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Changes to Account Overdrawn Fees

What is changing?

NAB is abolishing the following overdrawn account fees for our customers with personal transaction and savings accounts:

• Reference fees
• Dishonour fees
• Periodical non-payment fees

To help you understand this change, these three fees are grouped under the term 'Overdrawn Account Fees'.

Why is NAB abolishing overdrawn account fees?

Account overdrawn fees are the single largest driver of customer complaints to NAB. Abolishing account overdrawn fees will help us build a better relationship with our customers and help our employees who have had to deal with the issue of fees.

Ultimately it's better for our business and makes us more competitive.

When will this come into effect?

The change is now effective from 1 September 2009

NAB had previously announced the change would be effective 1 October 2009. Why was
it brought forward to 1 September?

NAB's decision to abolish overdrawn fees on personal transaction and savings accounts has taken effect one month ahead of schedule and will now apply from 1 September 2009.

Since the announcement, we have been working hard to make the required technology changes to remove these fees. We were able to complete this sooner than expected, to bring forward the implementation date from 1 October 2009.

If NAB removes these fees - are you going to make up the revenue loss in other areas?

NAB will not make up the revenue loss in other areas. As this is a business decision to improve our relationship with our customers, we will not be seeking to recoup these fees in other ways.

NAB is doing this because it's the right decision for our customers, our people and our business.

Will this announcement be backdated?

The announcement will not be backdated. This change is now effective 1 September 2009.

Where can you find out more?

The best source of information is at nab.com.au

Alternatively you can visit your local branch, or phone our call centre.

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