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The National has today announced a number of changes to selected personal account fees to come into effect in January and February 2002. The main changes are*: - The monthly personal account service fee will move to $6 from the current $4 level on 1 January.
- The personal transaction fee threshold will move to $35,000 from $20,000 on 1 February. (On the last business day of each month, if your combined loan and deposit balances, excluding credit card balances, total $35,000 or more, you will be exempt from transaction fees and account service fees.)
- Fixed and variable rate unsecured Personal Loans (tiered) monthly loan service fees move to $10 from $8 on 1 February.
- Fixed and Variable rate home loan monthly loan service fees move to $8 from $6 on 1 February.
- Home Loans linked to 100% Offset monthly loan service fees move to $10 from $8 on 1 February.
CEO Australian Financial Services Mike Pratt said customers are encouraged to speak to National staff about how to minimise fees. "Personal account service and transaction fees account for less than 7% of the National's income in Australia. These changes have been made to better align fees with the cost of servicing customers," Mr Pratt said. "We have a wide range of options and packages available to help customers minimise or avoid fees altogether. "Our National Concession Card Account effectively offers fee-free banking for holders of a Pensioner Concession Card, Commonwealth Health Care Card or Commonwealth Seniors Card. The account has no monthly account servicing fee and allows $40 in certain transaction fees (which would ordinarily be payable) per month without charge. "Customers under 18 years of age can also make fee-free transactions and our FlexiDirect is an option offering banking without account service fees. "We are also improving the concession we offer to customers with disabilities. From 1 January 2002, the maximum transaction fee any qualifying customer will pay goes down from 35 cents to 20 cents." The new fees are being published in press advertisements in major daily newspapers across the country tomorrow. *Summary only - for full detail, see two pages attached. National Fee Changes1
National Fee Changes2
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