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The National Australia Bank confirms that it will not be making any changes to its current retail transaction account fees.
The bank believes that to make changes now would lead to confusion with the introduction of the GST. The bank has been considering changes to the way it charges fees for more than a year. According to Mr Chris Williams, General Manager Marketing Services, the proposed fee changes would have included rebates, greater flexibility and potential fee reductions. Consideration was also given to particular customer groups including retirees, students and people with disabilities. "More importantly, we believe we had designed a simpler, more transparent fee process," Mr Williams said. "The fact is that our discussions with various regulators as late as today confirmed that it would not be sensible to make changes now. "Any price changes in the market are now being caught up with GST issues. "Despite the fact that the overall changes would have provided customer benefits, the likelihood of confusion was considered too great to continue with the launch of the new fee approach," Mr Williams said.
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