Fed: Banks, ACCC clash over low-income accounts
Banks have traded blows with the consumer watchdog over the collapse of plans for astandard basic account for low-income customers.
Ten major banks last week decided to drop plans to collectively offer a basic accountafter their proposal was rejected by the Australian Competition and Consumer Commission.
The commission said the proposed account didn't go far enough and could reduce competition.
It's called on the banks to find other ways of helping low income customers.
Australian Bankers' Association spokesman DAVID BELL blames the commission for thedecision to drop the plans.
He;s told ABC radio the banks would have preferred the ACCC to approve the basic accountso their five million customers could have had a safety net in place.
AAP RTV dep/csd/sp/rcg/jmt
KEYWORD: BANKS (CANBERRA)
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