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ANZ Follows Suit And Cuts Exception Fees
Australian banking major last Thursday became the last of the Big Four banking groups to cut the hugely contentious exception fees as it seeks to re-evaluate and overhaul its customer charges.
The Melbourne based lender will either cut or drop the exception fees it charges on personal accounts, and abolishing as many as 27 fees in total.
The abolition of exception fees will cost Australia’s fourth largest lender $140 million, however ANZ intends to claw back some of those losses through the increasing of monthly account service charge by $1. The service charger on its key Access Advantage transaction account will now rise to $6.
The major banking group’s decision to pare back or abolish exception fees was lauded by consumer advocacy group Choice, who in particular had high praise for National Australia Bank’s decision to abolish overdrawn account fees on all transaction and savings accounts in July. Choice singled out the move as being the best initiative by a major bank for its personal customers.
“NAB doesn’t get full marks because it didn’t move on credit card fees, but they listened to their customers and set the benchmark. ANZ have cut overdrawn fees from $35 to $6, and no fee will be charged where the overdrawn amount is less than $50, but it’s a complex announcement because overdrawn fees will be charged daily up to 10 times a month.” Choice senior policy officer Elissa Freeman said.
Westpac is cutting all exception fees to $9, while the Commonwealth Bank’s approach is more in line with ANZ’s.
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