank has indicated it wants full cost-recovery on deposit accounts, and all other major banks are also expected to raise transaction fees. The full round of increases should be announced in the next few weeks. Australia’s five largest banks reeled in $6.32bn in fees and charges in the last profit season.
