NAB scraps overdrawn fees

National Australia Bank (NAB) will no longer charge people for going overdrawn on their accounts as it looks to clean up its image, reports indicate.

In an internal memo seen by the Herald Sun, NAB chiefs concede that customers have fumed over the penalty charges, with numerous complaints received on a daily basis concerning the fees.

NAB’s personal banking executive Lisa Gray wrote in the memo: "These fees generate the most customer complaints of any bank fee and result in more customer complaints to us than any other matter."

As such, the bank will no longer charge its customers for going overdrawn from October 1st onwards.

The group has also recently been promoting its UBank online and telephone banking service. In a statement at the end of last month, the bank reported that its term deposit products have proved particularly popular, while its customer advocacy and satisfaction are among the highest of any financial institution in the country.

This article brought to you by Mozo – helping you compare term depositsADNFCR-1761-ID-19285599-ADNFCR