From 2005 Consumer Action, later joined by Choice, campaigned tirelessly for the major banks to remove or reduce their outrageous and skyrocketing penalty fees – fees as much as $50 applied just for going over your credit card limit by a few dollars or being a day late with a credit card payment.
The Fair Fees campaign helped individual consumers reclaim their unfair fees but more importantly it worked to have banks eliminate or slash the fees. And it was a huge success.
In 20o9 first the NAB and then other banks massively reduced and in some cases removed these grossly unfair fees in the face of mounting community pressure and the threat of legal action.
Today the Reserve Bank’s Annual report on bank fees reveals that consumers have saved a minimum of $112 million in the last year as a result! And likely they will keep on saving that amount in each year to come.
Well done to CFA members Choice and CALC.