Commissioner Alan Kirkland
This opinion article was first published in The West Australian on 29 July 2025.
Living in a remote community with only one ATM, single mum Antoinette* couldn't even check her bank balance without paying a hefty fee.
However, when she tried to apply for a basic low-fee bank account, the process was anything but basic.
The Dalabon woman and her community worker undertook a three-hour round-trip to Katherine to open the account, only to be told they needed an appointment.
When they made the trip again two days later, they were told the bank could not set up that kind of account from the branch – only after they’d spent more than an hour filling out paperwork.
It took six months, several phone calls, and a complaint to ASIC’s Indigenous Outreach Program before Antoinette could finally access a low-fee account.
Antoinette’s story was one of the catalysts for a project which has now seen banks promise to refund more than $93 million to low-income Australians who were experiencing harm in high-fee accounts.
ASIC’s Better Banking for Indigenous Consumers project was built to close one gap but is now bridging many.
Around one million low-income Australians across the country are now being migrated to low-fee bank accounts, avoiding $50 million in yearly future fees. It is now also easier for more people at more banks to open a low-fee account.
The project was run by ASIC’s Indigenous Outreach Program (known as the IOP)– a specialist team that works across ASIC to drive better financial outcomes for Aboriginal and Torres Strait Islander peoples.
A key role of the IOP is to build and maintain strong relationships with financial counsellors and advocates, including those who work in regional and remote communities. This allows ASIC to hear about the issues impacting First Nations consumers and respond where we can.
As a longtime consumer advocate before joining ASIC, I’ve seen firsthand how ensuring the financial system is responsive and accessible for First Nations people can make it fairer for everyone.
For example, as a result of the Better Banking for Indigenous Consumers project, Derek* – a pensioner from Victoria – was refunded more than $1200 in bank fees, equivalent to his fortnightly aged pension.
Charlotte*, a jobseeker from Western Australia, will be refunded more than $5200 – equivalent to 13 weeks of JobSeeker payment – including more than $4,160 in accrued dishonour fees.
And Cassie*, a single parent from South Australia, will be refunded more than $2600 in overdraw fees – equivalent to around 110 hours of minimum-wage work.
Banking is an essential service for everyday life. But every dollar lost to unnecessary bank fees is one dollar less for essentials like food, fuel, or energy bills.
It’s particularly unfair that Australians in remote communities are being locked into these high-fee accounts by a postcode lottery, with city-centric requirements from some banks to apply for low-fee accounts in person.
At a time where bank branches are closing and most people have access to their money via the phone in their pocket, this simply does not pass the pub test.
Seven years after Antoinette’s story became public through the Financial Services Royal Commission, it’s heartening to see that banks have stopped passing the buck and are putting it back in people’s pockets.
At ASIC, we will continue to drive financial institutions to do better by their consumers – to move from red tape to real service.
If you’re concerned that you may be paying unnecessary fees, check your bank statement or ask your bank to explain their charges.
You can also talk to your bank about whether you are eligible for a low-fee account and make the switch.
With more refunds on the way, it’s good to see banks are starting to make things right with customers.
Money talks – and sometimes it says sorry.
*Names have been changed for privacy.