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National Australia Bank (NAB) today said that it is progressing with its plan to move everyday banking customers to flat fee transaction accounts and cutting fees for low income groups and retirees.
NAB is writing to Retirement Account customers in March with the news that NAB is cutting fees by making accounts free of monthly service fees and NAB transaction fees from 1 May 2007.
Mark Paterson, NAB's General Manager, Consumer Deposits, said NAB has a priority to simplify its fees and charges and make banking easier for customers.
"With the Retirement Account changes in May, NAB now offers three basic banking accounts free of monthly and NAB transaction fees for low income groups and retirees. Last September NAB cut fees for concession card holders and in January this year moved to do the same for student accounts," he said.
"In addition to the Retirement Account changes, NAB's FlexiDirect customers will move from 'pay-as-you-go' fee-based accounts to $3 flat fee accounts offering unlimited NAB electronic transactions from 1 June 2007.
"The changes are in line with NAB's strategy to simplify everyday banking accounts, to cut fees for low income customers and be more open about how fees and charges work.
"NAB has carried out customer research and found that customers prefer a flat fee-based account to those with fee rebates and are more satisfied when they know more about how fees and charges work."
NAB first introduced its award-winning flat fee "Smart" transaction accounts in 2004.
NAB is also writing to customers and advising how they can reduce the costs of banking with helpful hints and tips to reduce fees and charges including avoidable fees, such as non-NAB ATM fees.
Customers with questions about the change should speak to their banker or call 13 22 65.
For further information, please contact:
Kerrina Lawrence
NAB Retail Public Affairs Manager,
(03) 8634 0693 or 0417 034 738
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