NAB cuts fees for most vulnerable customers - 21 August 2006

Monday, 21 August 2006

National Australia Bank is cutting fees for its most financially vulnerable customers.

From 25 September 2006 people who hold a NAB Concession Card Account will benefit from:

  • No monthly account service fees
  • No NAB transaction fees
  • No reference fees
  • No fees for dishonoured transactions
  • No fees for failed periodical payments

NAB's Chief Executive Officer Australia, Ahmed Fahour, said: "With the cost of petrol and interest rates rising, this account will provide vital relief to people who need it most.

"By cutting these fees we are bringing the cost of banking down for our most vulnerable customers.  This is absolutely consistent with our objective of 'backing people, not just banking them.

"Feedback from the community and our own analysis showed that fees, particularly for overdrawn accounts or dishonoured transactions, have the greatest impact on concession card holders."

Mr Fahour said the new Concession Card Account was just one way that NAB was giving back to the community.

"The changes complement our new Fee Saver Account for not-for-profit organisations, with no account service or NAB transaction fees, and our $30 million commitment to help people on low incomes access small loans."

The new NAB Concession Card Account also reduces the risk of customers overdrawing their account.

The account will not have an overdraft or cheque book facility, but personal cheques can be issued free over the counter when required.

NAB will write to its existing Concession Card Account customers advising of the changes.

Concession Card Account Changes

Old National
Concession
Card Account  

New NAB
Concession Card
Account
Account Fee    
Account Service Fee (ASF) $  - $  -
Transaction Fees (rebateable)    
All Deposits $  - $  -
All Internet Banking Transactions $  0.20 $  -
All EFTPOS $  0.60 $  -
Self Service - Telephone Banking (transfer) $  0.60 $  -
Self Service - Telephone Banking (bal,dep,with enquiry) $  0.20 $  -
Staff Assisted - Telephone Banking $  0.60 $ -
Cheque Withdrawal $ 1.00 n/a
Over the counter withdrawals - Designated Rural Brances $ 0.60 $ -
Over the counter withdrawals (incl Australia Post & Giro) $ 3.00 $ -
NAB ATMs $ 0.60 $ -
Transaction Fees (non rebateable)    
Non NAB ATMs $ 1.50 $1.50
Rebates    
Additional fee rebate - Incremental footings $5,000.00  n/a
Minimum monthly balance for ASF fee waiver n/a n/a
Additional fee rebate per footing increment $1.00 n/a
Transaction Rebate $40.00 n/a
Other Service Fees    
Overseas ATM withdrawals (CIRRUS or PLUS) $4.00 $4.00
Other Fees    
Reference $30 $ -
Dishonour $50 $ -
Periodical non-payment $35 $ -


Eligibility:

The NAB Concession Card Account will be available to anyone who holds a current Pensioner Concession Card, Commonwealth Health Care Card, Commonwealth Seniors' Health Card or Department of Veterans' Affairs Card

 

    
        

Media note: Free, broadcast-quality audio news grabs with NAB Chief Executive Officer Australia, Ahmed Fahour, are available now on www.mediagame.com.au. You can subscribe instantly on the site.
 

* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges