The National Bank removes wide range of fees

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The National Bank removes wide range of fees

The National Bank today announced across-the-board fee removals and reductions, as part of a wide-ranging fees review, benefiting customers by about $30 million a year.

ANZ National Chief Executive Officer 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,” Jenny Fagg said.

“The National Bank prides itself on delivering fair and transparent services to our customers, and today’s announcement continues that approach by going to the heart of what matters to our customers and what they have told us they don’t like.

“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,” Jenny Fagg said.

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