Wayne Swan Urges Banks To Follow NAB’s Lead And Scrap Fees

Post by NeilMc on October 16, 2009 · Under banking, credit cards, news · Comment 

Federal Treasurer Wayne Swan has said that other Australian banks should follow NAB’s lead and lower fees and charges further.

“I think it lays down the gauntlet to all of the other banks to reduce their fees and charges, so they’ve set a good example here. Let’s see some of the others follow.” Mr. Swan told reporters in Brisbane on Thursday.

Mr. Swan encouraged consumers to shop around.

“There’s no doubt there’s a far better deal on fees and charges out there from one bank today,” he said.

On Thursday, NAB announced the abolition of account service fees on two of its everyday bank accounts, and said it would also cease charging $25 to those customers who exceeded their credit card limit.

The cost of the new measures to NAB is $110 million.

In 2008 Australian households incurred $415 million in penalty fees on credit cards alone, leading consumer advocacy group Choice estimates.

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