Why is it that ordinary average Australians battle to make ends meet while our four major banks made a profit of just under $30 billion for the 2020 financial year and some bank executives are paid over half a million dollars a month while many customers would not earn that in a year or decade? Profit reflects the amount above cost that bank customers are charged for banking services. Why are Australian banking customers charged so much over the cost of their banks providing the services? Why are small businesses charged almost double the interest rate on their loans that big business is? The quick answer is that (a) banks will make as much profit as their customers allow them to make and (b) big business negotiates very hard before accepting any service from anyone, but small family businesses and individual borrowers do not have the time or skills to do that. Since bank deregulation in the 1980’s, GBAC has provided borrowers and other bank customers assistance in getting the best possible service at the least possible cost from Australian banks. One borrower saved $300,000 in interest for his $200 fee to GBAC. Term depositors find they can earn an extra 0.5% by engaging a GBAC Banking Assistant. 0.5% p.a. on each $100,000 term deposit is worth $500 a year. On $1m it is worth $5,000 a year. Many borrowers under pressure to sell up and pay out a defaulting a bank loan, do not realise that the default has been deliberately engineered by the bank from the moment the loan was accepted by the borrower. Any skilled Banking Assistant could have identified that at the time the loan contract was signed. Bank customers should clearly recognise that whilst many banks are happy to help them, the aim of the bank is to earn maximum profit from dealing with them. A defaulting but continuing and well secured loan can earn the bank an extra 5% p.a. Some unsecured loans are charged close to 20% p.a. A lot of publicity is put into the free Financial Counsellor service, but it mainly helps borrowers meet the bank loan contract terms. Financial Counsellors to not seem keen or qualified to detect illegal or misleading conduct by the banks. In fact they run a joint charity with the banks and are partly funded by the banks. Another body to which bank customers are often referred is the Australian Financial Complaints Authority ( AFCA). It sounds like a government authority that would seek justice for bank customers. It is in fact no such thing! It is a statutory body comprising the very banks and money lenders, financial advisers, debt collectors and others in the finance industry about whom the customer is complaining. In our experience few bank customers receive justice from bank malpractice by going to AFCA. If you would like to see more money going into your pocket instead of into the pockets of the banks that are supposed to serve you, call on a Borrower’s or Banking Assistant from GBAC. They are serious about getting justice and compensation for customers, just as the Banking Royal Commission has identified as necessary.