ANZ figures out its fees
(18 September 2009 – Australia) Over six weeks after NAB led the market in announcing cuts to exception fees, ANZ has now announced an overhaul of its fee structure in order to achieve fee transparency for customers.
When NAB announced at the end of July that it would scrap the $30 overdrawn account fee on personal transaction and savings accounts, Westpac and CBA followed within a couple of weeks with their own fee reductions, while ANZ declared that it wanted to better understanding of its fee structure to create much needed transparency.
After an extensive review, ANZ has announced that it would reduce or eliminate exception fees on personal accounts and establish a simpler fee structure by abolishing 27 fees on personal accounts.
ANZ has taken a slightly different tact, as all banks have done, in cutting its overdrawn fees. ANZ will eliminate overdrawn fees where the overdrawn amount is less than $50, while the fee otherwise is reduced from $35 to $6.
ANZ acting chief executive officer, Australia, Graham Hodges said that the change will benefit the bank’s customers by around $140 million each year.
Dishonour, over limit and late credit card payment fees will all be reduced to varying amounts, while government-benefit-recipient customers will see all fees abolished.
The bank said that it will, among a range of additions that will help customers avoid fees, introduce ATM alerts that notify customers if they are about to overdraw their account.
A slight catch to the fee reduction is that the account service fees on two accounts will actually increase. For Access Advantage, the fee will be increased by $1 a month from $5 to $6 and for Access Select from $2 to $3 a month.
After an extensive review, ANZ has announced that it would reduce or eliminate exception fees on personal accounts and establish a simpler fee structure by abolishing 27 fees on personal accounts.
ANZ has taken a slightly different tact, as all banks have done, in cutting its overdrawn fees. ANZ will eliminate overdrawn fees where the overdrawn amount is less than $50, while the fee otherwise is reduced from $35 to $6.
ANZ acting chief executive officer, Australia, Graham Hodges said that the change will benefit the bank’s customers by around $140 million each year.
Dishonour, over limit and late credit card payment fees will all be reduced to varying amounts, while government-benefit-recipient customers will see all fees abolished.
The bank said that it will, among a range of additions that will help customers avoid fees, introduce ATM alerts that notify customers if they are about to overdraw their account.
A slight catch to the fee reduction is that the account service fees on two accounts will actually increase. For Access Advantage, the fee will be increased by $1 a month from $5 to $6 and for Access Select from $2 to $3 a month.
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