NAB to cut hundreds of fees from its banking products
NAB says first 50 fees will be cut as soon as June 2019, with a goal to simplify and reduce its fee structure.
In good news for NAB customers, the bank has today announced that it will remove hundreds of the fees currently charged to customers in an effort to reduce and simplify its fee structure. NAB will remove the first 50 fees from the end of June this year, which will mostly benefit NAB business banking customers. The remaining fees will be cut over the next two years.
Among the first 50 fees to be cut will be the $10 NAB Connect service fee, which is currently charged to business customers monthly to access the business Internet banking portal offered by the bank. NAB said another nine fees relating to the NAB Connect service will also be cut from the end of June, which will benefit an estimated 65,000 of its business customers.
NAB also wants to reward customers who make a habit of paying their minimum monthly credit card repayments on time. From July this year, NAB credit card customers can have their $15 late payment fee waived if they've paid the prior 11 month's worth of repayments on time. This fee waiver will be offered to both personal and business credit card holders, and it's estimated to benefit around 20,000 customers every month.
Not only is NAB reducing its fees, but it's making them easier to understand and easier for customers to pay them, too. NAB's credit card customers will now receive a text message reminding them when their monthly repayment is due and how much is due. NAB said 600,000 customer messages will be sent each month.
Chief customer experience officer at NAB Rachel Slade said that the bank has listed to customer feedback and is taking action. "We've heard from our customers that some fees are complex and confusing. We have more than 400 fees across our operations and we see a big opportunity to radically reduce this number by simplifying the way we charge fees, and in many cases, removing them altogether."
NAB already charges no monthly account keeping fees on its everyday transaction account for personal customers.