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BNZ drops fees on overdrawn accounts
BNZ announced it will stop charging honour fees, dishonour fees and unpaid bill fees on overdrawn personal and business transaction and savings accounts from the start of September.
BNZ said dropping the fees was a way to remove a source of frustration for customers and a strategic move in a competitive market. BNZ said it would not be recouping the lost fees elsewhere.
Here is the release from BNZ:
Dishonour fees and honour fees are charged when there are insufficient funds available to make a payment or when an account is overdrawn without an overdraft facility in place. Currently BNZ charge a $35 dishonour fee and a $20 honour fee. A bill payment that is unpaid due to insufficient funds incurs a $5 unpaid bill payment fee.
In many cases a customer's account is overdrawn due to some payments coming out early or their salary going in a day late.
Andrew Thorburn, BNZ Chief Executive Officer said "Honour fees, dishonour fees and unpaid bill payment fees generate a large number of customer complaints every year and are a source of frustration for our customers and our staff. BNZ has made a decision to do something about that and as of 1 September 2009, we will not be charging them.
We believe this is the right thing to do for our customers, clients and staff. It's also a strong business decision.
It's a competitive market and we're always looking for ways to improve our relationship with customers. We'd like to spend more time having constructive, useful conversations with our customers and less time discussing honour and dishonour fees. It's a win for staff and customers."
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"I'd also like to clarify that these fees will not be recouped elsewhere" Mr Thorburn said.
Hell, Things must be getting
Hell, Things must be getting a bit tight. No use flogging a dead horse I guess.
Great let's reward those that
Great let's reward those that abuse the system. People that write out cheques for money they don't have, and exceed limits because they buy things they want rather than need should have to pay the fees.
Banks have always been approachable if you need to discuss an issue that may mean you are genuinely tight for cash.
"I'd also like to clarify that these fees will not be recouped elsewhere" Mr Thorburn said. I don't believe it - I'll stick with banks that keep these charges high, thankyou very much.
I guess BNZ will be
I guess BNZ will be dishonouring more cheques now, instead of houring them with a fee attached. Looks like they are actually going to crack down on that spending without backing, Sam. Don't write a cheque on the BNZ now, on the offchance it will sneak through....it won't. Talk to them and get a committed facility first, as you say.
Sam & George, I think
Sam & George,
I think you need to start a new enterprise... Training and Consulting on how to run the perfect business account, and while you're at it, show people how to be perfect in life generally. You might find such a business rather booming.
Beware of good ol' Mr Murphy, his laws bite you when you least need it!
Sam : Many folk incur
Sam : Many folk incur fees due to no fault of their own. Such as a late payment from an employer or a key customer. We are not all dead-beats, whom have been penalised by high fees , set by the banks themselves.
Alex- where did you get
Alex- where did you get this BNZ release from?
I can't seem to find it in the mainstream media.
Cheers
NAB Head Office ( BNZ's
NAB Head Office ( BNZ's owner) has done the same thing,
http://www.businessspectator.com.au/bs.nsf/Article/NAB-scraps-fees-on-ov...
Ray, we got the BNZ
Ray, we got the BNZ release from BNZ.
Mainstream media are probably busy doing a story on a dog attack or swine flu or Michael jackson
Cheers
Alex
ctnz Says: "I think you
ctnz Says:
"I think you need to start a new enterprise"¦ Training and Consulting on how to run the perfect business account, and while you're at it, show people how to be perfect in life generally. You might find such a business rather booming."
In all my years owning and running business I have never overdrawn an account...I have had a couple occasions where I have notified a supplier that the a/c will be paid a few days late...and paid it....yep i boring and sleep well at night.
The only time I have had a personal cheque bounce was over 30 yrs ago, for $20, and made a special trip to pay in cash, before the person even realised the cheque had bounced.
There are occasions where a person may have an accident, their employer doent get off their backside and pay sick pay on time, the person doesnt know and an automatic payment for rent, or whatever fails....this is thru no fault of their own.
So yes it is good to see BNZ does recognise such things may happen occasionally.
Anything beyond such things amounts to fraud mismanagement and should be treated as such far more often.
Paying bills late, not having funds is a chain reaction, and in tough times far more so, infringes on the honest and well managed business and and citizens
Likewise, Steptoe! I know EXACTLY
Likewise, Steptoe! I know EXACTLY what all my accounts balances are; what the recepit are and, more importantly, what hasn't arrived - every day, to the cent.
Even at the individual level, telephone and internet banking are available for account balances and responsible money management.
@ Steps & George -
@ Steps & George - PAT, PAT (one for each of your backs)
Must be really worried that
Must be really worried that that the masses are beginning to shine the light on their shonky practices and that of banking in its entirety, so worried they have trolled through their fees to find something that is really unpopular and drop it as a PR stunt.
How many of the sheoples will go "oh those lovely bankers"
Steptoe & George, Can I
Steptoe & George,
Can I safely assume then, you have only government departments as 'customers'?
No we are THEIR customers
No we are THEIR customers m8..its called taxes.
assume = ASS of U & ME
Iain Parker
" so worried they have trolled through their fees to find something that is really unpopular and drop it as a PR stunt."
Thats fair comment too...