ANZ reshapes fees structure

Friday September 25, 2009

ANZ bank has released an overview of its new fee structure that will take effect from 15th December 2009, in the banks response to the new banks industry competition to win over customers with fee cutting.

However, there are a number of conditions attached to the ANZ banks new fees structure that should be noted.

For starters, only Access Basic account holders who are on government benefits will receive a complete removal of fees, namely the over-limit, overdrawn account, late payment and dishonor fees.

For all other ANZ banks customers there are significant changes to the fees system with ANZ taking on a different approach. Instead of customers being charged one whole fee of $35 for breach of account terms, they will be charged on a daily basis for up to10 days. The accounts will be affected as follows:

• Transaction accounts - will no longer have a flat penalty fee rate of $35 but will incur a $6 fee everyday for up to 10 days
  
• Credit cards - now will have a $20 penalty fee rate (down from $35) which will accumulate for up to a maximum 10 days per breach each month
• Monthly accounts - fees will rise by $1 to $6 per month
• Overdrawn accounts - No fees will be charged for overdrawn amounts less than $50

Mr Graham Hodges, ANZ Acting Chief Executive Officer Australia, said in a statement from the bank that "The changes we are announcing are another step in responding to these views following the introduction of our flat fee transaction accounts several years ago.

"These changes will significantly cut exception fees and further reduce complexity in our fee structure. One of the main changes we will make in response to customer feedback is to eliminate overdrawn fees altogether for everyday banking accounts where the overdrawn amount is less than $50. Overall, the changes will benefit our customers by around $140 million each year."

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