Community
$40 was pretty steep.
I do point out that it could be a good strategy. After all we know that the non-bank competitors are lining up superior services and banks need to try and hang on to their customers.
The overdraft issue is one which money transfer and non-banks alone may not easily compete with. They can't offer an overdraft. At a $40 fee they could easily have offered loan shark payday rates and won customers from banks.
Some non-bank financial services providers will no doubt have the answer, but the OZ banks get a tick for thinking of it, unless of course it is for some other reason completely and they haven't realised the extra potential benefit.
Will the Brits follow. Of course but who first?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Nkahiseng Ralepeli VP of Product: Digital Assets at Absa Bank, CIB.
10 March
Nicholas Holt Head of Solutions and Delivery, Europe at Marqeta
07 March
Ivan Nevzorov Head of Fintech Department at SBSB FinTech Lawyers
Kate Leaman Chief Analyst at AvaTrade
06 March
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.