Banks to help seniors avoid fees
A ruling from the consumer watchdog says customers must be informed about basic banking accounts.
Many older Australians and people on low incomes could soon find it easier to access cheaper everyday banking, following a decision by the Australian Competition and Consumer Commission (ACCC).
The ACCC has authorised banks that are members of the Australian Banking Association to continue working together under the Banking Code of Practice to provide basic, low-fee, and no-fee bank accounts for eligible customers. But this time, the authorisation comes with important new conditions.
The key change is that participating banks must do more than simply make these accounts available. They must also proactively identify existing customers who qualify for these cheaper accounts and move them across – unless the customer chooses to opt out.
This is an important shift. In the past, many customers had to know these accounts existed, ask the right questions, and sometimes navigate complicated processes to switch. The ACCC’s decision puts more responsibility on banks to ensure eligible customers are not left paying unnecessary fees.
For seniors, this could be especially relevant. People who hold a Pensioner Concession Card, Commonwealth Seniors Health Card, or Health Care Card may be eligible for a basic, low-fee, or no-fee account. These accounts can include no account-keeping fees, free domestic transactions, free direct debit facilities, and protections from some overdraft and dishonour fees.
The ACCC considered research from the Australian Securities and Investments Commission, which found that more than 150,000 low-income customers were still using higher-fee accounts even though they appeared to be eligible for cheaper alternatives.
These customers were charged about $6 million in fees over a 12-month period.
ACCC deputy chair, Mick Keogh, said the new conditions were designed to help more Australians access lower-cost banking products and avoid fees that can have a significant impact on people living on lower incomes.
While banks will now be expected to take a more active role, it is still worth checking your own account.
If you receive a pension, hold a concession card or are on a lower income, contact your bank and ask whether you are eligible for a basic, low-fee or no-fee account.
Related reading: ACCC
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