Article: NATIONAL AUSTRALIA BANK CUTS PENALTY FEES.

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 ...

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