Second Reading Speeches

Banking Amendment (Delivering Essential Financial Services for the Community) Bill 2010

Type
Private
Sponsor(s)
BROWN, Sen Bob
Originating house
Senate
Status
Not Proceeding
Parliament no
42

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Summary

Amends the

Banking Act 1959
to: require banks to offer basic transaction accounts and to limit other fees to cost recovery; provide that transactions at a bank’s own-branded ATMs are free of charge; cap charges for the use of a bank’s ATMs by customers of another authorised deposit-taking institution (ADI); require ADIs to offer a fixed interest gap mortgage; cap mortgage exit fees at cost recovery; and require uniform identification of exit fees in advertising and mortgage contracts.