Community
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.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Teo Blidarus CEO and Co-Founder at FintechOS
23 April
Jason Delabays Ecosystem Lead at Zama
22 April
Igor Kostyuchenok SVP of Engineering at Mbanq
Steve Haley Director of Market Development and Partnerships at Mojaloop Foundation
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.