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Article: NATIONAL AUSTRALIA BANK CUTS PENALTY FEES.
- Article from:
- AsiaPulse News
- Article date:
- September 4, 2007
CopyrightCOPYRIGHT 2007 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MELBOURNE, Sept 4 Asia Pulse - National Australia Bank Ltd (ASX:NAB) will cut a range of unpopular penalty fees and introduce new accounts that are potentially free of monthly service fees.
The decision follows an announcement from rival ANZ Banking Group Ltd (ASX:ANZ) last week that it will cut "exception fees" on credit cards for low-income users.
The move by the two banks follows growing disenchantment among customers over "hidden" bank fees, and a consumer campaign over the penalty charges.
Banks impose exception fees on withdrawals that exceed the level of funds in an account or when the bank is unable to make a payment on an account due ...