Local News

Local Low-income Customers Benefit from New Bank Rules

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Local residents and businesses will be given greater protections under a new banking code of practice with news rules benefiting low-income customers. 

Among the new rules, banks will no longer offer unsolicited credit card limit increases or charge fees for financial advice when no service is provided.

Banks must also offer low-fee or no-fee accounts to low-income customers, as well as simpler and fairer loan contracts for small businesses.

CEO of the Australian Banking Association, Anna Bligh, believes the new code will deliver a better deal and services to local customers.