CommBank slashes penalty fees

The Commonwealth Bank today announced it will dramatically reduce exception (penalty) fees across a range of personal and business transaction accounts, as well as implementing a number of safety nets to help customers avoid these fees in the future.

Commonwealth Bank will significantly reduce dishonour fees from $35 on business and personal transaction accounts to $5, and overdraft fees from $30 to $10. It will also reduce the late payment fee on Home and Personal Loan accounts from $45 to $25.

The Bank has also announced a new no annual fee credit card for its existing customers, provided that they spend over $1000 per annum with the card.

Commonwealth Bank will not reduce exception fees on credit cards, instead will introduce functionality next month that allows customers to put their own stop on transactions that will exceed their credit limit at the point of sale.

The fee changes will take effect on 1 October, 2009.

Source: Commonwealth Bank