Hooray someone has finally got it right!
ING has finally got it right by giving millions of Australians access to completely free banking following the launch of the country's first fee free transaction account.
The inception of this new "Orange Everyday" account from ING Direct will cover the fees for using rival banks' ATM's giving customers free access to every cash machine in Australia.
There are no overdraft fees, no exception fees - even if you breach your account's limits and best of all no monthly account fees.
Some experts have predicted that this account could revolutionise banking in Australia and may force the big four banks to follow suit.
Christopher Zinn of Choice, the consumer group maintains that this will put enormous pressure on the other banks and could force charges down across the board.
ING Direct which already has 1.25 million Australian customers in their home loan and savings accounts said the new offering showed how badly Australian bank customers have been ripped off, and insists that it is not necessary to charge fees to make a profit.
It is about time somebody offered a regular bank account without fees in Australia.
// Aug 12, 2009
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Damon Rasheed is the CEO of Rate Detective, one of Australia's leading financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses. Since Damon founded Rate Detective in 2007, the company has grown to be in the top 3 insurance companies in Australia.
