National Bank removes wide range of fees
The National Bank has announced across-the-board fee removals and reductions, as part of a wide-ranging fees review, benefiting customers by about $30 million a year.
Tuesday, October 13th 2009, 2:59PM
ANZ National chief executive Jenny Fagg said The National Bank had undertaken a broad fees review that went wider than just exception fees, to focus on feedback from personal customers on the fees they disliked the most.
"This has resulted in our decision to remove 11 fees, mainly in the area of self-service (phone, internet and mobile phone) banking, and to greatly reduce exception fees," Fagg said.
"We have always been committed to working closely with our customers and delivering a personal service that they value. That's one reason why The National Bank has not traditionally charged an "honour" fee.
"We also operate a one-day grace period, in addition to a $20 ‘buffer', before an unarranged overdraft fee applies. Likewise, before we impose exception fees, we generally take a wider view of a customer's banking relationship with us.
"We believe a reduced exception fee is the responsible thing to do to encourage customers to meet their payment obligations, and also to reflect bank costs," Fagg said.
The fee removals are:
- All fees to set up, amend, and make payments through phone and internet banking
- All fees to access mobile phone banking including text alerts
- All fees to access phone banking
The changes will take effect on 1 December 2009.
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