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Why did the ABA conduct a review of basic bank accounts?

The Australian Bankers' Association (ABA) was told by consumer advocates that basic bank accounts available to disadvantaged and low-income customers do not always provide the features customers need to conduct their banking transactions and that information about these accounts can be hard for customers to find, or customers may not be aware that they may be eligible for one of these accounts.

In 2012, the ABA conducted a review of basic bank accounts offered by banks, building on the views expressed by the consumer advocates about these accounts, and found there are some commonly-recognised account features of a basic bank account.

The ABA’s Basic Bank Account Information Paper was prepared in response to community concerns that there is a lack of clarity and awareness around typical account features and eligibility criteria of basic bank accounts. To read the paper, click here (PDF 224.6KB).