Which fees should be disclosed as a part of the Get Account Details API?
Certain products and accounts have ongoing monthly or annual fees. There may be future fees that apply to the account at some stage, for example, a fee for discharging a loan.
Other fees are event based, and occur only if a certain scenario or type of transaction occurred, for example a fee for a dishonoured direct debit.
Which should be disclosed: ongoing, future, event based or historical?
Fees are not stored in our core banking system. They are calculated at a point in time and once applied, available as part of the transaction history for the account. Currently, account fees are available to our customers only via the transaction list for the account, or via the account statement.
All of the fee categories you have raised should be communicated via the Account Details schema if they are related to the account. This includes event and process related fees if they are related to the account.
Fees that are charged for generic processes that are unrelated to the account do not need to be included. An example is a fee for an assessment by a financial planner. Account related fees such as fees for paper statements, early exit, redraw fees, transaction fees, and so on, are intended to be included.
It is understood that the details of these fees are not usually captured in core banking systems.