AUSTRALIAN bank fees are higher and more complex than their...

  1. 97 Posts.
    AUSTRALIAN bank fees are higher and more complex than their European counterparts, the new chief of ING Direct Australia, Eric Drok, said, after he unveiled a 35 per cent jump in annual profit to $122.4 million.

    ING Direct is a branchless bank offering savings accounts paying high interest rates, accessed via the internet, and cheap mortgages.

    Mr Drok, a Netherlands native who relocated to Australia two months ago to take the top local spot in ING Direct's growing global franchise, criticised Australia's major banks for over-complexity and lack of transparency in fee-setting.
 
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