ANZ changes penalty fees

ANZ announced that it would reduce or eliminate exception fees on personal accounts and establish a simpler fee structure by abolishing 27 fees on personal accounts from December 15. Overdrawn, dishonour, late payment and over-limit fees will be removed altogether for customers on government benefits with an Access Basic Account.

ANZ Acting Chief Executive Officer, Australia, Graham Hodges said overdrawn fees will be eliminated altogether where the overdrawn amount is less than $50. But overdrawn fees will be charged daily rather than per event. Overlimit and late payment fees on credit cards and personal loans will be reduced from $35 to $20.

Source: ANZ

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