NAB further abolishes fees

NAB is the first of the major banks to forego additional unfavourable bank fees on consumer accounts to help improve and strengthen customer relationships.

Earlier this year, NAB CEO Cameron Clyne identified bank fees as one of three key areas the bank would review to improve its performance and community profile. Transparency of interest rates and improving access to financial services for the disadvantaged are the other two areas NAB will focus on.

Effective from December 4, 2009, NAB has actioned the following changes on their credit card portfolio.

* Abolishing the $25 over limit fee on all credit cards;
* Cutting credit card lay payment fees from $30 to $5; and
* Introducing a free opt-in SMS payment reminder service to alert customers when credit card payments fall due

Having abolished overdrawn account fees earlier this year, over limit and late payment fees are the second most complained about bank fees, and affect around 750,000 NAB customers a year.

NAB Personal Banking Group Executive, Lisa Gray, said: “It is important to NAB that we improve our relationship with customers. Continuing to act to get rid of the bank fees customers tell us they think are unfair will certainly help this.

“We also believe this will benefit our business by making NAB even more competitive. We want our customers to have stronger relationships with us, and we want to attract new customers to the Bank.

“It’s a good decision for our business because it is the right thing for our customers,” Ms Gray said.

Source: NAB

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