21 June 2012
National Australia Bank’s (NAB) leadership in abolishing some of the most complained about fees in banking is reaping benefits for Australian households, Group Executive Personal Banking Lisa Gray said today.
Commenting on today’s release of the Reserve Bank of Australia’s Banking Fees in Australia Bulletin, Ms Gray called on other banks to do more to save customers money.
“In 2009/10, NAB cut more than $300 million in fees from customers, because – as we said at the time – we wanted to have a better relationship with our customers” Ms Gray said.
“These changes have put money back in the pockets of our existing customers as well as our new customers.
“In September 2009, NAB abolished overdrawn account fees. In January 2010, NAB abolished account keeping fees, and in December 2010 we abolished home loan early exit fees for all of our customers.
“We have also made changes to the way our credit cards work, so that customers pay off higher-interest items first – helping them to save money.
“This month we have marked three years of offering the lowest standard variable home loan rate of the major banks – and we have committed to continuing to be the lowest of the majors for the rest of 2012.”
“We know that what is good for customers is good for our business. In 2011, we broke up with the major banks, and since then more than 875,000 customers voted with their feet and joined NAB.”
The RBA Bulletin found banks received $300 million less from households in 2010/11 than in 2009/10 – and $1.2 billion less than in 2008/09.
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