ANZ has announced it will be slashing a number of its fees, some of which were included in the case taken against the bank by the Fair Play on Fees group.
ANZ will be cutting its unpaid bill payment and dishonour fees from November 14, and its unarranged overdraft, credit card over-limit and credit card late payment fees from December 1.
However offsetting some of these savings for customers, ANZ is also dropping the amount that can be overdrawn before it charges a fee to $10 from $20.
The announcement comes a month after ANZ New Zealand reached a “negotiated settlement” with the Fair Play on Fees group, through which the bank did not admit liability and had all claims against it withdrawn.
An ANZ spokesperson told interest.co.nz Friday's announced fee changes have nothing to do with Fair Play on Fees, a group that claimed it had 14,700 ANZ customers signed up to the case at one point.
“From 14 November, ANZ is automating many, previously manual, payment decisions and processes,” he said.
“We’re making future-dated electronic payments earlier in the day and same-day electronic payments more often during the day. We’re automating payment checking and removing most manual reviews where customers don’t have enough money in their account for the payment.
“Because of increased automation, costs have reduced, so we’re reducing some fees significantly. Our fees will be among the lowest of the major banks.”
ANZ has provided the following summary of its fee changes:
|From 14 November||When we charge the fee|
|We’re renaming the Unpaid Bill Payment / Online fee as the Failed Payment fee and the fee decreases from $7.50 to $2.50.||When we can’t make a future-dated electronic (automatic, bill, tax payments and funds transfers) payment because there isn’t enough money.|
|Dishonour fee decreases from $20 to $2.50.||When we dishonour a direct debit, cheque, or other payment (other than a future dated electronic payment) for any reason.|
|From 1 December||When we charge the fee|
|Unarranged Overdraft fee decreases from $15 to $5. But, we’re dropping the amount that can be overdrawn before we charge a fee, from $20 to $10.||Charged each month when a customer exceeds their approved overdraft limit, or their account becomes overdrawn, by more than $10, for more than one day. This is charged in addition to excess interest*.|
|Credit Card Over-limit fee decreases from $15 to $2.50.||When a customer is over their credit card limit on their card statement date.|
|Credit Card Late Payment fee decreases from $15 to $12.||When a customer doesn’t pay the minimum amount due on their credit card account by the payment due date.|
*ANZ's "excess interest" is the normal interest plus 15%.