Australian banks ‘sucking’ New Zealand’s wealth, expert claims | Newshub

‘Sucking’ New Zealand’s wealth

Mr Stubbs said it’s time Kiwis became more aware of the money they’re handing over to Australian banks. He said that would be bad news for them, because once people find out what they’re paying, they might switch to another cheaper option, which could force prices down.

“Do you know what you paid your bank last year in fees? Nobody knows, right?” said Mr Stubbs. “It’s interesting, isn’t it? Because you know what you pay for power – you get that in a bill every month – but you don’t get that from your bank.”

He said banks could send their customers a bill each month, showing them exactly what they’ve been charged, but choose not to. “Ignorance and apathy are the friends of the banking system because they get to charge you a little bit more without you knowing.”

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Australian banks ‘sucking’ New Zealand’s wealth, expert claims | Newshub.