16 Jul 2022

What are some examples of bank fees?

Line Fee Interest

It is not possible to escape all bank fees, however, understanding your bank’s fees can give you a better idea of where the money is going and how the institutions are using the funds. For instance, did you know that Australians with bank accounts spend about $876 each year on bank fees? This adds up to approximately $73 a month.

A strong example of a bank fee in an Australian bank is the annual fee. Once a year, an annual fee is charged to a bank account for remaining active. There is no one amount since it varies from banking institute to banking institute.

Another common example of a bank fee is fees when a person opens and closes their bank accounts. To open a bank account and continue maintaining the account, even without use, applicants have to pay a one-time application fee. The fee is usually a small percentage and some banks have the power to waive the fee.

Just like there are bank fees to open an account, when you close an account, you also have to pay a closing fee to the bank. 

Bank Fee Examples Conclusion

Mortgage House is a non-bank lender that offers loans at competitive interest rates as listed on our website. The interest rates are upgraded as they change throughout the year. If you are interested in a non-bank lender that offers low and upfront fees, give our experienced lenders a call!

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