Bank of New Zealand (BNZ) has joined
its Australian parent National Australia Bank in reducing fees for
retail customers (see RBI 617).
BNZ’s move is the latest example of
the repercussions of the financial crisis precipitating a
sea-change in banking practices in Anglo-Saxon economies.
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BNZ dropped fees for deposits to personal
accounts made via its online channels, ATMs, telephone banking and
in-branch transactions with effect from 1 February.
The move will benefit around 120,000 account
holders on a number of the bank’s accounts including Ready Money,
Rapid Repay, Flexi Money, Graduate and Personal Call.
BNZ head of retail sales development Monique
Cairns said: “Customers have told us that being charged fees to
deposit their money is one of their greatest frustrations.
“We are focused on providing ways to make it
easier for all our customers to achieve their goals.
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By GlobalData“Therefore, we will continue to review our
fees and talk with our customers about how we can improve our
service on an ongoing basis.”
Free transactions already apply for the
majority of BNZ’s personal account holders who hold My Money and
TotalMoney accounts.
Fees for deposits of foreign currency and
telegraphic transfers into personal accounts will still apply.
