ANZ 'will follow' bank accounts fee cuts

Following decisions from St George Bank, Westpac and the Commonwealth Bank of Australia to cut fees on bank accounts and low interest home loans, another lender has revealed plans to take similar steps.

ANZ is set to be the fourth financial institution to follow the lead of National Australia Bank in taking action on charges.

Its chief executive Mike Smith explained the decision and structure of the changes would be revealed in due course, stating it would occur within "weeks, not years".

He explained the lender would be cutting charges across its range of products, rather than on specifics, such as low interest home loans or high interest savings accounts.

"I want to get much more transparent around the fee structure," he told the Australian. "It’s going to be much clearer what the charges are."

Commonwealth Bank – the most recent to announce the changes – has cut the late payment levy on its personal and home loans to $25, while the overdraft fee on its bank accounts will now be $10.

A recent Deutche Bank report suggested Australian lenders could be set to lose a total of $1 billion because of the action.

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