Banks Knockback On Demands To Cut Fees/Profits
SMH has reported that the Banks have hit back at the reports and claims that their fees and increasing profits are unjust. They state that it has been justified in shielding the nations economy from the effects of the Global Financial Crisis. On the other side though, organisation Australian Institute claims that the Banks are simply cashing in on exposed customers who are limited in their alternatives. Their reports show that the majors now have a 90% stranglehold over the financial system in Australia, while back in 1983 it was only around 50%. Of the posted combined $35 Billion in profits, $20 Billion was the transactional and payments systems profits.
Simon Reibelt from Oasis Home Loans Northern Beaches stated that if customers were unhappy with their current major lender, then the expanding economy and softening of funding would allow customers took look elsewhere for a more competitive package and better service.