Bank fees on the rise: Australian households and businesses forked out $11.64 billion in bank fees last year

Australian households and businesses forked out $11.64 billion in bank fees last year, equivalent to about three-quarters of a percentage point of gross national product.

Households' share of the total - $4.14 billion - was 2.3 per cent higher than in 2012, the Reserve Bank’s annual report on bank fees said. This increase, which reversed several years of decline, was driven by growth in fee income from credit cards and personal loans.

Credit card charges, the biggest source of bank fees from households, rose by 4.1 per cent to $1.36 billion.
READ MORE: http://www.smh.com.au/business/banking-and-finance/bank-fees-on-the-rise...