NAB slashes fees on small biz

Half a million small business customers of National Australia Bank will share in the savings from the effective elimination of several dishonour fees announced yesterday by the bank. The four fees eliminated are outward and inward cheque dishonours, electronic payment dishonours, periodic payment deferrals and cash handling fees for large deposits and withdrawals.

NAB foreshadowed dropping some penalty fees on business bank accounts six months ago when it made similar changes to retail transaction accounts. The bank wanted more time to consider its options, though. “We wanted to do research into what customers see as a fair fee and an unfair fee,”

Joseph Healy, group executive NAB Business Banking said yesterday. “Part of the commitment we made last year was to build the trust and reputation of the bank.”

Source: Banking Day