ACCC keeps heat on over bank fees

The Australian Competition and Consumer Commission (ACCC)says it is still pushing the banks to cut the cost of processing credit card transactions. ACCC chairmen Allan Fels says the cost of credit cards for consumers is already high through a combination of high interest rates, annual fees, merchants fees and other charges. But its the ‘interchange’ fees, charges for processing transactions between banks (eventually passed on to the consumer) that he wants to see come down.
Meanwhile, a Federal parliamentary enquiry into electronic and telephone bank fees has been postponed for at least two weeks.

Financial Review, 7/8/00