A $22.50 processing fee has been applied to each question answered during the parliamentary inquiry into banks, it was revealed today.
The government – which only discovered the fee today – has racked up a debt of $695,000 in the three days of the inquiry so far.
A spokesperson for the banking sector said the fee was in line with current banking practices and represented a fair price for customers.
“We’re working hard to keep fees for our customers to a minimum. That’s why we’ve reduced our question-answering fee from $50 to just $22.50 this year. It’s our way of saying ‘thanks’ for banking with us,” the spokesperson said.
He added that a 37.85% interest rate would be applied to the $695,000 outstanding amount, calculated hourly.