Did you realise that in 2012 the big four banks made a whopping $22.9 billion dollars in profit? One of the reasons for these massive profits was the hidden fees and commissions the banks charge regular Australians. Last year, these fees and commissions totaled approximately $14.8 billion dollars.
Many people don’t realise it, but as a bank customer, almost every single product you have has fees and commissions attached. Whether it’s your super, home loan or car insurance there are a range of fees and commissions attached and the good news is, you’re entitled to claim it back
According to YourShare’s Paul Brady: “What the banks don’t want you to know is that a percentage of your money goes into upfront fees and commissions that are paid to banks, brokers or agents. Unless you’re skilled in reading the fine print on your financial statements, most people wouldn’t even realise this is happening.”
Based on a typical Australian home loan of $360,000, 0.2 percent goes into fees and commissions – $720 per household, every year.
Most Australians are unaware of the financial products the big four banks offer through their subsidiary brands such as superannuation, personal insurance including life insurance, income protection and home and car insurance.
“With household bills increasing, the government regularly announcing new taxes and job insecurity, this extra cash can go a long way. It’s your money and it should be in your pocket,” said Mr Brady.
