6 Aug 2009

Another Australian bank reduces fees

3:10 pm on 6 August 2009

A parent bank in Australia has again trumped its business in New Zealand, to announce it is reducing overdrawn fees across a range of business and personal accounts from October.

ASB Bank's parent, Commonwealth Bank, says it will trim dishonour and overdraft fees and reduce the late payment fee on home and personal loan accounts.

However, ASB says it cannot confirm any similar changes until its review of fees is completed by the end of August.

Banks have been following the lead of the National Australia Bank and Westpac Australia, which last week announced they would discount overdrawn fees to appease customers. Westpac New Zealand followed suit this week, announcing similar reductions.