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National Australia Bank will introduce a range of new accounts that cut fees and make everyday banking easier for millions of customers.
NAB Executive Director and CEO Australia, Ahmed Fahour, said the message from Australians has been clear.
"Banks need to offer greater choice, better value and more simplicity in banking," he said.
“NAB has already introduced a Concession Card Account, flat fee transaction accounts, the high interest iSaver account with no monthly account or transaction fees, and removed monthly account service fees on our retirement and student accounts.”
“We have also led the debate on fees versus commission in the wealth management industry through MLC.”
“Our next step is to further assist low income earners, introduce a range of new accounts that will lower the cost of banking for many Australians, and cut fees.”
“We are also strengthening our customer charter to better reflect our approach on fees.”
This means:
• Fees that are clear to customers and explained in simple, everyday language; and
• Giving customers greater choice to pay for the services they want.
Further changes to help low income earners
Last year NAB relaunched its market leading Concession Card Account with no exception fees, no monthly account service fees, no NAB transaction fees and no waiting period.
From November, customers with a NAB Concession Card Account will no longer be charged over limit exception fees on their NAB credit card. NAB will remove the ability to overdraw the card on electronic purchases.
“At NAB we are determined to provide affordable banking for low income earners.”
New NAB smart everyday banking accounts
Commencing October, NAB will launch four new NAB smart everyday banking accounts called eBanking, Classic, Gold and Clear banking. These accounts include a range of benefits:
1. No monthly account keeping fees option for all accounts
For all of the new accounts there is the option to deposit into the account each month and not pay an account service fee. This starts with a deposit of $2500 per month for the new eBanking account.
“Have your salary paid into your account and you can have banking free of monthly service fees.”
2. Use any ATM without incurring additional fees with NAB Gold Banking
NAB’s new Gold Banking account will allow customers to use any one of the approximate 24,000 ATMs in Australia, and many others globally, without incurring additional non-NAB ATM fees.
3. No exception fees with NAB Clear Banking
NAB’s new Clear Banking account has been especially designed for those wanting firm control of their budget and reduces the risk of customers overdrawing. For a $6 monthly service fee (which doesn’t need to be paid if customers deposit more than $3,500 into the account per month) the Clear Banking account has no exception fees.
For the NAB eBanking, Classic and Gold banking accounts customers can request a VISA debit card - providing improved security and expanded card access both on-line and overseas.
Cutting Fees
From early next year NAB will lower its dishonour fee (outward) from $50 to $30, reduce the periodical non payment fee from $35 to $30, and eliminate the inward dishonour fee (currently $12 for credit cards only).
“NAB has been working hard to tackle the issues at the heart of our customers and the community and in order to continue to make banking easier, more convenient and better value,” Mr Fahour said.
Tim Costello, CEO of World Vision Australia and Chair of NAB's Community Advisory Council said, "I am personally very encouraged by what NAB is announcing today. It puts low cost banking within reach of a great number of Australians and continues the leadership we see in NAB's Concession Card Account for low income earners."
“Next year NAB will move further away from exception fees and put in place a model for all personal transaction accounts that gives customers greater choice to pay for the services they want,” Mr Fahour said.
For more information please refer to www.nab.com.au/smart
For further information, please contact:
Brandon Philips
National Australia Bank
Ph: 0419 369 058
Kerrina Lawrence
National Australia Bank
Ph: 0417 034 738
Broadcast quality audio news grabs with NAB Executive Director and CEO Australia, Ahmed Fahour, are available for download free of charge from www.mediagame.com.au.
If you are not already a subscriber, you can do so instantly on the site.
“Exception fees” is a banking industry term that describes a number of fees that are disclosed in the account terms and conditions and may be charged when there are insufficient available funds to cover a transaction, resulting in a dishonour or approval to overdraw, credit card payments are late, or credit card limits are exceeded.
Exception fees at NAB include: Dishonour Fee, Periodical Non Payment Fee, Reference Fee, Inward Dishonour Fee, Over Limit Fee, Late Payment Fee.
For more information please refer to /wps/wcm/connect/nab/nab/home/About_Us/7/4/2?contentIDR=ba0ad6804b81fe22ba7bffa8d9bf8e41
For more details about the changes including account comparisons, download this pdf.
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