Defaqto: Bank charges 'inevitable and fair'

09 May 2006
Consumer advice group Defaqto has said that bank charges may not always be a popular aspect of banking but are sometimes a necessary part of the process.

The group does argue that fees can be too high on occasion and customers of the relevant banks suffer from a lack of information on how and when the charges are incurred.

"Not many people are aware of the delinquent fees their bank charges them for," says David Black, head of banking for Defaqto.

"Sometimes banks charge more than they should do but some charging is inevitable and fair," he continued.

Mr Black added that his company, along with MoneyExpert, were compiling consumer guides to help people understand the reasons that banks give for charging, when customers would be charged and how much each indiscretion would cost.

He said the guides would inform consumers as well as allow them to make a choice between different accounts based on the published charges that could be applied in each case.

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