Personal bank account fees have been reduced by one bank.
The National Australia Bank (NAB) has slashed the majority of its personal
bank account fees, according to one publication.
Reports in the Daily Telegraph say the organisation – which offers
NAB savings accounts – disagrees with its competitors' claims that bank fees are necessary.
New laws have been proposed to ban ATM fees, which could save Australians up to $5 billion each year.
Senator Bob Brown has introduced a bill to abolish the costs, which would see customers have a fee-free bank account.
"The proposed laws will put the power back in the hands of customers and be a welcome force in keeping banks honest," he said.
According to figures from the Reserve Bank of Australia, $4.9 billion was paid by people in the country on the fees in 2008.
Earlier this month, NAB maintained it had the lowest standard variable rate – at 6.99 per cent per annum - out of the four big banks.
By Joe Letts
