Banks 'look to follow NAB fee moves'

Wednesday 29 July 2009

Article by Mozo

After National Australia Bank (NAB) revealed it is to scrap overdrawn fees on its transaction and saving accounts, a number of its competitors look set to follow suit, it has been revealed.

One such bank is Westpac, which points out it has been reviewing its fees structure over the past 18 months which has include the removal of exception fees from our basic bank account product.

"A lot of our work has been done quietly, but we will continue to make changes where appropriate to reflect our customer strategy," points outs a spokesperson for the organisation, those on the search for high interest savings could be interested to hear.

Meanwhile, a Commonwealth Bank of Australia representative states that the bank is considering the charges it implements.

"It’s good that one of the banks is starting to do the right thing," prime minister Kevin Rudd states, although he claims that there is "a long, long way still to go" for banks to improve services towards their customers.

Moves by NAB will see it remove overdrawn charges from October 1st, as personal banking executive Lisa Gray claimed they are the area which generates the most customer complaints.

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