The government estimates that major banks and card providers netted a whopping $4 billion in the past year from Australians,all thanks to surcharges.
Six years after the royal commission,there are signs of a re-emergence of poor behaviour. At the very least this looks like conduct slippage.
The corporate watchdog says the bank wrongly charged customers including pensioners,full-time students,recently-arrived migrants,and people with a home loan package deal.
AMP is compensating customers after investment products were mislabelled on a digital platform used by its aligned advisers.
The watchdog claims bank charged a transaction fee 1.3 million times despite receiving advice that this may have been illegal.
ANZ Bank has agreed to settle a legal claim over a type of bank fee for $1.5 million,conceding a small win to an otherwise unsuccessful class action against the lender over its fees.
History shows that it takes very difficult reform,usually resisted by the industry,to get results.
National Australia Bank is scrapping 50 types of fees paid by its business customers,and could"radically"cut the number of fees charged across the bank.
Greens push for a trebling of the bank levy,saying it will help smaller firms compete against the big lenders
The Andrews government estimates it can save $125 million a year by reducing the number of accounts and paying fewer fees.
Mortgage Choice arranges billions of dollars of finance every year but insiders say it's a business built on financial distress.