Westpac slashes penalty fees to $9

From 1 October 2009, Westpac will reduce all its penalty fees to $9. This includes account overdrawn fees, outward dishonour fees and credit card missed payment and over the limit fees.

Group Executive, Westpac Retail and Business Banking, Peter Hanlon said “All our customer segments will benefit from this initiative. It is appropriate that we continue to apply a fee for the service as there is a cost every time the bank honours a transaction on an overdrawn account or processes a bounced cheque. It also ensures we don't encourage customers to overdraw their accounts and pay additional interest rate charges," Mr Hanlon said.

"This initiative forms part of Westpac's broad based customer centric strategy. We've opened 19 new branches as part of our $90m branch investment program as well as boosting the team with an additional 500 bankers this year which includes bringing back the Bank Manager as well as reinstating local business bankers in branches this year. We are making real progress for our customers," Mr Hanlon said.

Source: Westpac