NAB welcomes CHOICE Better Banking Report

3 March 2011

NAB today welcomed the CHOICE Better Banking report. NAB has had an open dialogue with CHOICE for many months now as part of our commitment to provide fairer value banking and improve our relationship with customers, and we welcome the opportunity for future discussions on these issues with CHOICE.

Lisa Gray, Group Executive Personal Banking said: "No bank has been working harder than NAB to improve its relationship with customers. For the last 20 months, NAB has maintained the lowest SVR of the major banks, continued to build our fair value offer to customers with the abolition of many of the bank fees our customers dislike most, and put in place a range of initiatives to improve customer service.

"Overall we are pleased with the changes, the benefits they are delivering to our customers and the momentum they are driving in our business. We recognise that while we still have more work to do, complaints to the bank reduced by 23% last year and we are seeing more and more customers from other banks stopping by and having a look at what NAB has to offer.

"NAB believes that this is the right approach for our customers and our business."

For more than 18 months, NAB has taken significant action to demonstrate its commitment to changing the reputation of the banking industry and has led the way on a wide range of initiatives. Some of these actions include:

  • Abolished some of the most disliked fees including overdrawn account fees, Monthly Account Service Fees and credit card over-limit fees
  • Doubled our ATM network for customers, through an alliance with RediATM and having the lowest ATM fees of any of the major banks
  • Maintained the lowest SVR on home loans of the major banks for the last 20 months, meaning our customers are currently $47 a month better off on an average $300k home loan than customers with another major bank
  • Abolished exit fees on variable rate mortgages
  • Changed the credit card payment hierarchy, resulting in lower interest payments for customers
  • Abolished fees for Business Banking customers including dishonoured cheques, cash handling and periodical payments when insufficient funds are available
  • Introduced a $1000 buffer for all overdrawn (reference) fees to help businesses with cash flow

For further information:

Sharon Keller: M: +61 (0) 420 598 994
George Wright: M +61 (0) 419 556 616