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A place to share stuff that isn't at all fintec related but is amusing, absurd or scary.

Aussie Banks Bow To Overdraw Pressure

29 July 2009  |  2894 views  |  0

NAB has made the first move to remove overdraw fees from personal accounts. Fees as high as $33.00 are charged for overdrawn accounts. In what I think has been tantamount to theft, banks have been charging customers the overdraw fee for attempting to withdraw even $1 more than their balance. High balance enquiry fees especially at ATM's not owned by the banks discourage customers from doing a balance enquiry, Complaints to the consumer watchdogs have run as high as 5000 per month.

An NAB spokesman indicated that the bank wouldn't be suddenly increasing fees elsewhere to recoup the gravy train of fees they've been getting. Perhaps they're expecting to scoop a few of the other bank's customers.

It remains to be seen whether the big banks follow.

I have a feeling that there are going to be a whole raft of fee reductions in the coming months.


TagsRetail banking

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