Westpac New Zealand said it was looking to announce changes to its fee structure within the next few weeks after conducting a review of its 'exception' fees, including overdrawn account fees and dishonoured payment fees. Westpac NZ's Australian parent, Westpac Australia, has already announced reductions to exception fees following NAB and BNZ's overdraft fee cuts last week.

Westpac Australia, along with subsidiary St. George will reduce account overdrawn fees, outward dishonour fees and credit card missed payment and over the limit fees charged to business and personal customers. Fees are being lowered from as high as A$45 to A$9 and will be effective from October 1.

"Westpac New Zealand has been conducting a detailed review of its own exception fee structure - remembering that we are locally incorporated and make decisions taking into account our own operating conditions and costs," Westpac spokesman Craig Dowling told interest.co.nz.

"As a result of the review, however, there are changes being considered that will no doubt be warmly welcomed by our customers," Dowling said.

"We look forward to being in a position to announce those changes shortly, certainly within the next few weeks," he said.