NAB to remove overdrawn fees

Fees for late credit card payments should be abolished, it has been claimed.Calling for such Australian banking moves, Christopher Zinn, of consumer group Choice, states that such fees are unfair as the cost banks incur when consumers do not make a repaym

National Australia Bank (NAB) is set to remove charges for those people who go overdrawn on their bank accounts, it has been revealed.

Moves by the financial services provider will see overdrawn account fees for all its personal transaction and saving account customers be abolished.

The announcement follows the decision made by the bank last year to cut such fees from $50 to $30.

Such an Australian banking move is set to benefit 700,000 people and will take place from October 1st.

"It is important for NAB that we improve our relationship with our customers by providing them with help, guidance and advice. Getting rid of these fees will certainly help," Lisa Gray, personal banking group executive for NAB, claims.

In addition, the bank reveals that such charges are the largest source of customer complaints that it receives.

Although such news could benefit those looking for tips for saving to make the most of their money, Telstra customers could find their finances take more of a battering in the coming months.

The telecoms firm recently announced that its credit card processing fee for those paying using American Express, MasterCard and Visa credit cards is to rise one per cent.

Written by Joe Letts