If you want to know how your spending levels compare to the average Australian, you now have the answer.
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Australia's 'Big Four' banks have decided to remove the cash withdrawal fee for using their ATMs. This means you will no longer be charged $2 for using a CBA, Westpac, ANZ or NAB ATM with your card, regardless of who you bank with. Or to put it another way, the banks are rorting us slightly less than before.
Banks such as Westpac, NAB, ANZ, and Commonwealth have employed deliberate delaying tactics to arbitrarily make the process of cancelling a credit card more difficult. Australian banks are yet to meaningfully respond to an industry-led report that found there is a serious need for reform in how credit cards are handled, and as we move closer to a cashless society, it's becoming more and more important.
This week, Australia's four major banks were forced to explain why they are raking in billions of dollars in profit at the expense of consumers to a parliament hearing. They were also grilled about a string of banking scandals in recent years. Here's a summary of what the Commonwealth Bank, ANZ Bank, NAB and Westpac had to say for themselves.
Android Pay's debut in Australia has been in the works for months and if rumours are to be believed, the service could begin trials as early as this week. Somewhat surprisingly however, just one of the big four will be involved in the launch.
User documentation is an unsexy task we often try and dodge, but it can make an enormous difference. National Australia Bank (NAB) found that improving and consolidating its documentation for frontline bank workers cut duplication by 40 per cent and meant it could shut down an entire internal call centre.
Banks have generally fallen over themselves to release iOS apps, but have taken longer to find some Android love. Now NAB has followed St George to the Android party.