When it comes to the game of banking, it’s hard for consumers to change the rules. But our days of getting screwed by needless fees may well be numbered, as NAB has announced it would scrap monthly account service fees on many of its accounts — at an annual cost of $110 million.
Naturally, we looked around for a catch: a minimum monthly deposit or sneaky disclaimer, but the move came out squeaky clean. NAB’s Classic Banking and eBanking personal transaction accounts are among those to change over on January 22.
NAB will also abolish over-limit fees and dramatically reduce its late payment fees — taking the sting out of financial forgetfulness (and haven’t we all been there).
The announcement comes after NAB upped the ante earlier in the year by ditching its overdrawn fee. Commonwealth Bank was quick to follow suit, but ANZ is dragging its heels and Westpac has gone AWOL on this one.
NAB hopes to make up the lost revenue in new customers, so the rest of the Big Four better check their game-plan. Because pain-free banking sounds like a winner.
Compare bank accounts at mozo.com.au