CBA to slash penalty fees

The other three big banks are under increasing public pressure to match National Australia Bank’s move yesterday to axe penalty fees for overdrawn accounts.

Consumer advocate Elissa Freeman said "we expect the major banks will have to follow the NAB’s move simply because the NAB now has such a competitive advantage now that they can tell consumers that they don’t charge these hated fees."

Commonwealth said it was about to announce a significant reduction in penalty fees charged for overdrawn transaction accounts.

ANZ said dishonour fees were under review.

Westpac said it had already stopped charging penalty fees on its basic account and would continue to make changes “to reflect our customer centric strategy.“

Source: Herald Sun