ACCC rejects basic bank account agreement proposal -- Does not go far enough.

0 Comments | M2 Presswire, December, 2002

M2 PRESSWIRE-16 December 2002-ACCC: ACCC rejects basic bank account agreement proposal -- Does not go far enough(C)1994-2002 M2 COMMUNICATIONS LTD RDATE:12162002 The Australian Competition and Consumer Commission announced today that it proposes to deny authorisation* to a proposed arrangement by 10 member banks** of the Australian Bankers Association to collectively agree to offer a basic bank account with agreed minimum features as the proposal does not expand consumers' choice.

"The ACCC strongly supports the need for improvements in the current level of banking services available to low-income consumers", ACCC Chairman, Professor Allan Fels, said today. However, the majority of basic banking products available already provide a higher number of...