NAB Fee Announcement

National Australia Bank (NAB) has announced it will be abolishing more bank fees on customer accounts.

Fees to be abolished include current $4 and $5 monthly account service fees on NAB's most popular everyday personal transaction accounts: Classic and e-Banking.

There is no asterisk, no disclaimers and no rule requiring customers to make a minimum monthly deposit. The fees will be abolished with effect from January 22, 2010.

Monthly account service fees are one of the most unpopular fees charged by banks, and commonly cost customers between $3 and $10 a month, or up to $120 a year.

Monthly account service and a range of transaction fees will also be abolished on 10 other transaction and savings accounts with effect from January 22, 2010.

This will mean the only personal transaction account with a monthly account service fee will be NAB's premium Gold Banking product which provides extra benefits like purchase protection, overseas travel insurance and no NAB fees on overseas transactions.

Earlier this year NAB Group CEO Cameron Clyne outlined NAB would work harder to improve its relationships with its customers and the community.

Mr Clyne identified bank fees, transparency on interest rates and improving access to financial services for the disadvantaged as three key areas the bank would look to improve its performance and the way it is viewed in the community.

In July this year NAB also announced the abolition of all overdrawn account fees on NAB personal transaction and savings accounts.

*If you would like more information on opening an account, please contact the NAB migrant banking team on 0208 6149 320 or migrant.banking@eu.nabgroup.com

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