Banks yet to meet social responsibility expectations

Finsec General Secretary Andrew Casidy said that there were expectations following last week’s Jobs Summit that banks would start doing more to act in the interests of small business and protecting jobs.
“The summit provided an opportunity for employers, business and workers to come up with strategies to keep Kiwis in jobs. Banks have an important role in that process.”
However, there are some signs that banks have yet to fully grasp that social responsibility. This week, Westpac increased fees for Visa and Mastercard transactions, following a similar move by ANZ and National earlier this year. Small business leaders have expressed anger at the increase, which the NBR says will see the big banks take in nearly $50 million in extra fees if they all increase their rates.

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