ANZ cuts fee for those most in need

With the ANZ Bank facing a grilling by a senatorial committee which opens on Friday the bank has cut the penalty it charges poorer customers for a periodic payment taking their credit card over its limit. The exception or dishonour fee has been reduced from $35 to $10 for customers who hold a Centrelink Health Care Card, Seniors Concession Card, Pensioners Concession Card, or Veterans Affairs issued Repatriation Health Care Cards. The new policy is effective from 1 December but customers can avoid the fee completely by nominating to switch off the ability for their card to be taken over its limit by electronic purchases and cash transactions. The senate inquiry will consider laws proposed by the Family First party that would stop excessive charging of penalty fees and allow customers to sue for damages.