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Endeavour Mutual Bank joins campaign
to fight Australia Post’s unfair pricing policy

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Endeavour Mutual Bank has become one of many mutual banks that has been asked agree to an unfair pricing policy by Australia Post for customers to access Bank@Post.

Despite Australia Post CEO Christine Holgate publicly ruling out applying a Community Representation Fee (CRF) to smaller banking institutions in front of a Senate Estimates Committee in October, Endeavour Mutual Bank has been pressured to agree to significant new costs.

Customer owned banking institutions were initially given a handful of weeks to make a decision, however Australia Post has decided to provide a time extension. The extension is a welcome concession after the ‘Big Four’ banks received nine months to review and consider three different pricing proposals.

Under Australia Post’s proposal, customer owned banks will be forced to pay a substantial annual fee on top of increased transaction costs or their customers will no longer be able to use Bank@Post to do their banking.

Australia Post has previously claimed the CRF is necessary to subsidise the loss-making Bank@Post service and make new infrastructure investments. The investments are said to be needed as a result of the increase in volumes of cash post offices are handling as bank branches close.

The CRF is so significant and disproportionate that for Endeavour, Australia Post are asking for 1.13% per cent of annual profit. This is compared to approximately 0.30 per cent for the ‘Big Four’ banks.

Customers of Endeavour Mutual Bank and other customer owned banks are being urged to write to Australia Post CEO Christine Holgate and Communications Minister Mitch Fifield to demand that the CRF fee isn’t applied to smaller banking institutions. Customers can do this by visiting: www.fairbankingaustralia.com.au

The campaign asks the Government to intervene and demand Australia Post doesn’t charge fees that are disproportionate to the volume of transactions generated by each banking institution.

Endeavour CEO Mark Worthington said that “Endeavour Mutual Bank is happy to pay its fair share for a service, but should not be forced to cover costs created by the ‘Big Four’ banks. We’re urging the Government to listen to our members and the millions of others customers of mutual banks, credit unions and building societies to ensure we’re only paying our fair share.”