ANZ has become the last of Australia’s Big Four banks to rethink
its fees structure for retail banking customers, following the lead
of National Australia Bank (NAB) which kicked off a trend in August
that was quickly followed by Westpac and Commonwealth Bank of
Australia (CBA) (see RBI
617).
But unlike its three main rivals, ANZ’s fee amendments will not
come into force until 10 December, three months after NAB’s fee
cuts take effect and two months later than Westpac and CBA amend
their charging structures.
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ANZ is also likely to attract flak from local
commentators over the nature of its amended fees: while it is to
cut its overdraft fee from A$35 ($30) to A$6, the overdraft charge
will be charged daily, rather than per event, subject to the daily
fee being capped at 10 occurrences in any given month.
As part of its changes, ANZ will also increase
the monthly account service fee on its everyday transaction
account, Access Advantage, from A$5 to A$6.
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