CBA to reduce charges on bank accounts

Those wishing to compare bank accounts may be interested in a recent statement from the Commonwealth Bank of Australia (CBA).

It revealed earlier today (August 5th) it will follow the likes of Westpac and St George Bank in reducing fees for its customers.

The lender is taking action to make life easier for those with everything from normal bank accounts to low interest home loans.

An announcement revealed dishonour fees will be slashed from $35 to $5 on both personal and business bank accounts, while overdraft charges will drop $20 to $10.

Furthermore, home and personal loan customers will now incur a late payment bill of $25, as opposed to the $45 one they would have received previously.

Retail banking services group executive Ross McEwan explained the bank is also offering a number of optional safety net products, such as SMS alerts and email balance messages to help customers avoid situations where fees would be incurred.

"We want to provide significant fee reductions, while retaining a positive incentive for our customers to help them avoid any exception fees," he said.

St George Bank and Westpac announced they would take similar steps earlier this week, following the decision of National Australia Bank to do the same.

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