fair and reasonable fees
bankmecu charges transaction fees on the basis of the costs a member generates by their transaction behaviour; it ensures a fee-free banking option remains available, and it rewards customers for their support. The fee model also complies with Reserve Bank of Australia (RBA) expectations of clear cost-related pricing of respective payment channels to facilitate consumer choice.
During 2010/11, the costs of providing payment access services totalled $6,565,953. The total transaction fees paid by customers to cover these costs was $5,460,157, representing a subsidy to users of payment services of $1,105,796.
Each year, bankmecu employs an independent Financial Services Research Group, Canstar Cannex, to determine how much customers save in total by choosing to bank with bankmecu. The Canstar Cannex figure assessed the competitive total benefit to customers delivered in transaction fee benefits to be $1,742,709.
It calculated the total benefit delivered to customers in lending fee benefits to be $4,403,292.
Annually, bankmecu conducts an assessment to ensure its fees charged for any debt default work and related credit or other services (e.g. transaction fee for exceeding available funds) represent cost recovery for the service provided or the work caused.