Why we're paying banks too much
5:00AM Tuesday April 10, 2007
By Martha McKenzie-Minifie
New Zealand bank customers pay higher fees on personal accounts than those in the United Kingdom and Canada, according to a new study.
The Fujitsu Consulting study shows New Zealanders pay an average of $111 a year for transactions on day-to-day personal accounts.
But bank customers in the UK pay more than 10 per cent less at $98. Canadian banks also come out cheaper at $103.
Experts blame the lack of regulation on banking fees, but authorities say they have no plans to tighten the rules. Customers wanting to complain about high fees have few places to turn, with the Banking Ombudsman, Liz Brown, saying it is out of her control.
"Banking in New Zealand, while not highly regulated, is competitive."
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