NAB account fees abolished early
Thursday September 17, 2009
National Australia Bank has surprised the banks industry by introducing its abolishment of its overdrawn account fees on all NAB personal transaction and savings accounts, effective immediately. The cut was supposed to take effect on 1 October 2009 as announced on the banks 29th July media release.
However the bank has undergone significant processes to complete this ahead of schedule in a bid to please NAB customers, with approximately 700,000 NAB personal transaction or savings account customers a year being impacted by these overdrawn account fees.
These banks fees have received high criticism over recent years, especially after Reserve Bank of Australia reports that Australian banks took over $1.2 billion in charged fees from their customers in 2008. Additionally, NAB stated in a media release that these overdrawn account banks fees generated more customer complaints that any other current banks fees.
Most Australian banks had followed the NAB July announcement with their own actions to abolish their own overdrawn accounts fees after NAB received high praise from both consumer groups and the Federal Government.
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