ANZ Bank in widespread fee cuts

Numerous fees attached to ANZ Bank credit card and bank account products are to be scrapped or reduced, it has been reported.

ANZ Bank is to take moves to remove a number of bank account fees, it has been revealed.

Moves by the financial services firm will see it abolish overdraft, late payment and dishonour charges for customers of its Access Basic Account product.

Those with other accounts from the bank will also benefit from such charges - with overdrawn and dishonour fees both being cut from $35 to $6.

However, the monthly fee attached to the Access Advantage transaction account is to rise $1 to $6.

Such Australian banking moves are due to come into effect on December 15th.

Credit card customers will also benefit, as over-limit and late payment charges will be cut by $15 to $35, as the widespread fee reductions will also apply to mortgages, cheques, balance transfer and other areas.

Overall, the fee reductions will save customers some $140 million a year, Graham Hodges, acting chief of Australian operations for ANZ, points out.

Such news comes as ANZ was recently named the most sustainable bank in the world in the latest Dow Jones Sustainability Index - the third year in a row it has been awarded such an accolade.

Written by Emma North