ASIC has released a report on
disclosure of transaction fees by banks, building societies and credit
unions.
The report, Good transaction fee disclosure – An ASIC report, follows the release of ASIC’s Guide
to Good Transaction Fee Disclosure for Bank, Building Society and
Credit Union Deposit and Payments Products (Transaction Accounts) issued in June 2002.
The ASIC guide sets out principles of good
disclosure for the five key areas where ASIC believes transaction fee
disclosure is particularly important. These are:
- when a consumer is selecting a product or product provider;
- when changes are made to the level of fees or to the details around when, why or how they are charged;
- when a statement is received;
- when a consumer is actively seeking information; and
- immediately prior to making a transaction.
The ASIC report reveals that improvements have been made to the information on fees in statements to consumers.
It also notes that the circumstances when dishonour fees are payable need better disclosure.
