ANZ Bank contemplates following fee-cutting suit
Friday August 7, 2009
ANZ Bank is reportedly assessing its bank fees and penalties structure as pressure rises for the last remaining Big Four bank to cut fees. CEO Mike Smith stated that the bank will assess and develop new methods to make its fees and penalties more customer-friendly with greater transparency. The action comes after the three other big banks in Australia have all announced plans to cut or reduced certain fees starting October 1st 2009.
National Australia Bank initiated the action with Westpac, St George and finally Commonwealth Bank all announcing their plans for fees to be reduced significantly on certain personal and business accounts. The result of such actions is expected to take anywhere from $100 million to $300 million off the banks bottom line, yet it has provided these banks with much needed customer approval and support.
The ANZ announcement of changes is not due for several weeks.
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