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Posts Tagged ‘banks’

Banks making billions from inflated penalty charges

dollar-stack cashBanks are gouging profit margins of “thousands of per cent” on penalty fees for exceeding credit limits or making late repayments. In the wake of a Reserve Bank report which showed banks raked in almost $1.2 billion in penalty fees last year, confidential analysis by two major banks, obtained by The Sunday Telegraph, has revealed for the first time the true cost to the banks of penalty-fee transactions. It is a fraction of the charge the customer pays, sometimes as low as just a few cents. Full Story : News.com.au….

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World’s biggest banks to meet in London: report

Chief executives of leading banks from Japan, Europe and the United States will meet in London to discuss regulation of the financial sector, according to a report. The British government will host the talks on March 24, ahead of an April summit of Group of 20 leaders, the Nikkei economic daily said, without naming sources. Full Story : Yahoonews.com

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