NAB abolishes more fees
(15 October 2009 – Australia) National Australia Bank (NAB) has announced that it will be abolishing account service fees on a variety of accounts.
The bank’s move follows its decision earlier in the year to get rid of overdrawn account fees on NAB personal and transaction accounts.
Lisa Gray, group executive, NAB Personal Banking, said that the bank believes abolishing account service fees will benefit their business by making NAB even more competitive.
The annual revenue impact from the announcement is around $110 million.
To be discontinued will be current four and five dollar monthly account service fees, on NAB’s everyday personal transaction accounts and will come into effect from 22nd January, 2010.
The announcement will affect monthly account service fees for around 97 percent of all NAB personal transaction accounts.
The bank is also making changes to credit card fees, which will take effect on the 4th December, 2009.
NAB will abolish the $25 over limit fee on all credit cards; the bank will also reduce the late payment fees from $30 to $5 and will be introducing a free opt-in SMS payment reminder service.
Other bank fees to be discontinued are the three dollar branch withdrawal fee, one dollar cheque fee, six dollar monthly account service fee on its ‘Clear Banking’ accounts and discontinued fees for Passbook accounts and seven other transaction accounts.
The bank’s premium Gold Banking product will continue to have a monthly account fee.
Lisa Gray, group executive, NAB Personal Banking, said that the bank believes abolishing account service fees will benefit their business by making NAB even more competitive.
The annual revenue impact from the announcement is around $110 million.
To be discontinued will be current four and five dollar monthly account service fees, on NAB’s everyday personal transaction accounts and will come into effect from 22nd January, 2010.
The announcement will affect monthly account service fees for around 97 percent of all NAB personal transaction accounts.
The bank is also making changes to credit card fees, which will take effect on the 4th December, 2009.
NAB will abolish the $25 over limit fee on all credit cards; the bank will also reduce the late payment fees from $30 to $5 and will be introducing a free opt-in SMS payment reminder service.
Other bank fees to be discontinued are the three dollar branch withdrawal fee, one dollar cheque fee, six dollar monthly account service fee on its ‘Clear Banking’ accounts and discontinued fees for Passbook accounts and seven other transaction accounts.
The bank’s premium Gold Banking product will continue to have a monthly account fee.
Subscribe