The Senate will hold an inquiry into competition within the Australian banking sector following concerns the big players aren't playing fair.
Independent senator Nick Xenophon was backed by the opposition on Thursday in calling for the economics reference committee to examine competition within the industry.
Senator Xenophon believes consumers are being "ripped off" by exorbitant fees and charges and interest rate margins higher than anywhere else in the world.
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The inquiry will examine the products banks offer, their fees and charges and the current level of competition between bank and non-bank providers.
It will also look at whether regulation restricts competition and "the likely drivers of future change and innovation in the sector".
Senator Xenophon says "most people feel enough is enough".
"What Australians are paying in ATM fees is a disgrace," he told ABC Radio on Thursday.
"We're reaching a tipping point where we need to have some concrete solutions to bring about reforms."
ANZ celebrated its 175th anniversary by delivering a record $5.133 billion cash profit on Thursday.
The National Australia Bank (NAB) posted a $4.22 billion profit on Wednesday.
The Senate committee is scheduled to report back to parliament by March 31, 2011.
